Welcome to BeerMoneyForum.com - BIGGEST MAKE MONEY FORUM ONLINE

Join us now to get access to all our features. Once registered and logged in, you will be able to create topics, post replies to existing threads, give reputation to your fellow members, get your own private messenger, and so, so much more. It's also quick and totally free, so what are you waiting for?
Log in Register
Blue
Red
Green
Orange
Voilet
Slate
Dark
  Guest viewing is limited

Must checkout:

❓ASK UK Banks have banned purchases on Bitcoin

Post thread
Sort by date Sort by votes
Business insider got it wrong.

UK banks have only banned people from using credit cards, you can still use your debit card linked directly to your bank account. The problem is pretty simple and understandable really. If you use a credit card to buy something then you have protections against the seller if for instance the seller tries to scam you by sending you a toaster oven instead of a pair of training shoes for example.

In cryptocurrency the same protections are still there but the bank would have a pretty bad time trying to claim anything from the seller so would be left out of pocket after refunding you. Its just the banks trying to limit their own liabilities.

Can you imagine the banks trying to regain funds from bitconnect after a thousand bank customers bout ten million pounds of their tokens via credit cards?

So to clarify, your bank account that is connected to coinbase for example will see no change, as you are actually buying and selling crypto with money you actually own, whereas on a credit card you are essentially gambling someone else's funds.

Hope that clears things up. :)
 
Upvote 0 Downvote
This is understandable I think they want to protect people from any fraudulent activities that might play out with their credit card but one can still invest usujg the debit card which to a large extent isn't had.
 
Upvote 0 Downvote
Nothing surprising there, since bitcoin and any other cryptocurrency are basically the enemies of all bank institutions in the world, and they also threatened national currency.
 
Upvote 0 Downvote
Riad99 said:
Its really a bad idea because lot of uk crypto member invest on btc which lead them have in profit...now they can't do anything
Click to expand...
I read they can still invest using their debit card, it was the credit card usage that was stopped so they can still go ahead to invest to make the profit.
 
Upvote 0 Downvote
Prouty said:
Business insider got it wrong.

UK banks have only banned people from using credit cards, you can still use your debit card linked directly to your bank account. The problem is pretty simple and understandable really. If you use a credit card to buy something then you have protections against the seller if for instance the seller tries to scam you by sending you a toaster oven instead of a pair of training shoes for example.

In cryptocurrency the same protections are still there but the bank would have a pretty bad time trying to claim anything from the seller so would be left out of pocket after refunding you. Its just the banks trying to limit their own liabilities.

Can you imagine the banks trying to regain funds from bitconnect after a thousand bank customers bout ten million pounds of their tokens via credit cards?

So to clarify, your bank account that is connected to coinbase for example will see no change, as you are actually buying and selling crypto with money you actually own, whereas on a credit card you are essentially gambling someone else's funds.

Hope that clears things up. :)
Click to expand...
This is better clarification ,the UK government is more like protecting the citizens, I tried checking the news and it longer accessible.
 
Upvote 0 Downvote
I mean this news was posted waaay back in 2018 aka two years ago, I dunno, maybe there has been change in UK government directive since then.
 
Upvote 0 Downvote
Emoney said:
I mean this news was posted waaay back in 2018 aka two years ago, I dunno, maybe there has been change in UK government directive since then.
Click to expand...
If there is any update as regards the use of credit cards it must have been updated here or online. The issue now is not a complete ban but strictly on credit card.
 
Upvote 0 Downvote
When there's a will, there's a way. People will find a way to purchase bitcoin if they care enough. There's a lot other way to buy bitcoin other than debit or credit card.
 
Upvote 0 Downvote
Kompo said:
As far as i know it's a bad decision made by uk govt because a lot of uk community invest on btc but now btc banned in bank so it hard to invest in bank now.
Click to expand...
The point is the UK ban purchases of bitcoin with the use of credit cards, the reason is the card can easily be hacked so you can still by bitcoin with debit card.
 
Upvote 0 Downvote
Waltom said:
Its really a bad activity made by uk govt because much investor come on uk to invest on btc and earned much profit but they are not able to earn money again by invest btc...also they help to increase the btc price
Click to expand...
The use of credit cards is not the only way to invest on bitcoin, they can use their debit card and other means , nothing stops them if they truly went to UK to invest.
 
Upvote 0 Downvote
A bad side of crypto. When it goes higher Fiat sector stops exchange and ultimately bitcoin falls which happened in early 2018. Thats a big risk factor for bitcoin dreamers.
 
Upvote 0 Downvote
It is very good to read details cos sometimes the head lines contradict the main story. UK government has a good reason banning the use of credit cards cos they are highly susceptible to hack and can render many poor for the rest of their lives.
 
Upvote 0 Downvote
There are some people who already has negative perception toward bitcoin and are not ready to change, they look for every opportunity to Black mail bitcoin and it activities.
 
Upvote 0 Downvote
I think someone can still use his/her debit card to purchase bitcoin ,its for only credit card ,and I think the ban is just to reduce the rate of fraud and others
 
Upvote 0 Downvote
Wisdom01 said:
I think someone can still use his/her debit card to purchase bitcoin ,its for only credit card ,and I think the ban is just to reduce the rate of fraud and others
Click to expand...
Sure debit card should not be a challenge to buy bitcoin with debit card cos the risk of using it is far below that of credit card. What the government did was the right. Lots of criminal activities are facilitated because they easily hack credit card details.
 
Upvote 0 Downvote
De-rector said:
Sure debit card should not be a challenge to buy bitcoin with debit card cos the risk of using it is far below that of credit card. What the government did was the right. Lots of criminal activities are facilitated because they easily hack credit card details.
Click to expand...
Yeah most website can create forms to get credit card details so if the person isn't careful he or she can fall into the hands of scammers which is very bad
 
Upvote 0 Downvote

📢 Recommended Partners

Paykassma - Accept Payments Online | Payment Processing since 2019 Payka$$ma
Paykassma - Accept Payments Online | Payment Processing since 2019
Leading solution for accepting high-risk payments since 2019
5.00 star(s) 1 ratings
Updated
MGID - Native Performance & Programmatic Advertising Platform MGID Team
  • Featured
MGID - Native Performance & Programmatic Advertising Platform
We are a global pioneer in native advertising...
0.00 star(s) 0 ratings
Updated
Roobet.com | Crypto’s Fastest Growing Casino 🦘 Roobet.com
  • Featured
Roobet.com | Crypto’s Fastest Growing Casino 🦘
Crypto’s Fastest Growing Casino in the World
1.00 star(s) 1 ratings
Updated
Duckdice.io - Top Crypto Gambling - Bitcoin Dice DuckDice.io
  • Featured
Duckdice.io - Top Crypto Gambling - Bitcoin Dice
Gambling platform with many cryptocurrencies...
0.00 star(s) 0 ratings
Updated
View more…

Similar threads

B
  • Question
❓ASK Is it mandatory for a company to have a business bank account in the UK?
Replies
1
Views
76
IB DD
I
B
  • Question
❓ASK Do all banks in the UK offer electronic banking?
Replies
6
Views
163
Gamer01
G
B
  • Question
❓ASK Can I deposit checks electronically with UK banks?
Replies
2
Views
148
lamia5765
lamia5765
Warfare
  • Question
❕NEWS MicroStrategy buys another 12,000 Bitcoin for $821 million
Replies
0
Views
50
Warfare
Warfare
B
  • Question
❓ASK Can a company have joint directors in the UK?
Replies
1
Views
76
IB DD
I

banner

REWARDS: Active Raffles


  • 🤑 Roll 4: Win 100,000 BMF Points!
    The entry period for this raffle ends in..

BeerMoneyForum.com

We help each other to make money online. Get a beer and register with us, learn how we make a full-time job working from home like a boss.

Custom Links 1

GAMBLING FORUM
INVESTING FORUM
MAKE MONEY FORUM

Custom Links 2

GPT FORUM
CRYPTO FORUM
WEBMASTER FORUM

CUSTOM LINKS 3

Casino Forum
Back
Top Bottom

Earnings Disclaimer:  All the posts published herein are merely based on individual views, and they do not expressly or by implications represent those of BeerMoneyForum.com or its owner. It is hereby made clear that BeerMoneyForum.com does not endorse, support, adopt or vouch any views, programs and/or business opportunities posted herein. BeerMoneyForum.com also does not give and/or offer any investment advice to any members and/or it's readers. All members and readers are advised to independently consult their own consultants, lawyers and/or families before making any investment and/or business decisions. This forum is merely a place for general discussions. It is hereby agreed by all members and/or readers that BeerMoneyForum.com is in no way responsible and/or liable for any damages and/or losses suffered by anyone of you.