Do Banks fear cryptocurrency

[VampKing]

It's a obvious thing that Banks fear cryptocurrency as they are rival of Banks. Cryptocurrency may take over the place of banks in this world. There are many features that separates and make cryptocurrencies unique. Of course banks won't want to loose their position and vanish for good. They are trying to make people understand that crypto is totally scam and fraud.   

[Ruthless67]

I'm a bit scared but I do not think the banks are more effective, but they can be real.

[Ozero]

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 is a difference between banks and central banks. Central banks control monetary policy, which can be rendered ineffective if enough people start using cryptocurrencies. Hence central banks issue these periodic warnings.

However, ordinary banks are still afraid of the introduction of crypto currency. This will mean that many citizens will not apply to banks on various issues, including they will not deposit their savings for deposit storage and from this, banks will lose their profits. Therefore, the leaders of banks as a whole are hostile to the crypto currency and at every opportunity they try to discredit it.

[flyingplows]

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!

Of course they are afraid. Why do you think they warn you not to get involved? Because they care about you not to lose money? 
Come on They don't give a shit about you, only about your money, they warn you because they are afraid that they will earn less from your service fees when you use crypto!

[buhchain]

With the development of bitcoin, banks really have to worry about encrypting money because there is a lot of money to circulate through the bank, which may disrupt banking.

[loof99]

Yes, the banks are fear because of the achievements that the company of bitcoin receive in there company.
Bitcoin is the most leading electronic coin which lots of demands and supporters they have; therefore they can replace in future in this world.

[sean.maley]

Yes, the banks are fear because of the achievements that the company of bitcoin receive in there company.
Bitcoin is the most leading electronic coin which lots of demands and supporters they have; therefore they can replace in future in this world.

They definitely fear about crypto currencies. The main reason of today's drop seemed like India'a ban speculations but we all know that actual reason was the war between central banks and crypto whales.

[ondabeat]

Banks must follow new technology.
Many of them are installing new technologies to satisfy clients and create new ways to profit.
Cryptocurrencies do not avoid Fiat but help make new utilities to make payments easier.
Banks may have problems with the decentralization and personal data of their customers.

[Alexnelepa92]

Banks must follow new technology.
Many of them are installing new technologies to satisfy clients and create new ways to profit.
Cryptocurrencies do not avoid Fiat but help make new utilities to make payments easier.
Banks may have problems with the decentralization and personal data of their customers.

The proliferation of digital money is undesirable for banks, given their current problems that they face in recent times. This, in turn, is the low demand for loans, decrease of profit due to the reduction in interest rates and the fading of hopes for deregulation.
The negative attitude of banks towards bitcoin is gradually starting to emerge in the open.

[darkwingduck34]

Of course they are afraid a lot. If cryptocurrencies become the main payment method then banks will useless for their opinion.

If we all people act like bitcoin is our payment method and do not care governments, speculations, banks they should accept it soon or late.

[tachi641]

It's a bit fearful because a lot of transactions take place through banking, it is a bit risky as people now invest income on hand not in banks but in bitcoins.

[hacking13]

To an extent, i think most banks are scared of the unknown! They feel its a threat to their services. crumbling the banking system or something similar.

Only if they knew its just another efficient  way of banking without stress.

[Masteriano4423]

As a country they are very closed, I believe there is a lot of extremist and terrorists in Albania, and I don't give 2 cents for what their Central Bank is saying, just a bunch of stupidity to keep their own people in the dark, they are doing that for decades and they are still doing that.If they feel that they are threatened then you will just be surprised if the banks are already accepting cryptocurrency or they have their own cryptocurrency. Even last year in texas major bank owners have conducted  meetings as to introduce, adopt and integrate blockchain into their system.

[Basterian7789]

So many inventions weren't stifled because it was going to get rid of current jobs or someone rich was going to lose their income. If too much of that happens, they lose monetary control and it all goes downhill for governments who can't control their own citizens.

[willliamjames]

To date, the whole popularity of Bitcoin depends only on the fact that a new user needs earning opportunities. Even though a lot of people hate banks they go to Banks for their financial transactions as they trust it and a lot of people think that bitcoin is not trust worthy and they think it is complicated to understand when compared to banks.

[Freddie197]

If bitcoin become valid currency than it will compete each other since there will be same amount of demand for bitcoin.And their fear is exactly what I would have expected, the banks are not just brushing Bitcoin off, they are acknowledging it as a real problem that could severely damage their business.

[Archie1973]

Banks may be old but I don't think they will changed what they have used to. Simply reason, they will lose a lot of money if they implement a blockchain technology to replace their legacy system. Imagine data are freely shared amongst its different branches.Another fact to take note of is bitcoin has not reached where banks have and banks are still an important part of everyone's life but bitcoin is not so imo at least for now banks aren't afraid of cryptocurrency instead they might have plans to come up with their own centralized blockchains.

[Ethan112]

 Cryptocurrency is far from taking over banks, and they are probably issuing warnings only for the security and safety of the general public. Banks are still known to be secure despite the high fees, and I believe that people still trust and prefer to use it.Not yet anyway. They probably will when bitcoin is adopted to more mainstream use. Ita a threat to them because its simply better in every way.

[OcTA Bd]

Undoubtedly they freak out when they hear the name of any crypto currency. I think the main reason behind this is if crypto currency is legalized then we don't need their service. We can easily have transaction without them. One of the main earning source is transaction of money. But if crypto currency is legalized then people will prefer crypto currency transaction instead of bank transaction. So, I think this is one reason for why they fear crypto currency.

[Joylee]

Yes, banking institutions fear crypto currencies because it is some thing they do not comprehend then one that's making these to change how they think, and oh young man will they nothing like alter, or thinking. If the bitcoin transaction gets bigger the bank business will be threatened and will make the banks lonely then abandoned customers, this is what the banks feared.