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Bitcoin Banned By Bank Of America - Why It Will Rise Despite Naysayers

Bitcoin Banned By Bank Of America - Why It Will Rise Despite Naysayers

Bitcoin Banned By Bank Of America - Why It Will Rise Despite Naysayers Bitcoin has taken a hit as negative news surrounding cryptocurrencies has been reported. Bank of America is the latest to ban new orders for an investment trust containing digital assets. In this two-article series, we'll delve into why cryptocurrencies are being shunned by governments and banks. I'll also show how the positives far outweigh the negatives and should lead to a rise in Bitcoin and cryptos alike. In this two-article series, we'll delve into the roller coaster ride for Bitcoin and cryptocurrencies. Each week conflicting reports surface from around the globe stating either that Bitcoin will be the future democratization of the markets or whether it'll become the downfall of the financial system. In this article, we'll look at the reporting surrounding Bitcoin, why banks and governments are shunning cryptocurrencies, and why the news is not nearly as bad as it seems. In fact, the future looks bright for Bitcoin and cryptos, in my opinion. In the second article, we'll delve into the positive developments that lie beneath the surface and how they should provide a nice lift to demand for Bitcoin and digital assets. The dizzying news cycle of digital assets like Bitcoin is akin to watching your mutual fund returns on a daily basis. Trying to follow whether Bitcoin and other digital assets are going to be accepted or shunned by the markets is confusing. The topic is often ill-reported, and undergoes shifts day-to-day depending on whether Bitcoin's price is rising or falling. In my article, Why Bitcoin's Surging And Why The Ban Is Fueling The Surge , I analyzed why governments and central banks are cautious of Bitcoin while simultaneously looking to get a piece of the action. This ongoing tug a Continue reading >>

Us Bank Regulator Opens Door To National License For Bitcoin Firms

Us Bank Regulator Opens Door To National License For Bitcoin Firms

US Bank Regulator Opens Door to National License for Bitcoin Firms Sep 29, 2017 at 11:00 UTC|UpdatedSep 29, 2017 at 22:36 UTC The acting comptroller of the currency for the U.S. Treasury Department has said he is open to the idea that a new breed of banks might one day conduct business in bitcoin and other cryptocurrencies. Speaking at an event hosted by the Federal Reserve Bank of Philadelphia Thursday, Keith Noreika, the newly named director of the agency tasked withsupervising all national banks, went so far as to state publicly that he foresees a future in which bitcoin companies might be granted " fintech charters " - proposed licenses designed to simplify the way startups do businesses across state borders. Currently, bitcoin companies and traditional money transmitters need to comply with a complicated network of regulatory regimes in all 50 U.S. states, a pain point that industry advocates have argued severely limits startup growth by increasing the cost of market entrance. But despite being open to crypto businesses applying for charters, Noreika went on to strike a cautious note on their chances of being approved. "I wouldn't be adverse to those people coming in and talking to the [Office of the Comptroller of the Currency] about how a charter could make sense for them. But that is a long process they'd have to go through, and just because you get in the door doesn't mean you're going to get out the door on the other side." A long-time lawyer with a history of working in banking, Noreika was appointed acting comptroller by President Donald Trump in May of this year. In the transition, he inherited the fintech charter proposal from his predecessor, Thomas J. Curry, who last year revealed plans to create a single federal option to act as a kind of substitute fo Continue reading >>

Bitcoin Ban Expands Across Credit Cards As Big U.s. Banks Recoil

Bitcoin Ban Expands Across Credit Cards As Big U.s. Banks Recoil

Bloomberg the Company & Its Products Bloomberg Anywhere Remote LoginBloomberg Anywhere Login Bloomberg Terminal Demo Request Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Bitcoin Ban Expands Across Credit Cards as Big U.S. Banks Recoil A growing list of card issuers are declining crypto purchases After recent price drops, JPMorgan doesnt want credit risk Bitcoin Crashes as Credit Card Companies Block Purchases A growing number of big U.S. credit-card issuers are deciding they dont want to finance a falling knife. Citigroup Inc. said theyre halting purchases of Bitcoin and other cryptocurrencies on their credit cards. JPMorgan, enacting the ban Saturday, doesnt want the credit risk associated with the transactions, company spokeswoman Mary Jane Rogers said. Bank of America started declining credit card transactions with known crypto exchanges on Friday. The policy applies to all personal and business credit cards, according to a memo. It doesnt affect debit cards, said company spokeswoman Betty Riess. And late Friday, Citigroup said it too will halt purchases of cryptocurrencies on its credit cards. We will continue to review our policy as this market evolves, company spokeswoman Jennifer Bombardier said. For more on cryptocurrencies, check out the Decrypted podcast: Allowing purchases of cryptocurrencies can create big headaches for lenders, which can be left on the hook if a borrower bets wrong and cant repay. Theres also the risk Continue reading >>

Coinreport Who Is Accepting Bitcoin? - Coinreport

Coinreport Who Is Accepting Bitcoin? - Coinreport

People from various places in the world are now looking into either investing in Bitcoin or trying to make a profit from it. This is because they realize the benefits of owning bitcoins are greater than the known risks. If youve read through our guide on how to secure your bitcoins , youre probably wondering now where you can spend them. At this moment in time, there are many places online where you can buy things with bitcoins, and there are also places you can buy in person. Regardless, it seems the Bitcoin fever has spread! Read through the following to know some of the places in the world that accepts this dynamic currency. In India, entrepreneurs based in cities such as Mumbai and Bangalore, are accepting bitcoins at a rapid pace. In fact, India has a Bitcoin community of 50,000 in which around 30,000 people actually own bitcoins. However, after a warning issued by the Reserve Bank of India that called bitcoins volatile and risky, many Bitcoin operators shut down indefinitely. Nonetheless, there are still people in India who are sticking to bitcoins even after the warning because they know that its value is worth more than the risks. Recently bitcoin operations have resumed in India after the RBI made another announcement. The Bitcoin Foundation Canada educates people on what Bitcoin really is. Community building events are held as a way to increase awareness of bitcoins. In addition, the very first Bitcoin ATM was installed in a coffee shop in Vancouver. This innovative ATM allows bitcoins to convert to Canadian dollars and vise-versa. Many more Bitcoin ATMs have opened up in Canada following the first. Quantum Properties, a real estate firm, has started accepting bitcoins as payment for properties. The Bitcoin Association of Australias goal is to protect, standa Continue reading >>

The First Real Bitcoin Bank | The Best Deposit Accounts In Cryptocurrency

The First Real Bitcoin Bank | The Best Deposit Accounts In Cryptocurrency

Bitcoin Crypto Bank is legally certified to provide global Bitcoin investment platform. We are the key to your success, by investing your idle Bitcoins in our platform, you can earn huge profits. Bitcoin Crypto Bank is fully secured environment, join our fully secure environment to start earning very high profits. Bitcoin Crypto Bank is a privately owned company operating on the Bitcoin trade market. Founded in 2014and managed over $3 million for institutional investors which is now open to worldwide individual investors.These funds are managed by a team of Bitcoin Crypto Bank investment experts.Given the advancement in technology it has become extremely difficult to profit from mispricing in the market. Many traders have computerized trading systems set to monitor fluctuations in similar financial instruments. Any inefficient pricing setups are usually acted upon quickly and the opportunity is often eliminated in a matter of seconds. Bitcoin is becoming more and more popular every day. You heard about it on the radio, you saw it on television and you finally decided to buy some Bitcoins. The question that you may be asking yourself now is, What can I do with Bitcoins? Well, you have a few options. You can buy things online and offline, just like you can with any other currency. Many virtual and physical stores are now accepting Bitcoins and more pop up every day.You can save it in your Bitcoin wallet for safe keeping or a rainy day. Bitcoin is great for saving because there are no banks involved. You are you own bank, banker and customer. However, there is a third option, you can depositit. Bitcoin is a currency and you can deposit it as such. Think about it, when you have spare money in the bank, what is the best thing to do with it to make it grow. Invest it! Bitcoi Continue reading >>

Which Banks Accept Bitcoin? Get The List | Banks.com

Which Banks Accept Bitcoin? Get The List | Banks.com

Know Which Banks Accept Bitcoin, Get The Complete List Home Articles Cryptocurrency Know Which Banks Accept Bitcoin, Get The Complete List The recent rash of banks announcing that they would stop accepting credit card transactions for bitcoin purchases has created a stir in the altcoin sphere. Capital One is currently declining credit card transactions to purchase cryptocurrency due to the limited mainstream acceptance and the elevated risks of fraud, loss, and volatility inherent in the cryptocurrency market, a Capital One spokesperson told Breitbart News recently. For years, customers have complained about banks covertly denying altcoin credit card purchases. However, the recent announcements represent the first significant industry position toward altcoins. Thisposition leaves investors questioning why it happened the way it did, which banks still allow credit card purchasing of altcoins, and if it is even wise to buy altcoins with a credit card in the first place. To start, it shouldbe said thatmany banks dont understand bitcoin. Banks view bitcoin and altcoins as industry disruptors, a potential market anchor, or both. Some in the banking industry have openly stated their dismissal of the digital currencies. The recent volatility in the bitcoin market, where a prolonged price correction drove down the coin price by more than 50 percent, gave the banks cover to impose new regulations on bitcoin. Bitcoin purchasing by credit card comes with added risk for financial institutions as the high volatility means that it is possible that purchases can be made that may not have enough future value to satisfy the repayment requirement. Before the credit card shutdown, the banks have indicated that they would make it more difficult to use a credit card to make altcoin purchas Continue reading >>

25 Exchanges To Buy Bitcoin In The United States

25 Exchanges To Buy Bitcoin In The United States

Hong Kong-based Bitfinex has long been one of the largest USD Bitcoin exchanges in the world. Bitfinex accounts may be funded by bank wire only, their fee on accepting such transfers is low at only 0.1%. In August 2016, however, it was hacked and lost around 30% of its users funds. While Bitfinex can be helpful for buying large amounts of bitcoins, it is probably best to not use the exchange until it fully compensates affected users. Very low fees even for low volume buyers; 0.1% for market makers and 0.2% for market takers One of the best ways to buy large amounts of bitcoins Allows lending of fiat or bitcoin to margin traders at interest (but this is risky in light of the hack) Very deep liquidity promotes a price close to fair market rate Was recently hacked and has yet to fully compensate all users for their loss Geared towards traders; possibly quite confusing for first time buyers Continue reading >>

Bitcoin: Where You Can Officially Buy Cryptocurrency

Bitcoin: Where You Can Officially Buy Cryptocurrency

While bitcoin is actively traded on dedicated exchange websites and apps,a few traditional banks and exchange operators have also started to sell cryptocurrencies. But other countries are considering a ban on trading with virtual cryptocurrency operators that are not regulated by local authorities.On January 30, South Korea banned anonymous trading. Here are some of the traditional banks and exchange operators that allow you to buy bitcoin and other cryptocurrencies. In August 2017, the Falcon Private Bankannounced that it was the first Swiss private bank to provide blockchain asset management for its clients. The Swissbank, headquartered in Zurich, allows its clients to trade in Bitcoin (XBT),Ethereum(ETH), Litecoin (LTC), and Bitcoin Cash (BCH). The Swissquote bank, based in Gland, also started trading in cryptocurrencies in 2017. Customers of the bank can trade in Bitcoin, Ethereum, Litecoin, Ripple (XRP) and Bitcoin Cash. IG Bankstarted trading with cryptocurrencies in 2017.Customers can use it to buy Bitcoin and Bitcoin Cash. Tiberius Groupplans to launch the Tiberius coin (tcoin), which would be the first digital currency to be backed by physically deliverable metals such as aluminium and copper. The ability to take $1M or $100M on a plane undetected and walk into a Swiss or Lichtenstein bank and deposit it is worth a ton of $$$. So, don't tell me Bitcoin is worthless. Villi Iltchev (@VilliSpeaks) December 16, 2017 In December 2017, theChicago Board Options Exchange (CBOE) became the first US-based exchange to offer bitcoin Futures, based on the bitcoin price on the Gemini virtual exchange. As described by CBOE , bitcoin futures are legal agreements that stipulate the price at which parties will trade bitcoin on a specified date in the future. Each futures agreem Continue reading >>

This Needs To Happen To Keep Bitcoin Boom Going: Bank Of America

This Needs To Happen To Keep Bitcoin Boom Going: Bank Of America

Bitcoin still faces many challenges in becoming a globally accepted currency, Bank of America Merrill Lynch's commodity and derivatives strategist Francisco Blanch said in a sweeping Monday report comparing digital currencies' growth to that of gold, silver and even salt in ancient times. "A crucial hurdle" for bitcoin is whether major financial institutions will accept the digital currency as collateral, said Blanch, who is considered by many to be one of the best commodity analysts on Wall Street. "But we are not aware of any major institution that takes cryptocurrency as collateral at the moment." The report is one of a handful from major Wall Street firms and strategists that have recently warmed to bitcoin for its potential as an investment product. The digital currency briefly tripled in value this year, rising from below $1,000 to $3,000 in June. Bitcoin traded near $2,800 Monday. Beginning with salt in ancient times, Blanch noted how practical needs and new discoveries have led to the development of new currencies: 1. Salt was "once mined and treasured in the ancient world." 2. But salt and other commodity-backed currencies often proved impractical and not durable enough, so governments began making coins with metals such as gold and copper. 3. The Spanish discovered large silver deposits in Bolivia in the 16th-century, leading to nearly 400 years of trade dominated by silver dollars. 4. Carrying around large amounts of gold and silver wasn't ideal either, so the world started to move to paper money in the last 200 years. 5. Paper money created huge waves of price increases and declines along with the business cycle. Today, most countries' currencies rely on "full faith of the issuing government" that central banks will comply with their mandate not to let infl Continue reading >>

How To Send Bitcoin To Any Bank Account And Cash Out Ico Proceeds

How To Send Bitcoin To Any Bank Account And Cash Out Ico Proceeds

How to send bitcoin to any bank account and cash out ICO proceeds While more and more Initial Coin Offerings (ICOs) emerge these days, the recently funded companies face the very obstacle that has haunted the Blockchain industry since the start cashing out cryptocurrencies into a bank account. We built Bitwala in the heart of the German Blockchain community in 2015 to solve this very problem in a smooth and secure way. In this blog, we talk about how companies can focus more on making their roadmaps come true and less on worrying about cashing out crypto. Whether a recent ICO or an established crypto business it can be very frustrating for crypto companies to transfer their hard-earned cryptocurrencies into fiat currency. We know this because weve run into the same problem as a crypto business ourselves. Collecting and securing funds during an ICO Most companies doing ICOs collect their funds in Bitcoin, Ethereum, Litecoin and also in traditional fiat currencies like the Euro or US Dollar. Cryptocurrencies that are collected are then usually converted and cashed out into a fiat currency of choice. At the time of writing, the total amount of money raised from ICOs has reached over $3.45 billion , from a total of 211 ICOs that took place this year. Regardless of the amount collected in crypto, you will be faced with making settlements in fiat currency, be it to your legal team, rent, other third parties or even those late night pizza deliveries. While there are smart contracts, advertising and legal firms which accept payments in Bitcoin or other cryptocurrencies, for example, most third parties, not to mention probably your own employees, demand payment in local currencies. As a newly funded crypto company looking to send bitcoin to your bank account, you will encounter Continue reading >>

Here Are The Top 4 Us Banks Cracking Down On Bitcoin Purchases

Here Are The Top 4 Us Banks Cracking Down On Bitcoin Purchases

Various banks around the world now prevent their own clients from making specific credit card purchases. This is not a positive development by any means. At the same time, it only further confirms how little control people have over money. In the US, four major banks now prevent theircustomers from buying Bitcoin with a credit card. This applies to the Coinbase exchange, and potentially others as well. Most people know the name Capital One , as it is one of Americas biggest banks. They also run a wide variety of advertisements on television to showcase the versatility of their banking services. Unfortunately, users whohave a credit or debit card issued by Capital One will have a lot of problems when it comes to purchasing Bitcoin as of right now. The bank made the unfortunate decision to block all Bitcoin-related card transactions for the foreseeable future. It is evident JPMorgan has never been a big fan of Bitcoin. When company CEO Jamie Dimon called Bitcoin a fraud, most peopleknewthis bank would be in line toblockall cryptocurrency-related activity onits platform at some point. That decision didnt take long, as JPMorgan Chase customers cannot use their payment cards to purchase Bitcoin from the Coinbase exchange. Rest assured this ban will extend to other exchanges in the near future. With other major players turning their backs on Bitcoin, Citi has had no choice but to followtheir lead. Although the company never publicly statedit preventscustomers from buying Bitcoin with a credit card, that does appear to be the case in the US right now. It is another problematic development in the fight between financial institutions and cryptocurrency. Rest assured this will not be the last time we see banks take such a harsh stance against Bitcoin either. This industry has be Continue reading >>

Uk Banks Ban Bitcoin Purchases With Credit Cards

Uk Banks Ban Bitcoin Purchases With Credit Cards

UK banks ban Bitcoin purchases with credit cards Lloyds Bank, Halifax and Bank of Scotland have all banned the practice. It's happened in the US and now it's happening in the UK. Lloyds Banking Group, which runs Halifax, Bank of Scotland, MBNA and, of course, Lloyds, has banned its customers from buying bitcoin with their credit cards. "We do not accept credit card transactions involving the purchase of cryptocurrencies," a Lloyds Banking Group spokesperson told the Guardian . It's thought to be the first UK bank or rather, banking chain to block its members from investing in the cryptocurrency. The worry, presumably, is that people will borrow cash and then be saddled with large amounts of debt they cannot pay back due to Bitcoin's fluctuating value. Bitcoin had a stellar trajectory in 2017, rising from roughly $800 in January to $19,783 in late December. As the value grew, so did the attention of traditional investors and tech-savvy citizens who wanted to make a quick buck. The following month, however, Bitcoin's value cratered. The reasons are unclear, but it was a harsh reminder of the volatility of cryptocurrencies. Bitcoin now sits at just under $8,000 and understandably, banks are worried about its customers getting caught up in the craze. We've asked HSBC, Barclays, Santander and First Direct for their current position on credit card-funded Bitcoin transactions. Update: It's business as usual for Barclays customers. "At present UK customers can use both their Barclays debit card and Barclaycard credit card to purchase cryptocurrency legitimately," a Barclays spokesperson said. "We take precautions to assess affordability before extending credit, flag and prevent any suspicious transactions and also closely monitor credit risk." Financial institutions in the US Continue reading >>

Tell Us Why You Bought Bitcoin Or Face Account Closure: Us Bank To Customer

Tell Us Why You Bought Bitcoin Or Face Account Closure: Us Bank To Customer

Tell Us Why You Bought Bitcoin Or Face Account Closure: US Bank To Customer A US bank customer was told their account would close if they didnt disclose why they bought Bitcoin and what they would do with it. US bank PNC allegedly wants nothing to do with Bitcoin but still threatens to close accounts if customers do not reveal why they bought it. Thats according to a story circulating on social media getting increasing attention from the cryptocurrency community. A post by PNC account holder u/EliToohey Thursday recounts how the bank contacted them demanding to know why Bitcoin had been purchased from exchanges Coinbase and Xapo . I've had a banking relationship with PNC Bank for 15 years and I just got a call to verify unusual activity, the post reads. He asked me to confirm a couple transactions then asked For what purpose are you buying Bitcoin. When the user refused to divulge the purpose, the banks representative threatened to close the account. I told him I wouldn't answer, he then asked What are you going to do with the Bitcoin, u/EliToohey continues. I again told him I wouldn't answer. He then informed me that his security team told him they would exit the relationship with me if they didn't get satisfactory answers. The episode is not unusual in the often bizarre relationship banks have with cryptocurrency. Tales of threats and sudden account suspensions have surfaced not just in the US, but also in Europe, with UK-based Barclays becoming one of the worst offenders in terms of contradictory and overreaching policy. Banks treatment of Bitcoin combined with bankers championing fiat has led to increasing ridicule from cryptocurrency investors in light of JPMorgan CEO Jamie Dimons allegations that Bitcoin is a fraud. Unlimited fiat money supply was a topic touched Continue reading >>

Does Any Bank Accept Bitcoin?

Does Any Bank Accept Bitcoin?

Is there any bank/financial institution somewhere in the world that has embraced Bitcoin? Not that I'd deposit my money there, I'm just curious to know it. The company's mission has always brought an eclectic mix of cannabis genetics to farmers around the world. Internet and Bitcoin have enabled companies to reach a wider audience. "Bitcoin allows our customers to pay with digital currencies and is not tied to one country," explains Alex. "It provides a safe and secure alternative payment method that has proven to be very popular, especially by those who care about privacy.Once set, Bitcoin is very easy to use and has become a preferred payment option for many of our customers." I don't think there are any bank accept Bitcoin all over the world cause Bitcoin is not legalized worldwide beside Bitcoin has a lot of risks and it's easier taken advantage to commit crime than cash cause Bitcoin transaction is almost anonymous. Beside when someone know about Bitcoin and its potential I think they will prefer invest in Bitcoin to Bank cause the amount of money they can get from Bitcoin always better than the monthly interest from bank so I think bank will never accept Bitcoin on the other hand if any country legalize Bitcoin it'll be big problem for banks in there Quote from: the_poet on December 13, 2015, 09:21:07 PM Is there any bank/financial institution somewhere in the world that has embraced Bitcoin? Not that I'd deposit my money there, I'm just curious to know it. I don't think so, the thing is the banks only accept money that is in a form of cash. It's like they cannot store something that has a physical form to give it value. Unless, the bank adjust to accept, or they make a physical form of bitcoin. That's a very impossible thing, we can see that many banks in every Continue reading >>

As Bitcoin Prices Skyrocket, Bank Of America Awarded Cryptocurrency Patent

As Bitcoin Prices Skyrocket, Bank Of America Awarded Cryptocurrency Patent

(1 of ) Bitcoin prices soared from $1,000 at the start of 2017 to recent levels near $13,000. As bitcoin prices skyrocket, Bank of America awarded cryptocurrency patent BUSINESS JOURNAL TECHNOLOGY EDITOR | December 7, 2017, 9:51AM The price of one bitcoin soared from about $1,000 in January to nearly $13,000 in recent trading, an astounding run-up that makes the Gold Rush look tame. Then yesterday bitcoin leaped to $20,000 on Coinbase Exchange. On Tuesday Dec. 5, Bank of America Corporation, which noted the currencys clear potential for growth, was awarded a patent on an electronic currency exchange called a "cryptocurrency transformation system." Bitcoin, a cryptocurrency based on a math formula, was created in 2008 and can be used in the North Bay at many online and physical businesses, including Whole Foods through Gyft cards, Overstock.com, Virgin Airlines, Expedia.com, OKCupid, Bloomberg and the New York Times. A few Bay Area restaurants accept bitcoin, such as Cups & Cakes Bakery in San Francisco, Ocean Beach Deli, Ramen Underground and Curry Up Now, also in the city. Tandoori Nights, in Roseville, also takes bitcoin. Overstock.com started accepting bitcoin in 2013. In its first day accepting the currency, Overstock took in about $126,000 in sales. There are nearly 16.5 million bitcoins in existence. The formula behind the cryptocurrency governs the deliberately slow expansion in the number of total bitcoins. The maximum number of bitcoins caps at 21 million, expected by about year 2040 at current mining rates. At todays prices, if the total possible number of bitcoin were in circulation, the market would be worth about $273 billion (based on $13,000 apiece). The sharp rise in bitcoin prices this year could be compared to rapidly rising prices for each acre of la Continue reading >>

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