Would you close your Bank account, when your Bank turn against Crypto? - page 5.

TRONTON

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Quote from: kro55 on November 18, 2019, 12:23:00 PM

First question is how would bank know I have crypto assets ? Secondly, banks along with other centralized financial institutes are already againest crypt, that's a proven fact. But I still need my bank a account to carry out routine financial transactions and you obviously need bank account to buy crypto.

banks can only track transactions related to exchanges, especially when using a visa / master card. Transactions that do not make sense from other aspects are not included in the strict crypto category.

a rash move if closing a bank account now because it still has a very vital role. I read there are cases of account freeze in Turkey related to crypto, this is also a worrying thing. we better stay balanced in both activities.

kro55

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*STOP NOWHERE*

First question is how would bank know I have crypto assets ? Secondly, banks along with other centralized financial institutes are already againest crypt, that's a proven fact. But I still need my bank a account to carry out routine financial transactions and you obviously need bank account to buy crypto.

RapTarX

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Well, we gotta do some financial activities through bank. We can't avoid Bank and #BeMyOwnBank as long as the system is not changed. However, I wouldn't use a bank service if I had alternative which support crypto and related stuff.
Although I'm not using bank services much, I have a lot of reason to avoid bank transaction. At least, still I try to avoid as much as possible. I had a very bad day some days ago. My uncle sent a big amount in my bank account and when I went to withdraw the fund, I had to wait more than 3/4 hours for liquidity problem of bank which was a very bad experience. Why will I give the control power of my money to others? I would instantly close all of my bank accounts if possible.

Harlot

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As much as I want to give a statement against them there are things simply impossible to do. What if the bank that is against crypto is also my payroll account? Could I really do something against it? With this scenario we really don't have any choice left to do. If they don't accept crypto related transactions then it's their lost and the only thing we can do is to wait that they realize it on their own. Which we have seen a lot of times already with big companies like how Starbucks changed its views towards Bitcoin.

Hamphser

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Quote from: MURONDI on November 18, 2019, 10:57:16 AM

I will not close my bank account because of crypto, I still need a bank for local money, in my opinion there is still a way to exchange bitcoin for local money without the knowledge of the bank.

I might do the same as you although it all depends actually to what is going to happen after my bank turning against to crypto. I might have to choose the bank account to remain instead but just like i said it's all depends on what would be the bank final statement and action. Although it is actually happening in a real world where bank doesn't allow any money came from cryptocurrency and that's just saddened me.

Kprawn

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Quote from: The Sceptical Chymist on November 18, 2019, 10:23:11 AM

Quote from: LFC_Bitcoin on November 18, 2019, 10:17:03 AM

I am balls deep in BTC but no, I need my fiat bank account, at least for now until BTC moons.

I need my bank account as well, but I live in an area where there are quite a few options and I could switch banks easily if I wanted to. Having said that, I have no clue what my bank thinks about bitcoin because they're not one of the "big banks" that make public statements about crypto. I think if my bank made it known that they were against cryptocurrencies (whatever that means), I might consider moving to another bank, but who really knows what the next bank thinks or even how significant it is. The only thing I use my checking account for in terms of crypto is to occasionally buy bitcoin with PayPal by funding my PP account via my bank. There haven't been any problems with that so far.

OP, do you have any links about that Australia situation? I haven't read anything about that, and now it's making me curious as to what happened. I'll google it, but it would be nice if you could provide a link to reference what you're talking about.

Source : https://www.coindesk.com/banks-investigated-for-closure-of-bitcoin-company-accounts

It happened way back when there were still a lot of hostility between Banks and Crypto currencies. A lot of things changed since then and some of

these Banks has changed their stance and become a lot more Crypto friendly since then. A long time after this, The Australian Competition and

Consumer Commission (ACCC) has concluded that Australian banks did not collude in blocking services for bitcoin firms and that a full investigation

into the affair is not necessary. Source : https://www.coindesk.com/accc-australian-banks-collusion-bitcoin-accounts

As for anything related to Banks and Government regulators, things gets muddy and it was criticized for not doing proper research and speaking

with the affected companies and individuals. Roll Eyes

It is early days, but I am amazed how loyal people are to their local Banks. Huh

BeManga

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Quote from: Kprawn on November 18, 2019, 10:03:54 AM

We see a lot of these Banks that wants to sabotage Bitcoin and Crypto currencies by closing people's Bank accounts. When this happened in

countries like Australia, some people closed their Bank accounts in support of these people and they moved their business to other Banks that

supported Crypto currencies. They also took this to court and the court decided that this was anti-competitive behavior and they were forced to

stop that. So, the question is simple : Would you close your Bank accounts, when your Bank turn against Crypto?

Do we need new Banks that would go up against these large Banks to facilitate the conversion of Fiat to Crypto currencies? I think Banks doing this

will quickly change their policies, once millions of people start moving their accounts to Banks that supports Crypto currencies.

We do not need Banks, because P2P conversion is possible without Banks, but it just makes things so much easier for people dealing with exchanges.

What do you say? Please participate in the Poll. Tongue

for me, if ever my current bank close my account because the transaction came from crypto ill try another bank instead
looking for an alternative is better than wasting time talking to them to the thing they don't want to understand, a bank is only an option.
as a crypto user, we can trade directly to the other person and i know some of them will be happy to buy our crypto

jets567

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Currently most of the banks are not in good terms with crypto so as much as possible I avoid transacting crypto with my own bank and even if they are against with crypto, I will not close my account because I still use it in different type of real-life transactions unless they become sketchy when they found out that I'm involve in crypto.

Doell

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not if there are still bank that can accept crypt so far its still safe and I don't think to go ,unless all banks attack crypto so I want to close my account bank ,anyway payments can still be made through crypto to buy goods or exchange into fiat but slim possibility because on a daily basis between my families still use bank services "local"

MURONDI

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I will not close my bank account because of crypto, I still need a bank for local money, in my opinion there is still a way to exchange bitcoin for local money without the knowledge of the bank.

Colt81

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Quote from: Kprawn on November 18, 2019, 10:03:54 AM

We see a lot of these Banks that wants to sabotage Bitcoin and Crypto currencies by closing people's Bank accounts. When this happened in

countries like Australia, some people closed their Bank accounts in support of these people and they moved their business to other Banks that

supported Crypto currencies. They also took this to court and the court decided that this was anti-competitive behavior and they were forced to

stop that. So, the question is simple : Would you close your Bank accounts, when your Bank turn against Crypto?

Do we need new Banks that would go up against these large Banks to facilitate the conversion of Fiat to Crypto currencies? I think Banks doing this

will quickly change their policies, once millions of people start moving their accounts to Banks that supports Crypto currencies.

We do not need Banks, because P2P conversion is possible without Banks, but it just makes things so much easier for people dealing with exchanges.

What do you say? Please participate in the Poll. Tongue

In my own opinion, i will not close my bank account when they turn against crypto, even it makes me angry about it, i will still store some of my funds to them for safety because i can't do anything about it to make them not to turned against crypto that they are also supported by the government, so it's better to step aside and do nothing.

Palider

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80% of the voting poll disagreed that they would not leave the bank even against crypto. I'm also one of them because I think it is safer to store my funds in the bank and in the event that my money lose in their care, they can refund my funds.
But if there is a crypto regulation and scam exchanges are avoided, scam ico we can now see the full trust of people in crypto as well as 80% now voting against it.

electronicash

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Australian banks ban bitcoin?

as long as i still can use it to deposit cash there, i wouldn't close my account but pretty sure they know when to close my account since i'd rather not use nor notify them anymore if my intent is to close it. there are several banks accounts i have. its easy to open one though, agents are very welcoming as long as you got money to deposit into it. if they turn against crypto, i'd have no other choice but to move some banks that accepts it.

jossiel

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I'm not ready for it but I think time will come that I wouldn't care about my bank account anymore if btc's price is already too much. And if there will be a bank that's going to be in the middle of fiat vs crypto war.

Then, that would be a great deal for me and to the others.

darkangel11

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Don't let others control your BTC -> self custody

I would if this was one bank and some other ones were pro crypto. I'd resign and move everything to another bank.

If we're talking about all the banks being against it and leaving would make me have to use cash it's mostly impossible because I'm earning fiat every month. I doubt that people who are paying me would be willing to do it in cash. Their accounting depends on being able to send all fiat transfers on the same date so not having a bank account would mean no fiat income for me.

Twinkledoe

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Quote from: seoincorporation on November 18, 2019, 10:17:24 AM

For me is hard to make cash from Bitcoins without a bank account, because sell bitcoins for cash in a third world country isn't secure at all. So, if the banks turn against crypto in my country i would find the way to sell my BTC with a bank transfer making it looks like I'm selling some other stuff. But closing the bank account isn't an option at all for now.

Lucky me, I can cash out my bitcoin even without a bank account. As I have option to cash it out with my local remittance centers and other means. So technically, I am not tied with my local banks. But to answer OP's question, I won't close my bank account. There are still financial transactions that needs to be done via my bank account. So even if they are not pro-crypto, would still use their services.

The Sceptical Chymist

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Quote from: LFC_Bitcoin on November 18, 2019, 10:17:03 AM

I am balls deep in BTC but no, I need my fiat bank account, at least for now until BTC moons.

I need my bank account as well, but I live in an area where there are quite a few options and I could switch banks easily if I wanted to. Having said that, I have no clue what my bank thinks about bitcoin because they're not one of the "big banks" that make public statements about crypto. I think if my bank made it known that they were against cryptocurrencies (whatever that means), I might consider moving to another bank, but who really knows what the next bank thinks or even how significant it is. The only thing I use my checking account for in terms of crypto is to occasionally buy bitcoin with PayPal by funding my PP account via my bank. There haven't been any problems with that so far.

OP, do you have any links about that Australia situation? I haven't read anything about that, and now it's making me curious as to what happened. I'll google it, but it would be nice if you could provide a link to reference what you're talking about.

seoincorporation

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For me is hard to make cash from Bitcoins without a bank account, because sell bitcoins for cash in a third world country isn't secure at all. So, if the banks turn against crypto in my country i would find the way to sell my BTC with a bank transfer making it looks like I'm selling some other stuff. But closing the bank account isn't an option at all for now.

LFC_Bitcoin

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I am balls deep in BTC but no, I need my fiat bank account, at least for now until BTC moons.
I have bills & I pay them in fiat, BTC is a massive part of my net worth but I can’t live off it forever....YET.

tsaroz

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Quote from: NeuroticFish on November 18, 2019, 10:11:49 AM

Where I have my account I also have a pending loan and also it's the bank preferred by my employer.
So unless I change my job and I also get enough money to pay back my debts, the chances to leave that bank are slim.

And I hope that by the day my loan is paid, Bitcoin also gets recognised properly as a coin everywhere.

It's the same for me. We are stuck with banks not because we are using it to buy or sell bitcoin or crypto but the crypto hasn't replaced our need for banks.
Even if some of us use bitcoin as it is to trader, there would still be a lot of people who won't accept or use bitcoins mostly because they are not familiar with it.
For crypto to replace banks, eveyone needs to be familiar to crypto and be legalized by governments as legal person won't be able to do illegal trades.

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