The news is coming from Austrailia that the 4 major banks have been randomly freezing people’s accounts when they purchase Bitcoin through some of the major exchanges. In my view, this is a sign of things to come. Banks, on the whole, are closely linked to governments, both organisations want complete control of your money. The last thing they want is people being able to control their own wealth and destiny.
The whole push towards debit/credit card purchasing is simply because they want to control and to reduce the use of real, untraceable cash.
If Bitcoin gets any stronger and takes any more of a hold, banks will be forced to either start giving Bitcoin accounts OR freezing accounts of those who try to purchase Bitcoin. I note that Natwest will not authorise payments to Coinbase in the UK.
So how do we protect ourselves and still enjoy Crytpo?
- Set up a cash-only debit account not linked to your main bank – then if that account is frozen it doesn’t matter, throw away the card and get another.
- Earn Bitcoins through Bitcoin Mining
- Never ever purchase Bitcoin with your main bank account
- Use services like Bittylicious where they act as an escrow between you and the seller but you are buying Bitcoin simply from another person.
Incidentally, I have had people saying “Oh Bitcoin, isn’t that just used for buying drugs?”, to which I reply, no, that would be cash. Cash is mostly used for buying drugs. When you give people free reign OVER THEIR OWN MONEY they may do things that displease other people with it. Freedom is not wrong, it’s what you do with it that matters. With great freedom comes great responsibility.
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