Sometimes people are afraid of things they do not understand.
When it comes to cryptocurrencies, perhaps that is deservedly so.
Prior to 2017, pretty much any time bitcoin and cryptocurrencies were brought up was due to some illicit or fraudulent activity being perpetrated by them.
That and their close ties to drugs, terrorism, human trafficking, and tax evasion only helped cement their uses in the eyes of banks.
It is no wonder that banks have mostly not been interested in having anything to do with these things.
However, in 2017 the narrative around cryptocurrency began to change.
Cryptocurrency came out of the shadows and started to be used and speculated in by just about everyone, including mom and pop.
Banks have been slow to catch on to this though, still not jumping at the chance of taking on cryptocurrency related clients.
Making it very difficult for legitimate crypto business and users to have adequate banking.
That being said, share with me any and all banking issues you might have had in the bast 2 years as it relates to cryptocurrency.
Given that we are all on steemit.com earning cryptocurrency, there likely is a bank account attached to one or more of your cryptocurrency exchanges in order to get money in or out of steemit.
Have any of those banks asked you questions about your cryptocurrency involvement?
Closed any of your accounts perhaps?
Let me know your stories in the comments section below and bonus points if you mention exactly what bank it was that gave you trouble. :)
Stay informed my friends.
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A little...but less than some people I know. I had to contact my bank the first time I bought crypto because they tried to block the transaction. They thought maybe it was fraudulent. I wish I was using someone else's card to buy crypto. :P I've never had any trouble selling it to transfer to my bank though...other than sites requiring ID and shit...which is really annoying and stupid.
I've had friends and relatives who have had their banks utterly refuse to let them use crypto. Thankfully my bank's not a dick.
That is good news. Is it one of the bigger ones or a local bank?
Mine is an online bank. The ones that have had trouble have been mostly bigger banks.
Ah yes, the online banks seem more open to crypto than some of the large legacy banks.
I was thinking, the idea of cryptos is to boycott the banks?
Still gotta get fiat into and out of crypto at some point, banks are often needed.
People say "short the banksters" when we're really waiting on Visa integration and for the bankster-owned media to blast crypto buy signals out to everyone
...kept the banks afloat during the times before QE.
During that same time, the market cap of bitcoin wasn't enough to do any of that.
Only the largest banks could handle the throughput of money required for these activities. And, all the big banks have been fined for doing such.
I do not have any personal stories of banks, as i haven't approached one in years. But, i have seen banks become more and more unfriendly via friend's stories.
I believe that in the next few years we will have more problems with all this old banks, and this people will start come more out and start say that their money is being blocked in old bank system. And all this looks like school bullying, same basic principle.... if you use it, they can fast stop everyone bank window without telling what is happening or why.
And I not joke ... I see lot this things come lately up mane blogs.
How I can more say it ... It's a desperate move what bank makes .
They know you can be your own bank when you using it.
The problem of being your own bank is having to have security like a bank... FDIC insurance is quite nice.
You make jokes or :))) , man these banks are bankrupt, what a sense of security you are talking about.
The only one security is here Buy Gold , Silver, BTC and decent real estate... keep all your stuff away from the banks.
Yes but if someone robs your bank you are ensured by the federal government. If someone robs the safe in your house or your crypto wallet, you are mostly out of luck...
Are you playing a fool... :))) .... you want to say when i buy 200 oz of gold...
And then I go to talk to all the neighbors... "Hey ALL I HAVE GOLD COME I SO YOU IT LOOKS SO COOL :)) "..... If you don't talk about it, you also have no problems.
Rather, people let the media scare themselves and then start feel weak that they can't protect anything, But this what this governments and banks want.
Not personally, so far. However, the first local exchange I started using unexpectedly had to shut down when their bank account was terminated - at least that's the official reason they gave for closing up shop.
What exchange was that?
One of my credit cards was frozen and charged fees for buying crypto.
Posted using Partiko iOS
Oh wow, which company?
Chase
Posted using Partiko iOS
banks are made for the big boys to be able to move their assets around not the small cats like the rest of the people
If I have 100$ sitting in my account doing nothing how can you take 35$ for annual maintenance while if you are premium client it's free...?? lol
banks make no mofo sense...me!
Let's not talk about withdrawal limits...no deposits limit though...lol
Of course, all banks operate on fractional reserves. They can't let everyone withdraw their money all at once at the same time or it would wreck their business model.
banks are made for the big boys to be able to move their assets around not the small cats like the rest of the people
If I have 100$ sitting in my account doing nothing how can you take 35$ for annual maintenance while if you are premium client it's free...?? lol
banks make no mofo sense...me!
Let's not talk about withdrawal limits...no deposits limit though...lol
No issue but given that most of my transactions have been before 2017, they haven’t inquired much... Would not be surprised if they did though!
Posted using Partiko iOS
You and me both. I got a phone call from one of mine one time asking about a crypto transfer I had done.
I use Bitpay and have had no problems at all. As far as banks go- I live in Arkansas and they have no idea what cryptos are. I called a bank here to find out if they accept BTC and they were like: 'What's that???"
Haha, how long ago was that?
Spring of 2017... I doubt that it's changed any!
I haven't had any issues. I use a Credit Union. They don't charge outrageous fees like banks do and they're a lot more friendly. I still can't wait for the day when I won't have to use them though.
That would be nice wouldn't it.
good.