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Coinbase Confirms 4 Banks Blocking Bitcoin Credit Card Purchases

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[All investing is speculative. Don’t be a n00b. This isn’t financial advice. Just one man’s opinion of a complex fractal world with infinite variables effecting the system, at exactly the same time.]

Hi! I'm Peter! As a Scientist and Entrepreneur, I'm on an exploratory mission to grow the Bitcoin network, invest, and innovate on this new nascent technology. Find us at http://thebitcoin.pub and download our mobile iOS app at http://cryptoyum.com!

29 Comments

  1. These banks charged extraordinarily high fees illegally for crypto purchases. They also charged an extra fee for using your own money when purchasing crypto by debit card. If they don’t want you going into debt, why charge these higher fees to add to your debt? The real reason they blocked these purchases was Coinbase classifying the charges as a regular purchase, not a cash advance. The banks resented this avoidance of the higher fees even though it was a legitimate charge as crypto was considered an asset. These banks have no problem with people using the cards for gambling or other “risky” purchases. So, no, I don’t buy their reason as concern for the welfare of their customers. That said,I do agree debt free lives is what we’re all striving for. You must consider, though, there are responsible people who use their credit cards for crypto purchases and pay off that amount the next month. For many, that’s their only leverage. It isn’t about being irresponsible with the cards, but using that extra time to invest at a good time and paying off that debt the following month. The ultimate goal is to get out of debt and reap those rewards, but some of us have to use what systems we have to get there.

  2. I wish I could ❤️ this video. I agree a million times over with you, Peter! Debt is bondage I am familiar with and I am working towards being free if it. I will not buy crypto with credit, either. But I may just be able to use it to obtain my freedom from debt eventually.

  3. This started back in February. Really old news. Why are they bringing this up 3 months after the fact. I agree with you not getting Into debt to purchase cryptos.

  4. Quite the opposite PETA !
    I Completely disagree with your theory .
    Investing in the crypto market can break the chains of bondage my friend just like it has for you .
    Banks / financial institutions are ok for us to use credit /or take out a loan to purchase a mortgage, investing in property or properties or even to build a portfolio of shares in the stock market to better our future for retirement.
    I can't see why the same can't be applied in the crypto market .
    How Is the crypto market any different?
    Is it not to better the future of the average Person or family at the end of the day ? Very contradicting in my view .
    It's obvious that the banks fear people investing in the crypto market to end their debts sooner than later which will see banks lose out on all the gains in interest from customers .
    If anything PETA , it has been you that has been telling us how successful BTC has been to you by allowing you to pay for your home outright and enjoy the leisures of life such as the Lambo in the background of your garage .
    Please tell me PETA what's the difference if one chooses to invest in BTC or an investment property with the banks money that your paying back on a monthly basis?

  5. They don't withold purchases from anything else. It's not because it's crypto. Not sure why it matters to chase. However, you are correct concerning the fact that people are better off not buying on credit.

  6. Peter, why are you uploading so much old content? I enjoy your channel for new content and this is sad to see. This video is 3 mos old

  7. I hodl the credit cards, cause I use the cash. Prepare yourselves for the 2020 crypto-fiat war. Debt based fiat isn't going to go out without a fight because it's all about power.

  8. I've been seeing your name EVERYWHERE on VINWiki, love his channel! Good to see now literally OTHER people commenting "First before Bitcoin!" lol

  9. I 10000000 bitcoins agree with you. I've used 0 cents on purchasing crypto using creditdeathcards. F credit!!

  10. Interesting thing to note… I found out that you can still buy crypto on Coinbase with a credit card if these two conditions are met:

    1. The bank that issued your card didn’t decide to block buying crypto on credit
    2. The card was confirmed on your Coinbase account before Coinbase removed the ability to add credit cards

    Lol, fuck you banks and fuck you Coinbase, I do what I want…

  11. "You don't need to buy that much.." What!?! Peter what happened?- where'd you go? Why have I been living this whole year trying just to get 1 BTC?! – you said that's what I needed to get my ass on the mothership to get the hell outta here!! Are those seats going for cheaper these days?

  12. In the UK you can move money from somewhere like MBNA Visa as a cash transfer to your debit card. THEN purchase Crypto via the debit card. There's ways and means to get around some rules these companies have. At present MBNA have a deal for zero percent for 3 years at 3.5% transfer rate. ie move £1000 to your debit card for 3 years interest free for £35!. This is why people are prepared to risk or gamble into Crypto.

  13. Use a debit card. "credit" is a loan. They are not "loaning" money for people to buy cryptos. Not a big deal.

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