Do Banks fear cryptocurrency

[tigan_gangmei]

Yes, they are. Very!  They will soon start lobbying the government to regulate cryptocurrencies.

[stevano]

If you asked me exactly the same warning I would have done in relation to banks. They probably think that people forget how many banks died in 2008. It's all just competition in the Finance market. Banks have lost the clients, and the process continues.

I think the bank can not survive because of the economic crisis that hit them, so the best alternative to overcome this problem is the presence of bitcoin, this is the answer to the problems of the financial world today

[mahimonliner]

Obviously bank fears cryptocurrency,and government too. Because if cryptocurrency established they will be useless.

[Onimushi]

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!

Yes i think they do. But they must take this fear as their motivation and inspiration for their improvement. Banks must realy cope with this new environment, because it might be the one who can end them.

[sayedtaha]

no they don't fear of digital currency which is the future currency but if it is wide spread they should be worry about there job

[sana gull]

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.

I think it would be too much if cryptocurrency would replace fiat or overcome fiat. one of the reasons why many people use cryptocurrency is because it is profitable. while for currency and payment model I'm sure many people still choose and prefer to use fiat for being accepted anywhere. besides the government also will not let cryptocurrency do takeover on fiat. so I think banks dont need to be worried and afraid of this

yes you are right that banks don't need to feel fear about bitcoin because people use two types of money now a days the first one is fiat and real money which is acceptable in everywhere while some people uses bitcoin for online shopping etc where real money don't work fastly as a bitcoin that why bitcoin is also profitable.

[smith136]

I believe most traditional bankers fears the rise of digital currency specially the bitcoin base on some statements of known banks and personality across the world, they always warn people regarding bitcoin but in my opinion they always did this just to destroy bitcoin's reputation because it would cause a big loss to them since the money of traders or investors will go to bitcoin instead on saving it in the banks but I know people can think and know how to do research so they can't just simple destroy its credibility.

[CryptonomyCapital]

I think that all in all, banks will integrate with cryptocurrencies.

[gulshan1]

Yes,Banks are fearing from cryptocurrency because bitcoin is working as bank online without any disturbance of any concern. Bitcoin is also using for cards transaction. Money transfer is very simple and fast as compare to bank transfer working. people are decreasing the use of online banking and increasing the use of blockchain for saving and transfer at any time and any where in the world with the interference of any country and person.BY this way value and usage of bank is going day by day in every country.

[misterj]

I believe they are scared about cryptocurrency because they have started to destroy its image in public saying and telling that it is illegal and used for crimes and illegal activities in internet. But if you noticed that it does not matter if it is cryptocurrency or your local money are being used to paid, the thing is as long as that currency has a value, you could use it to pay for crimes and illegal activities. Businessman who are afraid of its power to change the faith of someone to become rich pushed them to spread unwanted facts or fake news about cryptocurrency to scare public people and preventing them to try and discover it themselves.

[Javathon]

The banks are afraid of the blockchain because of its better technology, speed, and efficiency compared to them. Though there are banks that plans to adopt the current technology, the blockchain is far more better because it is decentralized.

[ripti]

Banks and financial institutions only want to go cryptologically to the constitution, but the Cryptocurrency blockchain seems like the public. If you think of Bitcoin, you have control over your finances, you've done more than your banks and others do not need to show your wealth.

[newlone]

Banks fear the crypto, they fear no one will deposit their bank. Afraid all investors will turn all their money into bitcoin or altcoin.

[groundcontrol67]

I suspect many banks fear cryptocurrencies but many will see it as an opportunity, those who get ahead of the curve and integrate with cryptos somehow in the coming years will be the ones that prosper in the future.

[cottagecoin]

Yes, it is a big threat for them, blockchain will put away all comissions, which banks make money from!

[Glenn10]

I don't think banks are scared of cryptocurrencies, they just trying to keep safe their country's currency. It would be better if they will work together to achieve one aim.

[pushups44]

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!

Yes, many banks are concerned about the existential threat posed by cryptocurrencies, given that they are decentralized and cut out the middleman, and shift power to the users. The banks are thus much like the music industry when peer to peer file-sharing took off. The banks should think about offering services to cryptocurrency owners rather than using empty scare tactics.

[Mike Mayor]

Cryptocurrency puts the power of banking in your hands instead of in the banks. This means we directly benefit from it with the investment.  Usually the bank would keep this from us and make their own money with it. This is being decentralized and being used and available to anyone who uses cryptocurrency. This is why they fear it. The profits are at stake. A new contender has arrived and is better then the banks.

[vibingpositively]

The banks are scared much more than anybody in cryptocurrencies is and for good reason to. You see all the comments coming from CEOs and VPs and heads of banks and generally they are negative toward cryptocurrencies.

They praise blockchain but hate cryptos, ask yourself why that is? It is because it threatens the very landscape in which they work everyday. Have a read at this forbes article I think they summarize better than I have.

https://www.forbes.com/sites/briankelly/2017/10/24/why-bitcoin-matters-more-than-blockchain/

[rainbow169]

I think bank of all levels feel the potential threat of cryptocurrency. Central bank worried about losing control of fiat, investment banks thinking about ICO replacing IPO, retail banks worried about crypto wallets and cashless transactions. Bank will fight with cryptocurrency with exactly the same tech - blockchain. I believe the world will eventually integrate rather than clash.