$BTC #BTC #crypto #blockchain
Central banks are losing control of the monetary system. That face says it all. He knows he can't rig the system to fatten his pockets, for much longer. This rigged system is still working because we are being deceived into thinking this is the only option. I have two banks. One is a regional bank and the other is a top ten, well-known bank in the States. I've had both for roughly two years. For the better part of two years, I've been able to buy whatever I wanted... with all my credit and debit cards, including crypto. In total, I HAD six or more methods of buying crypto set up and functioning, PERFECTLY.
A few months ago, I tried to fund my account and couldn't. "Could not process your order, try again later or contact your bank" was what I was getting. I knew I had enough funds to cover the transaction, I knew that I had entered all the info correctly, and I knew that I had made this purchase in the past, multiple times. I had no clue what was happening but I wanted to fund my account ASAP due to a severe market crash that left a lot of assets undervalued. People were selling and there were some significant savings to be had if I could just fund my account and start buying them up. This is referred to as "buying the dip". When everyone is selling, that's usually a good time to start buying IF what is being sold has potential or value and if you suspect it will eventually appreciate in value.
Ten minutes turned to an hour. An hour turned into three. I went to sleep angry that I couldn't take advantage and frustrated that all of a sudden, NONE of my debit cards were working. I've been reading about how banks and payment processing companies, like PayPal, were closing accounts on customers that dipped into crypto, but that was almost a year ago. That might happen with some of the biggest banks but not to my regional bank that only operates on one side of the coast, right? Wrong. The following morning, I spent a full eight hours researching how many other people have been running into the same problems and what they did to circumvent it. The results were alarming. It wasn't just my banks, it was the biggest banks and the smallest. It was on the east and the west coast. Some customers were brand new and some, lifelong customers. I desperately tried all my credit cards, one by one, I was losing hope until the last one was declined.
Some "only" had their cards blacklisted for crypto sites, like mine were. Others had their accounts closed on them. These companies started refusing to provide their services for many reasons, from protecting their revenue to affecting politics under. Not only was this happening all over the States but even MORE so outside of it. From smaller balances to sizeable ones, and everything in between. This was also happening IN politics and those that were involved in it, see what they ALL have in common?
I literally spent the next few days researching ways to buy cryptos without a credit card or debit since all my plastic was useless for purchasing crypto. After trying 8+ exchanges like Changelly. I couldn't just call up my bank and ask them why only my crypto purchases were being declined but everything else was working because I already knew the answer.
The real answer. Fear. Fear of losing control, fear of losing customers, fear of losing revenue and most of all, fear of the inevitable change. The same credit card processor for Binance is connected to most exchanges in the U.S. So most options WILL NOT work for me. After a week of trying everything, none of my cards worked, debit AND credit. I had tried over twenty different apps and websites at this point, even opening international refillable card applications to be mailed here. I still don't understand how they're able to stop every single transaction that is crypto-related but everything else charges perfectly. Some of the sites I tried to buy from sound nothing like crypto websites.
In a last ditch effort, I tried both types of bank transfers (wire and ACH) from Abra and they both failed. I was about to ask a friend to sell me some of his (and I would reimburse him of any fees and differences due to fluctuations in the time it takes to buy and send it to me) when I remembered RobinHood was an option I had only tried via plastic.
Somehow it worked but I don't expect this to last forever. I still can't do that with Abra. I've already found a few solutions so I don't HAVE to switch banks but I'm going to do it anyway. I won't support a bank that restricts what I can and cannot do with my money. They need me, I don't need them. I have crypto to give me the gains that a savings account could NEVER give me.
If a bank is willing to lose customers by limiting what a customer can and cannot purchase with THEIR own money, that tells me they are trying to stop the bleeding... so they can stay relevant just a little longer. They are sacrificing short-term gains for long-term survival but what they fail to realize is that the technology can't be stalled by any company, politician or even a nation. Adoption can only speed up with time, it can't slow down. Crypto is already ten years old. In a few years, cryptos will be used as often as credit cards. Many merchants are ditching Visa and Mastercard due to higher fees being applied. Now you know why these companies MUST continually raise their prices.
This article is a year old but this is still happening today and it will only increase as mainstream adoption takes place. As word gets out about crypto are changing lives all over the world, old tech (fiat and traditional forms of sending money) will be used less and less until it goes bust. Here is the inevitable reason why the monetary system will fall to crypto, one way or another.
Take PayPal, a payment processing giant that blew up with eBay a long time ago. The reason those companies blew up was due to timing and innovation. There was nothing like eBay back then, none that I knew about. It was the biggest, the best, and the most trusted... worldwide. PayPal was connecting people with money... all across the world and in large part, due to the success of eBay. Both were ahead of its time. Now, both are doomed to fail to blockchain technology. Like everything else, when new technology becomes available, eventually people migrate to what is more efficient, safer, cost-effective and regulated. This is where Bitcoin and cryptos, in general, are heading. Acceptance from regulators, the governments and the people.
The link above shows how PayPal planned on raising the rates and slapping an extra charge for any payments being sent that aren't purchases. PayPal is based on fiat currencies all across the world. PayPal used to be cutting-edge... now it's on the chopping block of extinction. One example of embracing the tech is Western Union. They saw that they were about to get annihilated by the new tech. They wouldn't be able to offer anything close to the speed, cost-efficiency, and profits with the obsolete methods they have relied on for so many decades. Their business model which was so successful back then would not last a day in the new world of tech and blockchain, once mainstream adoption is fully underway. If you can't beat them, join them... and that is exactly what they did. They are piloting a few cryptos for mainstream adoption. Mainly XRP (Ripple) and XLM (Stellar). Instead of losing 100% of their customers by going bust, they are looking to partner up with a project so that they can tack on a fee and stay relevant. Adapt or die, think Blockbuster not embracing streaming.
Every time the FED prints more fiat, the dollar loses value. The same goes for all countries, all across the world. The USD has already lost over 98% of it's purchasing power in the last hundred years. Every year that you hold dollars in your bank, you're LOSING 2% of purchasing power. Knowing this, you can EXPECT PayPal to CONTINUALLY have to raise their fees just to maintain some profits as a payment processing company. They have to keep raising the price of their services because every year, the same amount is worth less than it was a year ago.
I don't know about you but I want my money to appreciate (gain value) and not depreciate (lose value) Is there such a thing? Yes, it's called cryptocurrencies. Bitcoin may have dropped from 20K to 4K but it STILL has a WAY higher ROI than any other asset gained, ever. We won't see these prices again. Just like you won't see Apple stocks at $20. The window is closing, fast. The FED will NOT stop printing more money, will not stop using Q.E, but they WILL raise the interest rates to tilt the system in favor of the few and powerful and every other country will do the same with their currency. Not only is investing in crypto going to PRESERVE your wealth (much more than a bank can) it will also INCREASE your purchasing power in due time. Every time Bitcoin was called "dead", it rose from the ashes to annihilate the previous ATH. We are still in the worst bear market in crypto history, take that for what it's worth.
There is a reason Augustin looks furious... he's eventually going to lose a fortune and a TON of revenue. Here is a man trying to do everything possible to halt cryptos from being integrated with banks, just so he can squeeze out the last few drops (money) out of the rigged system. There isn't anything he can do now to stop it. Eventually, new tech becomes old. The old becomes obsolete. The demand for it goes off a cliff. It stops getting manufactured. Before you know it, people don't even mention it anymore, let alone use it. When was the last time you said "VCR"? The dollar is already old tech, and the sooner you realize that the more purchasing power and you will retain and earn.
If you enjoyed this article, please share this with others, it would help grow this site. Leave me some feedback on social media, eager to hear your thoughts on the website or the article. I haven’t had much time to write lately but this website will force me to share everything I know once I added to this site for another week or two. Thanks for reading!
Twttter - @earnBTC4freeCOM
Telegram - coming soon.