Crypto friendly banks - revolut no more

Frequentlyhere

Frank, I hope you're aware of the ongoing explosion of centralised crypto exchanges over the last few days? There's literally an exchange platform going under every day at the moment. It's a huge risk with your money you'd be taking depositing there.

Malthusian

Frequentlyhere said:

It's a huge risk with your money you and your bank would be taking depositing there.

FTFY (sorry)

FrankRizzo

Yeh I’m aware of all the exchange issues. regardless of issues with corrupt exchange practices, I still need need to be able to buy Bitcoin.

Anyone buying Bitcoin should be storing in a cold wallet. That has always been best practise.

Exodi

FrankRizzo said:

regardless of issues with corrupt exchange practices, I still need to be able to buy Bitcoin.

Could be quicker to go to a corner shop with an ATM outside, withdraw as much cash as you can, nip inside the shop and buy some lighter fluid and matches, then find a bonfire bin and set it all alight if you're detemined to lose your money?

Actually I take it back, it probably wouldn't be quicker.

DannyCarey

FrankRizzo said:

Yeh I’m aware of all the exchange issues. regardless of issues with corrupt exchange practices, I still need need to be able to buy Bitcoin.

Anyone buying Bitcoin should be storing in a cold wallet. That has always been best practise.

Exactly this. 

Whats maybe becoming clear is some exchanges have been selling fake bitcoin, a but like gold receipts. 


 I.e. only actually buying it themselves whenever  you wish to withdraw and presumably gambling customer money on other things. Eventually they get exposed when people take custody of the stuff they buy...

FrankRizzo

Exodi said:

FrankRizzo said:

regardless of issues with corrupt exchange practices, I still need to be able to buy Bitcoin.

Could be quicker to go to a corner shop with an ATM outside, withdraw as much cash as you can, nip inside the shop and buy some lighter fluid and matches, then find a bonfire bin to set it all alight if you're detemined to lose your money.

Actually I take it back, it probably wouldn't be quicker.

Hi, I am sure your intentions are to warn me of the risks, but please don’t turn my genuine thread into a debate about the industry.

It is my money (not the banks) and I am aware of the risks.

flaneurs_lobster

Ah, the new golden utopia when we are freed from the shackles of having to deal with nasty banks and can skip about waving our crypto wallets at each other swapping QR codes to buy pizza, coffee and, er, pizza (and guns and drugs). 

Section62

FrankRizzo said:

Exodi said:

FrankRizzo said:

regardless of issues with corrupt exchange practices, I still need to be able to buy Bitcoin.

Could be quicker to go to a corner shop with an ATM outside, withdraw as much cash as you can, nip inside the shop and buy some lighter fluid and matches, then find a bonfire bin to set it all alight if you're detemined to lose your money.

Actually I take it back, it probably wouldn't be quicker.

Hi, I am sure your intentions are to warn me of the risks, but please don’t turn my genuine thread into a debate about the industry.

It is my money (not the banks) and I am aware of the risks.

The protection of consumers now overrides what is fair and just.

You see it as your money, others will see it as the banks must refund you if you get scammed or deposit money into the ether.  Hence the banks not wanting to be involved in something which exposes them to risk.  It will be their shareholder's money which bails out those who thought they knew what they were doing.

FrankRizzo

I won’t be claiming money back from the bank. Please don’t turn my thread into a debate.

Section62

FrankRizzo said:

I won’t be claiming money back from the bank. Please don’t turn my thread into a debate.

It isn't a debate, it is a fact that people are claiming money back from banks, hence banks are becoming increasingly careful about the way people use their accounts - either blocking transactions temporarily, or stopping certain classes of transaction full stop.

Your thread is about finding a bank which will let you make crypto deposits.  The answer is that there is a diminishing number of them, and those that do may stop without warning.  And the reason is primarily because banks don't want to take the risk.  No debate involved.