Do Banks fear cryptocurrency

[TravelMug]

Banks should be fear with cryptocurrency, because cryptocurrency development is so rapid and could replace the current banking system, bank systems are now quite old-fashioned, unsafe and costly to maintain and use them, with the presence of bitcoin and blockchain systems, naturally if the bank system This time should change and may use a blockchain system

Banks may be old but I don't think they will changed what they have used to. Simply reason, they will lose a lot of money if they implement a blockchain technology to replace their legacy system. Imagine data are freely shared amongst its different branches. It has advantages I know, but it will really affect a lot of banking employees if they implement it. They may even cut employees out for all we know. So they are very afraid of  this new technology. They still want the old legacy system because its very profitable for them.

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[SvenBomvolen]

I don't know why banks would afraid of bitcoin, it can't ruined them as the institute. I suppose Albanian bank was saying so about crypto-currencies in that sense, that it's high risk investment and with investing of big money in any of crypto you can loose everything. Just remind how many shitcoins and scam ICOs on the market today, they just can't pump all, only 2-3% among this projects can bring real profit.

[Adbitco]

It wouldn't be fair to say that banks or governments fear cryptocurrency as there have been countries like Japan the government of which has given recognition to bitcoin and it's to be used as payment method there. But yes just like I read a news here in this forum yesterday that some parliamentarians of a country termed bitcoin to be ponzi so it may be so that the governments and banks of some of the countries do not have sufficient knowledge of bitcoin and their apprehension towards cryptocurrencies might be arising out of lack of knowledge. Another fact to take note of is bitcoin has not reached where banks have and banks are still an important part of everyone's life but bitcoin is not so imo at least for now banks aren't afraid of cryptocurrency instead they might have plans to come up with their own centralized blockchains.

[Zadicar]

Yesterday the Central Bank of Albania issued a warning about the uncertain and unsafe nature  of cryptocurrencies
They called on people not to get involved. Should we be afraid or the banks are!

Banks are definitely afraid on cryptocurrency thats why they do tell people not to involved with it but the hidden truth is that those banks doesnt like for people to have idea about the usefulness of crypto when it comes on storing money because once a certain person does know the usage of it then it will surely switch and they wont use already the service of banks on storing their money which means they will really lose bank depositors and its really an disadvantage for them.

[roadbits]

Banks should be fear with cryptocurrency, because cryptocurrency development is so rapid and could replace the current banking system, bank systems are now quite old-fashioned, unsafe and costly to maintain and use them, with the presence of bitcoin and blockchain systems, naturally if the bank system This time should change and may use a blockchain system

Banks may be old but I don't think they will changed what they have used to. Simply reason, they will lose a lot of money if they implement a blockchain technology to replace their legacy system. Imagine data are freely shared amongst its different branches. It has advantages I know, but it will really affect a lot of banking employees if they implement it. They may even cut employees out for all we know. So they are very afraid of  this new technology. They still want the old legacy system because its very profitable for them.

Yes if it happens then many bank employees will come to the road and become jobless. Already they are implementing their own bank app and telling users to do all transaction with that app. These small apps make many bank employee jobless. If they implement blockchain technology, i think slowly the physical bank will disappear.

[Hamphser]

Banks should be fear with cryptocurrency, because cryptocurrency development is so rapid and could replace the current banking system, bank systems are now quite old-fashioned, unsafe and costly to maintain and use them, with the presence of bitcoin and blockchain systems, naturally if the bank system This time should change and may use a blockchain system

Banks may be old but I don't think they will changed what they have used to. Simply reason, they will lose a lot of money if they implement a blockchain technology to replace their legacy system. Imagine data are freely shared amongst its different branches. It has advantages I know, but it will really affect a lot of banking employees if they implement it. They may even cut employees out for all we know. So they are very afraid of  this new technology. They still want the old legacy system because its very profitable for them.

Yes if it happens then many bank employees will come to the road and become jobless. Already they are implementing their own bank app and telling users to do all transaction with that app. These small apps make many bank employee jobless. If they implement blockchain technology, i think slowly the physical bank will disappear.

Lots of bank employee would really be afraid on this thing when it starts to be implemented on banks but i cant see the possibility that this would become the mainstream or being used by them.They would really remain on the old ways that they do know even some of them would see the innovation of blockchain technology they will surely neglect it because they do already know the possible effects if they would decide to accept it.

[khaled0111]

sure they do, and governments too. when you start a trading project in real life, every thing is controlled by your country and they take some of your profits but in cryptocurrency trading you pay nothing and you can invest as much as you want which have a big impact on govermental economy.

[Vixmore]

Yes,  I think they very much do. It all comes down to bitcoins decentralised nature and this is something that all banks fear and hate. This is since most banks manipulate currencies and stocks to their favor and reap the profits while digging others to the ground.

However, some banks do not understand enough of cryptocurrencies and do not want to switch to a totally network. However, they will soon learn that this is the future to go and will have to adapt eventually.

[bitmanReturns]

Yesterday the Central Bank of Albania issued a warning about the uncertain and unsafe nature  of cryptocurrencies
They called on people not to get involved. Should we be afraid or the banks are!

Maybe they do since cryptocurrencies completely wipe the idea of having a central authority involved. Cryptocurrencies run on their own and need no middle man whereas fiat currencies are issued by the government... So, if more and more people turn to cryptocurrencies, they could replace the banking system and implement blockchain technology systems.

[junkozane]

albania bank warning to bitcoin,bitcoin new kind of currency we can buy and bitcoin without depend upon the bank.bitcoin also works like a bank,we can send and receive directly.in future bitcoin is world biggest bank.but one problem here bitcoin price is not stable like currency.

[engwai]

Without regulation, markets are unstable . However, countries that over-regulate a disruptive innovation in its infancy will only lose out on the first waves of that innovation

[Mpamaegbu]

There is a difference between banks and central banks. Central banks control monetary policy, which can be rendered ineffective if enough people start using cryptocurrencies. Hence central banks issue these periodic warnings.

Thanks for clearing this up in bold. In addition I think the skepticism shown by the various Central Banks of different countries stems from their inability to understand how Bitcoin truly works. Some of them see it as a Ponzi scheme while others think it's an MLM stuff. Even the CB of my country is weary of Bitcoin but that hasn't stopped some of us from embracing it.

[GreenBits]

I don't know why banks would afraid of bitcoin, it can't ruined them as the institute. I suppose Albanian bank was saying so about crypto-currencies in that sense, that it's high risk investment and with investing of big money in any of crypto you can loose everything. Just remind how many shitcoins and scam ICOs on the market today, they just can't pump all, only 2-3% among this projects can bring real profit.

Exactly. The respective governments of said banks simply wouldnt allow bitcoin to threaten the status quo. Banks are the gateways between ACH electro dollars and real, cold hard cash. The fiat of a nation is its lifeline; anything that threatens that fiat or the institutions that traffic in it is a non starter. if bitcoin ever starts to cause capital flight in say, the United States, they will regulate bitcoin into ash.


Bitcoin is cool and all, but if bitcoin ever threatens what the financial elite have put into place; well, that will be the end of it.

[flag39]

The Central Bank of Albania is managed by a board of supervisors or you could call it board of directors and the Governor. It happens that board members and every one working in C.Bank at all levels is connected with powerful people, politicians, M.P.  They have a closed system of salaries. The board puts a price on themselves and for every worker, which has shown to be relatively very, very high. The former governor was impeached and after the High Court revoked the administrative act, he got his unpaid salary back which is much more than any Albanian  family could dream of in a life time.
I am saying that probably an algorithm is much better to run a C.Bank than a bunch of "lucky" people     

[malikusama]

It is obvious that banks are afraid of the increasing popularity of bitcoin and other cryptocurrencies. In future banks will going to face serious challenges due to increase in the cryptocurrency users.

[blakeh]

Yesterday the Central Bank of Albania issued a warning about the uncertain and unsafe nature  of cryptocurrencies
They called on people not to get involved. Should we be afraid or the banks are!

A lot of banks simply don't care about cryptocurrencies probably.  They underestimate its potential!  They think they are too big to fail!

[masterchief001]

Yesterday the Central Bank of Albania issued a warning about the uncertain and unsafe nature  of cryptocurrencies
They called on people not to get involved. Should we be afraid or the banks are!

Of course, that's the true nature of all passwords, but look, it's giving so many benefits to the user, it's becoming so popular, so the risks are minimized, they are worrying too much.

[Polar91]

Yesterday the Central Bank of Albania issued a warning about the uncertain and unsafe nature  of cryptocurrencies
They called on people not to get involved. Should we be afraid or the banks are!

No they do not fear of it. Banks being an establishment can be also wise as people can be. Being authorized and manage by humans, they will surely adopt their services that will suit consumers demands just like bitcoin have done. The rise of bitcoin will make banks offer the type of operational services that bitcoin have offered on people. Also they can possibly operate bitcoin service to make their clients grow in numbers.

[javeed1]

Yes Ofcourse Bank must be feared on Cryptocurrency. It's a digital currency we will send our Btc to other wallet within a secounds like a email sending.
we don't want to Stand in Queue and not any procedure like a Bank.

[Pejoh Asu]

Clearly and definitely, when the role of the bank is replaced by bitcoin then this is the biggest threat to the bank, of course in many ways they will hinder the use of bitcoin.