Do Banks fear cryptocurrency

[stompix]

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.

Really?

You give the example of the file sharing.
Well netflix and youtube are killing filesharing in the us. Also the use of smartphones forces a lot of users to look for alternatives as filesharing websites are full of ads malware and really not adapted to mobile usage.

And do you think banks are not adapting?
Check the threads and look how most of people store their coins, in online wallets a.k.a banks ,also most use banks to send or withdraw funds.
Besides, have you seen the cheering of goldman sachs  scam interest in bitcoin?

The banks are not afraid, they have hundred of trillions to play with, bitcoin is just a drop of water in the ocean to them....for now.

[matricaria]

in Sberbank German Gref was saying long time ago:
cryptocurrency and smart contracs would kill the banks as it is

[z38630610]

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 may be a little bit scary for banks but not for now. People are using cryptocurrency  and their wallets but they are changing their bitcoins to paper money to spend and buy something that they need. For many years it will continue like that I guess. But if they think about 80-100 years after, banks are right about bitcoin will cause many problems for their legal currency.

[Jewell]

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.

Yes they may be thinking about it, because with the passage of time the users of bitcoin are now increasing which is making the future of bitcoin more secure and bright. Therefore there are more chances that then people will start giving more preference to bitcoin and that is the reason that the banks will be a little worrying about bitcoin.

[beatleap]

Yes because people are holding on their own money with Bitcoin which if it becomes main streaam will make banks irrelevant.

[Mr]

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.

They are scared the cryptocurrency. You need to know that banks are control by the government and therefore, if most of the people use cryptocurrency instead of tradition currency and banks, it will destroy the whole centralized system and the government caan not collect tax as well as control people's property

[bitgreat]

No they donot fear crypto currency cause its crypto currency and not a fiat currency.
It always gos down and up.
Even if you make current like usdt which is flat you cannot get governments approval to use it everywhere.
And even government approves this bnaks will surely gonna overtake this.
And if they cannot overtake crypto currency.
The difficulty lavel of using crypto will never make bank out of the game.
So people will always use bank.cause you have you govts backing on this.

[Rinder]

Banks still with the big money with them, we are litle sardins into the ocean of whales that banks are into the financial system. Banks can adapt anytime to crypto, at this point would be amazing to see Japan banks positions and services being provided related to crypto, i do believe they are already with their own project to make live without let us know.

[BenjaminFranklingwould]

Of course they fear of this technology. Because even if cryptocurrency will not really "kill banks" but will take big chunk of financial market in the future. And it can be big damage for future profits in many banks. They should scare us for many reasons, such as speculation in the market and to have more time for improve their products as well.

[annanava]

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!

Oh yes, they fear. The reason it's that the use of cryptocurrency does not involve banks. So if in the future, cryptocurrency replace traditional currency, what would the banks do? That's why in the case of Albania, and other countries where there has been a ban of cryptocurrency. The change will be that big, that the whole business model will change.

[kiver]

of course they do bitcoin is an entire new system that could replace banks someday

[kumar jabodah]

Probably because bitcoins are also kind of money. With bitcoins we can also keep our money without the help of banks. So, if it continues, people will lose interest in saving money in the bank. So banks are frightened and they have to make a way for that. To get people back and forth in tradional saving money.

[vinz7229]

Perhaps the banks are so brimming with people who are in crypto currency, because they do not know what technology to buy through bitcoin. But once it's been learned by the  banks im sure their going to  include it in their transactions, especially to those  people who have accumulated different types of crypto currency. Because while the coins are stored for how many years  and you sell it your  coins im  sure your  profits will increased. so i think it is good to see if the will include crypto currenty so that all our transaction will became easier.

[Webberson]

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 would like to say that banks are warning against the uncertain and unsafe nature of cryptocurrencies because cryptocurrencies has not been globally accepted. As for whether banks are afraid, they maybe afraid of something but certainly not the crytocurrency because be it as it may, when it gets to the stage of people using cryptocurrency to make transactions globally, they would just have to inculcate it into their system.

[CowboyKiller]

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 may be a little bit scary for banks but not for now. People are using cryptocurrency  and their wallets but they are changing their bitcoins to paper money to spend and buy something that they need. For many years it will continue like that I guess. But if they think about 80-100 years after, banks are right about bitcoin will cause many problems for their legal currency.

The future of cryptocurrency will depend on the decision of the government, they can make this world disappear any time. However, I think the cryptocurrency world just disappear publicly, because the deep web community still using it as long as still have miner help this system running.

[endlasuresh]

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!

How about Stock Markets? do they won't involve in them? Now banks get a lot of fear because of money transferring made easy and they might be in loss of some percentage.

It is still new to the world, but in future they need to rely on other assets instead of currency exchange. Some people don't know much about Crypto currency and why do they have to involve or use it.

[webdevmastery]

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 has a lot of budget for their economy but it was also a huge threat to them because time deposit's are now useless if you will invest in bitcoins. I prefer to invest in bitcoins rather than to place money in the bank because the growth of your money is low. Maybe a lot of investors will choose bitcoins over placing their money in the bank for long term investments.

[Mr.grin]

I think so. so many bad things if cryptocurrency has been famous over the bank. especially if it can be a better investment than a bank. I think it's true if banks are afraid of going to the popular cryptocurrency.

[salad daging]

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 seems that from our first investment in the crypto world has many risks that become our own responsibility, not only the Bank of Albania, many local banks from other countries also reported the same statement, who appealed to be cautious in investing in krypto, because In the country I Btcoin has also not been acknowledged as a legal payment instrument and if there is a risk will be its own responsibility because the government will not be responsible for any risks that occur.

So we do not have to be afraid of such a bank statement.

[Python2.5]

Of course they are. People instead of keeping their money in the banks they prefer to invest in bitcoin.