Big Banks Profit challenged

[naughty1]

Bitcoin hardly poses any threat to big banks presently. Even if bitcoin becomes a little more mainstream in a few years from now, it will still pale in comparison to what banks are making. It is just that banks are established institutions run by professionals who are always trying to meet quotas and would always try to outdo its competitors.

Yes, bitcoin does not have any effect on banks, it's not like what people think. They worry that bitcoin will cause banks to collapse, but that certainly does not happen. Banks are the only thing we use for bitcoin and everyday life. To put it more precisely, bitcoin is dependent on banks, and vice versa, banks do not really care about bitcoins.

[Amph]

i don't know what you are talking about but big banks don't ever care about bitcoin, bitcoin is peanuts to them, they are more worried about the economy crysis that is affecting the world now

some of them will go bankrupt for sure, this is their primarily concern, and in fact it's risky to save money in bank now, bitcoin/gold looks far safer

even if bitcoin will gather enough attention i'm sure they will find a way to take profit from it, like creating bank for bitcoin only that give interest on your deposit etc....

[dinofelis]

This is old news. Banks have been studying blockchain tech for years now.

It is funny though. Bitcoin, the great libertarian big bank and fiat destroyer, is going to make big banks and fiat even stronger than they were before.

Source: http://nypost.com/2016/08/24/big-banks-push-new-digital-currency-to-rival-bitcoin/

UBS has developed a “Utility Settlement Coin” (USC), which is a digital cash equivalent of each of the major currencies backed by central banks, such as the dollar or euro, rather than a decentralized new digital currency such as bitcoin.

The USC would be convertible at parity with a bank deposit in the corresponding currency, making it fully backed by cash assets at a central bank. Spending a USC would be the same as spending the real currency it is paired with, UBS said.

Blockchain projects such as this have the potential to shake up the settlement system used by banks, under which transactions can take several days to finalize and which costs the financial industry $65 billion to $80 billion a year, according to an Oliver Wyman report last year.

It's a libtards wet porno dream and then your mom walks into the room.

Someone's getting it 

[sasaku bitbit]

Bitcoin hardly poses any threat to big banks presently. Even if bitcoin becomes a little more mainstream in a few years from now, it will still pale in comparison to what banks are making. It is just that banks are established institutions run by professionals who are always trying to meet quotas and would always try to outdo its competitors.

many of them probably bought the coins while they benefit bitcoin well on altcoin, we will know the price that occurs in both rising and declining bitcoin price bitcoin. and if we could find out about this maybe we will benefit but it is only temporary.

[paul gatt]

Bitcoin hardly poses any threat to big banks presently. Even if bitcoin becomes a little more mainstream in a few years from now, it will still pale in comparison to what banks are making. It is just that banks are established institutions run by professionals who are always trying to meet quotas and would always try to outdo its competitors.

Yes, bitcoin does not have any effect on banks, it's not like what people think. They worry that bitcoin will cause banks to collapse, but that certainly does not happen. Banks are the only thing we use for bitcoin and everyday life. To put it more precisely, bitcoin is dependent on banks, and vice versa, banks do not really care about bitcoins.

Exactly so, that bank can accept bitcoin or reject it according to their judgment of bitcoin. If they accept bitcoin, this means they accept the challenge with bitcoin's constant changes. The value of bitcoin fluctuates a lot, and if a bank accepts bitcoin, they face the risk of bankruptcy if bitcoin breaks down. It is dangerous for them.

[BitcoinHodler]

Big banks are worried about losing their profits to fintech companies such as bitcoin startups.Regarding Santander bank,the profit loss could be 10%, a leaked memo shows.The document shows that the bank charges six times more than its fintech rivals getting huge profits by giving customers poor exchange rates.They do this rather than charging customers high fees directly.It seems that Bitcoin has started to achieve the goal of liberating people from banking sectors,for what it was created by satoshi.

they have always been worried and their business is always at risk. and it is not just by bitcoin and this is not even a new thing. why do you think they are always present and look for ways of making money in any way possible.
and they have already infiltrated cryptocurrencies, there are many altcoins that are invested and controlled by banks look at the coinmarketcap number 2 coin (wink wink).

[fanita]

I think this is an efficient bank builder who has begun to adopt other technologies.

[bamboylee]

We are still ways to go before bitcoin can challenge the banking system. There are still a lot of adjustments needed to be done on the blockchain to compete with the banks.

[bitart]

We are still ways to go before bitcoin can challenge the banking system. There are still a lot of adjustments needed to be done on the blockchain to compete with the banks.

Why should bitcoin compete with banks? Do we need an institution that gives loans in bitcoin, or do anyone wants to give his/her bitcoin to an institution for a longer time to gain interest (in bitcoin)? I think bitcoin should be firstly a kind of solution for digital cash (and secondly digital gold).
Why people use banks?
- Security
- Money transfer to abroad
- investments
- loans

the first 2 could be done easily with bitcoin. If you have a lot of cash, you put it in the bank, they save it for you. If you need to secure your funds (in bitcoin) you can use paper wallet and hardware wallet, no need for banks to save it.
People use banks (or WesternUnion and similar) to transfer cash to relatives in different countries (or not just to relatives, but to anybody). They need a system that solves this problem. Bitcoin can do it easily and securely, and (if there're not too much transactions in the mempool), it's cheaper.
What do you do if you want to buy something locally? You go to the shop, and buy something, you pay by cash. What do you do if you want to give money to your relatives or to someone else locally? You give them cash. No banks are involved in local transactions.
But what do you do if there is a distance between the two people? They cannot use cash, because of it's phisical existence. In these cases you need to involve banks.
But if you use bitcoin, you don't need banks, because of the nature of bitcoin, because it's digital, because it's accessible worldwide.
It's not a competition with banks, it's just solving problems without them. If you have digital cash, you don't need banks for digital cash transactions.
But if you want to apply for a loan, that's another story, and you cannot skip banks in that situation. If it was possible to give loans in bitcoin, then it would be a competition with banks.

[Rinder]

Well at poloniex you can get a monhtly revenue of 1,2% or even more, with a low ammount of btc something at the banks industry you need big ammount to get a good tax for your savings. I doubt bitcoin can really damage the bank industry at all, we cant get a loan for a long period with bitcoin, atleast without a colateral not possible.

[Wind_FURY]

i don't know what you are talking about but big banks don't ever care about bitcoin, bitcoin is peanuts to them, they are more worried about the economy crysis that is affecting the world now

some of them will go bankrupt for sure, this is their primarily concern, and in fact it's risky to save money in bank now, bitcoin/gold looks far safer

even if bitcoin will gather enough attention i'm sure they will find a way to take profit from it, like creating bank for bitcoin only that give interest on your deposit etc....

The biggest institution that is worried about Bitcoin is the government. It makes it easier for criminals to move value over the internet and make themselves anonymous through tumblers. The banks simply do not care about the markets they cannot penetrate like the dark markets. They are secure with their niche.

[boyptc]

Big banks are worried about losing their profits to fintech companies such as bitcoin startups.Regarding Santander bank,the profit loss could be 10%, a leaked memo shows.The document shows that the bank charges six times more than its fintech rivals getting huge profits by giving customers poor exchange rates.They do this rather than charging customers high fees directly.It seems that Bitcoin has started to achieve the goal of liberating people from banking sectors,for what it was created by satoshi.

This is a very good news for the crypto society but too bad for the banking sector. If they are going to loss possibly 10% of their profit, they will have no choice for it but to adopt bitcoin in able to get their customers again. But the bad thing on it is they don't want decentralization. I'm interested what will be their next move for this.

[rickadone]

Big banks are worried about losing their profits to fintech companies such as bitcoin startups.Regarding Santander bank,the profit loss could be 10%, a leaked memo shows.The document shows that the bank charges six times more than its fintech rivals getting huge profits by giving customers poor exchange rates.They do this rather than charging customers high fees directly.It seems that Bitcoin has started to achieve the goal of liberating people from banking sectors,for what it was created by satoshi.

Yes the bitcoin surely has challenged the banks by a variety of offers of profit it has created a panic in the financial institutions making them worried about their future.

This is becoming the main reasons of banks to adopt and accept the bitcoin and altcoins because of the ease that the crypto currency is offering to the people; people now prefer the bitcoin channel for investing and using it as a medium of exchange. It is tough for the traditional financial system to overcome it.

[Xester]

Big banks are worried about losing their profits to fintech companies such as bitcoin startups.Regarding Santander bank,the profit loss could be 10%, a leaked memo shows.The document shows that the bank charges six times more than its fintech rivals getting huge profits by giving customers poor exchange rates.They do this rather than charging customers high fees directly.It seems that Bitcoin has started to achieve the goal of liberating people from banking sectors,for what it was created by satoshi.

Bitcoin has not liberated bitcoin from banks rather bitcoin will bring the people to another slavery that they encountered with the banks. There are movement within the bitcoin network that tries to control bitcoin and thus if they succeed bitcoin could be just another bank. As long as there are greedy people our experience with banks will be experienced also in bitcoins thus we all need to stop it from happening.

[sportis]

Banks are not afraid of any crypto and especially the bitcoin because it is primarily used as asset, that is as a commodity and rarely as a currency. The same happens with the gold. As franky1 above said the fiat are not lost when people use their coins, just has changed hands (bank accounts). If ever banks loose their profit then we will understand how they will react.

[stompix]

I wonder how much money they have made until now on all the transfer fees to exchanges.
Right now banks love bitcoin. I have't made an international transfer in my life but thanks to bitcoin I've paid close to 100 dollars in fees.

Juts take a look at what the biggest fear right now is on the market...
Deposits stopped. Bitcoin trade would be dead without banks.

[paul gatt]

Banks are not afraid of any crypto and especially the bitcoin because it is primarily used as asset, that is as a commodity and rarely as a currency. The same happens with the gold. As franky1 above said the fiat are not lost when people use their coins, just has changed hands (bank accounts). If ever banks loose their profit then we will understand how they will react.

No, I suppose you were wrong. Bitcoin is really a challenge for banks, because its value is not real, it depends entirely on other currencies, which are issued by the government. The risk of bankruptcy always clings to banks if they accept bitcoin. That is true, and most banks accept bitcoin as government-led banks.

[Wind_FURY]

I wonder how much money they have made until now on all the transfer fees to exchanges.
Right now banks love bitcoin. I have't made an international transfer in my life but thanks to bitcoin I've paid close to 100 dollars in fees.

Juts take a look at what the biggest fear right now is on the market...
Deposits stopped. Bitcoin trade would be dead without banks.

This would make Bitcoiners resolve to person to person transactions. The problem now will be how much will the price of Bitcoin be? Will it increase demand making the price go up? Or will it go down because less people will be using it since it is hard to convert fiat to Bitcoin.

[Przemax]

Banks are immune to the world outside. Firstly they have the option of cheap credit. That gives them advantage of creating an economy independant of reality and failures. Secondly banks feed on the bad sittuation. The sittuation of the economy of the world gets worse and worse imho so the banks are in their perfect enviroment as everyone is in need of a credit else they default.  

Nothing can influence the banks in my opinion, outside of regulatory bodies and an entities that have an option to gain cheap credits themselfs. The competition is just too unfair.

[Harlot]

I don't think that Banks see Bitcoin as a threat, I mean as big as they are they won't worry on something that has not touch the majority fo the world's population yet. Banks earn practically on everything although most banks offer a free savings account using it have fees from withdrawals to even checking your balance in atm machines have fees. Also Big companies also rely on banks on loans which in return they will pay back with big interests. In terms of profiting in stock terms banks are one of the most likely stable forms of investments in the stock market world because they are one of the essentials that people or companies need.