Do Banks fear cryptocurrency

[johnsm79]

Why fear it? They can use it..  but currently they don't understand it, so they block it.


Soon, they will support it, like everything else in life.

Once they are against it and then support it.

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[Blackdeath]

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!

If I was an owner of a bank, I will surely be alarmed by the rise of the cryptocurrencies because many people will surely prefer the usage of it rather than banks because they can see the possibilty that bitcoin will make their money grow than banks. Since bitcoin has the feature of being a decentralized block chain, many people will see it as a transparency for them to be able to monitor their money in any time they want compared to banks. So I will gradually fear it. But if I will offer them bitcoin services in banks, I will not have to fear bitcoin and other cryptocurrencies.

[Paid Piper]

Yes, they are really scared of what it is turning out to be. Judging by a video I watched recently, our central bank have already set up a committee to look into the applications of the blockchain and Cryptocurrency in itself and how it can be adopted for use. A friend also told me that he fears for the people working in banks at the moment with things are going, guys might soon be running out of bank jobs soon. I guess the earlier the better they start the adoption so as to carry everyone along.

Yes i also think so that there will be a little confusion for the banks, Although fiat will continue to exist for a long long time may  be for decades but still i think that with the increasing number of bitcoin uses they will surely give preference to bitcoin and online wallet as compare to banks, so in future they may be worrying about the situation. Because  people will reduce the use of banks.

[Zero.X]

Without a doubt. Cryptocurrency is pretty much their competition, only it isn't restricted or controlled by the government, transaction fees are minimal relative to banks, and all transactions are public albeit anonymous. I'd say it's the worst nightmare.

[aa.aep]

they have a higher cost and have many required requirements, whereas in bitcoin and crypto the other is fast and has a lower cost, so if crypto is blocked, they will not need it. why are they afraid of it? But here in Philippines some banks are involved in bitcoin transactions and I feel good.

[Restmand]

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 are afraid or fear in crypto currency or digital now that it become more in-demand and famous on some investor. So its only natural that they fear it because there is a possibility that people will not try to put money in the bank try crypto currency. But putting money in the bank has also advantages and benefits to consumer like bank has gain more guarantee than digital currency but it does no meant that crypto currency is not safe.

[GOODNESS]

Banks actually fear cryptocurrency, this can be seen in their advice and warnings an to their customers to stay away from cryptocurency. Not only will the banks have notice  the huge withdrawals of cash from various bank accounts and will also move a step further to try ti inquire from customers why the huge withdrawals, and from facts gathered can lead to bank strategizing. Bitcoin is save in the wallet and keeps appreciating.Except the banks now key into crytocurrency, the banks may loose customers which ordinarilly would have help the Banke to meet up with their various Targets.

[tomorow]

Cryptocurrencies were the financial support system of the future, because for the growing community advancement is a must. 

[bitlover2013]

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!

I think it's a precautionary measures only. Of course banks and other are already established with guidelines being followed, unlike crypto which we all follow "decentralize" method. And nope I doubt banks are afraid to crypto. This digital currency will only make like an alternative mode of money but will never replace traditional money that's being saved in banks

[raymart0720]

yup banks will .
bitcoins technology is amazing tech ever invented and through decentralization bitcoin can travel around the world with just matter of minutes...
and also the ability to conceal your identity through bitcoin..
and also the fees are much lower than banks and it can be a long time investment or bank if you hold

[Altas]

Banks fear of the digital growth, though they function with the support from the technology. In the past bitcoin has made a big change over the functioning of the banking system. As a part banks faced huge losses and now banks have started to function based on the technology of bitcoin.

[affandi]

I think the bank is not afraid of crypto, but this is more to be wary, because it's true the bank says that krypto is difficult to trace and certainly the bank will be difficult to control the crypto. The bank wants to tell people not to enter the world of crypto (because it might get a loss), I think it's natural. And for a country that has legalized crypto, it means the country has understood everything about the world of crypto.

[Dannaey]

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!

Yes, I think so. If one day Bitcoin will replace fiat money, banks will no longer needed. But that is a long long way journey for the cryptocurrencies. Government will be the one who has the power on what will be use as our currency.

[Ayiranorea]

Now banks are focusing into advancement and are with plans of creating their own digital token as well blockchain for every transaction. As a part several national banks have made trial runs and waiting for real time functioning. Also few banks have started to invest into bitcoin indirectly knowing its potential.

[DoublerHunter]

Now banks are focusing into advancement and are with plans of creating their own digital token as well blockchain for every transaction. As a part several national banks have made trial runs and waiting for real time functioning. Also few banks have started to invest into bitcoin indirectly knowing its potential.

If i were the banks then i will not create my token because i can do a gateway for bitcoin to be linked into the banks because with bitcoin, they can easily accept deposits and also they can give easy cash out to the people that are using their service because bitcoin and banks are enemy right now but if they will work together then it will make another great system in terms of financial.

[rickyleatham]

Banks is afraid of cryptocurrency, because cryptocurrencies have many advantages than gold or money at many ways. So today, banks is changing themselves to adapt to new cryptocurrency or they will be destroyed.

[BeGoods]

I think yes banks fear cryptocurrency
Just imagine how much banks already lost money from transactions which can be realised  via banks

I do not think that there is any reason which can cause banks to fear from crypto currencies. because in next few decades we cannot expect that bitcoin or any other currency will overcome fiat. I am sure that fiat will stay for a long long time. So banks will also survive, I even think that if banks will start accepting crypto currencies even then they will exist and survive more better in future, therefore i do not think that banks will have any fear of crypto currencies.

I think it would be too much if cryptocurrency would replace fiat or overcome fiat. one of the reasons why many people use cryptocurrency is because it is profitable. while for currency and payment model I'm sure many people still choose and prefer to use fiat for being accepted anywhere. besides the government also will not let cryptocurrency do takeover on fiat. so I think banks dont need to be worried and afraid of this

[Hoganye]

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!

Yes, I think so. If one day Bitcoin will replace fiat money, banks will no longer needed. But that is a long long way journey for the cryptocurrencies. Government will be the one who has the power on what will be use as our currency.

I do not think the Banking system can disappear by Bitcoin in someday. You have to know the banking system is a great tool for the government and many companies. This system can help to call for capital at an appropriate loans rate, of course, the banking system also help to keep our money safe.

[eddyhalim]

banks do fear crytocurrencies so they have evolved themselves to catch up with modern digital currency, we are now living in society using internet for transactions and investments, so cryptocurrencies has shown they are more effective then banks, nowaday, banks is also using internet for transactions too.

[jc89]

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!

Clearly the banks are the ones who are afraid of btc. It is obvious in their acts and their intensive propagation to warn people to stay away from btc. Telling all negative things about it but keeping the information on how btc can be able to help them. Sure, btc have disadvantages because of its volatility but I don't think they have to make people steer away from it without knowing it firsthand.