They writhe in fear
Shaken to the foundations, as they know, for whom the bell tolls
Once the masses of merchants discover the fees are much lower for the Cryptos than what the Credit Card companies gouge them for (You Listening PayPal), as well as the appreciation potential in the Cryptos, then the cryptos will surge as a replacement for the dying card companies.
They all know it and are fighting tooth and nail now, some refusing to enable crypto purchases and some raising fees higher in an attempt to keep people from using them.
I Just received this from Coinbase:
Dear Coinbase Customer
We’re writing because you have a credit card on file and want to inform you of a recent change that may increase the cost of purchasing digital currency with a credit card.
Recently, the MCC code for digital currency purchases was changed by a number of the major credit card networks. The new code will allow banks and card issuers to charge additional "cash advance" fees. These fees are not charged or collected by Coinbase. These additional fees will show up as a separate line item on your card statement.
Coinbase does not know whether or not your card issuer collects these fees, nor do we know how much they might collect. As a result, we would strongly suggest switching to a debit card or bank account as your primary payment method. You can do that on the following page: https://www.coinbase.com/settings/linked-accounts.
We apologize for any inconvenience this might cause.
Best,
The Coinbase Team
Yuup it sucks to be them
And if people get anxious enough inthe next Bull Run Up, then many will be maxing out their cards (unsecured money for the card companies) to purchase the cryptos.
This also holds true for the banks as well, with some refusing money transfers to crypto and some raising the fees.
The Credit Card companies and Banks are running scared and are now in a war for their survival, but in my opinion, they are running the wrong way!
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Image Credit: spreedly, clotureclub, tctechcrunch2011