I am going to share the story of my bitter experience with my Bank that I had when I tried to buy Etherium through Coinmama.
I chose Coinmama cause it allowed me to buy through my credit and debit card with a limit of $10000 and verified my identity within 24 hours. Which was a tremendous opportunity for me as I was frustrated with my account in Coinbase, Coinsquare and Quadrigacx. I tried to register in Bittrex and Bitstamp. Those are not taking new registrations. Registered in Binance but cannot buy directly. Have to buy some Bitcoin or Etherium first then exchange other coins for that. Whereas Coinbase set me a limit of $250 per week. Coinesquare takes more than 5 days to clear my e- transfer as my bank don’t do Interact online anymore. And Quadrigacx is taking ages to verify my identity. As a new bee in the crypto universe, I as excited as well as anxious to invest. While I was waiting to have my money arriving in Coinsquare or my limit getting filled up in Coinbase, my opportunity of investing in Cargox ICO was gone. Now when I came across Coinmama , I found they give more coins for the same price compared to Changelly which is another exchange with whome I am also registered because Changelly also accepts credit or debit card. Off course all of these exchanges charge 5% fee except for Coinbase . But Coinbase’s limit was excluding me from investing large amount.
Now that you know why I chose Coinmama , I would explain what happened when I went for purchasing 2nd time on the second day as my credit card had bigger limit. My bank didn’t honour my card. So then I called my bank to know the reason. The lady on the phone said that as I am trying to buy Bitcoin and money cannot be traced if someone buys it , they cannot allow me to buy from Coinmama. I then said that you don’t know anything about when money cannot be traced. It’s totally different issue here. I am buying through an Exchange and also it is not illegal. The lady answered me in a way that I was doing phishing transactions and it’s not legal. Then I told her that show me some kind of document of your bank as a policy or as a legal matter which certifies your claim that buying crypto currency is illegal in Canada. Then she said she would put me though a customer service representative to talk about it if I want to. I said to her that I am already talking with her and please don’t try to pass me on to another call waiting . I told the lady in straight language that if you wanna get rid of my call without resolving my issue, I am going to complain. Either she should put me through her supervision or face a complaint. Then she put me through her supervisor who assured me that I have no problem of buying . The supervisor didn’t say anything about Bitcoin being illicit. He told me as the amount was high , bank didn’t honour and there would be no problem if I try to buy now.
So after this incident, I realized that there are still a large amount of people, about 99% , I would say that don’t know anything about cryptocurrency. An opportunity of a lifetime, still possible but people don’t want to know or except new innovations which is revolutionary. I understand that it is a bit hard to be familiar with the technology or technical language of cryptocurrency. But it’s a lifetime opportunity.
I am spending about 8 hours a day in reading blogs, watching videos, going through email notifications of new ICO projects and their reviews. It is taking a lot of my energy and even when I am sleeping I am dreaming about It . Or even when I am breast feeding my baby, I am looking at my phone to read about new ICO projects. To be honest , I wrote this blog while breastfeeding my eight month old baby son. Hope that someday my learning experience and effort would give me a great return.