Lloyds Bans Credit Card Customers From Buying Cryptocurrency

Lloyds Banking Group has banned credit card customers from buying Bitcoin amid fears they could be left in debt as the cryptocurrency’s value deflates.

The banking giant, which includes Halifax, MBNA and Bank of Scotland, is thought to be the first in the UK to ban credit card customers from borrowing to buy the digital currency, which has more than halved in value in recent months.

Bitcoin’s slide has led to concerns that people who borrow money to purchase it will be left with large debts if the virtual currency continues to depreciate.

Significant numbers of people in Britain are thought to have bought Bitcoin as it surged in value, peaking at nearly 20,000 US dollars (£14,465) in December.

As news of Lloyds’s ban emerged on Sunday the value was around 8,000 dollars (around £5,700).

A spokeswoman for the banking group said: “Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies.”

The move follows warnings by regulators in the US, South Korea, China, Russia and India over the cryptocurrency.

Germany’s Bundesbank has also called for global regulation of Bitcoin and France’s finance minister wants tougher rules for cryptocurrencies.

Meanwhile, Facebook banned adverts for Bitcoin and other cryptocurrencies on its sites after recent criticism from users about scams and hoaxes being promoted in their newsfeed.

Critics say cryptocurrencies are used by criminals and rogue states to carry out clandestine transactions.

Earlier this month, US billionaire Warren Buffett ruled out a foray into cryptocurrencies, warning that the Bitcoin boom will “come to a bad ending”.

The chairman and chief executive of Berkshire Hathaway has joined the chorus of voices criticising the digital currency.

His comments came just a day after JP Morgan chief executive Jamie Dimon said he regretted calling Bitcoin a “fraud”.

Despite the slide, Bitcoin’s current value is significantly higher than its 900 dollar (£640) position recorded in January 2017.

 

https://uk.news.yahoo.com/bitc...-card-073318265.html

Original Post

"If the Shoe Shine boy is telling you his favorite Stock Tips of what to Buy, then time to sell all you own in the market." (Market Crash 1928)

 I personally do not know of anyone owning Cryptocurrencies. I always remembered Bitcoin as kinda like going to a casino and playing a game for money that I knew nothing about how to win. Result… Throwing away Money to Learn.… Bitcoin, if social network remains strong and stabilizes, it could be a good way to get money out of a country, where government restrictions apply. Like the US, where $10, 000.00 is Maximum transfer. China, allows NO Transfers.

  As governments start to intervene cryptocurrencies, all may be deemed Unlawful to own by a host of countries someday, with no way to monitor its ownership. Maybe that’s the popularity of interest to some..

 As an investment in cryptocurrency, what is it backed by? Gold/Sliver/Dollar,Yen…… Nothing!! but maintaining large numbers of folks buying & selling the limited issues of the cryptocurrency. If I don’t fully understand how it works, I don’t play someone else’s game. Someone else will have to ride the waves for now. For the investment side of it. I read somewhere where Block chain technology may the best way to play it & not the cryptocurrency itself. Someone has made a lot of money when it was valued at $20,000/bitcoin. This morning its $7400.00 and climbing.

  Do any of the forum folks know anyone who has bought/own Cryptocurrencies and made money?

A "most excellent" post River Runner. Kudos

"As an investment in cryptocurrency, what is it backed by? " You know the same question could be asked about the Dollar.  I am new to the bitcoin and block chain arena and have a lot of questions myself. 

Yes, I do know some folks that have made money from cryptocurrencies. Their mindset was that it's like playing the stock market or going to Tunica. "If you want the blue chips you have to take the risk".

I am not that brave myself. I look at those big buildings and I am reminded that they were not built by paying out to winners.

Here is an article that I found you might enjoy. 

https://www.coindesk.com/forge...n-is-backed-by-time/

Good read on your article; Tons & Tons of articles regarding Cryptocurrencies, Block Chain, alogrithrum Technology, AI, etc. Learn all you can prior to putting your toes in the water.... As with all countries Currency backing. You have to ask yourself, what is the safest currency you want to own. Debt is # 1 Concern affecting currency. What is backing the Debt?  No longer on Gold standard for US and many other countries. Healthy GDP, yes that helps to pay down debt, but not what we experienced for the past 8 years or so. For the little guys (us folks) want some other method/means to preserve what have saved up or building wealth for the future, protection from current currency devaluations. (pick any country whose currency has failed its citizens)   Its pretty scary to think what Trillion's & Trillion's of Government Debt can do to an economy, the government has no way to pay back. Thus, Cryptocurrency starts to look good as an alternative way to stash Cash or trade for goods & services. I'm no professional guru nor gambler but it always pays to do your homework for any investment approach.  Who knows, maybe Bitcoin and similar, Cryptocurrency technology is the introduction to the masses of "How you will be Force to have Currency" in Future Government eyes.

The biggest problem with cryptocurrency, right now, is in the anonymity. A LOT of  'dark web' transactions occur in cryptocurrency and you do NOT want to see what all is bought and sold. I though I was tough until I had a look across the 'silk road' at what a person could buy. Some countries have banned the use of cryptoc. as a way to hinder 'blackmarket' sales across the interwebs.

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