Do Banks fear cryptocurrency

[monomix]

banks shall fear the crypto. someone will start loosing business soon. someone will start loosing jobs soon.

[Osarman]

i think so, because there are lot of investors who supported in bitcoin and it is one of the reason that many banks afraid when they loose many people especially those who have more shares on them that going to bitcoin. as times goes by there are lot of bitcoiner who proven that bitcoin have more advantages that banks.

Well it is not to be neglected that banks have their own importance, they are good in their own way we should not compare both, each is beneficial in its own way. When it comes to crypto then yes they are a threat and alarm for the banks because people are getting into it and are liking it more than other currencies because it is quick and easy to be invested and profit is high

[Cofee.BLUE]

I think yes because they fear bitcoin can give some storage and savings to btc users and thats the reason why people will not use bank for their money to store and for their money to be saved.

[Blackwhite69]

I think yes because they fear bitcoin can give some storage and savings to btc users and thats the reason why people will not use bank for their money to store and for their money to be saved.

Things that can happen because it can be a place of storage online without deductions every month.

[waynechong1995]

It's their job to spread such awareness anyway. Well there are many of those money game in which the banks are opposing, and they suppose bitcoins are one of them too. They aren't wrong when you see the crazy surge on bitcoin price in months, key figures would definitely stand up and discussed them publicly, bitcoin deserve such attention 

Banks fear with cryptocurrencies? In fact I must say they aren't if you compare marketcap of cryptocurrency and others which banks had big portion at:  insurance and properties etc... A little bitcoin wouldn't hurt them. Only when its usage is as wide used as MasterCard or visa that would do

[fasdorcas]

Bank don't fear about bitcoins much as till its not legalized properly all over the world people still need fiat currency to use in the market and to pay bills. Till btc don't get legalized as fiat currency btc can't be accepted openly.

That's the outlook each and every user has, but in reality banks fear much about bitcoin as well other digital currencies. Everything is purely upon the growth it has reached in a very small time frame as well the flawless functioning. Though it's dependent on banking section, banks fear of the backing technology and keeping them up to date to cope with it.

As Bitcoins are yet not one of the legal currencies in today's world there fore it is not wrong to say that banks are yet not terrified due to the use of Bitcoins at such a huge rate. In banks even today the paper money is more useful for transactions even at the national as well as international level. Therefore this thing might become possible but it would take much more years to be in the picture

[Honest Tim]

By using crypto currencies, people will become independent and free from the hands of banks.  People will not depend on the banks fro the transaction,  as if people become independent, it will effect the banks economy,  bank will not be able to charge fees on the transactions.
And other fear is that Bitcoin supply is dependent on the people's demand and supply is done according to that,  it runs by any government and banks.  Hence bitcoin user is not answerable to the people. Bitcoin will circulate in the country and the banks and governments will not interference in the circulation of bitcoin. This fear them most.

[S A KHAIR]

I think the banks are afraid at the cryptocurrencies. As the use of cryptocurrencies ase increased at a big rate, a lot of people are using this currencies. They are using this currencies at various way. It decreases the use of local or international currency. People are transacting money through cryptocurrencies for free. If they use bank for this,they have to give a lot of money as service charge. The banks are losing there profit here. That's why the banks are afraid at cryptocurrencies.

[trickyriky]

Yes, they have this fear. More and more people do not trust banks that take extra money for withdrawals and take commissions for most of bank operations. Banks are scared that those who own bitcoins will stop using their services and they will get a great crash.

[tiger2monkey]

In my opinion, yes, cryptocurrency posts challenge to traditional banking system (e.g., low fee and quick transaction). At the same time, it brings innovation of blockchain technology into FinTech.

[wurth]

Bank don't fear about bitcoins much as till its not legalized properly all over the world people still need fiat currency to use in the market and to pay bills. Till btc don't get legalized as fiat currency btc can't be accepted openly.

That's the outlook each and every user has, but in reality banks fear much about bitcoin as well other digital currencies. Everything is purely upon the growth it has reached in a very small time frame as well the flawless functioning. Though it's dependent on banking section, banks fear of the backing technology and keeping them up to date to cope with it.

As Bitcoins are yet not one of the legal currencies in today's world there fore it is not wrong to say that banks are yet not terrified due to the use of Bitcoins at such a huge rate. In banks even today the paper money is more useful for transactions even at the national as well as international level. Therefore this thing might become possible but it would take much more years to be in the picture

In my country, I can not use Bitcoin for daily. The economy of my country still poor, so we do not use credit card to purchase the normal foods like rice, meat, fish, vegetable, spices ... Therefore, a cryptocurrency like Bitcoin never using for daily in my country and if Bitcoin can not use for daily, it never replaces FIAT and the government and the banking can make the cryptocurrency disappear when they think this currency effects their benefit.

[pingrabazar02]

In my opinion not only banks but the whole financial system fears cryptocurrency.

[Kita Kita]

banks shall fear the crypto. someone will start loosing business soon. someone will start loosing jobs soon.

I think its a big yes, Banks should fear in cryptocurrency because it blooming all over the world, eventhough its not legal yet but the popularity of it was still increasing and increasing year by year, and maybe in the future cryptocrurrency can do as well what the banks can do, But crypto currency cannot be erase bank in this world but it can tied it in the future.

[Bitcoin2theEnd]

I don't think they do yet. They still have no idea what is coming. It is already too late. The only hope they have is to adapt

[Aba]

Of course banks will be frightened by the development of  cryptocurrency, evolution happens not only to living things but also to technology. If banks do not follow the evolution of technology by not adapting this blockchain technology in their banking system then they should be ready to be replaced with cryptourrency.

[Joshapat]

Yes, of course they do fear cryptocurrency.
Because bitcoin or any other decentralised cryptocurrency allow the people to trade peer to peer takin off the use of any middle man, which in traditional commerce is a bank.

Yes true, gradually bank fear with cryptocurrency, even the current market share cryptocurrency has reached 200 billion USD, if the bank did nothing then the banks immediately abandoned the user and finally disappear.

[Mehdi.Habib]

Cryptocurrency is a decentralized financial system with no middlemen and secured. Cryptocurrency are not only secured, but also are fast, transparent, anonymous and non-susceptible to government and central bank. As, cryptocurrency is decentralized there is less chance of inflation and also have lower transaction fees due to don't have any middle man. These kinds of features can attract people to Cryptocurrency market. And people losses their interest to use a bank. So, Banks fear about this.

[Bakemat]

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 the government and social media gives bad benefit or disadvantage only when creptocurrency are topic. I think they afraid only in the cryptos because they know the talent and the good benefit about the cryptos so if all people know about the good benefit of cryptos maybe they go into crypto and left the bank and that my idea why the banks make wrong information to not involved people

[Zicadis]

For a bank to operate it needs the people to keep using their banking services but with digital currencies becoming popular and people shitting to use these in prefer over fiat, the banks are losing out and they will have to act fast and see how they can profit from using the blockchain technology or they will be out of business...I guess banks are afraid of cryptocurrencies after all.

[ASHLIUSZ]

Of course banks will be frightened by the development of  cryptocurrency, evolution happens not only to living things but also to technology. If banks do not follow the evolution of technology by not adapting this blockchain technology in their banking system then they should be ready to be replaced with cryptourrency.

Such a situation prevails, because already banks have been experiencing a fear about the growth happening with bitcoin as well the other digital currencies. As a part several countries have been getting into creation of their own digital currency as well some has been into creating their blockchain based on the business platform. Hope soon the technology will make an revolution and we're in the beginning stage.