J.P. Morgan, Citigroup, and Bank of America are halting Bitcoin purchases
It seems as if the mainstream media and "the man" are working together to try and destroy cryptocurrency. The latest story I read came with the headline "Bitcoin Ban expands Across Credit Cards as U.S. Banks Recoil". They really seem to want to continue the selling frenzy.
If you use J.P. Morgan, Citigroup, or Bank of America, you could use your credit card to purchase Bitcoin over the last few years. Unfortunately, that is now coming to a stop.
To add to the onslaught of negative news from the mainstream media and big corporations, some of the biggest banks in the United States have deemed Bitcoin too risky to allow it to be purchased on credit cards. They don't want to get caught up with big price drops and customers with buyer's remorse that bought Bitcoin at a high price.
The good news in all of this is that it is only effecting credit card purchases. Users using their debit cards will still be able to purchase Bitcoin and other cryptocurrency as usual.
Citigroup said that they will continue to monitor their policy as the market evolves.
I can definitely understand why credit card companies would be a bit weary of getting stuck with someone else's crypto bill, or worried that someone might use stolen card info to hoard crypto. It just seems like a wildly odd time for all 3 banks to decide this simultaneously.
I will continue to hold strong and I think that the market will rebound sharply eventually! How about you? What do you think?
To the moon,
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Thanks for sharing this @bwells! I think there is a lot to be said for three banks doing this simultaneously.. they probably met and came to this conlcusion, which in one way I can understand. If i was the CEO of a huge bank and I saw an asset that fluctuated as much as BTC, I may have made the same decision.
As an individual, it is easy to frown upon such decisions, but it is important that we understand their point of view. While I believe in the future of cryptocurrencies (I work full time in ICO consulting, online course creation and blogging now), I am not sure if BTC is the one that will be widely adopted. Cryptocurrencies with more real world use cases are likely to be adopted, and secure applications are likely to be built as side chains of BTC (due to the amount of mining that has been done to secure the network). To sum up, I am bullish on the market long term, but I am not sure which cryptocurrency will be number one in three or four years time - I am doubtful it will be Bitcoin. Although I could be completely wrong as it is much more widely known and that could grow!
I am extremely bullish on STEEM, and I am currently setting up my own Steemit advertising campaign and incubator for newcomers. I would love to talk to you more about it if you are interested - are you available on Discord or Steemit Chat?
Hi @lukebrn.
I agree that it says a lot that 3 huge banks collectively came to the same decision on the same day.
I also agree that Bitcoin will no longer be number one within a couple of years. I think that it will be something like Ethereum(if they can speed up like they say) or EOS.
I am also very bullish on STEEM in the long run. I'd be happy to speak with you further. My discord name is OGBMAN and I should be available tonight around 8-9 pm EST.
Good to hear that we have the same point of view! Yes EOS is a good call, and I think for the next few years Ethereum will be a contender, but honestly I don't think we've even seen the best yet - I think we're still waiting for it to be created!
And perfect, thank you. I may not be up as that is 1am-2am Irish time and I am up early tomorrow - how about I leave you a message and we chat at 8-9pm EST tomorrow if that suits? Thanks again!
Sounds good to me. I should be able to get some free time earlier tomorrow so you don’t have to stay up so late!
Looking forward to speaking with you tomorrow.
Perfect, thank you. Me too!
Hi @bwells! I couldn't find you on discord, not sure why. My username is lukebrn#3369 - can you get on to me please?
Bitcoin is a cryptocurrency and worldwide payment system. :3 It is the first decentralized digital currency, as the system works without a central bank or single administrator
thanks for sharing this type of news............resteemed.
Great Post @bwells! I upvoted you. The ironic thing I was thinking about this is that banks were one of the reasons I got involved in crypto. I have been hearing about this and I appreciate you sharing.
I don't know if you use Coinbase, but I got an email from them saying if a credit card is used to purchase and cryptos, that there would be extra charges from the CC company. Crazy stuff. I am glad there are more options to buy and sell through Bittrex (opening for USD deposits), Square Cash app, and Robinhood soon! Peace, Love, & Freedom!
Peace, Love, & Freedom!
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Have a nice day @bwells I wish I have a crystal ball to predict what may come.. I know that most of the cryptopian aware of what laying ahead but that doesn't stop it from growing... I think there will be a big different from last year....but i do believe that this thing will continue decades more..Thanks for the articles
No one will buy btc with credit... I either use my debit card. However, if the card number is stolen... maybe I will buy lots and lots of monero out of it.
While I can kind of see why they are doing this, it still sucks. I was trying to buy some Eth (to buy steem) yesterday and it was the first time I wasn’t able to using my chase credit card even though I pay it off immediately. I guess they are sick of people buying on credit and possibly disputing it when it dips. oh well 😢
the war on cryptocurrencies will continue, but that will create more confidence for people because that will show that banks are scared, their market will fall, we must be patient ... thanks for keeping us informed
The banks are not afraid of “getting stuck with your bill” they are afraid of you leaving the debt circle with crypto gains.