Do Banks fear cryptocurrency

[cpfreeplz]

Lol people are always afraid of new things even if it'll make their lives easier or better. So many inventions weren't stifled because it was going to get rid of current jobs or someone rich was going to lose their income. In this case it is someone rich fearing losing their income.

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[FlightyPouch]

Humans fear to lose their jobs to machines. Machines are reliable, work 24/7 and ROI is way better compared to a human. So, of course, there is fear of something new, but we humans are able to adapt to new situations. Banks will use cryptos or slowly die.

But the thing about cryto currency is that you can keep them safe without the help of any banks.

As you have said, humans adapt, businesses and banks must do too so they can survive in these cruel world. But the thing, banks may reduce in the future because of the digital currencies so they are fearing them.

[TimeTeller]

I strongly believe that at one point, these banks fear for the now popular digital coin - bitcoin.
And with the rising popularity of altcoins, one thing that they can do is ride the hype - make their own digital currency.
Otherwise, they will be left behind while crypto will continue to proliferate and will be stronger in the market.

[Yakamoto]

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!

It's a mixture of both for right now. Banks are unsure of how to exploit cryptos (not that there are many ways to do it anyways) and they don't want people looking into things that reduce their power (and by proxy the government's power as well). If too much of that happens, they lose monetary control and it all goes downhill for governments who can't control their own citizens.

At the same time, they aren't afraid because they can see that Bitcoin looks a lot too complex for most people, and people don't want to move to something that doesn't work for them already. It's a guessing game of when the balance tips and people start to use Bitcoin more than what the government wants.

[megynacuna]

I strongly believe that at one point, these banks fear for the now popular digital coin - bitcoin.
And with the rising popularity of altcoins, one thing that they can do is ride the hype - make their own digital currency.
Otherwise, they will be left behind while crypto will continue to proliferate and will be stronger in the market.

It's no secret they've opposed Bitcoin from day one because the banks fear competition and since Bitcoin if allowed to be fully operational globally will render the use of banks useless in no time and hence they fear they will loose their relevance and will do anything to kick against Bitcoin and other cryptocurrencies.

[olushakes]

I would agree that they fear bitcoin even now its no gaysaying that they are providing support for bitcoin considering the moving of fiat into bitcoin and vice versa especially from major exchange sites but the fear is the moment bitcoin is legalised and we can get majority of the things we need with bitcoin, then there won't be need for banks again as middlemen to get things and that's exactly where their fear is which might then turn them obsolete in the current scheme of things.

[PancherBitCoin]

I would agree that they fear bitcoin even now its no gaysaying that they are providing support for bitcoin considering the moving of fiat into bitcoin and vice versa especially from major exchange sites but the fear is the moment bitcoin is legalised and we can get majority of the things we need with bitcoin, then there won't be need for banks again as middlemen to get things and that's exactly where their fear is which might then turn them obsolete in the current scheme of things.

It seems to me that the banking system is so strong that it has nothing to fear from the crypto currency or, in particular, Bitcoin. The fact is that even today all banks and the banking system of different countries are being tested with the help of the blockchain. Therefore, I think that banks are keeping pace with the times and they will be ready for all the world's introduction of crypto currency into the financial system. The point is not to underestimate the bank.

[Amph]

it depend on the country, i think bank are not really against bitcoin as long as it's regulated on their country, like in japan for example, thanks to the regulation banka nd bitcoin can live together

and because they pay taxes on bitcoin usage they can also benefit from having an additional payment system, i'm not sure but it's possible that in japan, banks do offer some form of interests on deposit already

[CryptoBry]

In the future maybe banks should be afraid of cryptocurrencies but right now banks have nothing to be afraid of. Cryptocurrencies is still relatively new and quite evolving and in fact not yet that powerful...enough to topple the traditional banking system. We are even in quandary right now and we are panicking...something that is telling us that there are weaknesses that need to plugged first before we have an ambition of replacing banks. Again, cryptos can be threat to banks in the future but not yet now.

[bettercrypto]

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!

This is the first move of any authority about a some thing that is new to their eyes.  The same thing were announced by the Central Bank of the Philippines way back 2014 when Bitcoin were getting popular in our country.  But their announcement were reverted into accepting Bitcoin as mode of payment or money this 2016.  I do not think they fear cryptocurrency but rather give warning to their citizen to take caution in dealing on something that is new them.

[andron8383]

I don't think so right now. Crypto have its hype but in dealing in daily basis it fiat is simplier and much cheaper.
Krypto is only good in few areas but converions fiat czypto takes fees and it makes you allways paying more for goods.

[noictib]

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 the banks are thinking about Thier future , Before 3-4 year ago people was investing as an saving in the bank account .
But in the present time most of the people are now highly wise and they are investing in the virtual currency or you can say cryptocurrency . That is results into lack of investment in the banks and that is results in down the the earnings of the banking sector .
So here we should ignore ourselves and use the Bitcoin and other altcoins in perfect way to make better earnings .

[freedomno1]

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 cautious by default, even now the banks think that we are a form of competition and it defeats the purpose of having the option to purchase any cryptos with a bank instead of proving a service, the idea of isn't cryptos whole purpose to stay away from the banks may be true but it doesn't mean that it should just be avoided at all cost.

[SMSabuj]

Crypto currencies or digital currencies don't need any Bank. People can save their Token without Bank's help. And Bank doesn't fear crypto currency. Central Bank issued the warning because of the want to save their country's currency. And Central Bank is the guardian of Money Market of any country. That's why the issued warning.

[BarbieCasino]

They are just trying to protect their people from possible loss of assets. and also maybe they know that the banking fiat industry may become dead if cryptocurrency becomes successful.

the people who were afraid of loss in bitcoin are now have strong faith on bitcoin that it will increase their money and will make them milliner in a very short time so that’s the real reason why people want to spend on bitcoin instead of keeping their money in banks and bank has its own system both bitcoin and banks are different from each other

[Shutup]

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!

As i've search Yes banks have fear to crypto currency.Because bitcoin now is a financial breakthrough.As they say that maybe banks will absorb bitcoin so that bank and bitcoin will murge.If that so bitcoin will be easy to used.All processed will be for immediate quick process especially when bitcoin become world currency.

[wantjokull]

Yeah having mix feelings about it. Banks are devil that is for sure and they won't be liking idea of crypto currency fir sure. The reason is simple there customers are being pulled by crypto world and online money storage system which is completely decentralised. It means more and more money will be pulled from banks and saved over the internet protocol leading bank wallets to be empty. So they are very very disappointed about this as they have to be in business.

[ethereumhunter]

i don't think that all banks fear with cryptocurrency because bitcoin is a new technology that can solve economy and monetary problem. if the banks want to open their eyes about new technology, then the banks can learn the technology behind bitcoin and if they think it will help for their system then they will adopt and used it for their own purpose. maybe the banks is not fear but they give a warning that using bitcoin is like we spend our money without know who is he or her so we need to be careful.

[itsallpc]

Bitcoin is a new age more disruptive than that of today’s Internet. Disruption can be a good thing, especially when it affects banking, a failing set of business models which, for all the tweaks, have been virtually unchanged for millennia. Paradoxically, some banks are afraid of Bitcoin because it would force them to innovate.Bitcoin is but the most famous example of an emerging technology network with the potential to improve banking. It belongs to the new type of financial animal called cryptocurrencies,decentralized, secure money storage and money transfer enabled by the Internet.

[bs.glory]

Cryptocurrency is an advance medium on currency transaction faster than any other banks which uses Automated Teller Machines (ATM). With this fast innovating new system, it is eligible and convenient to all of us since everyone is using money as a medium of exchange. And now, it has been better with cryptocurrency, you are the bank, you are the master of your own moneys, you arrange your own moneys in just one application, you can transact any business without further ado, you can pay any bills and enjoy a round trip without any cause and or excess effort.