There is no currency that banks hate.

[Denker]

If Bitcoin continues to vary so wildly in price I don't think a lot of people would be willing to close their bank accounts and invest everything they own in Bitcoin. Bitcoin is more used as a store of value. Personally I wouldn't invest my life savings in Bitcoin because there is a risk that the price may crash. Bitcoin preaches decentralization by design and I doubt that people would trust centralized banks to handle their Bitcoins in the first place. Bitcoin and banks just don't make the right match for each other.

Bitcoin as a store of value only would still be a huge thing if mainstream would adopt it as that.
As a safe haven or investment BTC could still gain to a high value if a majority of people would only put a small portion of their savings into it.
And as long as the volatility goes upwards, especially over the long term, I believe there will more than enough people to give it a try.

[coinpr0n]

Banks should really be scared of bank runs, if everyone took out their money at the same time. It would expose how they run on unsustainable fractional reserves and exorbitant fees. They are "good" at lending out that isn't even there.

[JosNekoKopa]

This probably never gonna happen because we already have debt slavery, and they are not scared at all, it's going to be worse. Bitcoin won't disturb this system, question is how they gona incorporate him in their bussines..?

[Ultrafinery]

Banks should really be scared of bank runs, if everyone took out their money at the same time. It would expose how they run on unsustainable fractional reserves and exorbitant fees. They are "good" at lending out that isn't even there.

Won't banksters just print more of their filthy fiat out of thin air? Ain't that what they do?

[Cryddit]

Banks should really be scared of bank runs, if everyone took out their money at the same time. It would expose how they run on unsustainable fractional reserves and exorbitant fees. They are "good" at lending out that isn't even there.

Won't banksters just print more of their filthy fiat out of thin air? Ain't that what they do?

With central banks and fiat currencies, yes. Bitcoin has no central bank that can issue more coins, so that particular problem isn't real. 

But all commercial or private banks would treat it exactly the same as they treat anything else; they'd have a fractional reserve ratio where they'd loan out (pieces of paper giving borrowers a right to claim) about three times as many coins as the banks actually have.  And then charge the borrowers interest, and we're right back to the debt model of money.

[pereira4]

Bitcoin price will never be predictable. Bitcoin is not a regulated currency, therefore, it's price can never be stable, we will go through tons of bubble-busts cycles if that ever happens. We will have to reach 6 figures a Bitcoin or more to start seeing some sort of stable floor on the price, until then it's all the way up with downs as well.

[Ultrafinery]

Banks should really be scared of bank runs, if everyone took out their money at the same time. It would expose how they run on unsustainable fractional reserves and exorbitant fees. They are "good" at lending out that isn't even there.

Won't banksters just print more of their filthy fiat out of thin air? Ain't that what they do?

With central banks and fiat currencies, yes.

That's what coinpr0n is talking about, conventional banks.  because there are no Bitcoin banks left to worry about bank runs. They all ran away themselves (Bitcoin Savings & Trust, Bitfunder, NoeBee, etc., etc.)

Bitcoin has no central bank that can issue more coins, so that particular problem isn't real.

Sorta. There are dev teams bidding for power. Recently the owner of this forum had some interesting ideas, like destroying coins that weren't his to destroy, because "old coins should be destroyed before they are stolen to prevent disastrous monetary inflation."
Sounds central bankish to me (other than the bit where he doesn't know what monetary inflation means,that is)

[The Sceptical Chymist]

They don't hate it.  They don't understand it fully and bitcoin's market cap is relatively tiny compared to, say, the US dollar.   Give it time and they will rape and pillage it.

[BellaBitBit]

There is one currency that they do indeed hate and fear - Bitcoin and cryptocurrency.  There is no need for banks when crypto takes over...i am banking on it.

[practicaldreamer]

Banks should really be scared of bank runs, if everyone took out their money at the same time. It would expose how they run on unsustainable fractional reserves and exorbitant fees. They are "good" at lending out that isn't even there.

Won't banksters just print more of their filthy fiat out of thin air? Ain't that what they do?

With central banks and fiat currencies, yes. Bitcoin has no central bank that can issue more coins, so that particular problem isn't real.  

But all commercial or private banks would treat it exactly the same as they treat anything else; they'd have a fractional reserve ratio where they'd loan out (pieces of paper giving borrowers a right to claim) about three times as many coins as the banks actually have.  And then charge the borrowers interest, and we're right back to the debt model of money.

Except that when the inevitable bust follows the boom there would be no way for the central bank to reinject liquidity into the system. No QE with BTC. The commercial banks [that had been irresponsible and greedy] would go to the wall and the whole debt based system would come crashing down around us.
This is what should have occurred in 2008, were there a free market.

[Ultrafinery]

... and the whole debt based system would come crashing down around us.
This is what should have occurred in 2008, were there a free market.

Thank God for central banks/no free market?

[Kprawn]

You are looking at it in the wrong way OP... We should not change Bitcoin in ANY way to win the favor of ANY bank... They are a unfortunate necessity at the moment, because some people wants

to convert back to fiat. Bitcoin should be the direct opposite of banks... and some of these third party Bitcoin services are not getting that and are trying to mimic banks... sucking the advantages of

Bitcoin's appeal and advantages out of the technology for the sake of profits. 

[Junko]

Banks may not hate bitcoin. I agree, anything banks can make money off of, they are happy with.

But if you know how to use bitcoin, you don't need a bank. You are your own bank. This is a fact or facet of bitcoin that bank probably aren't too excited about.

Then again, when mass adoption of bitcoin happens, there will be more than enough sheeple in the world who will continue to use their bitcoin via banks.

[Cuidler]

They hate it. Why would they like it when Bitcoin offers all their services for free or near-free ? Even storing the money isn't needed.

They hate Bitcoin for one more reason, no longer we need to trust fiat issuer (central bank) anymore, with public blockchain Bitcoin uses, anyone can verify no more than 21 million Bitcoin ever exist - the trully transparent public ledger is real future.

[whored]

anyone can verify no more than 21 million Bitcoin ever exist - the trully transparent public ledger is real future.

<20 million, if theymos has his way

[Cryddit]

You are looking at it in the wrong way OP... We should not change Bitcoin in ANY way to win the favor of ANY bank... They are a unfortunate necessity at the moment, because some people wants

to convert back to fiat. Bitcoin should be the direct opposite of banks... and some of these third party Bitcoin services are not getting that and are trying to mimic banks... sucking the advantages of

Bitcoin's appeal and advantages out of the technology for the sake of profits. 

First: I wasn't calling for a change, I was just pointing out that the banksters will simply adapt.  Bitcoin can't break them, nor even lower the amount of profit they can rake off ordinary people.  

Technically, you can use cash for everything local that you can use a bank for.  But you wouldn't want to, because cash can be lost or stolen.  All Bitcoin can do is delocalize cash.  Aside from the local-only limitation, dealing in bitcoin has all the same disadvantages as dealing in cash, IE, it can be stolen or lost and if that happens there is not shit you can do about it.

Ordinary people have a choice between getting their keys stolen out of their phones, or the cloud, or their computers, by hacks and data leaks, or keeping the keys secure offline where they can't use their money, or paying banks to deal with the security.  If they actually want to use their money, paying banks to deal with security is the obvious choice.

And as for sucking the advantages out of things for the sake of profits, THAT IS WHAT BANKS ARE FOR. If they didn't do that, they wouldn't BE banks.  

[Chris!]

I'm going to have have agree with this. If a bank can make money off of a currency exchange why wouldn't they accept it? The problem is then they'll loan out BTC with their fractional reserve.

I think it's going for be hard for me public to understand that it make no sense for Bitcoins though. Onc one bank accepts BTC the others will follow suit soon after.

[raphma]

Once the regulatory and tax and volatility issues are settled out or predictable, they'll cheerfully accept bitcoin, or even denominate accounts in bitcoin.  

Finally, someone that understand. Right now it's all about "bitcoin vs paypal" or "bitcoin vs banks"... damn! People seems not understand what bitcoin is.


Banks just can't accept bitcoin right now, but they will start to accept it at some point.
Even if bitcoin dies at somepoint, another crypto will take it place.

[socks435]

I think i agree theres no currency that banks hate.. for its a perfect couple while our bitcoin is in online we can transfer it to our bank anytime even in offline we can withdraw our money from bitcoins to fiat.
As bitcoin has a value banks need it and to make a more profit with this kind of currency.. they can get the fee for transferring and converting bitcoins..
Just like here in my country to our funds from bitcoin wallet we need to verified my banks first and we can start withdrawing our bitcoin in to fiat..

[Cryddit]

... and the whole debt based system would come crashing down around us.
This is what should have occurred in 2008, were there a free market.

Thank God for central banks/no free market?

Ding.  In most countries, the system worked.  The fatcats got immediate handouts to prevent systemic collapse, which pissed a bunch of people off since the fatcats were mostly responsible for the crisis in the first place.  But in almost all nations, including the US, the handouts stopped and the fatcats have mostly been required to repay them as loans.  And in about half of all nations, (the less corrupt nations), prosecutions are following on now that the economy is somewhat stable again.  So -- in most of the world -- the system worked.

I worry though, that one of the nations where the handouts have never ceased and never been paid back, and prosecutions did not follow recovery, is China.  I fear that it's heading for a big collapse, and it is among the biggest economic powers in the world.  If they don't smarten up pretty quick, they could bring the whole system crashing down again.