So sometime last week folks (including myself) started noticing additional fees on my credit card statement arising from the "reclassification" of how using a credit card to buy cryptocurrency is defined.
Coinbase and other popular trading platforms accept transactions in one of two ways; by using a bank account (which takes longer to verify AND transact) or using a credit card. What this change means is that from now henceforth cryptocurrency purchases using a credit card will be deemed as CASH ADVANCES instead of a purchase.
Ramifications for this change are enormous. Many credit cards charge DAILY COMPOUNDED interest rates as high as 25.99% on cash advances IN ADDITION to the network transaction fees typically around 4%!!
This is absolutely egregious! Highway robbery if you ask me. Credit card companies including the network platforms they use to gouge civilians of their hard earned fiat, especially when they know consumers are using their services to invest in the ultimate disruptor- are kicking their dying kicks.
Its inevitable. Another 10 or 20 years and fiat will be relegated to museums. As the world embraces cryptocurrencies further, the major losers will be big banks, the Rothschilds (research on who they are as it pertains to global currencies), Mastercard, VISA, and the Govts that fail to join the revolution before it is too late.
I personally think that more turbulence is on the way.
As a famous nobody once said, "it is darkest the most an hour before sunrise.."
For the rest of us hell bent on making cryptocurrency our future, HODL!!!