Bankers before the investment banker named Jamie Dimon
may have already been squirming at the idea of an encrypted
or cryptographically secure wallet that never required the
security of a bank, and the banks fake fees.
Watch out! Visa and Mastercard have changed their rules
to add an extra 5 percent +/- to credit card purchases of digital
curencies using an "exchange." Apparently, the exchange
"Coinbase" was one of the first targeted exchanges "targeted by"
Visa and Mastercard. Both organizations, Visa and Mastercard
are targeting increased fees as well a interest by forcing credit
card buys of digital currencies into the same class as a
"Cash Advance." In some cases, a cash advance, will incurr 29%
interest.
If you buy digital currency with a credit card, (NOT ADVISED) it is
time to make NEW plans for purchasing digital currency. Bankers
fees and credit card fees and interest are just too high. They have
been too high for everyone who uses their bank services for a long,
long time.
Nevermind that digital currency is not officially accepted as a
currency. According to mastercard and visa, bitcoin and other
digital and cryptocurrencies are now considered a cash advance...
So if digital currency is a "cash advance," certainly, it must now
be considered at least some sort of cash... Advanced cash?
Also, Fincen requires a "money transmitters license" for bitcoin
miners, when they do not recognize bitcoin as "money."
Bankers are squirming in their swamp. Banks were needed in
the "old days" to secure money from robbers. Now, with encrypted
digital wallets, why are banks even needed. But to charge fees?
or to make profits for their ownbanks?
The global financial crisis was caused by banks making poorly
conceived loans and then, when those improperly evaluated
loans were defaulted on, the banks, had to move those bad
loans off of their books using derivatives.
Too big to fail banks led to currency of the bitcoin, blockchain type.