Do Banks fear cryptocurrency

[jmiro1]

Yes the banks fear online money or crypto-currency and definitely it was suppose to happen. Because of crypto-currency banks gonna lose lots of transactions and saving accounts. People will look for some place other than bank cause banks always deal with cash or currency where it's all being controlled with a central bank. But the crypto currency is decentralized, so it does not need the banks. If you understand the process then it will be more clear that the banks are in fear, not us. Yes, we are but it's different. Will talk about it some other time.

[Gintama214]

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!

Some banks are actually afraid of crpytocurrency because they don't know what it is and they just looked at bad side of the crpytocurrency but some of the bank do accept bitcoins especially in the US. They just make an issue of warning because as I said they are uncertain and they think that cryptocurrency is unsafe due to the recent hacks that wants bitcoin as a payment. There are pros and cons on bitcoin but giving a warning about it that means they are really afraid if bitcoin.

[daarul50]

I think the bank is not afraid of cryptocurrency because until now the bank has benefited from all bitcoin transactions, we all know that not all countries have bitcoin atm facilities so people in those countries are forced to use bitcoin exchange providers to be able to use the bitcoin which has been exchanged into real money and almost all of these exchange providers use banks for every bitcoin exchange.

[mardaed]

I believe banks are obviously fear for crypto currency reason behind is that banks much prefer fiat and bitcoin is a online crypto currency, banks are regulated by government and bitcoin is manipulated by people,  so bitcoin stood as a competitor for banks.
Banks do not support bitcoin, even they block the accounts of people who are trying to make transactions with bitcoin, they don't show interest directly but indirectly.
But bankers do joined and start selling their own ICO in some locations, it is even good.
So I say banks fear cryptocurrency.

[Homaz]

probably they dont really care because bitcoin is not so famous, maybe in nearly future it will be dangerous for bank, for sure but it will be too late.

[Razick]

I don't think banks fear cryptocurrency because when push comes to shove, if crypto ends up being something they think will take off and become what people are saying it will be, they will simply adapt their business models to incorporate it. Some won't, obviously and those will be the ones that fail, while the others continue on.

[Hallmader]

The battle continues. But the battle is basically within each person now whether to be in favor of Bitcoin or side with the banks. However, at this stage we cannot totally choose one and disregard the other. We cannot live with Bitcoins alone for now. But we cannot also tolerate the banking style forever. So we have to support Bitcoin and the blockchain system while using the features offered by the banks. The banks themselves are probably looking for ways to evolve.

[Afnan_faizah]

probably they dont really care because bitcoin is not so famous, maybe in nearly future it will be dangerous for bank, for sure but it will be too late.

Bank is already fear cryptocurrency, bankers in texas penhandle have recently been discusing about bitcoin and blockchain technology. They cannot ignore bitcoin because it has the power to undermine the banking system amd improove economy by reshape the financial landscape. Bank is an " old " financial system and bitcoin is the " new " one that give people a lot of benefit.

[Loopper]

Fear may be in their minds because of this problem but it looks like they will find a solution.

[JTASSOCIATES]

Always life gives every one two option take it or leave it. Same like that Banks also having two options either accept blockchain technology in to their system or continue with the same system which is not going to help young people of tomorrow. Banks fear due to the growth of bitcoin and which creating pressure to all countries economy to reconsider themselves which is times requirement to change their system where they are not prepared for this technology change may be feared they cant charge same like now what they charging to the account holders.

[leepfrog]

It is logical to think like 'can a market as young and volatile as cryptocurrency be successfully partnered with Artificial Intelligence to produce a profitable outcome?'. With market capitalization in the low millions up to low billions, cryptocurrency markets present too small an opportunity to interest most trading banks and hedge funds. They use the power of their deep pockets coupled with AI to generate massive profits from high-frequency trading where a few millisecond advantage over competitors can generate big returns.

[BitCoinKeeper]

Banks are not scared of crypto currencies, they are only trying to keep safe their country's currency.
Instead of crypto currencies to make banks disappear, they will work together to achieve one aim.

I disagree with your premise, I do believe the banking industry is very scared of the cryptocurcurrencies, Do to the fsct Banks don’t offer any type of percentage for their customers what do they pay 0.01 % while crypto is paying much much more...
Banks are struggling to keep the customers they have. Because they realize the customers they do have that are invested in crypto are not pulling their coins, and why would they because banks don’t offer the return crypto offers. People are not converting coins to fiat.
There was a time banks paid but not anymore.

[tianok21]

Of course bank will afraid to bitcoin. Why? the reason is bitcoin is digital used transaction that no fee in depositing and saving money. No hazel in depositing and withdrawing money unlike banks that you need to fill - up forms before you deposit and withdraw your own money. There are a lot of differences between banks and bitcoin in term of transaction through digital that banks owner worried. Now banks owner are worried because there are possibility people no go to bank to save money instead they save money in bitcoin.

[duyduc256]

Of course bank will afraid to bitcoin. Why? the reason is bitcoin is digital used transaction that no fee in depositing and saving money. No hazel in depositing and withdrawing money unlike banks that you need to fill - up forms before you deposit and withdraw your own money. There are a lot of differences between banks and bitcoin in term of transaction through digital that banks owner worried. Now banks owner are worried because there are possibility people no go to bank to save money instead they save money in bitcoin.

In fact almost all banks fear this because Bitcoin can completely ruin the bank and banks are fighting to fight Bitcoin but I think the bank will be hard to achieve because of the technology of the market. Cryptocurrency is much better than bank

[learner 7]

Bankers criticize bitcoin calling it a bubble, although they themselves actively create bubbles for example 2007 - 2008

[fearcoka]

Of course bank will afraid to bitcoin. Why? the reason is bitcoin is digital used transaction that no fee in depositing and saving money. No hazel in depositing and withdrawing money unlike banks that you need to fill - up forms before you deposit and withdraw your own money. There are a lot of differences between banks and bitcoin in term of transaction through digital that banks owner worried. Now banks owner are worried because there are possibility people no go to bank to save money instead they save money in bitcoin.

In fact almost all banks fear this because Bitcoin can completely ruin the bank and banks are fighting to fight Bitcoin but I think the bank will be hard to achieve because of the technology of the market. Cryptocurrency is much better than bank

I think it is not related, Bitcoin and the banks are needed for our life. Bitcoin can not help the investors saving money with a fixed profits as saving money in Bank. Because Bitcoin is an asset for investment. It can not fix its value while no one has enough power to guarantees the Bitcoin price will not dump.

[nydiacaskey01]

Definitely not. Traditional banks have their own target market and they also have other ways to earn money aside from usual deposits. Bitcoin have their own market as well. An investor may chose to invest money in traditional bank because of low risk and in fear of Bitcoin losing its value while others may select Bitcoin because of high gain but higher risk.

[saqibmunir]

Bankers criticize bitcoin calling it a bubble, although they themselves actively create bubbles for example 2007 - 2008

it depend on the situation if work of banks affected by cryptocurrency then  Clearly the banks are the ones who are afraid of btc. It is obvious in their acts and their intensive propagation to warn people to stay away from btc. Telling all negative things about it but keeping the information on how btc can be able to help them. Sure, btc have disadvantages because of its volatility but I don't think they have to make people steer away from it without knowing it firsthand.and i also think that crypto currency at the movement is not a big threat for banks

[uncoinwhales]

all central banks  try to make some proof when you invest in any things witch not found in bitcoin + uncontrolled and can’t be refunded  

[Jombrangs]

Cryptocurrency has a great potential to dominate in this world. Not all countries recognize cryptocurreny as a medium for exchange but they see the great potential to become a standard currency in this world. From the convenience and instant investment provided by bitcoin to its valued customers, the word of mouth the customer gives them a big picture in this industry.
Through this many banks in the world sees bitcoin as a big threat or rival in banking industry