Some banks now allow the purchase and sale of cryptocurrencies at Ein set of credit cards is no longer. Others charge additional fees to keep customers from doing so. Trading centers like Coinbase are now warning their customers about potential transaction fees that banks charge.
Steve Wozniak Wanted to Sell Bitcoins
The example of Steve Wozniak shows that the use of credit cards is not always good , He told of an incident at the Economic Times of India Global Business Summit. He sold Bitcoins to someone. The billing was done by credit card. When the bitcoins were credited to the other’s wallet, the transaction was reversed through the credit card. When Wozniak tried to reclaim the money, he was told that the credit card used for the transaction had been stolen. Therefore, Wozniak was not entitled to a refund.
The transaction did not hurt Wozniak at the time. It included 700 US dollars at the time. But the bitcoins he sold at that time would be worth about $ 71,400 today.
Blockchain Not Free From Errors
Wozniak wanted to make it clear from his own example that the blockchain as a technology, while verifying the transactions. But that does not mean that there is no fraud in this context. As mentioned above, the banks want to counter this by not allowing the purchase of cryptocurrencies with credit cards.