Bitcoin Forum

What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced

They are already adopting blockchain technology, so I think they are embracing it because they feel the threat. They must be scared if they do nothing because crypto can really surpass them. If the banks banning your sale or freeze your crypto money, then that’s a normal procedure by AML, and the banks.

With the situation of things, I don't think crypto would be replacing banks anytime soon. Some financial institutions are already exploring into the usage of blockchain technology in the banking sector. I think crypto can help improve a lot of things in the sector.

Others that view crypto as a threat haven't fully understood it. They are only scared because they think it's taking away customers/clients. Proper education is needed for them to understand the opportunities it brings for them.

I don't think banks have the sole right to ban crypto, the power resides in the hands of the government.

Why would they be scared of crypto, the adoption is painfully slow, crypto doesn't have the technological capability to replace banks even if the people wanted it to happen. It's like saying that Microsoft is scared of Linux, or Google is scared of DuckDuckGo.


Crypto is not blockchain, blockchain is not crypto. Stop mixing these terms, you only create more confusion. Cryptocurrencies are decentralized payment networks, blockchain that those companies are planning to use is a centralized technology for managing databases.

Please can you tell me how will they be replaced with crypto? Who will give loans? Who will take care of payments? Cmon man, banks are needed and they can't be replaced but the way banks function is very bad, this has to be changed.
And who says they are afraid of crypto? In some countries banks offer crypto services which includes bitcoin buy/sell, send and etc. It's even good for banks to gain more profit, they aren't afraid of it.

Obviously they are not, and it will take a lot more than new ATH and other positive comments about the price before banks get threatened by what crypto can do. They still offer far more services than crypto will ever do plus the fact that they are mandated, regulated and supported by the government. A banking entity is far more superior on what they do compared to a crypto, say bitcoin. Individual entities can issue bitcoin loans with interest etc but it will not be as butter-smooth as what banks do.

We cant avoid not to presume that those services cant be replaced by anything.The only difference here is that they are just too big,established and well known that's why
its hard for it to be replaced.

Some people do really believe that Bitcoin/crypto and blockchain are the same.A little more research would be needed for them to have the idea on what they are talking about.

Banks aren't scared with crypto but since they do abide on governments laws then they would always follow up the traditional path.

Is this not a misguided assumption banks really are not against the cryptocurrency that why we can still withdraw our coins into fiat and sent to our bank accounts so except we start to use cryptocurrency to get stuff straight.
Bank system is still used and needed

Frankly speaking, cryptocurrency are the true means to have freedom and this has been the worries if the government that, if giving powers to the masses they will not be regulated and they will be free for the oppressors. They are definitely scared of cryptocurrency but willime to adopt to Blockchain, the freedom  cryptocurrency has provided is what they are afraid of of.

They're considerably more scared of having their arses nailed to the wall dabbling in an area with uncertain regulation. Very few countries have delivered proper clarification and their willingness to wallop banks is getting more fervent by the day.

If I were running a bank I'd reject crypto business unless everything was set in stone and I knew for certain that I'd never have any comebacks for getting involved in it.

I think the bank scary with cryptocurrency because they are aren't get taxes from people funds, don't get funds for trade to pay their employees as well. Fiat money can't be replaced by crypto, but people can change payment method for daily use into crypto. They can pay anything with very low fee, you know how cheap the taxes send lot of money using altcoin compairing send money using bank account.

Banks are just doing adjustments to fully integrate Blockchain Technology into their Banks, They are not scared, people -apparently- will always use fiat, they are scared that they might get involved in Shady crypto coins and Transactions. Banks are regulated while Crypto Currencies are atill in talks and process of finalizing their Regulation.
Ban? what is your reference for this?
Anyway, here's coindesk article related to Crypto Ban : https://www.coindesk.com/reserve-bank-of-india-denies- 8)-in-draft-bill-to-ban-cryptocurrencies

I think banks aren't really scared of crypto replacing their system. Correct me if I'm wrong, but as far as I know, banks are only mostly banning the buying of bitcoin and cryptocurrencies through credit cards, which ever so slightly makes sense for me. Banning the buying of crypto through debit cards though? I think it's the case that banks are scared that people would use the crypto to fund some terrorist/extremist group(as if the dollar doesn't do this).

Perhaps. They could instead join the party, become an exchange, or keep people's money on their behalf. Only gotcha is they would have to operate with a full reserve, at least if they intend to handle wallets (ie. online wallet service). And then they could politely ask the client if they would like to use some of that money for lending, if yes, this money must not be available until the lending term is over, that is how full reserve banking works. They cannot continue the game of making money out of thin air, fractional reserve practices.

I'm not sure if they are that scared to do it, after all banks launder money for criminals and engage in fraud, because they just get a slap on the wrist when they get caught. The probably don't want to deal with crypto because it's simply not worth the risk - with the crimes that I've mentioned the payout can be huge, but with crypto there's so much uncertainty. Maybe it will start change soon, as crypto becomes more established though.

Not only Banks but almost all financial institutions and most of the Governments around the world fear Bitcoin and other cryptocurrencies as they do not have the power to control them.

Some financial institutions and banks have already hinted that they will be adopting to Blockchain tech but, I doubt it will work as for the Governments of few countries they are already planning to start their own cryptocurrency, but who will like to use a centralized cryptocurrency?

Sure! People cease to trust decentralized structures that have access to both personal data and money that are capable of doing manipulations. Bitcoin and crypto is a solution that eliminates the need for third parties that's why banks are afraid to become unnecessary

This is very old talk. Bank will be always a bank, they are totally against Bitcoin or any cryptocurrencies, you cannot change it anymore. The biggest enemy of banks are these cryptocurrencies especially the Bitcoin.

But I am also wondering that one day will come, banks will use blockchain technology and create their own cryptocurrencies, what will happen?
I think if this will happen, it is something like a new generation of banking, like from traditional paper and pencils to digital banking, like that?
But the fact is, if ever that will happen, they are still fully centralized, right? 

Why wouldn't they be scared? If crypto currencies become the main stream currency, the banks will go out of business. If less people uses fiat currency, the banks will be making less profit. Again, with less people, they will be able to lend lesser amount of money to investors and thus causing a drastic financial loss. They are also aware that "becoming" a bank for crypto currencies like bitcoin is almost impossible since they know that the decentralization of bitcoin will be lost when a third party will be involved causing disappointment in people.

There’re two versions of it one is that they’re indeed feeling the heat, and want to stop bitcoins before masses adopt to it. The second version is that their government have asked them to ban bitcoins, as it’s not considered as a legal tender yet.


@crzy banks maybe adopting blockchain technology, but they’re yet not open to bitcoins but we never know if in future they may suddenly adopt bitcoins too.

Banks are very afraid of crypto. Fewer people trust third parties. Fewer people choose trading instead of the usual deposit at the bank. Believe me, the banks are scared and understand that their end is near

I say, No. Because those banks are already adopting most of the way of other cryptocurrencies and some of them are also have their own coins.

We can say that this was the case before like 4 years ago but after that, they know that blockchain can be used to evolved are current Lifestyle most of them are adopting it already.

Why would they scare? If system turns to crypto, they adopt their system to crypto.if they dont, it will be tbeir end, so its their choice

I'd be so scared if I were in the banks. Imagine, even today crypto projects can do many things money and banks can do. Further spreading in the future may put banks in a difficult position.

I think the reason some of them adopt blockchain is not merely because they want to survive and attract customers. It's also very profitable for them, because international transfers take more time and money, and the fees for transferring a big amount of money are also way bigger than if you use a cryptocurrency for this process. As for bans - yeah, I guess it's an attempt to stay in power, be control the money of people. I think security measures are being brought up only to make it sound more reasonable because so far banks are clearly way more involved in financial crimes that crypto users (if you compare, say, the money laundered in fiat and in Bitcoin).

Conceptually yes, the bank should have a scared thing to cryptocurrencies because its function is really same even more than simple compared to banks system. You can use or manage your money by yourself without pay some parties to manage your money. And I was thinking that 2009 ago Satoshi had a vision to fight bank system especially in the matter of centralized system.

However, I don't think cryptocurrency can replace the bank function in a few years ahead because the poeple still have a confident against bank. The bank system has a high security I mean when you store your money then your money lose cause some reason then I believe they will replace all your found this thing is so far with cryptocurrencies.

I'm not saying that they're scared, but if cryptocurrencies(bitcoin in specific) becomes the new norm as a Sov and MoE, they would need to find other ways of potentially monetizing through it. Remember, they can't print bitcoin at will, like how they can with the current fiat system. It probably won't be as easy and as simple as you think.

I think they are a bit scared of the existing of the cryptocurrency because it's not something that they can control easily, and it's out from their jurisdiction. They can not do anything if someone sends money to other people. Besides that, they cannot get any fees as their small profit in running their business.

Maybe we need to talks with the bankers, and see what their opinion about cryptocurrency. But we need to talk to ordinary bankers who are not learning cryptocurrency in deeply so we can know what will they say about cryptocurrency.

The crypto market is not meant to replace any financial sector but to make things easier for everyone to trade without any restrictions, if you are a global trader you will understand the difficulties when it comes to conversion and transaction charges as well as delays, bitcoin opens the world for a free global trade without the need of a central bank to process these transactions world wide, it will take care of local transaction and for that we need banks.

Because some people just have the believe that crypto is a threat to banks and very soon crypto will take over banks, crypto is not even widely accepted yet not to mention taking over banks, i don't think banks have anything to be afraid of, crypto still have a long way to go in the adoption process, there is not even competition at this moment from my own view point.

Yes, of course
Some time ago they didn't give a ----- about BTC and cryptos, but now they are afraid about the effects of cryptos and their business
In my country they are closing accounts of exchanges only, but for now, I don't know in future what they will do, but I know they are worried about

Banks will remain no matter what happen to crypto. People still need a banks even they got more money through crypto. Also not all people using crypto specially those old people who doesn't know it and they only know banks where they can store their wealth. But banks are not scared with crypto they just following their rules and laws about money laundering that's why they are very strict if they money deposited to them are from crypto.

as I noticed most banks now are little by little absorbing and adapting the concept of blockchain technology to their
company, instead of worrying or fear, I guess much better for them to join the trend now. Besides, cryptocurrencies nowadays
are becoming popular all over the world now.  

I don't think banks will ever be afraid of being replaced by crypto. Cause i feel that the bank itself has known and started to adopt a blockchain in their system, so i just think that in the future maybe all cryptocurrency assets can be stored in the bank and if this situation happens, it will increasingly benefit the bank itself. But for some reason maybe banks scared if crypto is used for money laundering that will harm the bank. But it just only my opinion if bank scared of cryptocurrency

When banks will accept cryptocurrency, then the chief designer of the Mercedes concern will drive a BMW, and Coca Cola will advertise Pepsi :)

It seems that now, banks are not scared by crypto but even ready to deal with it. Companies of all sizes are increasingly turning their attention to the banking sector, coming up with new ways to profit. Banks are not far behind and keep abreast of new financial technologies that are changing the world. For example, recently six banks from different countries decided to issue their own stable coins.
Global banking institutions are paying a lot of attention to stable coins because technology has great prospects.

No, they can't beat crypto that's why they are adopting on it.
Some banks are already using blockchain, and that is the product of crypto where bitcoin is known.

Fiat is still the most use in the world, crypto is good but there's only few adoption on it for now, but the moment banks starting to accept crypto, it would be easy for us them to transact our crypto with fiat, they are the bridge but the thing that changes a lot is crypto is now centralized as the moment we used their service, we agree with their terms, and it's like we do the regular banking.

Banks don't have the power to ban the sale of cryptocurrency in totality's, but can just withdraw the support for crypto transactions through their channels and that is because they are afraid of the capacity of the blockchain technology replacing they traditional banking system.

I don't think banks are scared of crypto because they don't have any reason to, banks offers a lot of services as a financial institution which crypto do not offer, so far only btc is the only crypto that mostly accepted as a means of payment while rest of crypto are yet to be accepted, so i don't see any reason to be scared of crypto.

Banks would never scared of crypto because they will adopt crypto. Their aim is to make money no matter where it comes from. Bitcoin and crypto are also equated to money. So, Banks will find a way, how to use crypto for their own benefits. I think Crypto adoption will be huge when banks start paying attention to crypto in a serious way.

Banks not afraid rather they are just vigilant to observe the wave of this new era business that can access almost every aspect of payment. Some adopting crypto ecosystem but others still on the process. It is possible that crypto will in banks everywhere once the wave change to people's power to embrace crypto.

I don't think banks are banning the sales of crypto but the only thing that is clear is that they do not support the trading. Eg in my country, the CBN has warned so many time that citizens should be careful of crypto and other related ponzi schemes. However, people exchange crypto to Fiat through third party that pays directly to the sellers bank account. Even though bank might not support crypto, there is high possibility that we continue to see high usage of block chain technology in banking industry

they can only ban if its within their range but they dont control crypto transactions outside thier network.

its normal for them to give a warning like that . not only them but all sectors are giving a warning about investments  . some banks still support crypto trades

banks arent scared of crypto but they are only following to the guidlines of the government . if its allowed then they will decide if they will support cryptos  or not .

Banks aren't afraid of what crypto can do and become a market competitor, it is for them to anticipate such thing and adapt to this new technology rather than of leaving behind. In fact, some banks are now accepting Bitcoin for bills payment.
We could say that the government has a big influence, having their support will help for fast crypto adoption and possible to see banks will fully adapt in the years coming.

I don't think they are afraid of it since there is no way that the government will be legalizing and make it their national currency, right? Instead of being scared to it, I guess they can use it to improve, to develop the technology they had.

Banks aren't afraid in crypto in fact banks do accept payments through crypto but they only accept the legit one and that is bitcoin. Stop thinking that banks are afraid of it although most other countries are afraid or don't like the idea of using crypto as a way of payments through services online. It might be that their government doesn't fully understand the real essence of crypto and it is an innovation.

Before banks hate bitcoin and that's a trending from the crypto community, but now specially herein my country banks and crypto have an good relationship the proof is i can convert my bitcoin into fiat money through bank and if I am not wrong not only herein my coutry a lot of bank in different country are now understand well about the crypto importance ysing blockchain some of the bank are already using blockchan.

Looking at the present situations of things, it is a possibility for CryptoCurrencies to surpass other financial institutions, but it does not seem to happen anytime soon.
Banks have their roots dug up deep into our social system, and Cryptos still have to catch the wind with the people in order to become the mainstream.
Also, many financial institutions are now adopting the blockchain technology in the financial sector. So it is hard to say if they are scared of Cryptos, but we can surely say that banks are preparing for the imminent threat that CryptoCurrency is.

At the beginning maybe they see this thing, but sooner they realize that they can't stop crypto, it will only continue to be develop and the adoption is increasing. So, instead of treating it as a competition, they just adopt on it because in the long run, this crypto market that people want to serve for privacy that is why it's decentralized will slowly turn to become centralize, why? why simple answer, it's the regulation that will make it centralized.

They already did, slowly, and it's proven as there are already banks that are using the blockhain system.

Ofcourse they are and if they weren't scared of the cryptocurrencies then they wouldn't ever stop the trading of the cryptocurrencies using the bank accounts , they are usually connected with the central government therefore the government doesn't want problems in the future regarding the investments since people now prefer using the money and invest them in cryptocurrencies instead of banks .
They are and they should be scared of cryptocurrencies.

Nothing to fear at all. The banks have loss already, and they have no choice than supporting the hedge cutting technology, many banks are even now discussing blockchain support, even though they claim to still be studying cryptocurrency.

Its a threat to the model but not to themselves. Of course with Bitcoin, banks are optional. In theory it always was with fiat, but in hyperinflation no bed is big enough to hold the amount of banknotes needed for a day (if you manage to get them...)

They just need to adapt. Go full reserve instead of fractional, and optionally join the exchange and online wallet business. With full reserve banking central banks are no longer required, and as people switch to Bitcoin, fiat too is no longer required.

When BTC first came out (or crypto in general), I feel like they were more hesitant, as it was competative technology.

But since crypto has come to be (for many banks) an asset (they're creating their own crypto, creating ETFs for crypto, etc), I'm sure they are probably more welcoming to it now than back in 2013/2014.

Damn, I remember the days bank accounts were being closed/frozen for interacting w/ exchanges. I'm sure it still happens, but I don't hear nearly as many stories as I used to.

Well at the moment they still have quite a lot of power to prevent you from using crypto properly. For example,,, in India all the bank accounts of crypto exchanges were blocked and it is still more than half a year since those accounts were frozen until the exchanges have to go to court.

If you ban all accounts related to crypto how will you ever buy or sell crypto?

Banks are not and won't be scared of crypto as long as the volatility will remain very high in this domain.

Imagine how would it be for you to be paid in crypto, this month you receive 1000$ and next month 500$. Would you still prefer to be paid in crypto or fiat?

The number of deposits opened with large banks has significantly decreased over the past few years. This suggests that people are finding other ways to invest. The best example of a successful and profitable investment is the crypto market

The bank does not want or prohibit cryptocurrency transactions not because of fear, in my opinion because there is no government regulation yet. Banks must obey government regulations, and I think banks have hundreds of years of experience in the monetary sector so I don't think cryptocurrency will interfere with their operations and business

Yes, banks are scared of the potential that cryptocurrency snd blockchain technology hold. IT threatens a complete overhaul of financial systems as we know it- banks, insurance and the like. Smart contracts will make it easier to utilize platforms that offer such services without the need for lawyers, while completely eliminating the need for banks to effect money transfers and lending.

Rather than getting scared, banks were adopting the technology. In recent days I've seen more banks partnering with some of the blockchain enterprises. Moreover some banks have started there services relative to cryptocurrency. By this time more common people too getting into cryptocurrency which is the main reason for banks to adopt the technology, because now banks were successful just because of the common people who have been using banking services.

By looking at the development of Crypto until now that has undergone a very good development. Banks will not be afraid of crypto because it has large customers. People will also not leave the bank because the customer believes in a system that is in the Bank.

And with the development of Crypto now, perhaps the Bank will cooperate with Crypto. In addition, Crypto is now very popular, so in cooperation will be mutually beneficial.

How can bank ban the sale of crypto when they don’t have the power to do so, banks are just into business just like every other business men and women are also into crypto and if the owner of the money says this is how he wants his money, then what right do they have over it, they can only implement government’s policy, maybe government sends circulation that banks should not get involved in any transaction that has to do with crypto.

I don’t think many transactions that we have been doing has nothing to do with banks except maybe all these local exchangers that would have to get fiat to pay who ever request to change cryptocurrency to fiat through them. Banks would only end up shooting themselves in the leg if they fight crypto more than they can.

Terms of what cryptocurrency is and what blockchain is, Cryptocurrency is not blockchain but blockchain introduced cryptocurrency and there is no cryptocurrency without blockchain or blockchain without cryptocurrency.  So in a simple way, both are some way connected to which other. There is no cryptocurrency without blockchain and no blockchain without cryptocurrency.

The banks are no scared of crypto but they are just scared of the idea of decentralization of the financial ecosystem.

Banks will never be scared to cryptos because banks can and will adopt the cryptos. There are now some banks accept cryptos/bitcoin to make it easier to them because the demand of using a digital currency is very massive and I have read some article about it that you can use your bank to buy you a bitcoin and vice versa in exchanging your bitcoin to money. :)

Banks have a very established business, they lend money at high interest rates and have many established customers. Which means that they have no reason to be afraid of crypto. cryptos are highly volatile and are not yet legalized. but I wonder the following:

why are you thinking banks are scared of cryptos?

Banks lend money and make big profits by doing so.

Cryptos are risky investments because they are very volatile, so there is a high risk of losing money

So how do you want to compare 2 very different things (cryptos and banks)?

What makes you think that banks are afraid of crypto?

The banks and the government are trying to prevent something if they see any anomalies that are being used with cryptocurrency. Such misinformation could change the perspective of the people about how Bitcoin was being used as a tool in a shady scheme.

Fiat and cryptocurrency should stay together there's no trying to replace it since there would be a massive conflict that will going to happen everywhere.

The banks don't want  crypto to replace fiat simply because they understand fiat better crypto hence they can easily exploit their customers. Cryptocurrencies are essentially based on blockchain technology which is very transparent so scams or cheats by banks can be detected with ease.  Some financial institutions are not comfortable with crypto since blockchain technology is still new to many sectors of human life.

And a year later that "500$" would be worth 2000$ if you kept it instead of using it all. Its a deflationary coin, people will learn that keeping it as long as they can is for their best benefit.

This will take time, as people have been brainwashed by the dominant economists that spending and getting in debt is better than saving for the future...

Bitcoin is not volatile, its value has been growing steady over a decade. Zoom out that chart and take a look, think how much it might get the next 10 years. I think something in-between 10k and 50k. It has to (and is) slow(ing) down, but it will never go flat, because fiat is losing value by human choice.

The fluctuation is a natural result of the free market, but in the end it always finds its true price. Again, zoom out. Its impressive that a bitcoin is already worth 10k USD, so much for "imaginary" money... But why the markets trust it? The answers are in this forum...

On this point banks might be confident about it but of course they still know the threat since the cryptospace are growing a lot and if they don’t adopt they will also lose. Banks are vulnerable they are not that strong in terms of the financial system unlike cryptocurrency. We will see a more advance technology in the future, its either banks or crypto to lead the market.

yes it is true that banks are not afraid of cryptocurrency
what they fear is not the cryptocurrency but the blockchains system which is very transparent, opensource and is not controlled by anyone
do you know that the bank is controlled by several people to make a nonstop profit

Today, post offices now function more as inter-goods service providers, rather than mail service intermediaries. Similar developments have also taken place in the world of financial services. To be able to transfer from A to B, someone needs a financial institution, such as a bank as an intermediary. But beyond that there is Blockchain as an alternative, and they already have the technology. I think there is no reason to be afraid.

Initially at your comment, I was wondering what the relationship between banks and volatility is, but when I think of it deeply, you are actually right, I think that is why bank will want volatility to remain.

I was explaining the process of bitcoin payment to someone yesterday, and he was quite interested, but also threw this question to me, and I told him because of volatility, he could wake up and see that his money received had double by two and at the same time, he could see that the money had also decreased by two, and he has to wait for long to get it back which discouraged him a little bit about the payment part but was really interested in making it as an investment, but we still have to consider stable coins, that is why they will be necessary for such payment, and a time is coming also that bitcoin too will become a stable coin, so whatever volatility that is giving banks the courage will disappear one day.

The year 2017 is an excellent year for crypto. There are many who can get rich in just a few minutes by trading crypto coins. After that Crypto is getting popular and more and more people are struggling to make a profit on crypto.

Even many people who say crypto is more profitable than we save money in the Bank. But in my opinion, the bank is not afraid to replace it with crypto and crypto can not change the bank's system work. We all know the Bank has customer confidence and that's no doubt.

It seems to me that they are not afraid, but cautious, but so far cryptography is not a full-fledged competitor to banks because of its volatility. But I could be wrong.

Honestly at first Banks think Bitcoin's concept is a threat to them. It is because they are opposite, bitcoin is decentralized while banks are centralized. But now as you can see, there are Banks who are open for that and have Bitcoin ATMs already. There are also banks which we can buy btc with them.
Here are the Banks which are Crypto Friendly (https://wethecryptos.net/banks-that-accept-bitcoins/)

provably the bank scary with cryptocurrency, because cryptocurrency is already a popular method for transition, with low fees. and the bank aren't get taxes fro;m us they don't get funds for to pay their employees as well.

But now they already adopting blockchain technology, so it might be prove that, the bank are feel the threat.

It is not the threat for them, they actually adopting it just because the system had change and a lot of people are considering crypto. Banks will have to understand the situation that they are facing now, accepting the deal with crypto is one way to give additional service to their clients.
Good for the banks to adopt crypto rather than to see them hated with. The same thing that it will help to promote crypto and not leaving behind with the old technology.

Of course they are afraid and not only that, they have panic about cryptos, and we can see that on the way they are acting vs Libra, they understand how they are losing control and power, and they don't want that, banks will do almost the impossible to give bad reputation to cryptos, that's a fact. Because now they see them as a public enemy.

Their operations involve the third party while Bitcoin is Peer to Peer. You can be traced to your doorstep while Crypto shielded you and make you to remain anonymous even if the ledger is available publicly.  With no central authority, no central power, no central control to send digital currency to and fro, they are indeed scared about the origination of digital currency. If you want to convert anything to fiat, do not just put any remark that related to crypto, the transaction will be banned, so indeed banks are really scared of crypto.

It seems to me that you are exaggerating a little. Yes, banks are undoubtedly cautious about cryptocurrencies, but they are not afraid of them. Or am I still mistaken and do not see the whole picture?

Absolutely introduction of cryptos has overwhelming effect on banking sector personally I will rather divide my portfolio into two half will be banked while the other half into buying of cryptos and securely kept in my wallet of course the whole fund would have been save in a bank without crypto and as more investors embraces cryptos the more banking sector will significantly be affected thus less patronage will be the order of the day.

Banks are not scared 😱  of crypto but they are only concerned about the unstable price of crypto currently and future generations to come up

Your explanation seems valid. This is one of the reasons why even government is not also convince in crypto as they can't fully control what's going on. And with the transaction speed of crypto, banks will be left behind. And with the added anonymity feature makes it more beneficial to most users, which is being against the KYC norm in banks.

For banks, they have always competed with each other in the same field. But now that the arrival of cryptocurrencies has worried them, cryptocurrencies are their biggest competitor. They fear that inflation, profit margins and transaction speeds will not be comparable to cryptocurrencies. For safety, however, I think safety is at the forefront because it has legal support.

There is no way banks will not be scared about crypto as they are taking their chances of getting the inflow from sending and receiving commission from customers , with a boarders breaking barrier which require swift code and large fees .

So taking away one mix of getting rich will definitely hurt them and I can see the crypto world is growing day by day.

Crypto world is growing day by day, and the important thing for which banks always oppose is the loss of revenue experienced by the banks after cryptocurrencies came into existence. It is calculated in billions, and governments were pressured to take action of ban against cryptocurrency usage were mostly done by the banking sectors.

There nothing that I see about bank that is safe at all, there has been cases where people have also stolen funds from the banks by hacking their own database and as bad as my country is, you could also be walking out of the bank now and then see an attacker that would steal the money but all these cannot be done through bitcoin even though I have heard of physical attackers, but cannot be as rampant as that of banks.

One main reason why cryptocurrency might not have even gotten legal support yet is because banks may be working underground to bribe their way into making sure that it never gets the legal support, but those banks doing that forgets that bitcoin is a global currency and while they are doing so, some government are implementing and legalizing it which will make the system to gradually spread till people themselves embrace it to the fullest.

Banks and governments go hand in hand and they're afraid of things they can't control. Simple as that.

Some banks around Europe are banning transactions again to exchanges like coinbase, kraken and bitstamp for a month AFAIK.

More and more economists are noticing the value proposition of Bitcoin as a decentralized economy and we are seeing a reaction against it IMO. 

It seems to me like powers know something we don't yet.

The world is moving faster and blockchain transaction is transparent to every one, which bank we adopt cryptocurrency as well.

Instead of being scared, banks should just adopt the technology to develop or improve their technology or their system. I don't know why should banks be scared to it since there is nothing to be afraid of , people will still use and be dependent on banks. Loans to some of the online payment method, we still use our cards, and cards will still be a thing for a long time.

It will not really happen that banks will be replaced by crypto because majority of the people will not allow it to happen. Banks will just incorporate crypto into their own system so that crypto enthusiasts will still be using banks for their transactions. I think there are already banks today who are thinking to adopt crypto in their transactions and hopefully it will turned out to be a successful one.

Since the announcement of the launch of Libra this caused many to wake up, not only banks but nations like China, Brazil, Colombia. They do not fear for the cryptocurrency itself, but for the amount of Businesses that will be developed with Libra, which is nothing bad, especially for Bitcoin, which will achieve a large increase in the price once it has the expected impact.

Already in two months Telegram will launch its cryptocurrency or token that was paused in 2017, as its private investors do not want their money left there, they want to make a profit, now the world will be educated in a faster way of technology, this will bring many participants to the market, which is beneficial, and many investors who will not hesitate to acquire Bitcoin and if demand increases and supply decreases the price goes up, this is explained only in the simple Supply-Demand Law.

Reducing the number of deposits is a signal that people choose another way to get money. The crypto market is an excellent investment tool, and cryptocurrency allows you to do it safer, more profitable and p-2-p without third parties compared to banks. Yeah banks scared of crypto for sure

I do not think banks are afraid of cryptocurrency. They have nothing to fear because they are actually part of the state system and each state will necessarily protect the normal functioning of its banks. This is if such a threat from the cryptocurrency really existed. However, such a threat does not exist. Interstate bodies, including G-7 countries, have repeatedly assessed possible threats from the cryptocurrency and so far agree that for the world’s financial stability, this threat does not come from the cryptocurrency.

Part of the what ?  No mate they arent  .  cryptos are independent and its only up to the banks if they will pick cryptos as one of thier assets  .  we dont know if what bank feels but some banks already support cryptos so we can assume that this banks are not afraid with cryptos .

No its not   . i dont see any threats here but i only see a good future if ever banks will support cryptos  .

i guess its true,banks are scared about this reality ,they keep disrupting crypto activities
but in reality its the other way around. All they can do actually is just cooperate with the technology.

The Bank does not prohibit crypto and this news has long circulated. Until now cryptocurrencies are not banned and even the Bank is working with crypto. Cryptocurrency is a technology that must be continuously developed.

Perhaps we should continue to think positively, that cryptocurrencies have great potential that can still be developed. And the future of crypto will be more benefits. It may also have been a necessity every day people do crypto trading.

Of course, the Banks feared the market competition set by cryptocurrency and the Blockchain technology as it grants the people the power to take control over their own financial transactions. In view of this, some Banks have started adopting Blockchain and this is a clear indication that Banks are likely to adopt cryptocurrency services some years forthcoming.

You got it all wrong. Both blockchain and all cryptocurrency stem from one source - Bitcoin. And blockchain was just a part of Bitcoin's protocol, but then startups started hyping it like it's some miracle invention that can fix everything, and people became confused about blockchain and cryptocurrency, they think that blockchain is the most important part of cryptocurrency or that crypto and blockchain are sysnonymous


No, in fact many startups are trying to do blockchain without cryptocurrency. And this is the type of thing some banks are trying to do, they think that blockchain will somehow make them better.

Also, banks aren't scared of decentralization, because so far decentralization doesn't scale, even cutting-edge technology like Lightning Network wouldn't allow Bitcoin to replace banks.

I have still not seen the reason why the banks should be sacred of cryptocurrency for now, because the benefit they ill get is even more than those border transaction that they do make money from, with cryptocurrency, they will be able to even have more money in the bank because most people that puts money in crypto will still move into the fiat market which they will definitely use bank as the store, and banks has many source of making money, they use their clients money to give loan and then get money on the interest, so there will be more money for them now in the bank.

Blockchain tech is also developed to help them in facilitating banking procedures, so if they still see bitcoin as threat, then they must be some sort of greedy bank owners.

The evolution of blockchain-based digital currencies will soon result in the death of traditional banks as we know them.
I think we are at the beginning of aa dramatic change in the financial system. I think the way we understand payment system and banks is likely to change completely. We are going to see the end of banks at least the way we understands banks soon

I dont know if the news about bank-cryptocurrency  in China is true.  suddenly after managing the crypro regulation in china a lot of media are adopting cryptocurrency including the banks (Arch enemy). There are possibilities of adoption by financial institution and relevant trading companies that could give the coin so much use. I heard they already had a date for launch but cant imagine china going this far in short a while after all the reaction against the space in past months.  

Banks are not really afraid of cryptocurrency. They just don't like the idea of decentralization where everybody can be in charge of their transactions without any third parties involved it the transaction.  They believe that with the introduction of decentralized platforms, people will no long need their services.

Banks are not aftaid of crypto. It is their number one nemesis. All of the major characteristics of crypto are the opposite of the banks such as decentralization, low transaction fees, control over the monetary system, etc. If crypto will become the main attraction in the monertary system in the future, banka will surely deplete if they will not do some innovations.

The system of cryptocurrency is just too strong for them to be able to control and I doubt if they have that authority to place a ban, only financial regulators which they are all under too has the right to pronounce ban on those coin and they have to even do it with the approval of government.

Government might be skeptical about the use of cryptocurrency but that would not mean that they are planning on banning it, so if the government itself has not pronounced the use of cryptocurrency illegal, I don't think there is any bank that can ever ban it. The worst they can do based on their own power is to refuse any transaction that has to do with cryptocurrency and not all bank will do this, so it may generate more power for some banks that would accept it.

Where banks were previously dismissive of Crypto, considering it a fad, the rapid growth over the last year has highlighted many weaknesses in the traditional banking system. Is their answer to modernise? Nope. We have all out war. Why? Because they are scared. And they have every right to be.Cryptocurrencies present a real threat to the fundamental model of banks, the financial middlemen, who make money charging you fees to store and use your money, which they lend out to others and charge interest on.Bitcoin is fast, it’s efficient, and it’s relatively low cost. However, I still believe that the bank offers more utilities than digital currency brings, so there is no need to worry because the bank is still a certainty to the community.

It is not really about that.
It is the anti-money laundering law which they are scared about. The government closing them down when found they are permitting their customers to do transactions that will buy bitcoin as an example.
There is no traces there afterwards.
Once you bought bitcoin they will never know where this money will circulate. It could go anywhere or worse it would be used for illegal things specially creating a terrorist group.  ;D

Try to be positive in every reason and maybe you wont get stress with this kind of thoughts.

I agree with your point. Banks should partner with cryptocurrencies, which will help make payments publicly and transparently and quickly. However, legal issues are at the forefront, because blockchain technology cannot be controlled, banks fear this will lead to the loss of their money value.

I think also they are scared of crypto. If you check last couple of years, crypto market is rising very strongly. Crypto is one of biggest opponent for bank industry. That's why many banks try to create their own blockchain. They know sooner or later crypto will replace on bank and that's why they are trying to create their own blockchain.

Not all banks are scared of crypto since some are making efforts to adopt this technological innovation and use it to further strengthen their
business and never get left behind by competition. I guess only banks that don't support crypto technology should be scared if they aren't wise
enough to adopt to it. Imho.

i don't even think there are any bank as of now that will be afraid of crypto because they offer totally different services, infact, 95% of crypto don't even offer any services yet so why will banks be afraid? crypto still have a long way to go to have such influence, aside from btc and eth, most other crypto have nothing to offer, banks don't feel threatened by them.

Cryptocurrency does not even have the illusory ability to significantly affect the work of banks. Banks will always have enough of their work, which will not intersect with cryptocurrency. First of all, it is servicing and lending to the economy of the state, and in this regard, banks work closely with state authorities. The second area is banking services to legal entities of all forms of ownership. If someone thinks that business structures will switch to cryptocurrency settlements, they are mistaken. Business structures need banking support of accounting documents, which are then provided to the tax service and audit. These documents will not replace any blockchain. As a result, banks will cooperate with cryptocurrency in those areas that will be beneficial to the banks themselves. These are such as exchanging fiat and cryptocurrencies, participating together with cryptocurrency in payment and credit cards, and others.

I am not sure they are completely scared of cryptocurrency, because the blockchain technology ought to have been used by banks in a very long time, they will only be scared of cryptocurrency when it becomes means of legal tender, and since government is yet to pick interest in legalizing it, it is of no threat to them.

I even feel that banks are benefiting money in the cryptocurrency because most people are still holding it as means of asset now, and when they need to convert their profit, they convert both capital and profit into fiat and then store it in their banks, which means that banks will have more money to be able to give out loans to the public where they usually make their money from on interest. So, I think that banks are even more interested in cryptocurrency.

Banks live on the savings people send and they will take that money to business or loan for profit. But if the virtual currency market thrives, people invest in this market instead of depositing the bank, where is the capital so that banks can turn around? So, does the virtual currency market scare them or not? I think this market will have an effect on the bank if it thrives.

Well, we have the same thought as well, and I think not just scared but really scared because if more people will know what bitcoin is. They might invest in it rather than investing in the banks that only have lowest interest rates in that case banks might be closed and all the people will transfer to invest in bitcoin to earn a big profit. Indeed, the fact that cryptocurrency might one and the big competitor of the Bank soon, that is the reason why they are afraid.

Of course bankers are afraid of the situation when banks may be replaced by some other institution or ways to keep and send money. But in my opinion it may happen some day, but not in the near future. Too many directives are connected to the banking system, too many people use the banking system for different things. So I think bankers are not too afraid because they understand their importance nowadays and that people will still be using the banking system more than anything like crypto for their everyday needs.

This conversation just remembered me the invention of the email which was the end of the mass mail post service. The same destiny is the first reason why banks are afraid of the crypto transactions, the faster mass adoption happens the end nears for the greedy bankers. The people have no bank accounts can adapt easily to the online crypto banking projects and this can cause a butterfly effect which is the dangerous for traditional banking, financial system.

The recent market situation is not easy to trade and bankers can take an advantage of the chaos. It is obvious to think about the power of the bankers to the governments, the new regulation rumors can be the reason for the next downtrend. Chaos trading is the hardest exam for the traditional financial market traders who usually traded the spot forex markets or the stock shares of Apple, Microsoft, Google.

Banks are not going to support Bitcoin, so the attacks to this cryptocurrency will be continued. The only fact that different representatives of the banking system decided to change their pointes of view does not mean much. However, bankers see their profits from being in the crypto market and they are taking steps to penetrate in it. This will attract new capital and customers.

Are you sure they are scared? I believe they don't understand their doom yet.

Definitely yes , cos there is no biz that will be happy sent it customers been taken away and loosing income in that regard as crypto has made it easy to send money and receive money with borderless transfer and very low cost on like the huge fees and delay in banking system