Do Banks fear cryptocurrency

[qzaqza1818]

Answer is Yes. Banks earn money by collecting transaction fee from all the transactions of their users/members.
In short term, Banks should not be afraid of cryptocurrency. Yet, the situation may different in long term.

Even though cryptocurrency has become a trend in the world, but most of the poeple still using their country's bank note to survive. For example, you are unable to survive with cryptocurrency only without changing it to FIAT in most of the countries.

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[icoprofits]

yes banks fear cryptocurrency they dont want decentralised nature of storgae of asset and storage of money so banks run after ripple due to de centralised nature

[muhammedb]

With the rate of crypto-currency increase in the worldwide today I think most banks are beginning to afraid of tomorrow, because most banks now have low saves why crypto-currency now has the highs saves

[arrmia11]

Its normal for some of the banks to fear cryptocurrency because of its nature that it is decentralized and people use this through technology. They doesn't have control over it and people doesn't have to comply with the requirements to go through with the process. People will always go to the convenient way and they can see that on cryptocurrency

[paulmusa25]

Probably they fear because the value now of bitcoin still increases versus the only supply of fiat of a certain country. That is the fear of banks.

[Allura74]

Probably they fear because the value now of bitcoin still increases versus the only supply of fiat of a certain country. That is the fear of banks.

I think bank is still have a confident that crypto is not the hindrance of their profitable way because there are still people in the world who are lack of knowledge in crypto currency and they have fear considering for their negative thinking about crypto as a scam, but i believe that time come for the new generations that crypto currency will lead the way in terms of monetary transfer and bank will have no choice but to adopt the new system.

[lamjed]

Of course banks all over the world fear cryptocurrencies because it s offer them a lot of advantages that real bank can not.
First, cryptocurrency is an escape from taxs that banks put through virtual wallets.
Second, its price is never fix, so it changes and can reach a very high levels.

[Naitik]

Certainly there will be a problem for the banks, Lots of us started investing in crypto,which is a huge setback to the banks,
Everyone started investing rather than depositing or saving, on the whole all the banks have their major percentage of money as saving and depositing.
So there is a possibly the reason why different countries are warning about crypto,
because a country's economy highly rely upon banks

[CryptoBaxing]

Fear? definitely not.
Is this an issue they will have to deal with? yes of course.

[TeraBitHoven]

Yes banks fear cryptocurrency, maybe somehow they foresee people are turning to bitcoin to invest and earn profit which affects them because of its decentralize characteristic.

[snedyolo]

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 don't agree that the proper term for this is "afraid." They are banks, one of the most richest establishments out there, and I'm quite sure that they can find a way to innovate the system that they have. Although, they are alarmed because of the fast growth of the cryptocurrencies, and we such limited time, will they be able to catch up?

[popoypalaboy03]

Banks are still extremely oblivious to how powerful Bitcoin (and all other virtual currencies for that matter) is and how it will eventually start to prove their business model as obselete.
Banks fear bitcoin, becuase they see its potential. Many banks have looked into the blockchain technology and are trying to replicate it...purely because the technology is so powerful and out-does all banks by people preference by far. The only reason bitcoin has not taken over yet, is because of the peoples unawareness of it.

[pocketfullofpoke]

I think bank are in fears of cryptocurrency because it's their number 1 competitor in the payment system as they get no money for every transaction you made since most cryptocurrencies are decentralized in nature.

[Asusnumbaone]

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 not afraid in bitcoin because they get money or charge everytime we convert our bitcoin into cash then withdraw. Yes, It is true that bitcoin dont need the banks in the transactions I mean in online transaction but can you convert your bitcoin into cash without banks?  Banks are not afraid because you will need them to get your money.

[GARPACHO]

Hi friend! what happens is that banks want to benefit from BTC but can not, and since many people opt for BTC, banks have a decrease in their profits.

[BtcBling]

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 don't believe banks fear cryptocurrencies. banks are already an established institution. They are complacent that cryptocurrencies are only a technology in infancy stages that need to be regulated by the government. We also not to be afraid because cryptocurrencies will also be part of our future. Cryptocurrencies and banking need to work side by side so that it will be beneficial to us people and the economy of one's country.

[2taps]

I think they do because if cryptocurrency get used by a lot of people then there are no banks needed because they can save all their money on online wallets. And there are no banks that allow bitcoin. So that means that banks will go bankrupt.

[DassKass]

I don’t think banks feat Bitcoin since they try to develop their own solutions with functionality similar with bitcoin. Especially banks got interested in the blockchain technology and a distributed ledger concept that lie in the heart of bitcoin.

[SangkuniBird]

The bank has an unknown fear. Every bank in the world makes a profit with money centered. This paper money is profitable for every bank and decentralized crypto presents great rewards for them. They are afraid of their own future and they are trying to divert their citizens from the online market because the losses caused by their banks are causing more and more people to turn to their money savings online.

[seoincorporation]

Well, Cryptocurrencies are known as “people currency”, so there aren’t determinate by any institution. Of course, it has generated skepticism and some attacks from banks owners, as Jamie Dimon, from J.P. Morgan Chase &Co. who claims that digital currency is a “fraud” and a “tulip bulb”.
Even when banks can’t see this way right now, some experts consider that Bitcoin is going to be a “stabilizing rather than destabilizing factor for the financial system (…), allowing money to reach those who need it” - Apostolos Pittas, adjunct professor of economics, in forbes.com.

Well, the posture of the banks are eclectic right now, there are event entities which are trying to develop its own crypto, and others which already are trading with cryptos. But yet the global position seems to be skeptic. My opinion? BTC is going to be, someday, used by banks. They are not going to lose the opportunity of becoming reacher, don’t you think?