this post was submitted on 14 Sep 2023
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And here I am sitting at the bank trying to resolve a credit card transaction being rejected to pay for my student loan, something that wouldn't be an issue if they accepted cryptocurrency. But sure, whatever makes you feel better about yourself.
Update: there was nothing they could do, and I am forced to make an overseas bank transfer with a 50$ + 1/20% fee every month from now on. My bank fucked me hard by arbitrarily blocking these credit card transfers.
Credit cards allow chargebacks. Huge advantage for the consumer to get back their money from theft or scams. With crypto, once its gone, its gone (like cash or other physical possessions).
They allow chargeback because it is so easy to steal credit card information and illegally use your card. Which is why they also sometimes block legitimate transactions and put me in the position I am in right now.
I've never had any issues like this in crypto, neither have I ever been scammed or had funds stolen off of my crypto wallet.
I've never been unable to make a payment using my credit card therefore your anecdote is invalid.
Meanwhile I've made chargebacks on my credit card after being ghosted by the seller and never receiving anything. Nothing to do with having my info stolen. You're shit out of luck if that happens with crypto.
you when you learn trusted escrows exist: 😮😮😮
You can get chargeback by your exchange if you use a crypto exchange with a crypto-linked credit card. Paying by a normal transaction is like paying by bank transfer, and just like bank transfers, once you have sent over the money, you're not getting it back.
"Just regulate this currency that is supposed to be deregulated"
Or just use normal money and get all the security features without jumping through hoops and trusting scummy crypto exchanges that have been scamming users left, right and centre.
"Supposed to be deregulated" said no one.
Did you read my comment? I literally cannot use normal payment services to pay for my student loans unless I pay around 7,000$ extra in total.
First off, you're a liar. Not a single person on earth has never had their transaction rejected.
Second of all, people make a choice when they use crypto. More control and cheaper transactions for less safety measures. That is all.
The safety measures cause me more issues than any risk of getting scammed because I have my own safety measures, and it is not like crypto doesn't have any safety measures at all, just not the overprotective ones that cause me grief.
I think this situation is a lot less common than you think.
More to the point, use a debit card if that is your gripe. Then you can just deal with an empty account rather than a declined card.
Just like you've never had crypto stolen, I've never had a debit card stolen, so by our combined anecdotes both are equally secure.
Both my debit card and credit card are linked to my bank, and the transaction was denied by the bank when I tried to make a payment. I tried the debit card first.
This is the 5th time this has happened to me, but the first time that something as crucial as student debt payment was affected. And this isn't about me running out of money. This is the bank arbitrarily blocking payments that I've been doing monthly for years, then telling me it is not their fault despite the error code clearly saying "rejected by bank ".
They're simply blocking my payment because it is to a foreign entity, and are making up bullshit excuses.
Ethereum doesn't do that. Monero doesn't do that. Even rugpulls like shiba inu doesn't do that.
True, but it can be mitigated by simply calling your bank, telling them the transaction isn't fraudulent, and then it'll allow every transaction to that vendor going forward.
You're a bad liar.
That is absolutely not what happened. I don't know what else to tell you.
Sounds to me like you're living in a third world shithole with a terrible banking system. Maybe in your case crypto makes sense as an alternative, but that's not how it is in the rest of the world.
Japan - the third world shithole.
They could also accept paypal
Paypal is horrible.
I'm not paying 1-4% extra out of my entire student loan and giving that to Elon Musk. And I guess the student loan organization agrees with me because they don't accept PayPal.
If they accepted Nano (cryptocurrency) it would cost 0, Nada.
The fact that every crypto fanboy has their own favorite “currency” only adds to the joke. I guess crypto is so decentralized it cant even work.
Nano has no fees for simple transactions which is why it is the best in my specific scenario. That doesn't make it my overall favorite, neither does it make me a fanboy. It just makes it the best payment method for me. Not your daddy musk service.
See if they will accept barter, and you can pay them in potatoes, or turnips, or carrots. If you buy them in a state that doesn't tax groceries you'll only have to pay for cost of transport to wherever the student loan place accepts vegetables!
Thanks for the tip, skinny penis, but the student loan place is in another country, and only cryptocurrency or visa/MasterCard lets me send anything abroad with next to no fees. Since visa didn't work, it looks like I will have to send crypto to a family member and have them make a credit card payment for me locally.
Just tell them they have to accept whatever weird thing you consider currency!
So instead you pay 1-4% in order to exchange your money to nano, and give that money to scummy crypto exchanges. Well done.
First of all, it is a flat fee, second of all it is less than a dollar.
Sorry, you must be new to Lemmy. Here, talking about cryptocurrencies in any positive light is considered bad taste, and you absolutely deserve any flak you may receive for this transgression.
/s
the text is sarcastic but the circlejerk is realedit: I agree cryptocurrency is not good but people here act like it's going to personally shoot your dog
That is most of the internet though, and for good reason.
Except for maybe the crypto bro bubbles and the crypto exchanges where they invent new scams.
why should we talk positively about a ponzi scheme?
are you also going to defend MLMs?