Do Banks fear cryptocurrency

[musharaf]

Yes banks fear about cryptocurrencies because it’s has not physical existence and the other reason is that it is not legally allowed in the countries so that’s why banks are not ready to accept it easily but when a currency become popular and accepted in countries as for payment etc. then banks develop a trust over cryptocurrencies and that’s why now a days banks accepted bitcoin easily

[serjent05]

I think banks feels threatened but I do not think they fear cryptocurrency.  Remember cryptocurrency is just a code and anytime this bank institution wants, they can create one and adopt the technology.  People are  the one managing banks, these people are briliant and capable plus they have the budget.  Probably they just don't feel the need to change the current finance system since the still feel secure about it.

[shawn995]

i think yes bank is fear from crypto currency the reason is that crypto currency has no physical existence but the most strongest reason is that bitcoin is now legalize still in any countries so bank are rules followers of country and they are unable to accept a currency which are not legal in a country.

[kutongcoin]

Maybe it yes,banks fear cryptocurrency because it will lead to ripples across the financial sector.It will create new winners and losers and it will likely decentralize banking services and create micro markets to an extent not seen since the advances of the barter economy and the market economy combined.

[RavenHood]

For me some banks are feared at cryptocurrency, because the price of the bitcoin is increasing, some transactions are directed to the seller and buyer through the help of cryptocurrency and some company are willing and accepting bitcoin as a payment. But the cryptocurrency is just combination of codes, later on some banks will embrace cryptocurrency and will connect to your bank accounts.

[Phoenixpple]

This is the way banks do it in order to protect their own interests. We should be happy. Because bitcoin is relatively fair. And de centralization. It's easy for banks to concentrate their wealth.

[Eternu]

Banks are very strong companies and I see no reason why would they fear Bitcoin or any other cryptocurrency. Maybe in far future banks will need to do somethung about it, but for now... What is more likely to happen is that banks adopt Bitcoin into their system of trading. That way they won't have to fear anything.

[Core.BUSTER]

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!

The banks have been there for years and who said that financial institutions and crypto currency have to compete to each other? What I want to happen in the future is that even banks will adapt to crypto currency. Every innovation creates opportunity and knowing the banks, they love pursuing opportunities.

[sheamus10]

like this is already often the case, for those who are beginners in bitcoin world will surely panic. But for people who have long known bitcoin, things like this are normal and will return as before.

[Cindy1983]

I think they will be cause when cryptocurrency legalized in any country people will prefre investing in cryptocurrency to sending their money to bank to receive monthly interest cause the profit they get from cryptocurrency is surely better than the interest they receive from the bank so when any country legalize Bitcoin it'll be a big problem for Banks in here and it's not easy to handle.

[ramsdaj28]

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!

Nothing to worry about that. That's the problem of the banks. They are afraid of cryptocurrency because of its potentials. Imagine what might happened to bank if all people shifted to cryptocurrency instead of using bank accounts/credit cards. They are calling the attention of people not because of people's safety, but because of the possibility that they will go bankrupt. They earn from their clients' investments. If these investors opted to invest in cryptocurrency, then these banks might be facing the worst thing they will ever have.

[Marucya]

Crypto currency not only takes away from banks their profits and takes away their clients. It undermines the centuries-old foundations of financial relations between banks and people. With the advent of crypto currency, banks become unnecessary. This is the whole innovation of the banks are afraid of panic. However, if they see that they can not change the situation and return it to the old channel, they will use it again to gain profit. Only then will they begin to cooperate with the crypto currency and introduce it into their banking system.

[Tumanggor]

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 I own a bank, I will be issuing the same warning. It is obvious because crypto currencies or digital currencies that we know of don't need banks, we can save them without their help. When you think of it, if bitcoin, for example become stable, they will be using it for sure, so the money that is entering the banks will stop because as I said, digital currencies can be saved without banks.

the Bank currently only serves as a place of withdrawal of our funds, we exchange the Bitcoin that we can on the exchange site,
what they get is very little so they are worried that their role in controlling our economy is reduced..

[dunfida]

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 I own a bank, I will be issuing the same warning. It is obvious because crypto currencies or digital currencies that we know of don't need banks, we can save them without their help. When you think of it, if bitcoin, for example become stable, they will be using it for sure, so the money that is entering the banks will stop because as I said, digital currencies can be saved without banks.

the Bank currently only serves as a place of withdrawal of our funds, we exchange the Bitcoin that we can on the exchange site,
what they get is very little so they are worried that their role in controlling our economy is reduced..

When talking about the cash flow then it would really be mainly affected since cryptocurrency would really took the place between people and the government this is why they do really make such announcement to public that it isn't safe at all but the real thing that they do really afraid for people to discover the possibilities on having the control of their funds without the involvement of government on it.Knowing that we do really have the freedom on our holdings even those government people cant able to track us on what we are doing into our funds.

[Oceat]

For me some banks are feared at cryptocurrency, because the price of the bitcoin is increasing, some transactions are directed to the seller and buyer through the help of cryptocurrency and some company are willing and accepting bitcoin as a payment. But the cryptocurrency is just combination of codes, later on some banks will embrace cryptocurrency and will connect to your bank accounts.

Don't you know that most of these exchanges are controlled by the government? Which is they aren't afraid of the cryptocurrencies because banks are already there before this cryptocurrency exist, they can adapt too if they want to. Their only problem is that if the world changed their currency on what to use to be paid, this could make there fiat currency to go to extinct or making no more value at all. Since the percentage of people that is using cryptocurrency is very small compared to the people who are using fiat. It will take more time before it happens, banks can accept changes and can easily adapt everything in order for their services to get work.

[shield132]

I believe more than 90% thinks that banks fear cryptocurrency but can you tell me the reason why some of them offers us bitcoin and altcoin related services? For example instant exchanging. They take fee, so why do they have to fear of it? I think it has nothing to do bad with them, oppositely, it helps them to gain control on it. So avoid bank if you have fear of not decentralized bitcoin.

[crypto4lambo]

I think banks are not afraid of cryptocurrency. Its just that they maybe get intimidated because of the rapid growth of these coins and may impore risk to some financial aspects in our society. As we all know, cryptocurrency cannot be regulated by banks and can be used without tracking who is the user. So I think it is just for protection purposes, not only for the people but also to their business. Banks, regulating fiat currencies, dominate this market and they will do anything just to preserve and protect their business. It is just normal reactiion to express concerns specially if it impose threat with respect to their business and investments.

[Tim2412]

I think yes banks fear cryptocurrency
Just imagine how much banks already lost money from transactions which can be realised  via banks

[ArnoldChippy]

I think yes banks fear cryptocurrency
Just imagine how much banks already lost money from transactions which can be realised  via banks

I do not think that there is any reason which can cause banks to fear from crypto currencies. because in next few decades we cannot expect that bitcoin or any other currency will overcome fiat. I am sure that fiat will stay for a long long time. So banks will also survive, I even think that if banks will start accepting crypto currencies even then they will exist and survive more better in future, therefore i do not think that banks will have any fear of crypto currencies.

[Harrisonimo]

Yes, they are really scared of what it is turning out to be. Judging by a video I watched recently, our central bank have already set up a committee to look into the applications of the blockchain and Cryptocurrency in itself and how it can be adopted for use. A friend also told me that he fears for the people working in banks at the moment with things are going, guys might soon be running out of bank jobs soon. I guess the earlier the better they start the adoption so as to carry everyone along.