Banks are quick to label Bitcoin the money of criminals. But banks fines since the financial crisis have totaled over $243 billion. Bitcoin fines? Zero. Isn’t it time for society to open its eyes?
Banks Don’t Want to Work with Cryptocurrency Companies
I tried to make a small purchase from a well-known cryptocurrency exchange earlier this week. The action was immediately blocked and I had to call my bank over possible fraud. They kept me on hold for 11 minutes. By the time I had liberated my card, I no longer had time to carry out the transaction.
This is one story in countless others from small-time cryptocurrency users and individual Bitcoin HODLers. The plight of cryptocurrency companies trying to open bank accounts is much, much worse.
Take Lamassu, the world’s oldest manufacturer of Bitcoin ATMs. After one year of being unbanked, the company finally upped sticks and moved to Switzerland where they were at last granted access to a bank account. Again, their story is the tip of the iceberg.
Why won’t banks work with…