Do Banks fear cryptocurrency

[tomwalsh]

Banks have their owns area of operations and don't do much exploration of technologies outside their scope, so its not necessarily that they're scared they just don't understand it.

They will in time though, once the digital asset class has been proven

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[nelsonk]

i think the banks are afraid of cryptocurrencies because if there is a moderate stability of cryptocurrencies a lot of people would rather invest their money in cryptocurrencies rather than keeping it in the banks

[elminey]

Some banks fear cryptocurrencies because it will wrinkle the financial sector. It will create new winners and losers, and will probably decentralize banking services. It would somewhat develop micro markets. Intermediaries will come and go, and the endpoints of exchange nodes will become more critical. This scenario is frightening for most banks.

[Pfizer]

I dont think so. They dont have good reasons to be afraid of cryptocurrencies. Banks can create their own currencies i think. This will make  blockchain technology more investable.

They should be fearing from bitcoin and other coins, but they will take precautions against this. They will probably create their own coins in the future to get rid of other coins in their systems.

[annbagira]

Hello all! You know only coward can fear the some natural modification in society and banking atmosphere and all ecosystem in general. How says in one proverb "If you can't win it, lead it. " or another one "If you can't win - become a leader ". Its mean that if bank cannot stop it then to lead (to drive and control this process) it can be wise and perceptive decision.

[Tszunami98]

The banks fear cryptocurrency due to the amount of costumers they lose to these new technology. It would be interesting to see the transition people make from traditional banking to digital currency. The bad part is that it is still to hard to get around these technologies, and if you are a older person it might beat you .

[cryptokitty]

I guess, they are afraid of bitcoin because some af the investors prefer to invest in btc than staying with their investment in banks. Btc can give more income than interest in banks.

[Valentina Ambassador]

Yes! Yes of course its normal because bitcoin or cryptocurrency in general are not under total control today's! So I think smart bankers need take theirs part and manly accept it. For now crypto cannot kill banks so they need see good transformation and just accept it.

[Chrystora123]

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!

for now, we do not have to worry, I think Banks is actually worried about the development of CryptoCurrency, they are afraid, their efforts die defeated by the Development of CryptoCurrency ...

[DunnDy]

Bitcoins are an opposition to the monetary system. It is widely known that Bitcoin is spreading. That's why the banks might be afraid of Bitcoin. The individuals are able to execute their transactions by themselves. There is no need for the central institution to give a guarantee about a security of their funds.
It is more convenient, isn't it?

[flyingcat]

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!

for now, we do not have to worry, I think Banks is actually worried about the development of CryptoCurrency, they are afraid, their efforts die defeated by the Development of CryptoCurrency ...

Haha, their power can affected by the growth of cryptocurrency. There are many people understand the nature and the truth behind the banking system. So, in past years, a lot of people use saving money in bank to buy asset like gold, real estate or just simple is keep in house.

[claydeey]

The banks keeps warning its people about questionable attributes of cryptocurrency and this is a sign of fear on thier part. Banks are afraid to lose its client that is the very reason why they warn people about BTC.

[Clifmeister]

Banks don't admit it, but they are very much afraid that Cryptos will take away their business.

[maaydin]

Banks will adopt bitcoin and will use it for their own purposes, so the change in beginning can be seen as a fear but within time it will be stabilized and adopted, so I don`t think they fear .

[webdevmastery]

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 banks are creating black propaganda like this then obviously they are really afraid of bitcoins, More and more people are keep on investing in bitcoins rather than placing their money on the banks because the profit is much bigger and it was much faster to grow.

[deppil]

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!

for now, we do not have to worry, I think Banks is actually worried about the development of CryptoCurrency, they are afraid, their efforts die defeated by the Development of CryptoCurrency ...

I think we are also entitled to worry because when the bank performs an ultimatum on cryptocurrency because it poses a threat to the fiat currency as well as the bank itself. so banks will provide regulation and rules on cryptocurrency. be it a ban or limitation in using cryptocurrency. of course we are worried if it happens let alone to prohibit the use of bitcoin?

[Anait]

Banks truly fear cryptocurrency. Cryptocurrency provides the freedom of usage as well it doesn't have an intermediary system that control each and every activity of the users. When things go much digitized more users will move towards the cryptocurrency usage.

[Conquerogue32]

It's quite obvious if you've seen a few interviews with bank officers. They spurt out whatever 'facts' they can come up with just to discourage people from investing in Cryptos.

[Naster]

Remember that the value of cryptocurrencies is based on the law of demand and supply and are not issued by a government or central bank, therefore non-susceptible to interference by the government or some central authority.
At the opposite, the government or central bank of a country can use banks to regulate its money supply and circulation – US Dollar, Euro, CHF, Pounds etc – because they issue the currency and as such, they hold the power to interfere with and influence the currency as they wish; this making clear that the government will be "afraid" of cryptocurrencies like bitcoins as they cannot really control the amount of Bitcoin in circulation.

Also there is an issue of privacy with cryptocurrencies. Generally, the creation of a crypto-wallet requires little or no personal and/or bank account information. It is possible for a user of cryptocurrencies to perform his/her financial transactions without any need to enter personal information and this lack of access to information might not been seen as posivity by bank institutions.

There is really no reason why banks and governments should not be afraid of crytocurrencies these days.

[TheIO]

Banks are completely scared of the thought of a new economic model, and rightfully so. I hope bitcoin can fulfill its potential and disrupt our society in a big way.