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8 years ago in #crypto by bitcoinflood (79)
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Keep in mind that Bank of America owns PATENTS for cryptocurrency exchange technologies. They will insist that you buy on their platform (while collecting fees) rather than let your cash leave "their" accounts to be invested on other exchanges!
https://news.bitcoin.com/uspto-approves-bank-of-americas-cryptocurrency-exchange-patent/
A solid point banks trying to get their grubby hands all over your hard earned money what little you get to keep anymore.
I have a feeling it's just protection from fraud because cryptos are not reversible but purchases with credit/debit cards are.
Still though, it's way overboard.
I love the fact that they now claim is as a cash advance even though they said they would never recognize it as such. But you know they just want even more money!
Yea, although I guess it's important to remember that banks are businesses. They're there to make money just like every other business (with the exception of most non-profits).
I always say it, banks laughed at crypto when they were too naive to see the money making potential...then they saw people making money and they want in.
I was having the same conversation yesterday. Controlling the currency is the only real way for the gov to keep power. Redistribution of wealth is a clear threat to Government so they will push back very hard.
Hey ! Why are we surprised? This is an expected move. All they care about is bottom lines. The hard working people having control over their own money would be a devastating blow to banks. But I am sure they will find one way or other to keep their dirty fingers dipped in your curry......Shame that not many people are able to see it sooner.
Agreed - there's something fishy here. It's not just that banks are making it hard to buy crypto with their cards, they are reclassifying a purchase as a "cash advance." At some level, banks are waking up to the fact that they are just expensive middlemen and are not really needed anymore. And, as you point out, they are fighting back with everything they have. Of course, they will tell us that they are "protecting" us and helping to ensure "stability of the financial system" and all that, but is that really the case? I think you nailed it here...
Thats great creation..Keep it up..
Resteemit sir...👉👉👈👈👈
graet blog that is
thanks for the valuable post ahring keep it up
banks is a medium where we kept money and they give interest and also they income by it.
it is a good process
thanks for sharing
Thanks a lot for discuss about crypto ..I appreciate your post..
Thanks for sharing...
Keep it up..
i think you create a great information....Lot of thanks for Sharing this informative and valuable post....best of luck brother....
You got a 9.09% upvote from @bearwards courtesy of @bitcoinflood!
You got a 9.52% upvote from @redlambo courtesy of @bitcoinflood!
TODAY THEY CHANGED IT AND SAID YOU CAN USE CREDIT CARDS BUT WITH A 10 PERCENT ADDED FEE.
You got a 0.92% upvote from @postpromoter courtesy of @bitcoinflood!
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jesus these banks are such a rip off , always have been and always will be, all they are trying to do is get all your money!!!
Thing is that I kind of agree with everybody here, including the banks.
While I have never been a fan of the banking system, or the whole fiat system as a whole, i actually agree with the no credit card decision.
How many people maxed their credit cards in December to buy crypto? How many of those panic sold at losses of 30, 40, 50%?
How many of those can actually afford those losses?
The banks just figured that it was too soon to be asking for another bailout...