Five major US banks have banned BTC purchases with their credit cards. What does it mean?
Major U.S. banks have stopped authorizing payments with their cards to purchase Bitcoin online. This step is taken to decrease financial risks involved in buying cryptocurrency.
These banks are JPMorgan, Bank of America and Citigroup. Previously, Capital One and Discover had also declined support on cryptocurrency transactions.
JPMorgan enforced the ban on Saturday. According to company spokesman, they don't need credit risk involved with such transactions.
Bank of America started blocking credit card transactions with many crypto exchanges on Friday. Although this policy does not apply on debit cards.
Citigroup also announced on Friday that it will not allow Bitcoin purchases with their credit cards.
With these announcements of bans, Bitcoin may face price decline which are already at bottom since December 2017.
Bitcoin is currently trading at $8,300 after all time high at $20,000 in December.
What do you think? Will this ban affect Bitcoin price?
So all the assholes that got bailed out during the 2008 crash with taxpayer money are now telling the taxpayers what they can and can't buy with their cards? Nice!!!
I was thinking the samething
On the surface this is true, but we should not being using credit to buy assets. Big money did this when they received bailout money, which is why assets such as stocks have gone through the roof. Great for them, sucks for us and completely unfair. Coinbase does limit it to about $300, so i dont see what the issue really is, other than they dont want to fuel another fire.
thanks for the post, I always follow the news bitcoin, thank you for the information, you are the best
Stopping credit card purchases makes sense. They don't allow people to use credit cards on stocks or at casinos, either. As long as they allow direct deposits it makes sense.
there are so many other ways to purchase bitcoin aside from using a credit card. the banks just view bitcoin as competition and it's a scam, if you want to buy bitcoin do so and be CONFIDENT.
Just the tip of the iceburg on how banking will try to delay their disruption that cryptocurrency will give the masses. Just some more time needed to perfect scaling and contract use. To see which blockchain networks will best fill in as currency and contracts. Hope no major world currency fails before the replacements are ready.
Congratulations @munawar1235! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPAnytime big business can't control it they try to shut it down. This is very expected and yet the community will continue to grow and in turn, it will be a billion-dollar industry which they will not have a cent of.
I think this ban will increase the dip of the current price crash... still I like the dip from an investor point of view.