Sigh, the crypto choking has left the United States shores and started to find its way to Australia. Seriously, do we have to keep following the lead of the United States? It sort of gets quite tiresome... we should be Australia, and play the middle power, and stop importing all sorts of idiocy from that other place. No offence to any individual Americans, but that from the outside, it is a really messed up society that is a bit blinded by the concept of "American exceptionalism".
So, I've been happily using the Australian PayID system to deposit into Crypto.com almost instantly and then shunt it to my Visa debit card. No purchasing of crypto at all... always remained in Australian Dollars. Very occasionally, I would purchase USDT to shunt into Binance for that debit card as well.
We have been using Crypto.com debit card to pay bills and have even attached it to recurring payments. It was easy to top it up from the phone via the banking app and the PayID transfer...
... but all of that got a bit more complicated last week when the bank started introducing a 24 hour hold on all payments to crypto related companies. Of course, that was in order to protect us from scams... this from a banking system that doesn't do proper name checks against bank numbers and then won't or can't refund payments that haven't been processed. Plus, in addition to mostly having screwed up systems to cut and paste bank details that maximise the possibility for errors (like not being able to strip spaces or non-sensical characters... instead, keeping the nonsense characters and leading spaces and stripping out the actual bank account numbers!).
So, this 24 hour hold is in order to protect us from scammers... when most of the scams that I've heard of are people being conned into "legitimate" bank accounts with false names! Not to crypto related companies...
This puts us in a bit of a less good situation with this card, as we need to make sure that there is an larger buffer at all times to service the incoming recurring energy bills and things like that. And this is also the card that is linked to Paypal and the one that my wife uses for daily expenses...
... so, thanks to the banking system for pretending that they are solving a non-existent problem and for offering us the un-opt-outable "protection". Honestly, they should spend more effort building a digital front and back end that is less prone to user mistakes (that the bank will blame on the user and refuse to take responsibility for...) and isn't stupidly rigid either. I mean, I know that banks are run by CEOs and MBAs who probably think that everything that appears on a computer screen is wham-bam digital goodness... but seriously, have they ever tried paying bills or transfers with their own apps and web interfaces? Or have they gotten used to how crap things are because they haven't used something decent... like what Western Europe has? Or are we just happy that we aren't using physical paper cheques like our American friends?
Anyway rant out... I'm a bit peeved by this, but I will still keep transferring money with that 24 hour hold. At some point, I'm hoping that reason will come to bear. Big ask, but I'm ever hopeful!
I can also be found cross-posting at:
Hive
Steem
Publish0x
Handy Crypto Tools
Ledger Nano S/X: Keep your crypto safe and offline with the leading hardware wallet provider. Not your keys, not your crypto!
Binance: My first choice of centralised exchange, featuring a wide variety of crypto and savings products.
WooX: The centralised version of WooFi. Stake WOO for fee-free trades and free withdrawals!
GMX.io: Decentralised perpetual futures trading on Arbitrum!
Coinbase: If you need a regulated and safe environment to trade, this is the first exchange for most newcomers!
Crypto.com: Mixed feelings, but they have the BEST looking VISA debit card in existence! Seriously, it is beautiful!
CoinList: Access to early investor and crowdsale of vetted and reserached projects.
Cointracking: Automated or manual tracking of crypto for accounting and taxation reports.
KuCoin: I still use this exchange to take part in the Spotlight and Burning Drop launches.
