Do Banks fear cryptocurrency

[GrayFullbuster]

Of course they are afraid to the cryptocurrency. Here in my country, the cryptocurrency is a hot topic in our senate. There are senators and congressman in my country that want to ban the cryptocurrencies. I am sure that they want to protect all of the financial institutions.

[Gamix]

I think cryptocurrencies are serious competitor for banks and fit currency in the future. Thus the concerns of safety and so on.

[jinksters09]

I don't think that's the reason why they destabilized or prevent bitcoin from going in their country. Because at the end of the day people would still choose cash over money on the internet especially those residing in their urban or local areas. And what better of it who provide cash on people through loans or savings which is bank.

[prtty2gal2]

Banks fear so much crypto currency for many factors. Crypto-foreign currencies are less danerous unknown, translations are quicker. You do not need to pay taxes, don't need a lot of document procedures. The factor to bitcoins is a lot more profitable compared to contribution towards the financial institution. We've got the technology blockchain is waiting for its introduction into the financial world of sales and so on.g,

If someone has saved his money in banks, he must be aware of the fact that banks deduct a good percentage of interest from his money. They also give tax to the government, when we want to transact money, we need to pay charges for that too and these charges are a way higher than the ones that we pay for digital currency’s transactions. Bans are very expensive and that is why people supported digital currencies.

[CowboyKiller]

Banks fear so much crypto currency for many factors. Crypto-foreign currencies are less danerous unknown, translations are quicker. You do not need to pay taxes, don't need a lot of document procedures. The factor to bitcoins is a lot more profitable compared to contribution towards the financial institution. We've got the technology blockchain is waiting for its introduction into the financial world of sales and so on.g,

If someone has saved his money in banks, he must be aware of the fact that banks deduct a good percentage of interest from his money. They also give tax to the government, when we want to transact money, we need to pay charges for that too and these charges are a way higher than the ones that we pay for digital currency’s transactions. Bans are very expensive and that is why people supported digital currencies.

Bans is not very expensive, but it needs the government will spend a lot of capaties and strengths to track the activity of cryptocurrency users in their country. Instead, why do they not accept to help all things become easy?

[daarul50]

I think the Bank will not be afraid of bitcoin, because in any country as long as the government within a country has its own rules and regulations on the legitimate currency to make transactions, the bank will always be the main choice of the community, thus proving that bitcoin will not be used if not through the bank. Until now if we want to enjoy the result of bitcoin then we have to do the exchange first.

[Tadblt]

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.

It's just that, the cryptocurrencies are quiet riskier than the fiat. They don't want everyone to get involved because they know that not everyone could take that risk and they don't even know that it is really risky. The banks should not be afraid of Bitcoin and so are the people who are involve. Since the bitcoin opened it's gate, there were a lot of risk waiting inside of it. For example are the site where you could invest bitcoin and they could be able to run with your money without you noticing it. It is because the safety is not there. It's like a bet sometimes, specially when you are new. But once the wise man said, the more riskier you are, the more chance you learn and be a superior.

[AdamRay]

They have no way of controlling the crytocurrency. It does not need a 3rd party and the bank is definitely not the choice.

[megynacuna]

Yes I also believed that the banks are afraid of the steady rise of cryptocurrency along with its value in the market especially bitcoin and also the growing users of the cryptocurrency makes the banks feel uncomfortable because as more users trust bitcoins and other cryptocurrencies more people will become aware of the advantages in using bitcoin or any other cryptocurrencies such as the anonymity to transfer million dollars to any part in the world with a very minimal fee. 

Well it's obvious that the banking system (forex) hates competition from the commodities stock exchange and so if bitcoin and the blockchain has the tendency to render them and their system useless then i guess they will feel the natural hatred for it and even attempt to get it out of the system.

[icanscript]

Crypto currency, LN, between atomic swaps, P2P payments.
Step by step there is no need for banks.
Previously, money was stored in banks, now they are stored on servers.
A huge number of non-productive resources will be released.

[Marry Finch]

On the part of banks, bitkoyn does look frightening and uncertain. They are accustomed to a secured hard currency, according to which each step is painted with a set of instructions. And here a set of figures is called money designation, unsecured and incomprehensible by whom and how created, moreover with such a huge value. In addition, the price of bitcooney a couple of days ago was about 9000 dollars, yesterday it was more than 17 000 dollars, and today it fell to 15 500 dollars. Well, this is not to be frightened.

[Jupeter]

They have no way of controlling the crytocurrency. It does not need a 3rd party and the bank is definitely not the choice.

I dont think so that banks fear cryptocurrency right now, but i think in the future banks will totally fear cryptocurrency, because i am sure that in the future cryptocurrency will be know by many people and will be support my every people in this world, and i am very sure that cryptocurrency will surely do whats the banks can do in the future.

[brickafterbrickwalldpt]

It's competition, simple as that, written down on paper. Central banks also want to protect their respective country's currency so it doesn't become inflated or worthless in general, but the gist of it all is that cryptocurrencies do not need banks to store them, they can be amassed mostly anonymously, and can churn out a huge profit for the hodlers that own alot of bitcoins. They will eventually accept crypto as the way of the future, it's just too early now, still a taboo subject and so on.

[kaizerblitz]

Definetly Yes Banks are afraid to us because there are people choose to store there money in bitcoin and they afraid of losing clients. Bitcoin can dominate the banks as they warning bitcoin or to ban bitcoin.

[teejayrichard2]

Banks do fear cryotocurrency and any other thing they can't control. Cryptocurrency is something you control at the comfort of your home and you don't need to visit the bank and banks know if cryptocurrency takes over the world,bank jobs will be lost and money they make from people saving with them will stop.

[wel24]

For me yes, because if crypto currency especially bitcoin will recognize to the world banks income will decrease as most of the people will invest in bitcoi[Suspicious link removed]ankly speaking investing in bitcoin will give you a big profit than into the bank.Thats why banks will tell people and drag down crypto that its delicate to invest but the fact they are afraid to loose their investors.

[DoublerHunter]

Definetly Yes Banks are afraid to us because there are people choose to store there money in bitcoin and they afraid of losing clients. Bitcoin can dominate the banks as they warning bitcoin or to ban bitcoin.

Banks are not yet afraid of the cryptocurrencies because they know that the cryptocurrencies are volatile and that will become their statement for convincing other people to invest to their side because banks have almost a low risk and it is almost safe since all of the investment are being well organized by a professional.

[zulistt]

🤔 hmhmm same with the central bank of the philippines or also known as bangko sentral ng pilipinas. Government legislators has not yet impose any taxes but the central bank issued a statement regarding crypto currency, i think it is a right move on their part since a lot of people now are shifting towards digital currencies which is a lost in part of the banks and other businesses as well. There are legal cases filed against the legality of the bitcoin in the us but the verdict are it is a legal tender so we should not be afraid of it. Lot of personality and businesses are trying to shutdown so it is just a move to take down bitcoin.😉

[jam22]

Maybe cause instead of saving money on the banks, people will save their money online banks.

[pathapoddo]

Of course, banks fear so that bank warning you not to involve with cryptocurrencies. Bitcoin is a growing digital currency, it is increasing & increasing. People are now interested in bitcoin so much & they are invested in bitcoin. It will decrease to invest in banks. so that banks are feared.