Why Banks Hates Bitcoin?

[btc-facebook]

Bitcoin has more advanced financial system and providing more fast services than any traditional baking system, it has very low transaction fee as compare with international funds which takes a lot of days and charges very big fee these days people are using this method for fast transaction around the world and that is why banks are worry with this situation.

I think bank and bitcoin are different thing.

Bitcoin is a currency meanwhile bank is a place for keep your money.
I do not find any connection between them

[Slark]

Bitcoin has more advanced financial system and providing more fast services than any traditional baking system, it has very low transaction fee as compare with international funds which takes a lot of days and charges very big fee these days people are using this method for fast transaction around the world and that is why banks are worry with this situation.

I think bank and bitcoin are different thing.

Bitcoin is a currency meanwhile bank is a place for keep your money.
I do not find any connection between them

Actually there is more to it than seems at first glance. What will you do when you want to send money to your family in another city?
You don't put banknotes into the envelope and send them via traditional mail, right? You use bank transfer! With Bitcoin you can do the same thing but you eliminate 3rd party from the equation.   

[jdmorgan]

It easy: banks hate Bitcoin because Bitcoin don't need any banks. With Bitcoin you are the bank of yourself

[ausbit]

The big banks don't like Bitcoin because it offers more benefits to end users than traditional checking bank accounts. That's one of the many reasons why some people are closing their bank accounts and flocking to Bitcoin instead. Also Bitcoin can be used as a savings account if you are brave enough to buy and hold coins for the long-term investment value and the interest rate will be much higher. That's why the Blockchain technology is sought-after by fiat financial institutions.

And putting up a bitcoin wallet, doesn't need a money or maintaining balance for opening it. Unlike opening a savings account to the bank, you need to have money for the fees and you need to deposit to have a maintaining balance.

Yes this kind of lot of advantages, people can enjoy with bitcoins system where in the traditional bank system is really sucking money from us. These are very few reasons why people are converting into bitcoins system from bank.

Yes that is why banks are getting fear about losing their customers and becoming hating bitcoins system now a days. But only the more beneficial and advantages thing will survive in the competition between bank and bitcoin. But now itself we can predict the survivor would be bitcoin.

You are right. When we are realizing the advantages, we will go with using bitcoin over traditional and killing bank system or paypal kind of payment processors, we could definitely say people will forget banking system in near future itself.

[Ryananda]

The big banks don't like Bitcoin because it offers more benefits to end users than traditional checking bank accounts. That's one of the many reasons why some people are closing their bank accounts and flocking to Bitcoin instead. Also Bitcoin can be used as a savings account if you are brave enough to buy and hold coins for the long-term investment value and the interest rate will be much higher. That's why the Blockchain technology is sought-after by fiat financial institutions.

And putting up a bitcoin wallet, doesn't need a money or maintaining balance for opening it. Unlike opening a savings account to the bank, you need to have money for the fees and you need to deposit to have a maintaining balance.

Yes this kind of lot of advantages, people can enjoy with bitcoins system where in the traditional bank system is really sucking money from us. These are very few reasons why people are converting into bitcoins system from bank.

Yes that is why banks are getting fear about losing their customers and becoming hating bitcoins system now a days. But only the more beneficial and advantages thing will survive in the competition between bank and bitcoin. But now itself we can predict the survivor would be bitcoin.

You are right. When we are realizing the advantages, we will go with using bitcoin over traditional and killing bank system or paypal kind of payment processors, we could definitely say people will forget banking system in near future itself.

No I do not think that way. Progress and improvement of bitcoin later in my opinion will not affect the banks because of the fact that many people are cashing in bitcoin results through banks. It is proof that bitcoin is still dependent on banks. Moreover bitcoin is still based on the currency. So I think it has no effect, and banks do not hate bitcoin.

[JeffBrad12]

The big banks don't like Bitcoin because it offers more benefits to end users than traditional checking bank accounts. That's one of the many reasons why some people are closing their bank accounts and flocking to Bitcoin instead. Also Bitcoin can be used as a savings account if you are brave enough to buy and hold coins for the long-term investment value and the interest rate will be much higher. That's why the Blockchain technology is sought-after by fiat financial institutions.

And putting up a bitcoin wallet, doesn't need a money or maintaining balance for opening it. Unlike opening a savings account to the bank, you need to have money for the fees and you need to deposit to have a maintaining balance.

Yes this kind of lot of advantages, people can enjoy with bitcoins system where in the traditional bank system is really sucking money from us. These are very few reasons why people are converting into bitcoins system from bank.

Yes that is why banks are getting fear about losing their customers and becoming hating bitcoins system now a days. But only the more beneficial and advantages thing will survive in the competition between bank and bitcoin. But now itself we can predict the survivor would be bitcoin.

You are right. When we are realizing the advantages, we will go with using bitcoin over traditional and killing bank system or paypal kind of payment processors, we could definitely say people will forget banking system in near future itself.

Not for now, because value of bitcoin is rely with USD. We know basically money rotation is centered in bank.maybe bank can losing their customer but value of bitcoin controlled by bank.so i think bitcoin can survive if bank survive too.
 

[pooya87]

banks are generally against bitcoin because bitcoin can in some ways take their place in the world. i am not saying bitcoin will replace fiat and replace banks but i say it will at least take a big chunk of their customers and revenue and that scares them.

[Hashminers]

I think that banks hate Bitcoin because some people rather invest there money into Bitcoin then saving there money at the bank. The banks cannot make money this way.
So I understand why the banks may not like Bitcoin that much.

[Ryananda]

I think that banks hate Bitcoin because some people rather invest there money into Bitcoin then saving there money at the bank. The banks cannot make money this way.
So I understand why the banks may not like Bitcoin that much.

Not true if we take money from banks, banks still make a profit. Banks are not supposed to be concerned about bitcoin for real money and digital money is very different and do not affect each other. So although bitcoin the best price that will not make the problems with the banks.

[jossiel]

banks are generally against bitcoin because bitcoin can in some ways take their place in the world. i am not saying bitcoin will replace fiat and replace banks but i say it will at least take a big chunk of their customers and revenue and that scares them.

Yes it would probably people that are using bank services will shift into the services of bitcoin, that's why they hated most bitcoin. Just like the super hero things, bitcoin is banks arch enemy.

[ajun96]

It easy: banks hate Bitcoin because Bitcoin don't need any banks. With Bitcoin you are the bank of yourself

yeah maybe for this time only requires a bitcoin wallet. then bitcoin does not require any bank but if you think that the bank will accept bitcoin as a deposit option. then it will provide benefits for both?
after all, both are also no disadvantage to this ?

[Superways]

It easy: banks hate Bitcoin because Bitcoin don't need any banks. With Bitcoin you are the bank of yourself

But I thik in the future bitcoin start to feel the need of banks as because of scammers, people cannot pay directly to a person for any purchase of anything and so they will need a most reliable third party. In the current time escrow is also a type of banks, escrow work as a third party between two or more dealers in their business etc. So in the future I think banks will adopt the function of escrow for bitcoin transactions.

[jossiel]

It easy: banks hate Bitcoin because Bitcoin don't need any banks. With Bitcoin you are the bank of yourself

But I thik in the future bitcoin start to feel the need of banks as because of scammers, people cannot pay directly to a person for any purchase of anything and so they will need a most reliable third party. In the current time escrow is also a type of banks, escrow work as a third party between two or more dealers in their business etc. So in the future I think banks will adopt the function of escrow for bitcoin transactions.

I think it will happen also that banks will try to adopt bitcoin as another source of payment and service for their clients. But, that would happen
for a very long time or if Im wrong that will never happen.

[DarianOtoole]

Many has the thought that bank is not really looking closer to the bitcoin structure and sooner will join the system, but I think, they already know how good the structure is and their ego don't allow them to give it away, so they are developing a better system, with the basics of bitcoin and reducing the cons in this system, and may put a new term for the whole thing. 
I like the bitcoin idea and even lot of business support the same. There is nothing illegal and many has yet to understand that. Even many merchant account providers are now providing services to bitcoin products & services. The number is also increasing and soon the whole world will accept the bitcoin system.

[katrimans]

Bitcoins also dont like banks as both of them are different from each other.

[katrimans]

Bitcoin has more advanced financial system and providing more fast services than any traditional baking system, it has very low transaction fee as compare with international funds which takes a lot of days and charges very big fee these days people are using this method for fast transaction around the world and that is why banks are worry with this situation.

I think bank and bitcoin are different thing.

Bitcoin is a currency meanwhile bank is a place for keep your money.
I do not find any connection between them

NO, you should correct your information, because i and most of the members in bitcointalk that don't think that bank hate the bitcoin, both have a do different work. bank save the money, and bitcoin is already money.

[umaOuma]

Bitcoin has more advanced financial system and providing more fast services than any traditional baking system, it has very low transaction fee as compare with international funds which takes a lot of days and charges very big fee these days people are using this method for fast transaction around the world and that is why banks are worry with this situation.

I think bank and bitcoin are different thing.

Bitcoin is a currency meanwhile bank is a place for keep your money.
I do not find any connection between them

NO, you should correct your information, because i and most of the members in bitcointalk that don't think that bank hate the bitcoin, both have a do different work. bank save the money, and bitcoin is already money.

There is no doubt that bitcoin is a currency and money too, but the fact is banks knows the potential of bitcoin and they are very well aware that it can be threat to them in future.

[ngenko]

Let's say you are a business owner, your business exists since centuries, and you make a lot of money out of thin air.
Someone comes with an innovation and demonstrate that your business will be soon useless: how would you react?

[Superways]

The big banks don't like Bitcoin because it offers more benefits to end users than traditional checking bank accounts. That's one of the many reasons why some people are closing their bank accounts and flocking to Bitcoin instead. Also Bitcoin can be used as a savings account if you are brave enough to buy and hold coins for the long-term investment value and the interest rate will be much higher. That's why the Blockchain technology is sought-after by fiat financial institutions.

And putting up a bitcoin wallet, doesn't need a money or maintaining balance for opening it. Unlike opening a savings account to the bank, you need to have money for the fees and you need to deposit to have a maintaining balance.

Yes this kind of lot of advantages, people can enjoy with bitcoins system where in the traditional bank system is really sucking money from us. These are very few reasons why people are converting into bitcoins system from bank.

Yes that is why banks are getting fear about losing their customers and becoming hating bitcoins system now a days. But only the more beneficial and advantages thing will survive in the competition between bank and bitcoin. But now itself we can predict the survivor would be bitcoin.

Both bank and bitcoin can survive together if banks and government start to adopt and use bitcoin, the banks should have to device some rules and mechanisms through which they have to start regulate and maintain bitcoin for the people. With that bitcoin will also get a strong support and banks will also find a new way to earn profit.

[goinmerry]

Let's say you are a business owner, your business exists since centuries, and you make a lot of money out of thin air.
Someone comes with an innovation and demonstrate that your business will be soon useless: how would you react?

Good question. If I am that business owner then I would be wiser. I would rather approach this thing that is coming and let it in my business. I have connection that they dont have and I know they would want that.