Bank of America, and JP Morgan, Chase Group state today that they once again Ban Crypto Currency purchases using Credit Cards. They have said this in February but lifted their decision last month. It makes you think why they choose to take this position? When interviewed by CNBC, they claim it's because of the Anonymity of Bitcoin which makes it hard for them to track the "Bad Guys". The problem I see with what was said is that isn't completely true. Bitcoin is very transparent and can be easily monitored and or tracked on the Blockchain.
I don't see the issue with purchasing Crypto with your Credit Card as a way to somehow hide your money like they claim. But, you could argue that purchasing Crypto with your Credit Card is "Risky". I understand that Crypto is very volatile and could possibly lose the entire amount purchased with trading. But then you have to think about it this way. If someone is purchasing Crypto Currency with their Credit Card shouldn't it be their responsibility if they lose that money? So really why do they care if people use their Credit Cards? Just remind them that if they use their Credit Cards to purchase Crypto then they will be responsible in the case they lose their money or try to open a case to recover their funds. Now that's another issue I'm sure the banks have with Crypto purchases. Since it isn't regulated there are many risks involved in purchasing from a legit site etc.. And honestly I would probably do the same and Ban anyone from using a credit card to purchase until safe guards are put in to protect the consumer.
Yep I said it! That's what it comes down to. As Crypto Makes it easier to make purchases and the Technology of the Blockchain is used. People will pretty much be their own Banks. There will be no one to "give their money back" if they are Hacked. Which is why people who deal with Cryptocurrencies have to be extra deligent in their dealings online and focus a lot more on Security Best Pracitices on and offline.
