Bitcoin : Does your bank allow you to buy bitcoin?
It looks like the battle has begun. I do not buy crypto, only mine it. But, I was ask by a family member to buy bitcoin for them as it’s to complicated and they did not want to chance making any mistake in any of the pitfalls and lose money.
I said I would do this, so set up account for them at coinbase without any real problems. Started an order to buy bitcoin with their credit/debit card and upon placing this order it came back immediately that the bank refused to process this transaction. It’s not an issue with funds at all, only that the bank refused to dispense funds from the bank account associated with this credit/debit card. My family member had to call the card issuer to find out what was going on. Turned out that the bank this credit/debit card was issued on, does not accept transactions from ANY known crypto based firms at all.
Putting this into perspective here, what this tells me is, this bank only allows it’s customers to have dealing with those who are an approved list of venders. How is that even possible? There must be a number of laws being violated here I would think.
Input anyone? Has this happened to any of you?
My family member is very upset and thinks banks telling customer who they can buy from or not, is almost like a mini dictatorship. I pretty much feel the same way. Is this where crypto is heading? If enough banks say no to crypto what is going to happen?
Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority.
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