Do Banks fear cryptocurrency

[kafeelniazi]

If cryptocurrency is made into a thorough currency around the world I'm sure the bank will be scared because people would prefer to keep their own assets in their wallet crypto wallet, and if that happens the bank will not have customers that eventually make the bank go bankrupt

I agree, yes any bank can be scared because when their customers will leave them and join a best currency system bitcoin so they would have nothing to do. And surely banks are afraid of bitcoin too because it is a leading crypto currency over the world and its spreading all over the world very quickly and it has many benefits like you can use it for shopping and for business too

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[Tiercel]

In short, YES they do. Bitcoin and the blockchain network is forcing them to re-evaluate the way in which they do business(over time) The blockchain and bitcoin is a new type of network in which transactions are recorded chronologically, and publicly allowing transactions to be distributed and not copied across the network. It's an incorruptible digital ledger of transactions that can record anything of value. They need to intergrate or disintegrate. New account holder here been involved in BTC since 2013. Not a trader just a HODL.

[Hamstead]

Probably banks will be afraid because banks can generate income from transaction fees aside from lending interest. And if happens that bitcoin would spread all over the world and all of us used bitcoin the banks income will lessen also. Some of bitcoin transactions don't have fees or if have but smaller amount compared to local currency that's the thing they are afraid off.

[Philopolymath]

THE Question is poorly phrased...loaded..
The answers thus far predictably naive and ignorant

WHAT THE BANKS FEAR MOST IS PEOPLE..
THE IGNORANT MASS OF PEOPLE TAKING AWAY THEIR MONOPOLY ON WEALTH AND POWER
EDUCATED PEOPLE WHO FULLY UNDERSTAND THEIR THIEVING   MONOPOLY ....THE MAKING MONEY OUT OF THIN AIR SCAM
THE WELFARE SYSTEM OF THE RICH AND POWERFUL


When the average idiot sucker john doe plays with crypto's for greed but remains ignorant of the Banks EGREGIOUS CRIMES AGAINST HUMANITY...
THIS HELPS THE BANKS...THEY LOVE IT...(Say hello to Ripple)

When people understand that decentralized crypto's ARE THE ANTIDOTE TO KILL THE BANKS..and
When THAT IDEA SPREADS and GROWS and starts eating into their monopoly...

THEN YES THEY ARE VERY VERY AFRAID....RIGHTLY SO....

There has ALWAYS BEEN WAR between the rich elite powerful few and the poor mass..

This is just a new battle..crypto's ARE THEE MOST POTENT WEAPON EVER AVAILABLE to the common mass.
A weapon is only effective if it is used properly wisely

As BITCOIN becomes better understood and utilized more decentralized wide spread..so will the resistance to it increase
As will copy cat blockchain clones and traps..we see their growth and hype already..they are INTENTIONAL DISTRACTIONS meant to weaken BITCOIN
We also see a tech race and the attempt to DOMINATE and MONOPOLIZE MINING...Again to PREVENT decentralization...Foster Corporate and State Monopoly
China is leading but ALL the major powers are VERY ATTENTIVE and Concerned.
Russia is now playing catch-up...the U.S. and E.U. are happy to HELP CHINA DOMINATE...
ANY MEASURE TO PREVENT WIDE SPREAD ADOPTION decentralization in the hands of the MASS...



Is it absolutely imperative that we have MANY MANY more small miners and small business USE Bitcoin..THAT IS HOW TO KILL THE BANKS

ONE FINAL WARNING
WHEN BITCOIN REALLY BECOMES A SERIOUS THREAT TO THE IMF AND WORLD FINANCIAL MONOPOLY FRAC/RESV USURY/FIAT SYSTEM
THEY WILL MAKE WORLD WAR TO DEPOPULATE AND REGAIN CONTROL

Bitcoin is more powerful and threatening than all the nukes ever made...
If your name is Rothschild or Rockefeller or Gates or Bush or King/Queen or Chairman or President 

[mornabo]

If cryptocurrency is made into a thorough currency around the world I'm sure the bank will be scared because people would prefer to keep their own assets in their wallet crypto wallet, and if that happens the bank will not have customers that eventually make the bank go bankrupt

But you may think also that there are some banks that are using blockchain technology and we don't even know that some are secretly buying cryptocurrency or developing their own cryptocurrency to compete with bitcoin.Banks are present for a long time and even accumulated lots of money.

I think the bank is under the supervision of the government. While almost all governments in the world still prohibit the use of bitcoin and it is unlikely banks will violate the regulations of the government and then receive bitcoin. banks will depend on the government

[razzbee]

But they will be forced to change their policies on bitcoin when about 70% of the world accept bitcoin or any decentralized currency

[Psalms23]

Of course banks should be afraid of cryptocurrency because they will have none of its fortune. If bitcoin will be popular to everyone, lots of people will just invest in bitcoin because it has way bigger profit that investing in time deposit that banks offer. Aside from it very easy access anytime, anywhere with just an internet connection. Some wealthy people could hide their massive wealth in bitcoin instead in banks. I think its better that they adapt to cryptocurrency fast and find ways to be involved in it.

[phr0stbyt3]

They do banks never feared about bitcoin in past but when it started gaining more recognition people started realizing that why save money in bank and get 6% interest and also pay different types of fees for no reason. If you figured with bitcoin you have control over your money, you make lot more than you made from banks and no need of showing your wealth to others

[Flomo]

all of that is our belief in success with bitcoin, we certainly know bitcoin price is unstable, we can learn it and understand every movement and issue that happened which impact on bitcoin price change.

[Shikaina]

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!

Well, they just warned the people and i believe those who are knowledgeable on cryptocurrencies will not be bothered by their advise or warnings. I dont think we need to be afraid, and if we have to, in what matter should we be afraid of? Banks maybe threatened by crypto's growth and dispersal, one day there will be no more incomes for them when crypto users stop using banks.

[Glorious04]

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 have nothing to be afraid of banks should. If cryptocurrencies will be in circulations and people barely use the country's currency then there will be a decline in the bank's profit.

[Walked_by]

Yes I think they rly fear all cryptos

[BitFinnese]

I belive banks does not fear cryptocurrency, actually they are thinking of using the blockchain brought by the technology of cryptocurrency.    Aside from that banks does not only offer keeping fiat currency but rather they can keep lots of important documents and stuff.  Even if banks loses the power of manipulating currency, they still have their market of keeping things.  Banks/financial institution only wants cryptocurrency to go by the rule but it seems it is kinda hard since cryptocurrency blockchain are public and most them are decentralized that opposed banks privacy and centralization.

[silent17]

I think bank is right about warning people on using bitcoin due to high risk of being scam.
as we all know, there are a lot of bitcoin site that scam people of there money.
I think that the bank is not only concern on them self,

Yes, Bitcoin doesn't necessary need banks to collect or to save them. but even that is true , that doesnt mean they are not concern to there client.

[Fidemoga]

I think, banks already realized, that bitcoin provides a technology, that will be the future of money. So they will adopt this technology to their own cryptocurrencies.

[helars2008]

Cryptocurrency in general can be a threat to banks,  either private banks or especially central banks. We cant deny the fact that cryptocurrency somehow takes away the control they've got when it comes to money.  And their earnings as well,  they may now have felt the effects of cryptocurrency popularity when they are looking at their statistical datas of revenues.

[bitPico]

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!

When governments, etc warn like this it's because they are scared not the other way around.

[miyong]

Yes, they are very worried about the existence of cryptocurrency. I guess, they so worried about the average of their transactions and investments. People now a days are now engage in crypto investment and transfering funds thru online using BTC unlike before banks are very important to each and everyone of us.

[Blamsud]

Yes, they are very worried about the existence of cryptocurrency. I guess, they so worried about the average of their transactions and investments. People now a days are now engage in crypto investment and transfering funds thru online using BTC unlike before banks are very important to each and everyone of us.

It's good that banks have an alternative now, a better alternative, btc is much used now for me than transactions in bank. Though we still need banks for more  specific transactions that btc can't made yet now.

[Yamifoud]

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 they are scared, bitcoin is their direct competition, especially now since it is getting so much popularity, banks are definitely getting scared of bitcoin now. Banks are losing client now due to bitcoin and losing clients is definitely not good for business

It is a big loss to the banks. They can't sustain their company if there is no money coming inside, they totally dependent on the number of transactions be made daily. It is very scary if they just release their money without having a benefits on it.