SBI Cards & Payments Services Pvt. Ltd, the second largest issuer of credit cards in India, has warned customers of the risks associated with cryptocurrencies. Despite the warning, the company did not move to ban its customers from purchasing bitcoin and other virtual currencies using SBI issued credit cards.
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Citibank India notified debit card and credit card clients via email on the 13:th of February they would no longer be able to participate in cryptocurrencies such as bitcoin. Citing regional and global concerns from regulators, the over a century old institution is following a growing number of traditional banks in cutting off access to the decentralized currency.
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The sharp decline in bitcoin's value also creates a classic problem for any banks providing financing. Consumers who lean on credit lines to speculate — and bet wrong — may struggle to repay. The danger wasn't so acute last year when cryptocurrencies kept climbing. But since briefly exceeding …
Google Alert – bitcoin
Most major U.S. credit card issuers have now banned the use of their cards to buy Bitcoin or other digital currencies, in a move intended to decrease both financial and legal risk. Bank of America began blocking cryptocurrency purchases on Friday, according to Bloomberg. JPMorgan did the same on …
Google Alert – bitcoin
South Korean card companies are reportedly working on blocking payments to overseas cryptocurrency exchanges. Currently, 20 major crypto exchanges are blocked but that number is expected to increase, according to the Korean Credit Finance Association.
Also read: South Korean Officials Caught Trading On…
Crypto currency and bitcoin specifically is a game changer though we still are in the early phases of adoption. Transaction fees really aren't that much, especially when the transaction queue's aren't kept artificially high. As more people start to use bitcoin, this will stabilize.
Regardless though, I am just trying to show perspective. When you say that bitcoin transaction fees are too much, consider what merchants have to pay for credit card fees and the potential loss from chargebacks. And let's also think about cash usage. Just because a business accepts cash doesn't mean that they don't also incur additional costs such as armored trucks, security systems, etc that they need to use as a precautionary measure for security.
Bitcoin would alleviate so many of those costs and give businesses more security over time. As Bitcoin continues to evolve such as Lightning we can expect to see faster and cheaper transaction times.
Don't buy in to that Bitcoin is a terrible currency. As a matter of fact, it is a brilliant one and as time goes on, it will become more efficient and resilient.
submitted by /u/NosillaWilla