Why Banks Hates Bitcoin?

[Cyaren]

Why banks hate bitcoin... And why we no longer need them...

What banks can do better than bitcoin. If bitcoin also have almost all features of banks.  Only must have an internet and you can use bitcoin already.

And bitcoin has faster transactions than the bank and more secure I guess.

Banks hate bitcoin because they offer an alternative to the services they offer. But they no that bitcoin is going to replace the dollar sooner or later, it's just a matter of time. They're pretty scared. They don't want to get washed out. They want to continue scamming people under the fractional reserve standard.

They know that once bitcoin dominates as a currency, there will be no need for global money transfers. They were taking so much profit out of those. But now they are gone, because of bitcoin. That's because they hate it.

[jossiel]

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.

Why would you believe someone that comes from nowhere and will tell you that your business will be soon useless? As it is used by many people and
you witnessed it, don't believe speculations of other people when it comes to business cause it might just they are your competitors

[n3o111]

Every major financial institution around the world is aware of Bitcoin and all of them are at least researching the technology.  The smart ones are building prototype systems built on the tech.  Some or many of them may never touch Bitcoin the crypto-currency, but they will all use the tech at some point.  I believe many of them will actively hold and exchange Bitcoin at some point and a number of them very likely hold some BTC right now.

[daringdiscovered]

Banks hates bitcoin because bitcoin is beating up their features.Bitcoins wallet and bitcoin itself have the features of a bank account.Difference is it's security and % of earnings.Bank accounts are more secured tham bitcoin wallets.And the difference in earnings is in bank they have a small % of interest per year,but bitcoins have no % in interest,your profit is base on bitcoins current price.And good thing in bitcoin is it can grow ny investing while holding your money.

[StoreBit]

I have no idea about that banks hats bitcoin. but if it is so may because it will effect their position. may be the people fell no need to use bank for legal currency when they are using online currency.

[Red-Apple]

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.

Why would you believe someone that comes from nowhere and will tell you that your business will be soon useless? As it is used by many people and
you witnessed it, don't believe speculations of other people when it comes to business cause it might just they are your competitors

but it is going to be different for banks, because no matter what happens banks will be stay useful as long as fiat is being used and fiat is not going anywhere.

[aakashsangwan]

We cannot get rid of banks so easily. There are still many things that banks can do and bitcoin don't. Banks have locker for securing your valuables. They easily provide you loan in fiat which is acceptable everywhere unlike bitcoin.

[BitcoinHodler]

the banks will always try to get their hands on bitcoin and get involved  with it if they can and earn the profit by investing int it. but they show that they are not a fan of it and just want the blockchain to use for their own.

[katrimans]

Why banks hate bitcoin... And why we no longer need them...

What banks can do better than bitcoin. If bitcoin also have almost all features of banks.  Only must have an internet and you can use bitcoin already.

And bitcoin has faster transactions than the bank and more secure I guess.

Banks hate bitcoin because they offer an alternative to the services they offer. But they no that bitcoin is going to replace the dollar sooner or later, it's just a matter of time. They're pretty scared. They don't want to get washed out. They want to continue scamming people under the fractional reserve standard.

They know that once bitcoin dominates as a currency, there will be no need for global money transfers. They were taking so much profit out of those. But now they are gone, because of bitcoin. That's because they hate it.

Currenctly very less options for cashout bitcoins.

[harizen]

..and ofcourse  botcoin wallets are better than banks

Hold your horses. "Better" is a big term so please use it appropriately.

I used both services, banks and bitcoin so I know in myself how I can benefit from using both.

And because Im in the situation of using them both I know their PROS and CONS

No way I can say that bitcoin is much better nor banks is.

The term "better" must have no CONS please keep that in mind.

[Ryananda]

I have no idea about that banks hats bitcoin. but if it is so may because it will effect their position. may be the people fell no need to use bank for legal currency when they are using online currency.

But I think bitcoin not widely known and to use bitcoin is still very difficult because not many stores that provide payment with bitcoin. So to use it must change to money to go through the banks. And indirectly we still need banks and banks are not harmed by me.

[arwin100]

Why banks hate bitcoin... And why we no longer need them...

What banks can do better than bitcoin. If bitcoin also have almost all features of banks.  Only must have an internet and you can use bitcoin already.

And bitcoin has faster transactions than the bank and more secure I guess.

Banks hate bitcoin because they offer an alternative to the services they offer. But they no that bitcoin is going to replace the dollar sooner or later, it's just a matter of time. They're pretty scared. They don't want to get washed out. They want to continue scamming people under the fractional reserve standard.

They know that once bitcoin dominates as a currency, there will be no need for global money transfers. They were taking so much profit out of those. But now they are gone, because of bitcoin. That's because they hate it.

Currenctly very less options for cashout bitcoins. I don't use any exchange because I don't want to exchange my BTC to $ . Opposite, I exchange my $ to BTC because I think Bitcoin is very good investment for the future , so I am very glad to save it in my wallet , and we can watch the progressive increasing in BTC value , for that I am holding now . and ofcourse  botcoin wallets are better than banks

In  philippines our wallet provider here gives us lots of option to cash out our bitcoin and there are some banks offering zero fee for every cash out transaction that we made and thats really great for us that our wallet provider keeps us more convenient on using their service,  and one day i tried do cash out in bank and when theirs errors occur and tell the bank where do i got the money i said from bitcoin and they said what is bitcoin, damn they dont know what  bitcoin is even they are bankers they late of the e currency trend, thats the reason it didnt cross to my mind that banks hate bitcoin because mostly most of them dont know its existing and their are other capitalist dont bother to see it because its unstaible maybe they dont see profitable in the long run.

[Superbitzz]

the banks will always try to get their hands on bitcoin and get involved  with it if they can and earn the profit by investing int it. but they show that they are not a fan of it and just want the blockchain to use for their own.

may be in future banks also accept bitcoins and then it will become a legal and accepted currencies by the government. then why will banks hat bitcoin. if they have a decent profit from it . i think in  near future the bitcoin will be accepted by the banks.

[harizen]

In  philippines our wallet provider here gives us lots of option to cash out our bitcoin and there are some banks offering zero fee for every cash out transaction that we made and thats really great for us that our wallet provider keeps us more convenient on using their service,  and one day i tried do cash out in bank and when theirs errors occur and tell the bank where do i got the money i said from bitcoin and they said what is bitcoin, damn they dont know what  bitcoin is even they are bankers they late of the e currency trend, thats the reason it didnt cross to my mind that banks hate bitcoin because mostly most of them dont know its existing and their are other capitalist dont bother to see it because its unstaible maybe they dont see profitable in the long run.

Just because one of their clients didn't know bitcoin you consider them as bank hates bitcoin? Really a non sense post.

There are lots of crucial things that a banker works everyday. Really stressful so don't blame them if they don't know bitcoin because their mind are full. Have a relatives that works in bank for almost years now? If you don't know their experience then shut up your non sense mouth.

How about I will tell you that 5 of my friends working in BPI (Bank of the Philippine Island), of course you know that bank since we are in PH, taking part here in bitcoin world? Also they have accounts here in bitcointalk and some of them are doing signature campaign.

Don't take it is a whole man.

[Enotche]

the banks will always try to get their hands on bitcoin and get involved  with it if they can and earn the profit by investing int it. but they show that they are not a fan of it and just want the blockchain to use for their own.

may be in future banks also accept bitcoins and then it will become a legal and accepted currencies by the government. then why will banks hat bitcoin. if they have a decent profit from it . i think in  near future the bitcoin will be accepted by the banks.

Some global banks have already taken or are preparing to take cryptocurrency, hire programmers, personnel associated with cryptocurrency: UBS, Standard Chartered, Citi Bank, BNP Paribas, Société Générale, Barclays, Goldman Sachs, BNY Mellon

[bitcoineverything]

Why banks hate bitcoin... And why we no longer need them...

What banks can do better than bitcoin. If bitcoin also have almost all features of banks.  Only must have an internet and you can use bitcoin already.

And bitcoin has faster transactions than the bank and more secure I guess.

I think you already answered your question why banks hate bitcoin. Obvious reason is business. You do not support any threat to your position.

For me, we still need banks. Bitcoin is not fully usable to everything with everyone everywhere. So let us not think that banks are going to disappear.

[pereira4]

Banks want total control of the flow of money, and Bitcoin provides people an alternative to avoid this ridiculous total control, which is why they hate Bitcoin so much, they can't control people's money, this makes them feel uncomfortable because free citizens can be dangerous for the status quo.

[fantoos]

Banks have not only control of people money but also earning lot of by using others money.They charge heavy fees on name of protection and transfers whereas Bitcoin provides freedom,low cost and fast way of doing transactions.Banks will loose a lot if Bitcoin which is still at early stage,succeeds to be used widely.

[StoreBit]

Banks have not only control of people money but also earning lot of by using others money.They charge heavy fees on name of protection and transfers whereas Bitcoin provides freedom,low cost and fast way of doing transactions.Banks will loose a lot if Bitcoin which is still at early stage,succeeds to be used widely.

may be banks hate bitcon in present time but I know they will no do so in near future. when bitocin will become legal in all over the world and people will use it as flat currency. I know then banks will have adopted such a system where they will accept bitocin. so we can say that in near future bitcoin will be accepted in most of the world's famous banks.

[amine14madrid]

Because they know that bitcoin is a better system than banks,Bitcoins are probably going to drive them out of business. That's why they hate it so much.