Do Banks fear cryptocurrency

[heidikarenina]

I think Banks are really afraid of the crypto currency because the crypto world is eating out their customer base.  Cheesy

I like the idea of putting the bank as devil who is ready to eat crypto currency of government given them chance to do so. But that’s not possible because it’s big market and now many big investor have invested in it in great amounts. If they loose money then it will affect the national economy in indirect mode which no governing body will want to happen. So surely crypto currencies make the banks think twice about it.

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[dreadfullICO]

I do not think that banks should fear crypto, but they should become more adapted to the modern trends.

[mitchel_am]

I think banks are not bitcoin friendly because they are afraid of being replaced by it since it is a more advanced technology

[isaevaen]

Some banks do fear cryptocurrency. This is because now more and more people prefer bitcoins over banks as it is much more convenient.

[Kaller]

Of course its the banks who need to be afraid of cryptocurrencies as its their monopoly of money over world which cryptocurrencies threaten. Banks are centralized system but crypto currencies are decentralized with no single point of working.

[AntonGrishko]

Bitcoin actually didn't disturb banking business, they steal away the main function of banks which could make  banks becoming useless. You can compare Bitcoin as new things and banks are old stufss, classical way.

[vinasky]

What fear? they think how to make money on this excitement

[santankara]

Of course they are, cryptocurrencies basically rob them their source of money.

In case cryptocurrencies get globally adopted banks will lose their mighty position as money controller

As long as we have confidence in cryptocurrency we will never be afraid of it.
I think it's just the government's fear of cryptocurrency that can threaten the existence of the central bank, so the government is spreading the risk issues of using cryptocurrency to the public.

[dimiinx]

What fear? they think how to make money on this excitement

banks are afraid because banks are more familiar with and create currency than cryptocurrency. if the bank first knew what it is crypto and the benefits of cryptocurrency of course banks will not be afraid to use it.

[GoodBrother]

I recently read this news, but I do not think we should be afraid


"Banks and financial organizations continue to think about how to react to crypto-currencies. Many are afraid of a new financial instrument, calling bitcoin and other digital tokens among the risk factors for their business.

This rhetoric is followed, for example, by JPMorgan Chase. Recently, the financial holding has published an annual report, where it recognizes that crypto currencies can become a competitive player that will force banks to fight for their place in the market, reports Fortune.

The bank argues that financial institutions face the risk that payment processing and other services can be changed by crypto-currencies that do not require intermediation. In PMorgan Chase believe that the number of crypto-currency start-ups will only grow, and therefore, in order to attract new customers and retain existing ones, it is necessary to make concessions.

The organization has already been forced to invest in adapting or modifying its own products, but current or growing competition may further put downward pressure on prices and commissions in products and services and cause the loss of JPMorgan Chase's share in the market, the authors of the report write.

Bank of America last week also acknowledged that the crypto-currencies put the bank's competitiveness at risk. This week, Goldman Sachs joined him, calling crypto-currencies one of the potential risks for his business.

However, in Goldman Sachs believe that crypto-currencies, issued by central banks, can prove their "utmost usefulness."

"Is there room for a digital currency, possibly sponsored by one of the major central banks, for example the Federal Reserve? Yes. Can it prove to be extremely useful? Can it reduce transaction costs? Yes. But this does not apply to existing models, "explained Sharmin Mossavar-Rahmani, head of investment at private equity management at Goldman Sachs.

The top manager also suggested that the possible collapse of the crypto currency market will have a minor impact on the economy as a whole. "There can be some kind of influence. In this sector, various exchanges, infrastructure, hedge funds are created, so, of course, they will suffer. But this is a very small part of world GDP, "- concluded a representative of Goldman Sachs."

[abanansah]

It is not entirely true that banks are afraid of cryptocurrency. The fact is banks even make money from cryptocurrencies since most exchanges accept deposite and withdrawal via swift through banks; and consequently banks make money from the services they provide.

[BeManga]

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!

we can say as  long as bitcoin is not going in mainstrean they will keep issuing warning in my opinion as of now bank are not just sure
 

[MMS2017]

Banks are not fearing crypto currency but i would like to make it clear that banks are believing the and dealing the paper money while the virtual money like bitcoin Ethereum and many other coins need it's separate banking system to give a strength to this currency while the crypto market is very good and through this way we have to be in the crypto currency and banks are using their own procedures and polices that's why they do not want to start bitcoin engagement.

[Innerpumper]

Bitcoin are reversed from the bank. Bitcoin are decentralized while banks, are centralized. The Bank is very scared if she's replaced by bitcoin.

[RajaCripto]

Certainly, cryptocurrency harms them because they have taken on the task that the bank's job should be. Moreover cryptocurrency has several advantages that make them more interesting to learn.

[Jerical13]

I don't think.At least in the next couple of years it really seems something cosmic and absolutely unreal and impossible, but who knows what will happen next

[nicko122]

Of course banks are afraid of cryptocurrencies, because this is a big threat to them. If the cryptocurrencies become an everyday opportunity for people, they will less use the services of banks, and they can not allow this.

[kasemin]

The bank is just trying to protect its turnover from the public with so Bitcoin and other Cripto currencies to compete against them. So pour money into Cripto currency. all may make the bank within the competent authorities in issuing such warnings.

[ogini]

They are really in fear of bitcoin that is why they are doing all they could to fight bitcoin through the social media and the government.

[OlegK41]

I believe that the crypto currency for banks is stasho.
1. Many people will stop lending money to the bank at interest (because they give a very small percentage a year), but will start buying crypto currency, because it gives a much higher percentage per year.
2. People will less use the services of banks, they will begin to translate the Crypto currency themselves - it's much faster, easier, cheaper!
As a result, the banks will begin to close.