[2016-02-26] Why the Banks See Bitcoin as their Number One Enemy

[shane]

Bitcoin has created waves in the world of finance. Look back to 2013 when Bitcoin first came onto the horizon. Its value rose by 6000% in a single year. This is an incredible rate and it brought up the idea that the virtual currency could really succeed.

But Bitcoin is a currency that has gained a lot of enemies. Companies that want to operate using the virtual currency struggle to create bank accounts, as a result. I spoke to Michael Gastauer, Founder and CEO of WB21 to discuss this issue that companies have.

http://www.huffingtonpost.com/aj-agrawal/why-the-banks-see-bitcoin_b_9322022.html

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[aso118]

Bitcoin has created waves in the world of finance. Look back to 2013 when Bitcoin first came onto the horizon. Its value rose by 6000% in a single year. This is an incredible rate and it brought up the idea that the virtual currency could really succeed.

But Bitcoin is a currency that has gained a lot of enemies. Companies that want to operate using the virtual currency struggle to create bank accounts, as a result. I spoke to Michael Gastauer, Founder and CEO of WB21 to discuss this issue that companies have.

http://www.huffingtonpost.com/aj-agrawal/why-the-banks-see-bitcoin_b_9322022.html

If banks really want to see Bitcoin fail, they will lobby regulators about it.
Reluctance of banks in opening accounts for bitcoin banks is due to heightened money laundering risk. They risk serious fines if any of their accounts is involved in money laundering. This results in higher monitoring and resultant higher cost.

[Goms]

I understand the reluctance of banks to open accounts for bitcoins. BTC is completely anonymous and that is against general banking regulations.

[BellaBitBit]

Great to see this coming from a source like Huffington Post.  Everyday bitcoin gets more and more press outside the crypto world.  Yes, banks...bitcoin is your number one enemy.

[fancy_pants]

US banks need to provide a 90 day window in which they can reverse fraudulent transactions.  This alone means that no US bank will ever be able to adopt bitcoin.  Since bitcoin is so much better for payment processing,  the only thing banks can do is set up a potempkin village, call it an ohlone, and get people to trust that the facts are 100 times better than reality.  Banks are pro at that sort of thing.

[1Referee]

The bigger you get, the more enemies you will have. I am quite sure that if Bitcoin becomes much bigger than it is now, that banks will somehow look to incorporate it or either do everything to make it imposible to purchase Bitcoin via their bank.

[Denker]

The bigger you get, the more enemies you will have. I am quite sure that if Bitcoin becomes much bigger than it is now, that banks will somehow look to incorporate it or either do everything to make it imposible to purchase Bitcoin via their bank.

Incorporating in the meaning of assimilating it is impossible imo.They can adopt or link to Bitcoin, but will never be able to control it.
Bitcoin is all what Banks doon't like.And Bitcoin isn't the only decentralized, open blockchain out there.
Even if they would be able to take over Bitcoin, another decentralized Coin would continue where Bitcoin has failed.
This idea and technology in the way Bitcoin works is out of the box and will never go back into that box.
Money has a history of a few thousand years and central banking will be compared to that not more than 100-120 years.

[indiemax]

Great to see this coming from a source like Huffington Post.  Everyday bitcoin gets more and more press outside the crypto world.  Yes, banks...bitcoin is your number one enemy.

Yes ,your days are numbered muhahahahaha

[notthematrix]

one word.
Infrastructure Inversion the rest is history.
https://www.youtube.com/watch?v=5ca70mCCf2M
central banks will be like the horse in 21 st centoury road trafic.

[richardsNY]

Bitcoin is the worst nightmare of Banks and governments. It doesn't require much brain work for some one to realize this. I am interested in seeing what new policies Banks and governments will come up with once Bitcoin is reaching very high values of over $2000 and much higher adoption rates at some point in the future.