Do Banks fear cryptocurrency

[ArnoldChippy]

Yes I would say banks would be afraid of this evolving cryptocurrency,
and I think if they get the chance they would stop these currency for growing. Most banking experts are well aware of the benefits of cryptocurrencies but they just want to de-motivate people so they can still continue their business alone

Yes, many still do not know what crypto currency is, but who knows about it is trying to destroy it by spreading dirty rumors about bitcoin. Soon banks will have to accept crypto currency, otherwise they will lose their customers.   

That is right i also do not think that currently i do not think that bitcoin has any great impact on banks, but in future when all the people of the world will start using online shopping trough bitcoin and other crypto currency then there are possibilities that bitcoin will have some effect on banks.

[FLoving]

some banks like turkey central  bank and Albanian bank admit bitcoin as a threat to global banking.

but bank of England admits bitcoin not a threat to banking system.

bank of england (BoE) head mark carney said on last wednesday that bitcoin's meteoric price gains do not pose a threat to global financial stability.

so I think bitcoin is not a threat to banking system.

They do have a lot of crypto currency and they will never admit it, and chances are that they have invested in the bitcoin or other crypto currencies with all the savings of the people, because that’s what a bank do. Now if the bank will not issue a warning to its people, then people will take out the same money from banks and invest it themselves, which will not benefit the banks. So the reason why banks are generating the alarms for the people is understandable.

[FiiNALiZE]

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!

There could be a few areas that have Bitcoin looked at differently, though they can't fully ban the people from using Bitcoin.

[BTCMA3IA]

NO
they fear about clients

[X2PR8888]

I think banks feat cryptocurrencies because of what the systems and platforms they are built on are capable of: bank like function without the regulations and the complications that come with it.  I also think that banks feat cryptocurrencies because people are getting more enticed to invest and trade in it and as such has less need for a bank too.  Aside from that, money being put in cryptocurrencies has a higher chance of doubling themselves fastwr than putting it in banks. All these make it appealing to people and  so the idea also of losing a chunk of their clientele over to these self regulated crypto currencies, make banks fear for their future.  On top of it though, I still think that banks will play a major role in the circulation of currencies.

[Cryptoshops]

If you look at the bigger picture Bitcoin is only worth something if u can buy things with it like we do with mainstream money. What most people do with Bitcoin today is buy and sell it for mainstream money so they can buy things in the real world.

 Bitcoin has gone from being used as a currency to an investment and the banks could if they wanted to make it almost worthless by stopping all Bitcoin related transactions across the world. Bitcoin could become almost worthless if the banks wanted it to, On the other hand if its value came back down to somewhere near its price after a year of its launch it could be used as a currency as it was first meant to be used for. People buy Bitcoins to make a quick buck out of it,  not to use it as a currency to buy things so in the end the banks still have a hold over Bitcoins whether we like it or not.

[Samplex]

Based on the performance of the company and management of bitcoin there is no doubt that banks are afraid from this success happening to them.
BItcoin provides all kinds of services including remittance, electronic billings and etc which sooner or later they can replace all commercial banks in the whole world.

They might be afraid but let's not remember that many people are used to transact with banks. It will be funny if banks lets say in future allow users to have crypto currency wallets that work as online wallets for people that want to use cryptocurrency but don't have knowledge and are to lazy to learn  

TBH as it is from today there is no major threat to banks yet, since bitcoin is mostly seen as speculative asset and not something that they can spend. From now I don't think that they should care much but in upcoming years they might start to look at how to avoid them etc. Some people simply don't like an idea of cryptocurrency since if you get malware that switches you address that you copied (like in clipboard) and when coins are sent theres no turning back. Coins can be lost easily, lack of people to make backups etc... While when theres bank - middle man that you trust when you screw something up it may be fixable with or without a cost.

[bhadnaufal]

They fear not being in control of people moneys, thats why goverments keep banning btc.

[haster100]

yup banks will .
bitcoins technology is amazing tech ever invented and through decentralization bitcoin can travel around the world with just matter of minutes...
and also the ability to conceal your identity through bitcoin..
and also the fees are much lower than banks and it can be a long time investment or bank if you hold

[Alok_Yadav]

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 bank should be afraid of cryptocurrencies and they are indeed. They know the potential of cryptocurrencies and Blockchain and its power to replace the banking system as they are today.

[centralbanksequalsbombs]

For more than FOUR YEARS banks have failed at stopping bitcoin despite banning bitcoin-related transactions.

Big banks worldwide ensure training at teller level was made to stop any transaction mentioned to be bitcoin related ever since 2013. Four years and it did nothing to stop bitcoin adoption. People simply adjusted and would do their bank transaction without ever saying the word "bitcoin". Bitcoin cannot be banned and it cannot be controlled.

First, educate yourself and then others. Please checkout the link to the bitcointalk post in my signature titled: How to teach Bitcoin to a 7 year old.

Bitcoin is a secure, decentralized, trustless and open system which cannot be banned nor controlled.
 
Bitcoin is ultimate store of value and its popularity has strengthened over time and maximizes value compared to any other altcoin...why?:
If it can be shutdown, and have assets frozen by a bank or government, there would be no value
If it wasn't secure, there would be no value.
If it wasn't immutable, there would be no value.
If it wasn't globally distributed, there would be no value.
If it wasn't so strong, open-source decentralized and unstoppable, there would be no value.
If it wasn't so scarce, there would be no value.
If it was easy to spam transactions, there would be no value
If it required a central 3rd party to function, there would be no value
If it was stopped after all major banks on Earth banned in 2013 to today, there would be no value. (say "bitcoin" when transacting and watch the block of the transaction. simple fix=never mention "bitcoin").
If it didn't have the history of 8+ years (and still no hacker can exploit bitcoin blockchain), there would be no value
If it was exactly like fiat and only did transactions, there would be no value.

Bitcoin's value is worth hundreds of billions USD today. Altcoins however are scams, weak, pyramid schemes not offering these values.

Bitcoin has all the characteristics needed combined to hold the most value and increasing more than any other financial-asset option coming from the manipulated fiat central-banking debt-system. (more than stocks, more than houses, more than gold)

Extra graphics to indicate the worldwide impact on the emergence of bitcoin in its infancy today:

Chart of performance of assets from Xmas 2014 to Dec 1. 2017 (in USD terms):
Bitcoin/USD
S&P 500 Stocks
Real Estate (REITs)
Gold
Bonds




Here are weekly peer-to-peer localbitcoins cash trade data for two random countries as time goes on. Right-most area is the most recent past week.

[nathanbryce]

They're not scared. There's just not any real threat just yet. Environmental factors such as political and regulatory support, widespread social buy-in necessary to create network effects, and even a proper technological base are still very much in the banks' favor. Real adoption of a crypto-currency based payment system for example is only realistic if the banks build that system themselves. There's no incentive to cannibalize their existing business though. Not at the moment anyway.

They're definitely not clueless either. All of the big banks have published studies on the topic. Some of the analysis seems a bit crazy (UBS's paper from April 2014 was done by their equities department and seems delusional) but most of it is thorough  nevertheless.

[Alexnelepa92]

The banking sector is not an indifferent observer of the growth of the cryptocurrency market. This was stated by renowned analyst and financial expert Gerald Celente.

Gerald specializiruetsya on economic forecasts publishes the Trends journal. He believes that among the Bank executives spread panic. They are afraid that the market of virtual money to bury their business.

[SirLegendary]

Why should they fear cryptocurrency? Banks have created working model, large business and clients all over the world. Bitcoin and altcoins can't kill or replace banks, so everything is okay. Look at market, in future banks will sell bitcoin futures to cliens...

[Barcode_]

I am definitely sure bankers are extremely afraid of the rising crypto-currencies because if more and more people starts to use crypto-currencies, bankers would be out of jobs as no one would want to pay the bank on the high telegraphic transfer fees just to transfer some funds to another person.

[tarvizlisar]

Every county has a policy and bank run under the policy.. bank not afraid about bitcoin bcz its still not on legal position in whole world. they just want to save their country money .. other wise it will be case of money laundering

[PMmesexycoins]

It can mean competition in some aspects, but it would depend on what the banks are up to, they do more than just act as payment processors. And crypto, while it brings certain advantages, isn't exactly without flaws.

[Revvo1]

Well so many banks do, but some are showing serious glimpses of hope and faith in btc and alt coins. I believe there is gonna be a different side to the story in 2018

[loaddebitcard]

Of course they do, that's why some are making their own coins, but most of them just lobby cryptocurrency banning. However I think that the threat is overrated. Crypto is not going to replace fiat in next years even close.

[KingOfWinterfell01]

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!

The banks should not be afraid of bitcoins. In fact, banks should embrace bitcoins. Bitcoins have a lot of potential to be invested on other things like insurance or stocks. Since its value is so high, then it would be smart to invest bitcoins on other high return investments that require high initial investments.