Introduction
Bank of America considers that cryptocurrencies are equivalent to currency. Over recent years, cryptocurrencies like Bitcoin, Ethereum, and other altcoins have boomed. The number of crypto forms has more than doubled in 2017 alone.
Crypto is the future route, and Bank of America now recognizes that cash or cash advances are the same.
Some crypto community members suggested that the reason may be because Bank of America could raise charges for the types of transactions described in the letter. Cash advance transactions have around 5 percent of the highest fee rates.
JP Morgan Chase Bank of America
But the Bank of America was not the first to launch cryptocurrencies, since JPMorgan Chase, the biggest US bank, welcomed Gemini and Coinbase as its banking customers for the chinese government crypto exchange.
This is a warning that the U.S. financial environment and Wall Street include Bitcoin and other cryptocurrencies.
Moreover, only continuing to expand is expected. By the end of the year, Bitcoin itself is expected to go from $10,000 to 20,000.
What is the best kind of cash crypto?
All cryptocurrency is the same. But you would like to buy the one which will see a value boost. Say that you purchase Litecoin from 10 to 1.
That's one USD, 10 litecoin gets you. You're going to make money if Litecoin grows up to 15 for one USD. You would also want a commonly known and approved cryptocurrency.
Moreover, it would tend to make matters simpler for you if you have a cryptocurrency approved by banks. This is particularly relevant since rumors about the dollar's and crypt's currency worldwide.
Which banks use cash for cryptocurrency?
A few banks in the US accept cryptography as cash besides Bank of America and JP Morgan Chase. Banks like Chime, Ally, USAA, and so on. More two more, Sachs and Easy, Goldman.
From an international point of view, several other banks recognize the value of cryptocurrency. We have to name just a few:
The Masventas Bank (Argentina), Bankera (United Kingdom), Change Bank Frick (Lichtenstein) (Estonia), Bank of the Fidor (Germany), Rebellion (United Kingdom), Wirex Wire (United Kingdom), Worldcode (Czech Republic), Other banks prohibit or over-restrict the use of cryptography.
Breaking the Exchange Accepted
As previously reported, JP Morgan Chase was the first bank to accept cryptocurrency exchanges in the United States. That broke the mold and Bank of America considered it best for them to pursue.
First, let's talk about what exchanges are, then we can talk about agreed exchanges.
A cryptocurrency exchange is a company where you can transfer, sell and purchase crypt. On these exchanges, you can swap cryptography and other digital currencies for items like fiat money and other digital currencies.
JP Morgan Chase gave Coinbase and Gemini the opportunity in April this year to be banking customers or partners. Coinbase and Gemini are offered bank cash management services. They secondly enable US customers to carry dollar-based transactions.
The bank would also use the so-called Automated Clearing House (AC) system to process withdrawals, deposits, and wire transfers through an electronic funds transfer system. That will facilitate transfers since most of the customers from Gemini and Coinbase link their conventional bank accounts with the exchanges. However, the bank will not conduct transactions dependent on cryptocurrencies.
The trade uses the banks with an ACH or Automated Clearing House. Most of the customers of Coinbase and Gemini connect their bank accounts to the ACH.
Coinbase and Gemini have undertaken a thorough examination procedure for approval. It should be noted. There's plenty of other collaborations like these around the world we look forward to.
As a cash cryptocurrency
We as a company grow closer and closer to using cryptocurrency as a means of making money and paying for things in a normal way.
The United States was slow to roll the ball, but the Bank of America and JP Morgan Chase led the way things were going to be rolling quickly.
Concluding
Some people expressed their frustration at Bitcoin, with JP Morgan and Sachs being vague to the Bank of America and other big institutional players (BTC). The complaint was directed at the comfort of the narrations of these institutions.
In the meantime, Bitcoin also attracts more institutional attention. Grayscale has been especially relevant about Bitcoin. The institution was in a "buying binge" for Bitcoin and in the past week it purchased up to three times the amount of BTC made by miners from Bitcoin.
