Do Banks fear cryptocurrency

[Estreal]

Banks have so much fear for crytocurrency because it allows people to trade directly with each other, cutting out the need for a middleman which, in traditional commerce, is a bank. Of course, banks generally charge fees for doing anything with money, even just holding on to it, because the banks have created a level of trust that transactions pass smoothly and everything is recorded and accounted for correctly but it  will be impossible for them to make this charges with cryptocurrency.

[EnaksiS]

They are scaring so much. Because this i mean cryptocurrency can be the end for them or a newest way to suck blood from people. As long as money lives, unfortunately bank will live.

[mayidid]

I think banks feels threatened but I do not think they fear cryptocurrency. Remember cryptocurrency is just a code and anytime this bank institution wants, they can create one and adopt the technology. People are the one managing banks, these people are briliant and capable plus they have the budget. Probably they just don't feel they need to change the current system since they still feel secure about it.

[queenlaurel]

It's a normal thing for the central bank to do. They are not sure what the future holds with crypto currency. It might end up sending them out of business. No cash going in or going out in the nearest future due to crypto currency then of course they will send out warning when it's still not global. It's ok for them to worry because this might send them out of business soon.

[Oggy Pogi]

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!

Why would banks be feared of cryptocurrencies? They must not be fear of cryptcurrencies because despite of cryptos getting into their peak, still people rely on using banks than getting into virtual specially when time comes that a user obtain his own income in terms of Bitcoin, some or many people are converting their money into real currency in terms of cash and will be getting engage into banks to claim those money for own usage. So banks must not be feared of cryptocurrencies.

[Vermilion-]

Banks are very anxious of that becuase they might lose their power, they think that the bank system will be instantly reversed into cryptocurrecy system. They don' t have control on bitcoin and involvement. Governments also are being afraid of that cause it might affect their income tax

[sipho156]

The banks are afraid of bitcoin and crypto currencies in general, but they will eventually have to embrace the technology because it is an unstoppable force.

[virasog]

Well banks and government are the main enemies of bitcoin. Both want bitcoin to fall down. So they're suggesting people to not involve with bitcoins. They're afraid people will stop using bank in future and start using bitcoins wallet. They don't pay tax which can lead their business down. Better not to listen them.

[anga3636]

They are certainly afraid of the growing popularity of cryptocurrencies. They're a threat to them because they earn less money. In addition, more and more people become independent from banks through cryptocurrencies.

You're right people who are using cryptocurrencies are becoming independent because they are the one who is handling their own money unlike with banks who controls it and have a lot of rules just for you to get your own money out of it.

Well the banks are way way more bigger than cryptocurrency markets though, cryptocurrency is barely like 0.5 trillion

[FeArZ]

Not only the bank of albania but there are couple of other banks too which have earlier warned about the cryptocurrencies and clearly stated that they do not encourage trading in them by any means. And they see cryptocurrencies as a threat to their economy. But we still are permitted to use or trade with them as doing so is not banned or illegal.

I mean forget Albania places like venezvela are making their own cryptocurrency to replace fiat lol

[Reyan]

Bitcoin heralds a new more disruption than that of today's internet.Disruption can be a good thing,especially when it affects banking. Some bank are afraid of bitcoin because it would force them to innovate.Bitcoin is but the most famous example of a emerging technology network with the potential to improve banking.it belongs to the new type of financial animal called crypto currencies.

[Ethan Becker]

I talk to a whole lot of bankers everyday, and I've yet to really come across a Bank/Banker that fears Bitcoin.

Most of the bankers are oblivious about Bitcoin and how as they put it the whole Bitcoin economy works. Scanty knowledge is prevalent amongst bankers. Very few really understand how the Blockchain works and what it means for bankers.
Fear would be a wrong word. I think they don't view it as a threat so much (do remember, there is much more to banking than just what exists in the US), there are 220 countries and territories that have banks. Cumulative popular opinion is that bitcoin, at present is not a threat. It might be interesting, but not a threat, and nothing to fear.

I feel, complacency is the right word.

[Brian Goldman]

Banks are still extremely oblivious to how powerful Bitcoin (and all other virtual currencies for that matter) is and how it will eventually start to prove their business model as obselete.

Banks fear bitcoin, becuase they see its potential. Many banks have looked into the blockchain technology and are trying to replicate it...purely because the technology is so powerful and out-does all banks by people preference by far. The only reason bitcoin has not taken over yet, is because of the peoples unawareness of it.

[weblouartisan]

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 be afraid of cryptocurrency because they are losing some of their investors due to the growth of bitcoins in the market. Some of the banks are paying governments to ban bitcoins in their area for no reason because they are just envy of the wealth of every successful people from cryptocurrency.

[Sasha Grey]

Not only the bank of albania but there are couple of other banks too which have earlier warned about the cryptocurrencies and clearly stated that they do not encourage trading in them by any means. And they see cryptocurrencies as a threat to their economy. But we still are permitted to use or trade with them as doing so is not banned or illegal.

I mean forget Albania places like venezvela are making their own cryptocurrency to replace fiat lol

We are waiting for this to happen soon, and I hope the official of the country to make Ann and of course bounty here to make the project a success. and this is sure to be very good news for crypto users like us.

[bajigur894784]

Over time, cryptocurrency is increasingly popular and increasingly recognized by the public. cryptocurrency comes with idealism, that the process of good financial transactions is without a third party like a bank. of course this makes some banks worried, they fear that cryptocurrency can displace the existence of banking.

[Negyma]

yes they are, like here on our country some banks are shutting out accounts of people involved in cryptocurrency.

[europayio]

yes

However, in the retail area at least, most competition is coming from new startups offering better levels of mobile only banking, not crypto per se.
thats why I am bearish on projects like Bankera even a lot of exchanges. The future as I see it will be bringing the 2 worlds together including regular stocks, ICOs, and alts
Only when people are paid in alts, will it be worth pursuing a crypto only bank.

 

[Oliviec2]

Banks are very anxious of that because they will lose their power!

[gaby0312]

Yes, of course banks fear cryptocurrencies: as a matter of fact, digital money are decentralized. As a consequence, they don't need banks at all. So if cryptocurrencies would take the lead on other money (or completely replace it), banks would tend to disappear as they would become useless.