Coinbase Shuts Off New Credit Card Usage For Customers

It has been a troubling concern for those who love Bitcoin and all things cryptocurrency. That concern has been that Bitcoin exchanges would stop accepting credit cards as a form of payment. This is the way that most people get their U.S. Dollars onto the sites at the moment. If credit cards are shut out of the process, then it would be difficult to see what could propel Bitcoin to new heights.

Coindesk.com announced that a major Bitcoin exchange by the name of Coinbase would stop accepting new credit cards on its site. Coinbase said that it has also confirmed that four of the major credit card issuing banks would no longer allow credit card purchases on cryptocurrency websites. However, they also noted that debit card transactions were still an option.

Any credit card that is already linked to Coinbase can continue to use its funds on the site so long as the credit card issuer allows this. JP Morgan Chase, Bank of America, Citi, and Capital One have all barred their customers from making these types of transactions. Thus, if you hold one of those type of cards on the site, you will not be permitted to use it for funding your cryptocurrency trading.

Coinbase is being open and honest with their customers about what is going on. While it is disappointing to many customers, at least they know what is happening. That is a lot better than being in the dark on issues like this. Plenty of information has been made available, and more is sure to come.

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