Bitcoin Forum

I read an article on Business Insider, Inc. and couldn't help thinking many banks would like to see the end of Bitcoin.

"Miners are turning to more powerful computers to complete these tasks and earn bitcoin. As a result, mining (and on the flipside, bitcoin transactions) are sucking up greater and greater amounts of electricity. Bitcoin transactions now use so much energy that the electricity used for a single trade could power a home for almost a whole month, according to Dutch bank ING"
- Businessinsider@ businessinsider.com

What do you think would be the impact of the anti Bitcoin sentiment of the bank knowing they wield a lot of influence with the governments?

Is Bitcoin really an identifiable threat to banking?

What measures must traditional banking adopt so as not to miss out if Bitcoin would dominate the future?

do they have sources to back up the claim that it takes THAT much power for a single bitcoin transaction?

The text that you quoted has nothing to do with your question.
Anyway,the banks can`t be scared by bitcoin.The banks and the banking system will continue to exist for centuries and the governments will continue to support it.The banks could easily take control over bitcoin by buying huge amounts of it,and they can take control over the blockchain by adopting it.
Producing electricity becomes more clean and efficient than before.The argument about the big electrcity consumption from the miners  won`t be relevant during the next few years.

in my opinion this bitcoin is very good for all the private person or institution other institution including bank, better bank can use bitcoin to add system performance bank about finance, it will be better.

Whilst it may seem that BTC is a threat, in reality it is not. Banks are embracing Blockchain based technology and solutions and are actively positioning themselves to be a part of this new emerging industry. I believe that it is only a matter of time before central banks start minting their own currencies in order to remain relevant and keep with the status who.

No, banks are not scared of Bitcoin because they are also useful in terms of saving a money. Banks are secured no one can easily hack your account and if you caught stealing a money in the back, you will go to jail. You can change your Bitcoin into real money and put it in a bank.

As long as banks are able to adapt and embrace the technology which many of them are then they don't have too much to fear in terms of becoming irrelevant.

They will have to fear bitcoin as a competitor, I think both can exist in the same space.

I wouldn't say scared, but they are watching bitcoin carefully because it might force banks to adapt their business models due to cryptocurrencies.

The banking industry is certainly not welcome bitcoin, because bitcoin and banking is just the opposite, the bank is centralized, bitcoin is centralized, bitcoin will divert a large portion of the original bank funds. I think so.

Banks should be scared because with Bitcoin you will be operating at a full cashless society and transactions will no longer be centralized.

There was several stories of these guys making big profits, the bank BNP Parisbas closed their bank account after big transactions were made.
The guy was asked plenty of evidences of his investments, which he provided, but the bank closed his account anyway, at its sole discretion.
Read it here https://www.reddit.com/r/CryptoCurrency/comments/77sjk4/bnpparibas_is_closing_all_my_bank_accounts/ just happened a few week ago actually.
They will always suspect money laundering. But what's funny is that Singapore is friendly towards Bitcoin, and this is a dictatorship, while France is a democracy (on paper). Go figure.

Banking industry is working on this earth from hundreds of years. People have strong faith in their banks. For many villages, small towns banks are the only economic activity centers. banks not only collect deposits, they also have personal loans and provide fiancé to industries, government projects. Banks are the main coordinator in the smooth flow of fiat currency. Bitcoin is still a young currency. It has long way to go to establish itself. Due to its features its scope is limited to restricted area. Banks are not scared of bitcoin, but worried a little bit. Banks need to take a review about their services and also about the service charges.

As of this writing banking system I think is not scared of bitcoin, bitcoin might affected them in the past but they are coping well as of the moment. They have the government system backing them up and vice versa, I just read an article just this morning and said that government especially in US can tract the wallets or identity of those who use exchanges, and going to taxed those evaders that took shelter from bitcoin. This might be the answer of banks and governments to your question. Bitcoins anonymity is not so anonymous after all.

I am sure banks are afraid of bitcoin because bitcoin is considered a big threat to banks imagining in some countries that prohibit the use of bitcoin because it is feared by the public or Bank investors will switch to bitcoin, just imagine its growth so fast in just a few years that it has been legalized in some countries like japan, america, Denmark, south korea so bitcoin has started to equal the bank or it could threaten the bank.

I think Banks will adopt bitcoin, or are some of these bankers right in believing bitcoin will displace them?

Both are different  methods of transactions. Should have no conflicts in future.

In my place, banks have already affiliated their services to some exchange sites from btc to our currency. It is not that they are scared but i think it is better to make money out of bitcoin rather than banning it.It could be of use to the economy.

If we talk about competing then there is a competition between bitcoin and banks but if question is about existence then yes banks are here to stay for long term.Taking into considerations the fact of banks opting blockchain technology then it can be said that banks are preparing themselves for future but they performs several different functions which makes them unique and they are not scared by btc but in some terms ready to fight with it as they might loose control over legal currency if it is regulated by government. So they are just updating themselves with latest technology changes.

They have no reason to be scared in the end FIAT currency is still what 90% of people want to get at the end of the day. The bankers are only scared of missing out on profits themselves by investing in bitcoin but not scared by the technology.

I dont think banks are really afraid of bitcoin. You cant really tell everyone to save in bitcoin instead of saving in a bank. Its true that you may profit a lot while holding your money in bitcoin, but there's the risk that a lot of people are afraid of. What is their bitcoin disappears? Who will they report to? Unlike banks, where there is actually the banks staff you can immediately refer to, while  problems you may encounter in bitcoin, you can only refer to searching solutions in google or forums.

probably, it's a direct competition. It's funny because they claimed that the blockchain is revolutionary not bitcoin. Lmao. These bankers haven't experience competition until cryptocurrencies.

Don't think that banks are scared of Bitcoin, they don't have the reason to be. Looking at the overall number of users and amount of Bitcoins this is not something that would endanger them. The only thing they are maybe worried about is the fact that there is some financial system that is not depending on them.
On the other hand banks are also aware that Bitcoin is profit and don't think they haven't already they fingers mixed into the Bitcoin.

the title is a bit misleading to what's inside your thread. well people will talk to it no matter what you do, just let them say what they want, anyways if its going to happen then it will happen, and i don't think banks are scared of bitcoin, as far as I am concerned, it is the people that will be using bitcoin are most scarier i think, unlike fiats that can be monitored or tracked when somethings fishy happening, bitcoin is hard to track down those users.

Although BTC is a difficult situation, the reality is not like that. The Bank needs Blockchain-based technology and solutions and is actively working to become part of this emerging new industry. I am convinced that it is only a matter of time before the central bank starts printing their own currency in order to stick to whose status.

I think the world's Banks and governments and financial institutions are afraid of bitcoin.Bitcoin is a revolution.Bitcoin is a big shock to the existing financial system.So the banks are scared of bitcoin.

It is really a different perception but yes I respect it and agree it to some extent. Nothing is better to save money than bank in this era and we are not getting anything more secured than banks so far. Banks are profitable only in case of giving security to your money but if you consider them for profiting your money, bitcoin is much more safe and secure and more profitable than banks.

I think Yes, bank is somehow scared to bitcoin, because if bitcoin becomes more popular and more people will come use it, it would become their competitor even though they are in different perspective.

it's very unlikely that all banks around the world are actually "Scared" of bitcoin and miners, as bitcoin is not going to replace the current banking system anytime soon, and that most people will put and save their money in the banks, and not in bitcoin.

Hell yeah they are! Is there any bank in the world that likes Bitcoin?
But I can count you many banks said tons of crappy stuff about Bitcoin

Banks are very scared of bitcoin, so they banned bitcoin in their country. They are greedy, they are a group of human-blooded mafia.

The only thing that bugs me about bitcoin is the way they are mined, I would like to think that Satoshi when putting this together had the thought that everyone could mine bitcoin and not just a few with deep pockets.

I think the banks are annoyed because bitcoin shows that we could survivr without banks and this scares them, they will need to enter into this space and drastically change the way they work in the next couple of years or they will have serious trouble keeping afloat.

One of the most dislike of the bitcoin industry is a bank. Because bitcoin will absorb a lot of money, this is a bank that is not willing to. In addition, the bitcoin is centralization, and does not increase the number. And a country's currency can be increased, and banks can use increased money to pay loans for interest.

I think other banks will not be able to stop bitcoin, I see it's very difficult. look at how today bitcoin is able to provide great benefits for its users.
and also I think other banks can not compete with bitcoin, but banks will still get a lot of customers because of the ability of people who still lay with IT. and someday the bank can also be defeated by bitcoin.

in my opinion, bitcoin and other digital currencies should not be seen as a threat that disrupts banks, credit card networks or other traditional remittance providers. but rather as a complement of a potential for existing services.
as bitcoins and digital currencies are better prepared to open up new markets and reach new consumers, and centralized payment systems that are efficient enough for right now trading.

the ultimate goal of the banks is to make money.
they will seize the opportunity that bitcoin and other cryptocurrencies represent and make the most of it.
it went too far for them to even entertain the idea of fighting it.

what we all can expect shortly thou is more intensified efforts to regulate it.  

bitcoin is a threat not only to bankers but many financial institutions due to current and consistent rise in the price of bitcoin which being monitor by medias. these has caused many banks and financial establishment to lost investors as many people are now turning to investing in bitcoin. this will actually be favourable for bankers and that is the reason why central bank in my country are discouraging people from investing in cryptocurrencies. i hope it wont get regulated.

I wouldn't say scared, but they are watching bitcoin carefully because it might force banks to adapt their business models due to cryptocurrencies.

the banks had to invest in bitcoin some time ago, I think they take advantage of this mode and after they will try to destroy it

mostly banks are happy about bitcoin as it goes up and down and as people trade bitcoin they have to go through banks to get money in and out of exchanges and that is a lot of transactions and a lot of fees they are earning because bitcoin exists!!

and bitcoin is too small to threaten banks. at least for years it will be the same. unless something like Lightning Network comes and lives up to the promise an actually be used with lower fees not higher costs. that would be when they really fear it.

Bitcoin is not a threat in the banks. As a matter of fact, it can be integrated in banks. Bitcoin will serve us the future currency and the banks can work with it. The innovation of bitcoin will influence to all of the people to use cryptocurrency rather than fiat currency and the banks must not afraid of this. Digital currency is useful nowadays and I'm sure someday banks will make a way just to be a part of economic trends.

The upgrading of system like using debit cards or atm to transfer accounts from digital wallet, they must integrate bitcoins in investing with a total packed of security. In that case, they must not be afraid with bitcoin but they must innovate themselves in order to acquire the system of present.

I ABSOLUTELY AGREE. I, too, once have read that banks will do everything in its power to sustain its business. And if it includes accepting cryptocurrencies as deposits, why not? Nothing will be lost on its end. In fact, they can gain a lot from the proliferation of cryptocurrencies in the market. It is the fiat currency that is quite on the edge. To say banks are scared of cryptocurrencies is inaccurate because banks can surely take on its business whilst accepting cryptocurrencies.

First of all the bank said that cause they want to brainwash the mind of the people. theirs no control of it... they cant avoid that the people get link to bitcoin cause its easy to access to it and easy to trade and you cant invest without paying tax to government....

you said that the bank one said that they want to see the end of bitcoin. Because the bitcoin is a head of them their assets is getting lower because some of people is more using convenient as their life time wallet than in bank. that`s why it is. this is my own opinion. :)

Yes, they are. They don’t want to lose control over the system(money). Bitcoin is dangerous for them ;)

As long as banks are able to adjust and embrace technology that many of them then they should not be afraid of bitcoin as a competitor.

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I think banks are really afraid of bitcoin because this is a currency that will kill the idea of online banking because with bitcoin is a total package currency its decentralized and it has the ability to stand alone in the market because no one control it. Another thing is that banks only offer a very small interest rates unlike bitcoin it can actually give a 100% return on investment and no banks can offer such thing.

If I think I'm afraid, because once bitcoin into account definitely amounts to many, different if little, but we know today many traders who already have hundreds of millions in the bank, the bank must be confused and confused because the money is usually minimal to maximum, the reply from the bank will get bigger right

I don't think that Banks are scared of Bitcoin but yes, the growing popularity of the blockchain based cryptocurrencies is an alarming thing for the baking regulators to transform their traditional system to provide efficient user experience to the users.

* Bitcoin Not Threat to Global Economy, Says Bank of England (https://cointelegraph.com/news/bitcoin-not-threat-to-global-economy-says-bank-of-england).

Banks will definitely adopt new technology like Blockchain in order to survive in the market and tests are going in this regard,

* ICICI Bank executes India’s first banking transactions on blockchain in partnership with Emirates NBD (https://www.icicibank.com/aboutus/article.page?identifier=news-icici-bank-executes-indias-first-banking-transactions-on-blockchain-in-partnership-with-emirates-nbd-20161210162515562).

* More than 75 banks are now on Ripple's blockchain network (https://finance.yahoo.com/news/75-banks-now-ripples-blockchain-network-162939601.html).

It would be really interesting to see the changes that will take place in the fund transfer industry in the coming decade. This decade will define the shape of the payment industry for this century in my opinion.

yes because the amount of bitcoin is unnoticed
if you only have little bitcoin hid
they will be afraid that someday the money they have had to grow
that's what I see because the banks bitcoin fears

I do not understand what you are talking about. Mind improving your English? It need not be perfect but at least understandable.

My opinion in this is that the prevalence of Bitcoin started as a threat to banks because the former has likelihood of being banned by governments. Hence, the secrecy of its transactions may cause decreased demand for fiat currency thereby the functions of banks will run inutile. Nonetheless, if governments will regulate instead of banning Bitcoins, banks need not be scared of Bitcoins for it can use the latter to further its cause.

I wouldn't say scared, but they are watching bitcoin carefully because it might force banks to adapt their business models due to cryptocurrencies.Both are different  methods of transactions. Should have no conflicts in future.

They're not scared. There's just not any real threat just yet. Environmental factors such as political and regulatory support, widespread social buy-in necessary to create network effects, and even a proper technological base are still very much in the banks' favor. Real adoption of a crypto-currency based payment system, for example, is only realistic if the banks build that system themselves. There's no incentive to cannibalize their existing business though. Not at the moment anyway.They're definitely not clueless either. All of the big banks have published studies on the topic. Some of the analysis seems a bit crazy (UBS's paper from April 2016 was done by their equities department and seems delusional) but most of it is through nevertheless.

How they try to ruin Bitcoin through the media is pretty obvious that they are threatened.

They are definitely threatened by this new technology since theirs will be deemed obsolete and pretty much incompetent.

Let us be frank and honest for a moment. Banks have not had any competition for ages and they exploited their unfair advantage with the support that they received from the governments. Bitcoin supporters should give a fck about what the Banks are going to do and what will happen to them.

Business is Business and if you cannot adapt to the changing times and you have to rely on governments to protect your business, then you deserve to go bankrupt. 

Banks at first feared bitkoyna, because they did not understand its unusual digital nature and at all could not determine what kind of a new phenomenon, which, moreover, claimed a higher cost. Snuchas they are pretty wary of the crypto currency, because it is unstable, rises and falls sharply in its course, and it does not like banks. There they respect stability and silence. In addition, recently bitkoyn clearly manifested itself as a financial bubble, increasing excessively purely on the speculative aspirations of people.
       However, recently banks are trying to adapt to the new phenomenon and to take advantage of the functioning of the crypto currency, creating its own crypto currency and unifying it for its use in various alliances.

I believe yes! Banks are threaten about bitcoin and how it can manipulate the currency we are currently using. Since bitcoin was introduce it gives so much focus on providing services banks offers to its clients and whats good about bitcoin it is more than a bank its ability to make transactions unanimously, on-line real time and even outside the countries this really makes people attracts investment on bitcoin which somehow will kill banks in the future.

I think they are after all if the bitcoin continue to dominate the financial world I think the bank would be in a huge trouble,
The bank holders would switch into holding a bitcoin instead of keeping their money in a bank.

bitcoin and blockchain systems are a threat to bankers. because banking is one example of third parties that try to be trimmed by the convenience of Blockchain. the cost of transferring money abroad through expensive and long-time banks is an example of a transaction that can be easily and cheaply replaced by Blockchain. so I think one of the fears came about because most bank systems are now no more transparent than those that Blockchain can show.

Banks like to control all money around the world, Bitcoin on other hand gives you freedom. Banks taking profits from the interest rate, mortgage and loans, that why Bank bosses drive cars earning astronomical money and even bigger bonuses once a year. Bitcoin gives a chance of investment to people, it was designed as a digital currency in the first place but because is limited in quantity to max 21 million became for many an opportunity to invest or just use as saving the account. I try to invest on the stock market, and I'ts hard and you need a big amount of money just to start if you looking for at least 2000$ profit when stock price change (rise).
I did use once in my life Visa card I had a chance buy something for a good price (quick deal) so I used my VISA credit card. Payback 4000$ for investors here on the forum is just to send few ETH or 0.28 BTC but in real life is more difficult and Bank can profit from You if you just pay interest rate monthly for a while instead of your debt. That how they making money! so if there are is a Bitcoin currency and other Alts + now recently new ICO's every day people will start investing their money and make profits so Banks start losing their income and will do anything in their power to change this. That why Bitcoin are always attacked by Banks in media.

Banks and bitcoins are incomparable fields.
Banks have a different vision than bitcoin
As of now, no bank has started accepting bitcoin as currency.
But Bank of America has seen it as potential currency of future. This is an optimistic gesture.
However, some associations across the world have opened bitcoin ATM, where such transactions are entertained.

Bitcoin can surely dominate the local banks in any country ass bitcoin is growing tremendously all over the world and people will surely prefer peer to peer transactions rather than any third person involved in it. This will help them in keep the transaction privet so people will use bitcoin rather than banks to store their money. I think banks should develop there own digital currency and adapt to the technology of blockchain and cryptocurrency.

Banks aren't scared of Bitcoin. Bitcoin is asset with violates market speculations. Banks are adopting blockchain technology Technology behind blockchain technology is changing the finance industry

Exactly, Day by day Bitcoin is becoming a popular currency and people are becoming dependent on this system for making money by investing their money rather than the conventional banking system. That's why financial authority may concern about this crypto world.
Not only bank but also government authority concern about this growing this platform because of public finance. But nothing can be done because of the popularity.

Of course banks are afraid of bitcoins, but try not to advertise it. We all know that the banking sector is not quite a clean industry. If the bitcoins are legalized around the world and the decree is introduced to introduce blockchain technologies into banking regulations, bankers will not be very happy with such news.

The banking system are scared of blockchain because if there is mass adoption of blockchain technology our traditional banking system will lose costumers.

I think no, they are not afraid of bitcoin, banks has their own way to earn and to grow their money they have more than else to offer to the people than bitcoin I think.

I think bitcoin might be a threat or a solution to the banks. It might be a threat because they have no control to it unless the government implemented a law maing the exchange to fiat money illegal. A solution because more people are having a chance to earn as well which could increase the economy of a country.

Of course they are afraid of bitcoin as it threatens the development and survival of banks as many people are investing all their money in bitcoin and altcoin. If everyone's withdrawing their money from the banks, it's the end of the banks

When even governments, who are considered as the biggest authority of a country, can't stop usage of bitcoins, how will banks be able to influence people either to stop mining or to completely stop using it?


Why not? Bitcoin has developed a complete new way of banking, a modern way which is much more powerful and way more secure than traditional banking systems. They're totally scared of it.


Simple, start accepting bitcoins itself.

There no any reason for banks to scare about bitcoin. Bitcoin is a virtual currency and if in future it is in routine use, then there is any issues for bank. Money and cryptocurrency both are on there place to not be interfere so bank dont need so scare about.

They're not scared. Bitcoin is not any real threat just yet. But I think there is a possibility of course that they might be scared. If Bitcoin will be very popular in the future. It will reduce the banks in the future because Bitcoin is more used so that is quite good. I hope this will soon happen as we need to take down banks because of huge fees.

You need to learn more about the crypto economy before you comment here. Banks are financial institutions which are governed my corrupt governments to suit their own needs and that was supposed to be destroyed by crypto's decentralized nature of blockchain. While this may not have happened fully yet, banks are scared of the future and thus we have seen many banks taking up blockchain based technology for use.


Making fiat money conversions illegal is pretty longshot. They may try to regulate it in some way but I doubt it will happen.

I will probably say that they don't recognize the currency. Banks are holding centralized currencies. They probably see Bitcoin as a threat but scared of Bitcoin? It's hard to tell. Probably most government banks just don't want to recognize BTC.

I think so. The banking system is fully opposed to the expansion of Bitcoin because they think that with the increasing of Bitcoin popularity they will go down...

Basically, people have started investing money in the crypto world so that the concerned authority also believe that the importance of bank is decreasing day by day so that banks are getting scared of Bitcoin expansion.

In my opinion, I think not. Banks around the world have no fear of Bitcoin. They have a long history of existence and development, an indispensable choice in financial matters. In addition, banks are under the management of the government, Bitcoin will not be able to cause fear for them because governments will enact legislation to regulate. Some banks also use Bitcoin's blockchain technology. Bitcoin and banks are not enemies of each other, I think so

Bitcoin makes people become smarter and avoid banks to take care their money and their investments, so yes, they are scared, because they are losing profit opportunities with this, but they will never admit such things.

So banks use government to impose regulations on their citizens, in some countries the regulations are harmless, in other countries they are extremely harmful, it depends the strength and discernment of population, the characteristcs of the government and the influence the banks have in the respective country.

Totally ?! Banks are scared in bitcoin but not banks but goverments also so thats why some goverments ilegalized this because bitcoin is more fast and more profitable than banks .

I'm sure that banks are afraid of the presence of bitcoin, this is because bitcoin users continue to increase drastically, so banks are worried that all transactions will be done alone by users through bitcoin.

I don't think so..All the banks do not fear to bitcoin. Banks already become one of the place that people trust to save their money. They already trust banks to do so many transaction for them. Maybe in this condition the banks are not scare but worry. They are worry to see the users of bitcoin increase day by day. They also worry that bitcoin able to do many transaction like they do. In other words we can say that the banks see bitcoin as their rival.

I think the banks are not afraid of bitcoin. If there are bitcoin the bank still exists and grows normally. Banks are the best place to store traditional coins. Bitcoin development is completely independent of the bank. And it does not depend on anyone. The banks are supported by the government and protected by law

They can destroy Bitcoin if they want to. Remember what happened when a guy from the banks called Bitcoin a fraud and it dropped like 20%?

I think that they wont scared of Bitcoin. the bank have many important roles in the economy meanwhile bitcoin is just a digital coin in payment. the banks even invest in Bitcoin

I would say yes for this question :). All bank system in this world scared of Bitcoin so they're trying to make Bitcoin banned in their country by many ways. Bank system will have a big trouble when Bitcoin and other cryptocurrencies legalized in their country like they will lost a lot of money cause people will prefer invest in Bitcoin to bank,....It'll be a big problem for bank system.

I might say this but I think its a yes. Banks are really scared of bitcoin. Bitcoin could do anything while banks are just banks. Bitcoin is a flexible thing that occurred in this world. So it is better for us to have bitcoin. Just wait guys, bitcoin will do to banks what email did to post mail.

In some extent banks really scared by Bitcoin. But it could told about central banks and governments. Private bank corporations are trying to understand blockchain and use on its own future purposes.

Looks like that news is just a stunt to make people believe that bitcoin waste too much energy for a single transaction.
It is just a mere FUD. They are doing it for people to go back and support the banks.
Why? They might have seen a lot of money being withdrawn from their accounts and that is a big problem for them.
Remember that our money in those banks are being invested also. Without us they will sure have less profits for just a small investment.
Yes they are scared.

Banks are afraid of Bitcoin because it would force them to innovate. It will likely decentralize banking services and create micro markets to an extent not seen since the advances of the barter economy and the market economy combined.

Crypto currencies are of course a thread to banks, because the more people will start using it, the less they will use the fiat bank system. But the fiat bank system brings a lot of money to finance the state budget and the artificially created economic system. Online gambling is a good example to show the problem for the system. If you use fiat money and registered payment processors, then they see all your cash flow and report you to authorities or ask for taxes. With sending and withdraw crypto currencies, they know nothing and can do nothing! This is the huge difference and they know it.

The huge consumption of electricity is of course a good argument for them, but they forgot to mention how much electricity the artificially created economic and production system consumes.

Of course they afraid from bitcoin also from other coins because of fast transcation and after this technology banks will have too much loss in profit maybe in future they close their buildings.

yes of course they will start to be afraid of bitcoin because bitcoin is considered to attract people to save their money in bitcoin rather than store it in the bank so that if in the future bitcoin has been legalized by all countries then the bank system will start in leave and will move on to something making it easier for people to manage their finances and be more profitable.

 I don't think this is fully true. Bitcoin and crypto currencies do have the ability to reshape the landscape of finance but banks are well aware of the nature of disruption and will not let themselves fall into that Kodak moment of history.

I don't think that banks are 'scared' of bitcoin. Banks are now accepting bitcoin related transaction like transferring btc from your wallet to your bank account converted in fiat form. I think banks are starting to study the structure of bitcoin so it can be integrated with their services.

If US banks were to adopt a blockchain technology, it will be to reduce their own overhead and expenses, and I would guess they would keep it between bank-to-bank transfers.
I have a very dismal view of banks and how unlikely they are to make our lives any easier. I don't expect these archaic systems to be replaced anytime soon because 1) why spend the money? 2) there is now an industry of instant transfers that mask ACH in the background. Banks now have a similar service called Zelle. Want your money now instead of tomorrow? Sure, just pay our fee…
I'm in the crypto market as a way to make money outside the banking system. And for the foreseeable future, yes, I realize I will have to ultimately use ACH to get money back to my credit union…but it's the world I live in.

The contemporary technology trend has forced banks into accommodating Bitcoin compulsorily.

Banks are scared, knowing fully well that it would be a serious threat to the banking industry, as a need for their industry has a tendency of fading off over time.

Bitcoin hyper speed right now makes some banking industry see it as a potential threat.  ??? ???

That is why banks are making things to contest in the government, especially here in our country, our central bank had issued a memorandum regarding an account which are related to cryptocurrency are subject for disclosure and a lot of people here had already closed account because banks were just obeying what the central bank had issued.

For me,  Banks are not scared to Bitcoin, because Bitcoin is Legit.

I do not think banks are scared of bitcoin,and shouldnt be either. Traditional finance and banks will always have their place and cant be replaced by crypto-currencies. No matter how successful bitcoin or any other crypto currency is, the world still needs a regulated financial system or services which banks offer and it is not under threat by bitcoin, rather banks will keep creating scenarios for them to adopt bitcoin and other cryptos.

I think bitcoins to banks are just petty money. It really costs nothing to them that is why banks don't care about bitcoins. Money and bitcoins cannot overcome one another. There must always be balance between the two in the circulation. Bitcoins may be higher in value but money is just more valuable compared and useful than bitcoins.

banks are afraid of bitcoin is just an issue, because the amount of bitcoin with the amount of money in banks is not very comparable and very large money in the bank. bitcoin are just some of the currencies that currently only have big risks for transactions. so the bank advises to transact with money not with bitcoin.

I see bitcoin as a threat to bank owners because customers who are inclined regarding bitcoin trade now prefers to invest there money on bitcoin trade instead of saving it in their bank account without getting value for their money in return.The bank now has less fund for business.

Ripple. good example that the banks are scared.

ofcourse they are.. lots of money will be lost from them from transcations.

All this talks are mere rhetoric by the banks and their owners to make sure they bring down Bitcoin. They are aware that cryptocurrency is the future of financial transaction any moment from now. They should embrace and corporate  Blockchain in their operations to remain relevant.

Bitcoin and banks are different from one another.The banks may not be scared as the price of bitcoins is very much vulnerable and that's what gives them an upper hand.

dont know think its a fairytale to scare the kids?
how can possibly a transection take the electricity of a whole house!
did they meant a house with no electricity connection?
RIP logic!

"Of course, if you run a very large US bank, you're most likely afraid of blockchain and bitcoin," says Preiss. However, Singapore-based wealthy advisors believe in the power of Bitcoin, which is essentially an alternative way to store assets. It is said that it could lead the "fourth industrial revolution". He told CNBC that the crypto currency could provide a viable alternative investor given the uncertainty of the lack of bank transparency.

"The focus is on the fragmented reserves in the banking system and the Federal Reserve's balance sheet at $ 4.5 trillion. Where the Fed has officially rejected the audit, "he said. "On the other hand, with Bitcoin blockchain, you can audit every day because it's open-source." Bitcoin uses blockchain technology to record every single transaction that has been done. That is, all users will be able to see the full from this digital ledger (blockchain).

I dont think that banks are actually scared by cryptocurrencies or Bitcoin. I guess the smart banks are researching crypto integration for quite some time now and will be ready to adopt it when the time comes. I believe that the bankers wont be lazy when it comes to educate themselves about the inevitable. So in order to keep their power they surely are deep into Bitcoin and crypto. No doubt about that.

For sure banks are scared of Bitcoin! It's a threat to their business.

The smarter banks will be doing all they can to learn, understand & implement cryptocurrency & blockchain technology into their businesses though.

I don't think so that banks are scared in bitcoin because it think there's nothing to be scared in bitcoin, even bitcoin is much higher value than fiat it is still like currency that can keep in banks. But if that happen it means government have the rights to control it.

banks and governments of course do not like things that they cannot control. bitcoin has become very popular and even if the fees are high, people tend to think new ways and alternatives for investment and trade rather than real money. so they try to adapt to this new situation and that's why i think they support ripple as it is a centralized crypto.

Yes they are scared to what BTC can do to their centralized fiat currency,banks are starting to close bank accounts that has crypto-related transactions.

Banks are scared of all cryptocurrencies in general. To elaborate, the use of the mentioned are increasing day by day which affect the economy of a country. So instead of relying on banks, people tend to rely on cryptocurrency because it has various advantages.

On the other hand, the government intervention is crucial to overcome any economic crisis. That is why either they ban bitcoin or put some regulations, and in the meanwhile, they share a percentage of the profits.

I would not say that as banks are having their own regulations and way of functioning in the system. BTC can only merge with the banks as payment option or payment processor but still i dont know what are the other options available. Still i feel banks have their own rules and way of workign which are user friendly and transparent as well , but i would love to see BTC in the banking system as well in any form.

This is a decentralized currency not controlled by anyone and now people around the globe are taking more interest in buying this currency and that's why the market cap exceeds $250 billion.The banks are issuing warning against its usage but they are not afraid of it as they have lot of work to do and faith people have on them cannot be vanished.They supply legal currency to communities and are source of money exchange so they are not afraid of btc into power but still taking precautionary measures to fight against it.

They dont need to scare from bitcoin. They can use bitcoin or ethereum s high tech blockchain infrastructure for their transactions. Or they can use an other blockchain based infrastructure for more security and lower cost.

Not really. People will always be needing banks for the next 100 years. Not until blockchain's potential have been unlocked will we not need the current state of banks.
In the next years, surely banks will adapt and find other purposes or maybe use blockchain to improve their services and introduce more accountability for our money.

Bitcoin and other cryptos are not a serious threat to the banks yet. Moreover, if you take into account all the problems that Bitcoin has with his high fees, it is pretty hard that it could be a threat to the banks in the near future.

I think so, because now a days cryptos are great idea to make more money in investment field . So this environment make banking sector dull. So they are trying to make afraid people about investing in crypto currencies.They believes that these crypto currencies may end up the banking sector in future.

Yes. Banks are scared of Bitcoin. It disrupts the need for a bank to intermediate transactions. You don't need a driver's license to open an account, and you don't pay account fees.

Banks are not scared of Bitcoin, they are scared of its use and users. Moreover at the moment Bitcoin can never disrupt the transaction made using the banking system. The fees are way to higher for now. But yes the other cryptocurrencies can be used for transaction for now.

And Banks are mostly scared of money laundering along with fear of economic loss. They just want the governments to make restrictions and rules. They fear the cryptocurrency system I believe, not Bitcoin alone.

I don't think that banks are scared. But they don't like crypto-curency for sure. It's all becouse that people don't need banks to store their currency like BitCoin so they can't get profit from it.

Definitely. There are some banks, even in my country which are banning transfers and transactions to the exchanges. What does this show? They are definitely afraid that in the future their business will be taken out.

To own a bitcoin you do not need to provide any details but in order to trade you need to furnish your entire details and documents. :P Bitcoin wont scare banks as it does have its negatives to accommodate everyone in the bitcoin world,so there is nothing to worry for them as they very well know about the problems bitcoin is facing.

I believe there are will be a revolution in the banking system  because nowadays we can see the how fast the crypto world is growing so many huge companies are involving to cryptocurrency to make a change so many people are changing their lifestyle with cryptocurrency social system also changing in a fast way , BITcoin will make a turning point in global economy no one can stop that ,lot countries financial status will be change because of this

No matter how you present it, I would not easily believe that a machine will consume energy of an entire month for just a single transaction. This can't be true, it simply can't. No wonder banks hate the decentralized money. Of course they hate it. Their business is running low because of crypto currency. People are likely to find their security in Bitcoins to save their money. If people stopped saving in bank then bank can no longer be able to loan money to their customers which results that the banks can't make profit. So, they are scared of Bitcoin, they just can't stand crypto currency.

That is a bit simplistic. You don't pay account fees, but you also don't get interest on your balances. You also have to pay transaction fees to the miners.
As far as handing over your driving licence is concerned, it is a requirement of governments, not banks. Not long ago, Swiss banks were famous for offering numbered accounts. Soon you will find that government requirements percolate to the Bitcoin world as well.

Banks has been in existence for centuries and will continue to exist. Bitcoin cannot take nor replace banking system, rather, a way will be made for they both to work together. Crypto currency is a digital currency and is been used by lots of people (but not all), banks are used by all citizens of a country. If they don't attract to each other, then they will have to remain the way they are.

Banks have a threat of Bitcoin because too  much popularity of Bitcoin and its secure safe transactions,Banks must realize now that Bitcoin is a also medium for investments and secure way to to do safe transaction which will helpful for banks to increase their profit and efficiency of services well.

The banks have now turned the tables and are now selling their RIPPLE for BITCOIN and ETHERIUM, they are NOT accepting USD for this.

So all the time, since 2009 and recently with the soaring BTC price, are they wanting a part of the action.

So even though they tell you NO.... the banks LOVE BTC.

Practically speaking its a big yes they scared because mostly of their client deposited a money not only to put their money in a safe but also to earned a small percentage given by a bank. Now the crowd of acryto world is too high the popularity is too high a biggest posibility some of their depositors will change their strategy to invest and joining the crytoworld because here in cryto they can earned a big profit in just a split of a minutes.

But I think some of the banking officers now are making a plan on how to be involve in cryto world and soon they will adopt digital currency in no conflict in a banking business.

i think that bitcoin will not be a great threat for banks but rather it will be their biggest competitor it's all about competency I think because there were features that a bank offers that bitcoin doesn't have and there were features that bitcoin has that banks don't.
Competency in the market I think is the real thing about this.I think there were banks that accepting crypto?

I do have a friend that has resigned from the banking system into full Cryptocurrency trading business; main reason is that the future of the banking system is bleak and that bank operations can be carried out on the blockchain when fully imbibed. The banks are both operated by government and the private sectors and the earlier they start adopting the use of the blockchain technology in their operations. They did start the adoption or be taken over by Cryptocurrency.

I dont think banks are afraid of bitcoin because banks have different function. Banks focuses merely on their clients for deposits and invest it for earnings. Bitcoin is a currency. If they were become rivals, i think it is because banks offers investments too but not investing in crypto currency.

Banks never had a powerful contender for centuries and that has changed with Bitcoin. Bitcoin has eliminated the need for a central institution to facilitate the exchange. With Bitcoin, the control of money is sliding from institutions like banks and governments.

I think you are right. Banks will not scare because of bitcoin because they more powerfull than bitcoin itself. They can take control over bitcoin with very easy.
Regarding the blockchain, our big bank in our country have adopted the blockchain for their system.

Some banks want to incorporate bitcoin to their product. However, what they find is the dramatic fluctuation of btc is out of their control. I think yes they are scared of bitcoin. One thing is that they don't have enough technology to handle the big changes brought by bitcoin.

i think Bitcoin is setting the debt slaves free and the banks don't like that. banks want every soul under their control.

Yes they are, their pants are full of s..t already. They know what might happen if it goes out of their control.

What I see is the banks are not scared of Bitcoin. The banking system is already an establish institution even in the ancient times. But what I see is they will try to co-exist with each other as part of their survival. There are advantages on these two that is beneficial to us and to the economy. It also helps a lot if the government creates a law that states Bitcoin as a decentralized form of money.

Maybe banks are a little bit of scared about bitcoin's existence but it does not mean they are on a panic mode. Like some other counties, bitcoin is already recognized and regulated by the central banks to have control over bitcoin users and not be used in crimes.

They banks may be alarmed by the fast growth of bitcoin. But this is already happening years ago because it's not only the bitcoin that threatens the bank industry. There are lots of online players which are appealing to the people. So banks are continuously innovating so that they can stay with the competition.

yes. banks are indeed scared and thretheaned by bitcoin because majority of the population now are going and investing on bitcoin instead of banks because bitcoin is much profitable in terms of investing , not only in investing but also in other forms like trading , mining , working for bitcoins by doing a small task online , etc. overall bitcoin is a heck more profitable and can give you a greater returns for your capital when compared to putting your cash in a bank.

Yes all banks are scared of the bitcoin.nowdays the popularity of bitcoin increaseing very rapidly and it's price also increaseing too much high.therfore all people want to invest into the bitcoin.Many of people invest in bitcoin by their banks money.Before somedays when bitcoin crossed the 20000$ at that time all banks share went down that means many people invested into bitcoin.And bitcoin is more safe and secure than other banks beacause the blockchain technology use into the bitcoin.i hope in future all bank wil use blockchain technology for more security.

Most of the banks in my country was partnered by the bitcoin, so they don't know to scared in bitcoin. Even though many people are joining in bitcoin community it not means that crypto currency was surpass bank.

Otherwise if the crypto currency become legal in all country circulation of digital money and offline currency will become much easier. I believe that bank have no need to scared in crypto currency

I don't think that the banks are scared of bitcoin this new type of technology are adopting by the other bank because some bank are accepting bitcoin if you want to convert it to paper money and I know most of the people will prefer bank because not all the people know the existence of bitcoin or crypto currencies.

i believe banks are being effected badly by bitcoin currency, and banks are giving more attentions to bitcoin, and affraid bitcoin will defeat banks oneday in the future, so many years recently banks are changing and evolving themself to become much better like now, such as applying digital payments through countries with less fee, and more faster to against bitcoin.

Not that they’re scared I think its just that they are wary of the implications that a digitized currency can do or just on the economh hut on how payments and mo ey and finances of the world is done and that is what makes them wary and careful for this.

Well the traditional banking system will continue to stay in the world and i don't understand from where you got the statement that banks are scared of bitcoins as bitcoins and banks play different roles . cryptos cannot replace banking system. It is true that mining takes too much electricity but i don't think that people who does mining are so foolish to spend on electric power without any benefits so incase even if they spend one months electric power for a day they might be getting more benefits so its not a big deal for the miners.

should the bank be able to accept bitcoin for the progress of transactions at the bank, because by using bitcoin or other currency crypto will make the bank more interested to save coffers of crypto coins owned by the community

may not have many banks that put the trust in bitcoin .. because bitcoin one of the digital money .. so many banks are afraid of bitcoin ..

they need to prepare many things before they are able to accept bitcoin for their transactions and I think they start right now or in the last year. I think if they see that the cryptocurrency now become famous, I am sure that they will study about cryptocurrency and I think if they can take benefits from cryptocurrency, soon they will accept cryptocurrency especially bitcoin and they will integrate their system with blockchain technology. they realize that cryptocurrency is something new that is far away from them and this is why they need to learn cryptocurrency before they make any of decision.

I dont think banks are really afraid of Bitcoin. Although Its just stated that it is the biggest threat for the banks maybe in terms of decentralization features that enables every account holders to satisfy their financial freedom, faster transactions without having the presence of the 3rd person , and direct access with your assets. But neverthless traditional banking system cannot be replaced . Its still the safest place for your assets. Unlike Bitcoin when transaction is done it cannot be reversed because of the absence of safety net, which is very important in a critical transactions. BUT, if Bitcoin will surpass the traditional banking system, it will take much time before it happens.

i don't think so, yeah we know that other banks can be afraid to bitcoin because they think that if the people know about the benefits of the bitcoin will the bank got ignored by the people.but other banks support the bitcoin even though banks can have some warning to used it. in my country the banks support the bitcoin but they have warning to the people who using bitcoin like they got carefully to the scam

If we are saying that bitcoin will take over banks and the fiat currencies, then what/which country's face will be place in the sides of bitcoin. And how will the satoshi be, cause at that time, bitcoin will be too expensive that not everyone can have one.
The bank and bitcoin will work together or bitcoin might start finding difficulties.

Sure they are alarmed to what BTC's been doing from the past months,its getting a big threat for them it can replace their centralized fiat.

No doubt, banks are afraid of bitcoin even from the statement made by Jamie Dimon, there was a sign of fear in his statement when he calls bitcoin as a "fraud". Banks are afraid of losing losing their customers and losing control of the money circulating around without them touching a piece. :)

Banks are not as much reliable as bitcoin is. Moreover it is more headache than formal requirements to open up an account in banks. They ask for so many confirmations and certain policies are really absurd. The interest rate offer by banks is also really very small in front of the profits offered by bitcoin. Bitcoin has more tendency of generating bigger profits than any bank policy of profit. Transactions are also faster with bitcoin.

I think yes, there are a few bitcoin banks, and bitcoin is acceptable. But there are also bitcoins in the consumer because some banks move bitcoin. Better bitcoin compared to other banks. They are more satisfied with it than others. They know that the money you're saving is much more secure than hiding your money in the bank. And with bitcoin you can keep your money up to date. In ordinary banks because not. Another bank fears the trust of people to switch bitcoin.

They are different I know but mate bitcoin has more power than banks now, people are trusting bitcoin for saving long time and investing in it instead of putting money in banks and not taking any profit or output. It is easy to use your bitcoin anytime and anywhere so this is main reason why people are trusting bitcoin more than banks and investing money in bitcoin not in any bank.

I'm not surprised at all that banks are afraid of Bitcoin. If I run a bank, I would be also scared but instead of saying that cryptocurrencies are a fraud, I would invest in Bitcoin deposits. This could increase the popularity of my bank. Thanks to cryptocurrencies we don't have to trust a third party anymore. Unfortunately, many people are still not into tech so they will probably use web wallet which is as "secure" as banks these days. It would be great to see the fall of the banks.

yes for this is a currency that they can not control because of its autonomy :P

I agree with Xanxus024 for banks bitcoin is one more way to earn money. Bankers would become the first people who will make real business on the background bitcoin and blockchain. This is a technology that has a lot of prospects.

yes it seems like some banks in various countries have started to fear about the circulation of bitcoin because they may be afraid of losing customers and fear if the banks are eliminated from the world's finances. usually the fear is a bank in a country that does not want its country to go forward.

Big banks dont like btc for sure ,becouse blockchain is transparent.But to be honest btc fee now are no more competitive ,cards are much faster,,btc transactions are.Electricity use by miners it is yet another issue
Where china miners will find new home,in Canada,Europe.What country in Europe,his elecricity use will be higher than all country demand.That world is turning to green rapidly.Maybe Ukraine will sell them Charnobyl

I actually believe that banks are really afraid of crypto currencies as banks are based on centralizations (central banks) and blockchain is built on totally different philosophy which is decentralization. so they see it as a big threat.

The bank are always Scared about bitcoin.Because bitcoin price is always change .It's price can't stay at a price for long time.The bank think if bitcoin get parmit in country the currency will be fall down in those country.

I was about to say as well that the quoted words are misleading. But to answer your question the existence of bitcoin is giving the posibility of problems in the country's own currency. I mean when you look at the advantages of bitcoin disadvantages where a lot too some of which is happening now. Bitcoin as per other people Ive heard dont have basis say coins are made from metal on the other hand bitcoin came from where? You see banks and govt are threatened because people would still like to discover the potential.

I do not think so. Banks are home to many different currencies of a country and are protected by law. In contrast, bitcoin is only a small part. And it can not control all the currencies of their country. So banks will not be afraid of bitcoin

I'm sure they are, losing control.

These coins are better than bank as you receive more money and no tax !!
definitely bank have lot of  issues with crypto as they feel they are not getting the chance to hold money.

I suppose that the financial system that is adopted in our modern world will strive to destroy the crypto currency) is in their direct interests, that everything would be according to the old