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RunicMetals

Silver Premium Member
  • Posts

    23
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Posts posted by RunicMetals

  1. 8 hours ago, GoldDiggerDave said:

    Retail banks don’t like crypto, some will not allow Fiat into crypto exchanges, some have put up daily maximum exchanges,  for me (and some will disagree) crypto is not freedom it’s more control, once anything becomes digital you are at the mercy of others, yes you can move it peer to peer but that banks and the government can turn it off in seconds, as most people at some stage will want to covert crypto back into Fiat, I very much doubt once we move to a CBDC the system will not allow crypto to be converted into the new CBDC effectively making it obsolete for the masses.  

    With the increase in regulation and scrutiny banks and governments are putting on the crypto space I'm inclined to agree for most cryptocurrencies. I hold some mainly as a means of diversification into a different asset class and because I like the finite supply of Bitcoin. Although the way I see it the only cryptocurrency that could become a viable currency long term is Monero because its privacy and fungibility make it the closest thing a digital currency can get to cash, but that depends on whether more people will be willing to adopt it en masse.

    8 hours ago, Bigmarc said:

    Maaaaannnnn,,,,, (or woman)! 

    Don't trust, but verify, at least do it with 50 quid just to make sure it all works. 

    Yes revolut is crypto friendly (at the moment), I've even seen them as a payment method on some decentralised exchanges (haven't used them yet tho). The thing is the banks are changing their policies like the wind in this sector and once took me 2 weeks to even get my crypto off an exchange (some forum members may remember be bellyaching about it).

    Yes that's a good point, I ought to test out withdrawing a small amount to make sure it goes through smoothly.

  2. 15 hours ago, Bigmarc said:

    I wonder if it still flags up if you put money in your account from a crypto exchange. 

    I haven't sold any yet so I'm not sure but I wouldn't put it past them to flag it up as "suspicious activity" or something along those lines, especially if doing a large transfer or multiple in quick succession. That's why I have accounts with multiple banks so I can go elsewhere if one denies it. I heard Revolut is quite crypto-friendly so I'll try them first when I do sell (might be some time if the SEC has anything to say about it!)

  3. Hi, welcome to the forum! I'm a new member and was a lurker for a while too but it's good to be amongst like minded people. I also like precious metals because they're an asset that you physically own, unlike fiat currency in a bank which can be inflated away and doesn't really belong to you, but the bank instead. Also it seems there's lots of people on here who don't want CBDCs so I'm sure you'll fit right in :)

  4. The only time I've had a problem with a bank blocking my account so far was when sending £1000 from Halifax to a crypto exchange and I think what flagged it up was the fact that I sent £1 first then the rest shortly after. I had to phone them up to log back in to my account and when asked what the transaction was for I (rather stupidly) said it was for crypto so they gave me the speil about "there are lots of crypto scams" etc then unblocked my account. Every other time buying crypto or PMs has been fine but I wouldn't be surprised if it happened again.

    This is why it's important to have multiple bank accounts as backup in case one of them decides to block your account because they decide it's "for your own good". Also as others have said, spend cash wherever possible and ideally have only an amount needed for bills etc in your bank accounts while the rest is in real tangible assets that you own (what could that be I wonder 😉) - anything that reduces the banks' control over you is good in my book!

  5. Hey all,

    I recently got into stacking silver and gold after going on a finance/investing journey over the past few years, from stocks to crypto and then to deciding I should build up a stack of some physical money. I found out about TSF from watching Backyard Bullion's Youtube channel and I'm glad to be here!

    My stack is still quite small at the moment, but I intend to change that with the help of the forum and gain more knowledge about the world of precious metals along the way. :)

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