Bitcoin Forum

All the news we read nowadays is basically about Countries banning cryptocurrency or high level bank officials dumping on cryptocurrencies calling them lousy mode of pay, fad etc.

Why are they trying so hard to kill cryptocurrency? I recently got into trading myself and absolutely love it, but it seems a lot of the opportunities to trade successfully are killed by these people.

I agree that there should be regulations to curb crypto use with criminal activity but not if it puts a leash on prices.

It just seems there's a lot of insecurity after the great year cryptos had last year, it's almost as though authorities expected it to die by itself but it grew into a monster and now they're trying to do it themselves.

Do not exaggerate! Not all countries prohibit bitcoin, do not believe all the news. For example, Germany recognized bitcoin as a means of payment! So, you can continue to deal with crypto-currencies and believe in their development.

I don't think you have read the news in the past days. We are not hearing bad news nowadays. We heard some good news from Germany, Uzbekistan and even United states.

@ OP i understand that you are new to crypto currency trading and the market trend just changed from the free flowing growing market to an unstable market when you started trading,these things happen and it will change at a later stage,we will have regulations but no one is going to ban bitcoin,the market will move according to the news and that is nothing new,just hold on to your coins.

Banks feel threatened by cryptocurrencies because banks rely on customers using banks for holding customer funds. This allows banks to use a theses funds to lend out to other customers in the form of mortgage loans and car loans. They also make a lot of money on customers using their credit cards for purchases and in interest fees on credit card balances. If customers switch to cryptocurrencies for storing money and as a method of payment, banks lose money.

Maybe not all countries and banks are against cryptocurrencies. I think you are exagerating the facts that some countries are banning cryptocurrencies and believe in false news about it. As an investors we should have to believe on the positivity of our investments even against the odds of banning and dumping. Right now what the government do is to protect their people agains the fraud brought by some scambags using cryptocurrency to extract money from investors. I dont think the government are trying to kill cryptocurrency but instead they are just protecting their citizens from a possible loss  because of the volatility of cryptocurrency.

Its direct threat to their hegemony.
Its a novelty, that people dont understand. New things are pushed away by old people, its normal phuman psychology.

This are main two reasons. Time will solve this :)

I think the fast changing of the value of bitcoin is one of the reason of so many bank.

The countries and banks knows that with cryptocurrencies, they have a harder time controlling the money of the masses since with cryptocurrency, we can bypass them entirely and spend our money whatever way we please.

Problem is that creating your own currency in many countries, if not all is seen as illegal act. With cryptocurrency, since it's peer to peer you can't stop it. So of course that there will be fear from those people that are comfortable with things they are right now and they don't want the cahnge because now they are in control of how things work.

Every bank in every country is likely to ban cryptocurrency especially bitcoin, because cryptocurrency is something that fluctuates. When talking about benefits, cryptocurrency is very useful for people, because it can make people earn a lot of money in the near future, But you must be aware that such things can affect the growth of the value of the currency in each country, it could be at one time the price the currency in a country will get mired by bitcoin, I may not know how logically, but many bank officials in every country always say so.

Well, not all countries ban Bitcoin and other alternate coins, Most of the countries are just looking for ways to regulate the currency so that their citizens' investment will not go down the stream. There is great potential in cryptocurrency. some countries have even taken some steps in creating their own cryptocurrency. which is a very good idea

I heard that in Dutch the banks refuse accounts for cryptocurrency business. All of the major banks in dutch refuses entrepreneurs that are active in cryptocurrency to open business accounts because of the reason because of "too great compliance risks". Only online bank Bunq allows cryptocurrency businesses to open accounts under certain conditions.

They are afraid of the tech and the fact that it is decentralized means that no one person or organization can control it which means that they can no longer  control our money and what we can do with it.

Because it's revolutionary and a direct threat to fiat economy. It doesn't help that some of the early use cases for Bitcoin were illicit activities, providing a convenient pretext for the establishment's resistance.

I just heard the Chinese and Indian governments banned Bitcoin. Other countries are approaching Bitcoin, they are trying to develop Bitcoin, bringing Bitcoin into everyday life such as Germany, South Korea, Japan ... etc. And many countries around the world are benefiting. Useful from Bitcoin. Not as you think. I think you read the bad news, they put bad news to manipulate the Bitcoin market.

Banks wants crypto to collapse because they fear Bitcoin of killing the value of fiat. Some investors particularly the stock owners.. Wants crypto to collapse because they want to enter crypto on its lowest value.

Isn't it obvious? The best way to stop something you cannot control, is to stomp it out early. They didn't do enough in the early days when Bitcoin was still young, now it's grown to massive proportions that they didn't anticipate. Bitcoin is a mechanism that can be used to subvert their control over the population, the government and banks would not want that.

I know for some reason that banks don't agree with digital currency is that they can't continue make money if it will be used as the main currency. No banks shall be able to earn interest, and interest that came from the people who have invested in banks  first hand and if this kind of technology will be widely used then they are out of game and that is the day that most of us will celebrate :D, miners will be the one doing the job and in an instant way and considering large amount of transactions. You see when you have 1 million USD in the bank they won't allow you to withdraw it in a single day as it is invested in different ways and they need to collect it and it will take time. In crypto you can withdraw yours and transfer anytime you want as long as there is internet and miners with less hassle and almost zero value transaction fees.
If were to give a suggestion they, the bankers pays most of the media and folks who are in power to totally shut down crypto, greediness is what they have and it will lead them to destruction for sure.

The people doing this, is the people who have the most to lose IF Bitcoin succeeds. They went through all the stages of disruption

and they cannot deny the inevitable now, so they are fighting back. They ignored us and thought this is going to go away like a fad

and they were wrong. We should feel honoured that CEOs of massive Banks are going full throttle against us in public, because we

know now that they are feeling the pressure of disruption.  ;D

         It is because some country and business sector like banking industry doesn't want cryptocurrency rolling in their nation, that's why they are integrating each other just to banned cryptocurrency totally,they just ignore the opportunity to become wealthy of using crypto like bitcoin.

For me, they are literally afraid of it, they are troubled of the threat it posses that can easily outdone them. For the government they are gonna gain nothing from it because they wouldn't get any taxes from it and that they need to regulate it first. For the banks they are also nervous that when this currency is implemented on a certain country, they would render useless for they use Fiat money.

If such thing is really happening, it maybe because of their lack of knowledge about cryptocurency. I believe this is where we are coming from. We need to help people know about cryptocurrency and then eventually they arr no longer ignorant of cryptocurrency but rather user and instruments for others also to know what it is all about and how they can benefit from it.

There are of course some countries that took Bitcoin and then decided to give up for unknown reasons such as China.

Its easy, because they dont want to give up the controll about money. When you can controll the money, you can controll the people. So if nobody will use Fiat money anymore and instead just cryptocurrencies, they will lose their power. They scared that when they loose the power, they cant controll the people anymore. Thats how it works nowadays. Theres not just a companys who look to your money, they want to earn.

It is just a matter of time.. The banks cannot risk adopting bitcoin today, but this seems to be the likely future.

I've heard that in the Netherlands the banks refused to do business for cryptocurrency. All major banks in the Netherlands reject active entrepreneurs in crypto to open business accounts for the reason of "too much compliance risk". Only the bank's online bank allows the cryptocurrency business to open an account under certain conditions. I really believe from where we come from. We just need to help people know about cryptocurrency and eventually they no longer ignore crypto-kardia but users and instruments for others as well for you to know what the problem is and how they can use it.

Even though most countries have not banned bitcoin, we cannot deny that since most people have stopped investing their monies on treasury bills and fixed deposits and are rather investing their monies into bitcoins and the other cryptos.

Obviously they dont want to loose their jobs because of the crypto currencies. I mean if people starts using the crypto currencies over the other fiat currency then how the banks will run int he future? If everything started happening free of cost then how government will get taxes and how they will have their servants paid in the salaries? Have you thought of all these things. Do you ever think that how much stress these people are having at all. I dont think that people are thinking about this in such manner which is far important for such officials or government people or banking managers. You see must the connection between these to know criticality of this.

Every country has some issues regarding the crypto currency and major problems are being faced by both the types of the following countries.

First world countries who have no issues regarding the deficiency or less usage of their own currency are more about the taxation process of the bitcoin whereas the third world countries are afraid because the people are converting their black money to the bitcoin and money laundering is feared. Hopefully this all will be over when they will sit with some serious recommendations from the experts.

Virtual currencies are self-governed, meaning they are not controlled by any government, person or a central authority. This makes monitoring almost impossible and poses a threat for government authorities (this was especially true for China).

Banks generally charge fees for doing absolutely anything that includes money, even when they just hold onto it. Using blockchain as a digital network, where every single transaction (called a block) is securely linked together makes transactions verifiable, available to everyone and is more immune to hacking than centralized banks. This makes banks totally unnecessary for transactions. This is what motivates them to ban cryptocurrencies altogether.

we have a bunch of different topics here.
- some idiots spreading lies about bans. or some officials talk about bans
- actual bans that happened is some rare cases in some rare countries
- price getting dumped
- bitcoin versus altcoins

you should not confuse these together. right now there is a lot of manipulation going on in bitcoin world with a lot of FUD being spread to cause panic among the investors so that the wealthy whales can earn a lot of money during this chaos in the market and eventually buy more bitcoins so that they have a bigger stake in this limited supply currency.

altcoins on the other hand is a whole different mess! most of them are absolutely useless while having an extremely high price and that bubble needs to burst as soon as possible and that is what's been happening over there. and that massive dump is actually causing some drops in bitcoin too.

Which countries do you mean? Today,I can boldly say that there are a lot of speculative behaviours from bitcoin holders and from their negative media it may sounds a bit unrealistic but look at the facts,I know countries where special authorities earn a lot of money and also commercial banks,you said that banks keep dumping on cryptocurrency but at the same time they have created exchanges,its so simple to understand how they will work tomorrow they will fall in law...So it maybe better to talk about facts in detail,because there are also countries where  cryptocurrencies are used to provide infrastructure,education and other forms of human capital,So this is comparable issue and you need to talk about more in detail.

Yes there is a lot of insecurities about cryptocuerrency because of it all time highs. We can't deny that lots of rules and regulations now are beng implemented now on cryptocurrency. We need to deal with to have much public acceptance.

We also need to consider the facts about crypto. A good currency should be stable and does not immediately influence by any factors. Cryptocurrency seems to fail in those aspects.

Banks are opposing the crypto currencies because banks are running with the fiat money if the crypto currency get succeed then banks will face crisis so they are opposing the crypto currencies.
Banks are the backbone of most countries in the world economically so they are just replicating the banks decision with the crypto currency.