Do Banks fear cryptocurrency

[keycellko]

Oh well they should be. If lots of people will use crypto then banks would be deemed useless. We shouldn't be afraid. Instead we should encourage the peple who don't know and don't understand cryptos just yet so they will become one with us in this community.

[RayvenPierre]

I think it is more like that the banks does not have much trust on bitcoin or we could say none at all. It is because of bitcoin being decentralized and very volatile and they probably are thinking that bitcoin is just some sort of scheme plus it is hurting their business. But there are also some banks that are aware of bitcoin's true nature and I think bitcoin's value will increase furthermore if banks will support bitcoin.

[jonval21]

banks dont like bitcoin, they just want to use the blockchain, they dont like bitcoin because its distribuid nature, the just want to be a central authority.




 

[asebaby]

Banks are  really afraid of Crytocurrenies,fear of no central authority or middleman transactions,i think this the primary reason why government are afraid of the cryptocurrency  too.Not like the fiat currency were government have control over it

[premcet]

It makes sense that banks are afraid of bitcoin and cryptocurrencies because it could make baks obsolete and go out of biz, but I dont understand why most banks are very much interested in investing in blockchain technology.

[asebaby]

I think it is more like that the banks does not have much trust on bitcoin or we could say none at all. It is because of bitcoin being decentralized and very volatile and they probably are thinking that bitcoin is just some sort of scheme plus it is hurting their business. But there are also some banks that are aware of bitcoin's true nature and I think bitcoin's value will increase furthermore if banks will support bitcoin.

Another reason is that because is a decentralized currency,they take the issue of money lottery into consideration and currency control,its not like fiat currency that the government take control of it.

[johnwest]

They do fear banks because cryptocurrencies will eliminate them or they have to convert into exchanges. That may be a solution for the banks and they may be thinking about it.

[asebaby]

Sure, cryptos do pose some threat as the market cap is continuously growing. I think some major banks have stopped worrying and instead are now trying to compete. The whole "scare" tactic thing didn't work, so now they probably have to improvise and adopt it instead, otherwise, it'll be another "Kodak" movement.,

this wil also depend on the country polices on the cryptocurrency,if the counrty polcies parment banks  to involve in cryptocurreny transactions maybe at there own risk ,they may take the option of investing  

[TheGreatPython]

Bank never fear bitcoin. bank want use blockchain tech for their job but they can't do now.

I don’t agree with you because I think cryptocurrency is great threat to banks. People in large numbers join bitcoin and prefer bitcoin for business through investment. People like bitcoin transaction and I think in this way they are avoiding banks for saving their capital and going to invest money in bitcoin trading so why banks would not feel fear about bitcoin.

[Pain Packer]

The banks are just doing their job; to protect their customers privacy. By issuing a warning on about cryptocurrency, it doesn't meant that they fear it. Since cryptocurrency is not yet stable and there are still many scammers that try to rob on some people, they just warn their customers about it they should think twice before investing on it. I think that's what the banks want to their customers, to be alert and don't be fooled.

[bitvalak]

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 we know that a bank is a monopoly game perpetrated by a bunch of people called Big Players. They continue to monopolize the economy so that they can get a lot of profit. With the bitcoin they feel disturbed because bitcoin can not be used as a tool of monopoly, so they forbid the circulation of bitcoin so they can still fool the people.

[Osarman]

The banks are just doing their job; to protect their customers privacy. By issuing a warning on about cryptocurrency, it doesn't meant that they fear it. Since cryptocurrency is not yet stable and there are still many scammers that try to rob on some people, they just warn their customers about it they should think twice before investing on it. I think that's what the banks want to their customers, to be alert and don't be fooled.

I think they do, because digital currency means no bank requirements. You need one digital account in blockchain or any other account service provider and can use your account for purchasing, selling, trading and transferring.

But I think the major banks in the world have realized this fact and they will also try to update its system of banking and in the near future the banks will also be digital.

[E-shipper]

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!

That any bank understands that the influence of the crypto currency can affect them significantly, reducing their capital, lowering the price of the major currencies in the bank. But if it is legalized, it will only strengthen the banks and they will coexist together.

[Isabella09]

Volatility of crypto currency price makes every one fear.

[Reid]

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!

That any bank understands that the influence of the crypto currency can affect them significantly, reducing their capital, lowering the price of the major currencies in the bank. But if it is legalized, it will only strengthen the banks and they will coexist together.

They might have been feeling the low amount of people that have been investing with them. Or could their statistics be telling that there have been a lot of withdrawal of money?
It is possible. Bitcoin is a threat. It is a free currency which is now being used as an asset.
Their investors might have been switching now.

[rarkenin]

Volatility of crypto currency price makes every one fear.

Volatility is expectable in cryptoworld. Banks will do their best in order to prevent cryptocoins to get accepted as regular payment method.Blockchain technology is improving everyday and banks dont want to watch it.

[Theb]

A mere "warning" does not automatically mean they are scared on something as also they are the central bank of Albania meaning they are controlled by the government issuing a warning to its citizens is normal protocol in controlling the losses they will take on scams and similar activities, additionally it is different from prohibiting the cryptocurrency to be use by its citizens. Banks have the ability to adapt and they can adapt quickly and take it as their advantage.

[thend1949]

A mere "warning" does not automatically mean they are scared on something as also they are the central bank of Albania meaning they are controlled by the government issuing a warning to its citizens is normal protocol in controlling the losses they will take on scams and similar activities, additionally it is different from prohibiting the cryptocurrency to be use by its citizens. Banks have the ability to adapt and they can adapt quickly and take it as their advantage.

I agree, that's why they are controlling the cryptocurrency because they really are into fears of losing their fiat investors. Unlike with what's happening in the country which I lived right now, the online wallet is now connected to the central bank which is the main controller of the country's currency. The thing about Albania really disappoints those people who are part of the cryptocurrency growth, their freedom was hinder because of that. I don't think prohibitions is a good impact of the society despite most of the banks now, not only in my country but most of the banks worldwide are using electronic money transfers and online payments.

[ice18]

I think yes because Im sure there are some instance where a depositor withdraws his savings and invest in cryptocurrency like bitcoins this will cause some banks to collapse if majority of bank investors withdraws their money.

[OracionSeis]

Sure, cryptos do pose some threat as the market cap is continuously growing. I think some major banks have stopped worrying and instead are now trying to compete. The whole "scare" tactic thing didn't work, so now they probably have to improvise and adopt it instead, otherwise, it'll be another "Kodak" movement.,

this wil also depend on the country polices on the cryptocurrency,if the counrty polcies parment banks  to involve in cryptocurreny transactions maybe at there own risk ,they may take the option of investing  

Of course, they have invested into the cryptocurrency market. But in someday, when they completed the currency used Blockchain technology, I do not think they still invest into this market, that is the time transfer capital to new currency.