Do Banks fear cryptocurrency

[batang_bitcoin]

Most of the banks are owned by Rothschild base on what I read with different articles through the web. And recently, I saw this thread here in forum that Rothschild Just Bought $210,000 Worth Of Bitcoin  so I guess they are starting to understand and learn the concept of bitcoin/crypto's.

[Loveydovey04]

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 they should. If they no longer have flow of cash, meaning no more people saving money in banks or making loans in banks because of cryptocurrencies, then their end has come.

[Youghoor]

I think that there is gonna be a war between banks an cryptocurrencies. It is so simple, if crypto's get more popular, then banks will lose clients. That is how it works.
So i dont think that will happen now, it will take some time, but it is possible and i am afraid of that

[btcjocan]

I think that there is gonna be a war between banks an cryptocurrencies. It is so simple, if crypto's get more popular, then banks will lose clients. That is how it works.
So i dont think that will happen now, it will take some time, but it is possible and i am afraid of that

My advice is don't be afraid of that because banks will still be there and won't lose clients due to more people will be exchanging bitcoins to fiat cash which stored in the banks as savings. But I think in the futuee that banks will also mingle with trading of alt currencies to fiat currencies un direct exchange so that they will gain their profit also same as crypto market trading.

[passwordnow]

Well using a currency anti banking system is for them accepting that the traditional banking system is not good as it was supposed to be. Banks have no reason to adopt bitcoin, in fact, the only thing they will adopt is the technology behind bitcoin: Blockchain

Traditional banking system is good but the fear coming from the banks are people doesn't want to pay some fees. And we have the same feeling that we don't others are taking advantage of our money and that's why crypto currency is the best place to store our wealth and even we don't do anything, price will increase suddenly.

[lalabotax]

I do not know for sure what the bank's motives and intentions warn consumers for it, but it may be obvious that bitcoin is a virtual currency, and its nature is uncertain, or it can be said unstable bitcoin changes about the value of the currency. that's my opinion.

[squatter]

Well using a currency anti banking system is for them accepting that the traditional banking system is not good as it was supposed to be. Banks have no reason to adopt bitcoin, in fact, the only thing they will adopt is the technology behind bitcoin: Blockchain

There is an important distinction to be made here between commercial banks and central banks. The OP referred to a warning made by a central bank, and we have seen this several times before. Central banks should be very opposed to cryptocurrencies because they have even less avenues to control it than they do other commodities markets like gold and oil.

Commercial banks, on the other hand, will do anything they can to make money as long as it doesn't put them at odds with banking regulators and the like. So they will be happy to interface with BTC, as long as they have the green light, legally, to do so.

[ivrynx]

I also think that banks  do fear cryptocurrencies, but they are not showing it , simply because it is still not a threat to them, people will still buy their products, specifically those that are meant for investing, this is somehow their edge to attract people to them than bitcoin. But the i can see what they fear most is when the masses stop using fiat  and adapt bitcoin as their source of currency or or when people ignore the banks and put their trust more in bitcoin since it is much more safe and secure than banks. The one thing I also see is when the masses asks for what their fiat is worth for, and when they ask the real value of their money, how come a dollar has a different value from yen, from yuan, from rupees and other currencies, well when it comes to bitcoin 1 bitcoin  is 1 bitcoin. I think what they really fear is that, bitcoin can be seen as a global currency, and banks cannot control it, and it will ruin their business.

[panganib999]

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!

obviously it is i guess the banks obviously fear this cryptocurrency because when it become so popular and become a mainstream currency we will nk longer need banks to store our money this bitcoin is one of the best way and we could use it for a better life.

[djkyno]

Banks have many doubts about crypto currency and they have fear because more people start using this currencies day per day. Banks are decentralized and having very slow and complicated methods to get you fully verified and then making your transaction easily.

[AltcoinAuthority]

Banks have many doubts about crypto currency and they have fear because more people start using this currencies day per day. Banks are decentralized and having very slow and complicated methods to get you fully verified and then making your transaction easily.

It’s mainly because Bitcoin is pretty knew, Banks fear the new technology that Bitcoin brings and that’s why they are trying to get people to look into Blockchain to see what flaws the system has. Once the people in the large Banking business find features that will enhance the security for Bitcoin then they will try to integrate their own system so they could get people to put money into that instead of relying on Bitcoin to process their payments.
Bitcoin can go down no matter what anyone says, Banks can go down as well. Banks just want the money first.

[chickenado]

Banks have many doubts about crypto currency and they have fear because more people start using this currencies day per day. Banks are decentralized and having very slow and complicated methods to get you fully verified and then making your transaction easily.

I think that way too. One bank that I know in my country is innovative and very open about bitcoin because it funds them and also investors go directly to that particular bank and now, it is listed as top rated bank in my place. It wasn't recognized before when it was new but because they strive hard to find ways on how to make it better for its service to people. I think not all banks fear about cryotocurrency it's just they are worried on how to deal with bitcoin specially not all governments accepted bitcoin in our society because for sure tax is always there. How clever they are. Maybe the fear of many banks are the investors trust on the money they put up for savings. We expected for a higher interest but it's not happening in the bank.

[King Sastro]

Yes of course, cryptocurrency becomes a serious threat from the bank, when many people divert transactions to cryptocurrency of course this becomes a bad omen. They will not want to go to the bank and the bank will disappear.

[nhocred]

if people using too much cryptocurrency so we don't need a bank ! Therefore banks will afraid of us - the crypto-man !

[ajmapalo22]

I don't think so because cryptocurrency has lot's of limitation which banks doesn't have meaning it cannot replace banks. In addition banks has stable position in the economy and I don't think it can be dissolve through the use of crypto currency.

[vasrasus]

I don't think so because cryptocurrency has lot's of limitation which banks doesn't have meaning it cannot replace banks. In addition banks has stable position in the economy and I don't think it can be dissolve through the use of crypto currency.

Mamy were not interested on getting involved in crypto for they fear to get scammed, whom they can appeal if they got scammed in crypto,none! So mostly they will just stack in banks and believes that it's the safer thing to do which is not. So banks will not lose many will still support them for security and assurance purposes.

[rockyboy]

No, although bitcoin now is a very good choice of investment that will bring you a good profit but still i am in favor of banks because in bitcoin there is a possibility of loosing all my bitcoin when somebody will access my account wherein banks i do have a details of my savings like passbook.

[btccashacc]

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!

No doubt that they fear if the majority of people in that country using cryptocurrency rather than their official currency it will be bad for them. They will lose their source income we all know that bank makes money from our money. They make money on the interest they charge on, from saving, transaction, loan, ATM, etc. That's why bank hates cryptocurrency since we don't need bank anymore, well the question is do we still need banks? yes, we need it at least for now, everything would change once all the things in this world could pay with Bitcoin directly.

[dynospytan]

I don't think that banks fear cryptocurrency. The real currency of each country is more in demand becausec people uses money to buy stuff for their daily needs. And not all the people doesnt know what cryptocurrency and how they will earn it.

[squatter]

I don't think that banks fear cryptocurrency. The real currency of each country is more in demand becausec people uses money to buy stuff for their daily needs. And not all the people doesnt know what cryptocurrency and how they will earn it.

Okay, but what about ten or twenty years out? At the rate that cryptocurrencies are growing, they could be mainstream in most of the world by then. I think central banks fear cryptocurrencies, not necessarily because of what they are, but because people are losing faith in their national currencies. As investment money continues to move into BTC and other cryptos (and away from assets tied to stagnating national economies), this will become more apparent.

I think commercial banks could do fine in this environment, as long as they are adaptive enough to offer cryptocurrency services.