Bitcoin Forum

Does that mean, that banks will lose their power?

Not quite yet. Banks still have power over the people because it provides physical money which is our fiat. Cryptocurrency isn't just going to take over the banks that easily because it will take a long time to develop an idea to apply a decentralized cryptocurrency 'bank' in the real world.kqu

Banks will always have the power. Cryptocurrency will just wake them up but you'll see governments and banks will cooperate to turn cryptos by their side...

I don't think so.
Banks have legal status in every country and doing business according to the law.
Companies or individuals cant get mortgage in bitcoin for example, or salary.
Of course, banks realized that bitcoin is very popular among young generations and that they are loosing them as possible clients.
It's still to early to predict future of bitcoin or any other crypto currency.

Well banks don't just deal with payment methods, but with storing your money, giving you credits and etc. Bitcoin is a currency, not a bank.
However, banks will probably lose a bunch of power because of Bitcoin. Some directly, by not being able to get the government to print money for them.
Some indirectly, by people not storing their money in banks, since there is no inflation and no way for banks not to charge you a fee for storing your money for you. As well as the fact that it is easier to keep money more secure when it is just a number then physical paper and etc.

The trend forecaster and commentator Gerald Selente said in his new interview that "banks are afraid of bitcoins."

In an interview with TheStreet, Selente, who is the publisher of the Trends Journal, said that banks fear that bitcoin and crypto-currencies will "take their business away," and even claimed that banks "are trying to kill him."

I don't think the can be really afraid. Since they can create limitless money, they could theoretically buy most of the bitcoins on the market for some years, sending BTC price to the moon, and then dump all their coins at once and sending Bitcoins price to zero and killing it.

Maybe they feel threatened by a possible future where we just need to get things through cryptocurrencies. But it will really take a lot of time. It is not impossible either. I think so.

Nope, they're not.

You can interpret that's they worried cos " they used to be in a power, but now someone bother them". But nope. crypto is still had a long way to go.

banks are still number one it took a long time for cryptocurrenty to compete to be number one.

No, it means that Banks will take some measures to assimilate the blockchain technology because they now that if they don't do it they will vanish and banks are like the sinn, they are always around.

I think that banks - and governments - still don't understand the extent of blockchain revolution

Absolutely. But I don't understand what kind of measure they'll can take

I don't think so. They still have much power because they don't want to be lost to bitcoin, they surely prepare strategies and system in facing the growth and improvement of cryptocurency.  In other sides, Since almost all people around the world still use visual or physical money, it may quite impossible that banks will lose their power.

Right now they have power because people are stable in this era they don't even know the newest technology blockchain which are good for the economy. People should know that we are in 4th revolution era and need to absorb what's in it. cryptocurrency will change everything especially to those banks that are engage on loan.

I think yes Banks afraid of cryptocurrency why? Because they understood this system will work well  and people will use this system in the future and the new system of bank will change our life and blockchain system will be system of money .

I don't think they are afraid of it, they still have the edge over the people and the legality.
They still hold the fiat money,I think rather than being afraid, banks can see this as an opportunity to invest/venture into cryptocurrency, like providing offline wallets that they can hold. It will be a great idea if one can embark on it. :)

Blockchain technology is so revolutionary that only a few people really understand the political and economical implication.
Bitcoin is only a little thing. We'll see.

Yes, I am sure that banks lose their power as they see that millions of people prefer using decentalized cryptocurrency!

Not really, however if don't look after technologies they will look after you, so banks are just keeping up with all trends.

Thats the fact, bank always try to find way to make vryptovurrency looks bad.

Not yet but blockchain technology has the potential to change the way financial world functions.

The banks are afraid and they may take some serious steps to ban or atleast limit the cryptocurrency because people are investing more in them and the banks will soon be effected significantly.

Banks won't lose power, but they will lose some parts of their business (money creation)

They'll try to keep their power, and I'm pretty sure that they will find a way :(

That us true. Banks aren't afraid of crypto currency. I think, as a matter of fact that they love it. I mean banks are financial entities that themselves could invest on any and all crypto currency with the deposits they have and earn off of it. Since crypto currency is on the rise so too can banks capitalize on it for gain. Because, well let's be honest banks are businesses and money is a god for them

I don't think so. Banks have a lot ways of making money and cutting costs. They are in the technology trend more than most people know of.

I think banks are afraid of digital currency and they should be because with the use of digital currency the use of banks will reduced slowly and gradually because keeping your money doesn’t cause any serious charges or tax while bank does, so that’s why people use digital currency rather than keeping their money in banks. Banks can survive along with digital currency but the fact is that its use will be reduced by the people.

Afraid probably isn't the correct word to use here. Wary would be more fitting. Banks control a lot of major governments in this world and thr emergence of crypto would definitely get their attention but not enough to instill fear. Yet. Wait until crypto adoption grows then let's see

No, since people still using real money, credit money, credit property using bank. And bank get protect from government. Every customer of bank get security because there is law that protect their money. Opposite the bank crypto not legal in many country just a few of country that legal cryptocurrency, until it legal i think bank will never replace with anything.

Banks are now aware and somehow threaten by cryptocurrency because it's now beginning to grow and broaden its scope and more and more people are having an interest to invest and transact rather cryptocurrency than the in a bank

It is pretty obvious that Banks will not lose their power in the near future but They would turn themselves into cryptocurrencies banks in the future. For that reason, they will stand strong to suck people's blood to death with a diffrent tool.

Banks are actually afraid of cryptocurrency because of the way many people are now investing into. And among these investors are majorly account holders in various banking institutions, this have made the bank to make a pronouncement , warning its customers to beware of cryptocurrency. And they make it to look as if the customers will loose their invested money  into cryptocurrency,which is not true.The fact that bank stand nothing to gain have consider cryyptocurrency as non beneficial investment to the bank.

Bank will never loose their power due to the advent of cryptocurency. They will surely innovate the way they deal.

are of course afraid, since in the future, crypto-currencies will be able to replace banks in full

Banks arent afraid of cryptocurrency . It even help them increase their profit. Have you taught how crypto coins are acquired. Most exchanges requires bank transfers before they sell you crypto currency, so why should banks be afraid while they make money through fees.

Of course! Investments in crypto better than in banks, bcause crypto growth fast and same money you can earn earlier

Yes, i think in the future the banks will dramatically shrink

They certainly will lose their power. Once people will see that cryptocurrency has more benefits and gives you the power over your money, the banks will be shaken and they will do everything to manipulate the fall of crypto. That's why the banks are against crypto currency because it cripples them of their power.

I think they ahould be afraid as the will be replaced very soon!

Bank and cryptocurrency have different functions. I think that bank will always have a role to play. However, they could loose power as some of the usual operations could be done with cryptocurrency

alcoins is created to delete the necesarry of bank so of course they are affreid. but in years

Of courwe they are. Currently crypto is extremely unstable, so it's kinda obvious.

I think banks should take advantage of opportunities, rather than fear

Of course they are, as with cryptocurrency banks becomes useless.
But I fear they'll find a way to profit anyway :(

It's quite logical because the invasion of crypto straightly affects their domination and so on...they have some reasons I think

Banks are not afraid of cryptocurrency because of its instability, they are afraid because it is going to bring down their business, customers would rather buy cryptocurrency than save at a bank and it's making them lose a lot of money.

I think so. Digital currency now is well know to others and the transaction is getting bigger.

I think that banks and governments still don't understand what revolution is going to happen!
When they realize that they will lose their power, the reaction will be very hard. We'll see.

Banks probably are afraid to lose their domination, but I'm pretty sure that they will find a way to keep their power

I can't see any reason for banks to be afraid of cryptocurrency because they can always use their resources to create or use one. I guess it is also hard for an economy to just replace their currency with crypto instead of fiat because not all countries in the world have their own cryptocurrency, but then we export/import goods and other products. It takes centuries to make it happen.

Of course they feel dangerous !
cyptocurrency gains more and more trust from world society, more and more people store money in cryptocurrency, not in bank account

banks are bank for FIAT and it will remain in every country ass crypto will never replace FIAT because it has many weaknesses and still unresolved. though bank still afraid of crypto especially bitcoin as it grows power and demand to the people all around the world.

If bank can accept and collaborate,they are sure to gain from the crypto world,they are afraid because they are not the initiator of cryptocurrency,sure they are scared that they migth be sent out of business if cryptocurrency is accepted globally.

at least to some extent

Yes, banks are afraid of cryptocurrencies because it will affect the deposits that comes. Instead many poeple will deposit money in the bank it will lessen because some poeple will think that is better to invest their money in crypto coz it brings more profit in the long run.

Certainly to some extent afraid. Investments in cryptocurrencies give cash outflow from banks, so banks lose some of their potential profits.

Bitcoin Poses No Threat to Dollar, Federal Reserve Official Says (http://www.freedomsphoenix.com/News/233124-2018-01-17-bitcoin-poses-no-threat-to-dollar-federal-reserve-official-says.htm)


https://www.freedomsphoenix.com/Uploads/Graphics/693-0117085250-Neel-Kashkari.jpg (http://www.freedomsphoenix.com/News/233124-2018-01-17-bitcoin-poses-no-threat-to-dollar-federal-reserve-official-says.htm)




Read more and click the links at https://www.ccn.com/bitcoin-poses-no-threat-dollar-fed-official-says/.


8)

The world has entered the era of the information age, where all is defined by the program and network computers and tablets. Cryptocurrency is completely transparent. All transactions can be reviewed and approved by any user.
Intermediaries are no longer needed. Time banks ends, they are replaced by computers and software. Which is honest and impartial, and not greedy. Of course that the base will remain the gold or precious metals. But
paper money disappear as the old steam locomotives on wood. Neh doubt that banks and the government is indeed afraid of cryptocurrency. Due to the constant development and creation of new cryptocurrencies to solve the financial problems of the modern economy, it is possible that banks and the government will go towards a more decentralized system of transaction. Cryptocurrencies are not only reliable, fast, anonymous and transparent, but points are not subject to any Central authority. Thus, there is no reason why the state or the banks should not be afraid of cryptocurrency.

Banks afraid of CC, but in fact they start to use it 5 years ago

I think that will not happen because they can always adapt the system if they have to, maybe it is not yet at the high time go for cryptocurrency in all bank transactions. There maybe some applications that were applicable to them but some were not. I believe that they are technically aware of the risk in cryptocurrency.

I think no, not all banks are afraid of cryptos, because banks has some other things to offer and your money in the bank is not unstable, so to those who are not a risk takers can save their money in the bank. There are still a lot of us needs bank and a lot of companies so why they need to worry about cryptos.

It is true that banks around the world are scared of digital money; As in my country the state bank forbids payment in digital money and does not recognize it. But I think they should take advantage, do not be scared!

Banks currently feel threatened by the presence of cryptocurrency, and even the loss of many customers. Therefore the government took action to issue a policy for the use of cryptocurrency. But in the near future I think the Bank will not lose its power, maybe the next 5 years or even more than 5 years later.

Banks, like big brother, are afraid to lose control over people.

Yes, banks are afraid of cryptocurrencies. Banks together with the government in other counties declare war on cryptocurrencies. They want to take down crypto world or maybe they want to have control in cryptocurrencies.

Slowly but surely. Everything takes time. Which is why the banks feel threatened. More and more companies are buying crypto in case their systems get hacked etc. It's all part of risk management.

If banks are afraid of crypto then they will probably adapt to the new market trend so their power won't vanish in the dark.

Banks will always exist.

But crypto will change the game a lot. And hopefully put more power into individuals' hands instead of conglomerates

Of course they are afraid. Look up patents by the banking and financial institutions. They are trying to patent ideas as fast as possible to help keep skin in the game.

Banks, by their nature, are always looking for ways to reduce their exposure to risk by balancing the profit from the provision of loans and investments on behalf of their clients. The bitcoin system in its present form should seem so insignificant in comparison with the usual operations of the bank, which, probably, is not worth contemplating.

Gareth McLeod, co-founder of the Canadian company Tinkercoin, managed to convince the bank to engage in joint business.

"Banks are conservative institutions," says McLeod. "From their point of view, they will get very little from working with Bitcoin businesses, while they may lose a lot. Even the biggest bitcoins of the company will bring only a few hundred thousand dollars in revenue to the bank, which is a pittance for him. "

They can't take the patent for someone else's invention. Blockchain and Bitcoin belongs to Satoshi Nakamoto and therefore the banks can't take any patent for them. That is one of the reasons why they are supporting some of the main rivals of Bitcoin, such as Ripple.

The ones adapting blockchain and others will survive.

Check the concepts of Challenger Banks in UK.

Also you can what is PSD2 Banking.

All the best
Aytunc
Developeo

banks are afraid of cryptocurrecy as they are afraid that people will not save money in their bank accounts as they will get less money for their operations so they refuse people from using their bank  accounts to buy cryptocurrency form credit card as well.

I think they are afraid - it all comes down to control. The Govenor of the Bank of England has already shown his cards on this - without regulation he and the banks have no control.

Ceos of U.S.banks are likely "very afraid"of cryptocurrency,according to a wealth advisor.Cryptocurrencies could present investors with a viable alternative given the uncertainty  from banking's luck of transparency.

I think in a couple of years banks will find out that cryptocurrency is a strong competitor for them

I suppose that banks participate in cryptocurrency trading unofficially in some way. Bankers can't allow anyone else to control the market of currencies. Although it would be great if banks couldn't undertake nothing dangerous to world of cryptocurrencies.

I think banks are not that afraid of cryptocurrency. First is that banks is one of the major part of society. Thus, they cannot be just diminished instantly. Also, this cryptocurrency will not replace the banks but will be just one of the major competitors of them. The ease that was given by cryptocurrency might be considered by customers. But I think eventually, banks will be threatened by these due to the increase of customers who used it. Also the innovation and advancement of technology that was offered by cryptocurrencies would be one thing to consider. Nonetheless, we are never sure of what might happen in the future so we should just prepare ourselves to the changes that might happen in our society.

Most "big banks" are involved in many ways in cryptos lol.

I really don't think they're afraid of it.

crypto will replace banks,
decentralized voting will replace governments

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Definitely. Banks are afraid that people would redirect their assets from bank to cryptocurrency, which believed that the crypto will weaken the real currency.

Maybe they feel threatened about the growing of crypto currency,so that they start planning on how to welcome crypto currency in the banking business,