Access To Crypto Investing Is Still Limited
Crypto has changed and evolved so much over the last few years, but the one constant we see is the ability for people to invest. Transferring your own money onto an exchange in order to buy Crypto is still challenging and not straight forward. Obviously the fear by the institutions is real and hiding behind words that they are protecting their customers from financial harm is wearing thin.
Look at the wording at the bottom as they still state they will be making more changes to limit or prevent payments in the future. This is going to be trimmed down even more so why even bother.
The Santander Bank in the UK is implementing a maximum of 3 transactions per 30 day period with a limit of £1,000 per transaction. That is still £3,000 more than my bank (HSBC) will allow as they will have nothing to do with Crypto in or out of your account.
The one thing I do is check on a regular basis like once per month if there are any positive signs as having a route on and off Crypto is rather important. I am not ready to sell anything yet, but in the future that would be a nice thought. Many businesses are accepting Crypto as payments so how are they getting around this as I cannot see a bank telling McDonalds that they wont accept their cash.
An article I was reading last week stated that their research showed that 47% of banks in the UK allowed no interactions between Crypto exchanges. I would actually say higher as what Santander are doing is still limiting what one can do and £3,000 per month could take you 2 years or more to buy 1 Bitcoin as the price is going to go back there and beyond.
The 53% that allow you to deal with exchanges is actually misleading as the author of the article said the answers given were not exactly clear and could be taken either way. This is obviously not helping mass adoption as the banks are a bit of a boat anchor clearly not wanting this to happen anytime soon.
How anyone in crypto can stomach a bank anymore with their antics is beyond me as I am struggling. The goal is to get so deep into crypto that when it finally takes off I never have to see or deal with a bank ever again. That for me is financial independence and one I will cherish and savor.
The one Crypto project (Coti) I invested into has their own Crypto debit card yet it has it's limitations on which countries can still use this as it is solely for the EU right now. I know this card is not directly from that project as it is a third party handling it and that needs to change. Complaints about extortionate fees etc are going to speed up how this is handled and can see the project taking control of it themselves as they are a bank at the end of the day. Crazy as I detest banks, but invested into one that is in Crypto as they are on the other side of the fence. They are the enemy to all the other banks and this is a really good thing as they are on our side.
I do think having reliable off and on ramps is vital for crypto to push forward to the next level and I am not talking about debit cards with exchanges either. They don't count really as people have to first get their hard earned money onto the exchanges in order to be able to use those and that shouldn't be the case.
Posted Using LeoFinance Beta
I will be looking forward to the day when I can do most of my crypto stuff through some kind of debit card like that. It just makes the most sense at least on a small level. When you get larger scale there will likely need to be some other things in place.
Posted Using LeoFinance Beta
I agree as it needs to happen for us to move in and out seamlessly.
Posted Using LeoFinance Beta
The main reason the banks do not fully accept cryptocurrency as legal tender is that they do not want the banking industry to completely shut down.
They are afraid that cryptocurrency has the potential to completely collapse the banking industry, and those that ccepted it for exchange imposed restrictions.
The banking industry doesn't care about its consumers and only wants to generate money, cryptocurrency investors are working round-the-clock to defeat it.
I adore the COTI project, and I wish that many future initiatives including the Crypto debit card would be prosperous.
We will triumph in the end.
I appreciate your great post since I learned something.
I agree they are in fear of what is going to eventually happen and that the banking industry will change drastically. Thanks for the comment.
Posted Using LeoFinance Beta
You are welcome, I'm excited about your response
The only thing with crypto debit cards is they make doing your taxes a nightmare.
Posted Using LeoFinance Beta