This morning, Lloyds Banking Group announced that it has banned its credit card customers from purchasing Bitcoin.
BBC News, Sky News, The Guardian and many other news outlets broke the news of the Lloyds ban, citing the banks concerns that the massive drop in the value of Bitcoin will leave customers with massive debts
I find this development quite telling, yes, they have indeed snitched on themselves.
How can a company that offers financial products such as mortgages and personal loans, be concerned about the debts of their customers?
If I didn't know any better, I'd say that cryptocurrency is a threat to the fiat status quo, so much so, that possible increases in the value of coins this year and beyond (though not guaranteed), may actually facilitate Lloyds customers paying-off their personal loans, their mortgages etc. and becoming...debt free.
I'm a newbie, but I've sat back and listened to many views in the crypto space, there isn't one hymn sheet, where everyone is harmonising wonderfully. There is, however, a great understanding of the current world financial system and the belief that Bitcoin has created an opportunity to disrupt it, for the benefit of the many.
The most obvious thing about this news is, where one leads the rest will follow, it's just a matter of when.
We may see a massive FOMO in the UK this week, time will tell
I agree with this, for certain the big players and status quo do not want there monopoly removed and the new crypto systems are just that exact threat to them, this I predict will just be the beginning of a wave of moves that the banks and mainstream powers will take against crypto currencies, the people who run the world control the banks, and they are not going to give up the power they have without a fight, but the community I believe will win, because in the end we are stronger.
The thing is, as much as I see that yes, these are their first moves in their fight against crypto. I believe that they'll also 'invest', either buying coins, creating a blockchain, creating a coin, all the above; just to hedge their bets and stay on top.
Yes I think you are right for certain, they will move from different sides, they will fight it but they will also try to infiltrate it and control it, it is what they have always done with everything, I guess we need to just stay wise to that as a community and with new technology try to build in methods that can mean community control remains dominant. :-)
Transactions on my credit card are showing as cash advance now. They are also charging me a fee to buy on Coinbase. Looks like cash deposits are the only option.
Repeat after me....
All the big fiat foundations will try to f...ck bitcoin... it is now thier chance to do so....
They want all people to go through the old fiat centers to keep fees on..
Repeat after me....
Bye bye bitcoin
The banks are the enemies of the people.
It's absolutely outrageous. How would cash deposits work, via those special Bitcoin machines?
Yeh I guess sk.theres one near me in bristol but i think it charges something like 8% comission. Not really a good option financially. Download the revolut app. Virtual bank card essentually. I use it to withdrawl from coinbase as they dont charge high fees
Not meaning to spam, heres my sign up code. https://revolut.com/r/robertdq6
Its working really well for.me
Funny you should mention Revolut, I was having a look at them last year, I only have a couple crypto apps on my phones and their specs are rubbish now (for what I want to do) so I have no space for it just now.
Theres a tutorial i found for withdrawing using revolut. This one forgets to mention youve gotta deposit a small amount first into revolut to verify but apart from that its a simple process https://thecornerpub.co.uk/how-to-withdraw-from-coinbase-to-your-uk-bank-account/
You're right you know. The banks are scared everyone will pay off their mortgages and those without will just buy for cash. It would be a disaster for them.
To illustrate, I friend that I introduced to Crypto is now talking about buying a house in cash. Please note that they are ironically, LLoyds bank customers, and Crypto has given them hope.
Full steem (sic) ahead folks. We are on the right track.
Power to the people :-)
It's amazing how Crypto has given people the chance to do things that they couldn't ordinarily do within the current status quo.
Agreed, Lloyd's actions, though sudden, are right on time if Crypto really is going to generate wealth for the masses
Why?
Apparently, with Bitcoin's current performance, Lloyd's believes that people have/will purchase(d) crypto with the credit cards, not see the gains and get further into debt.
I don't believe their argument makes sense because banks tend to make interest of the debt of the financial products they approve for customers.
I agree with this, a banks entire business model is debt, this reason is laughable.
Thanks @gaman, I appreciate it
Hi Gaman, I have read over the guidelines, but I am unsure how I may get my article re-steemed, any info would be good, thanks, just new here :-)