Do Banks fear cryptocurrency

[oginiimaoyani]

Yes they do because cryptocurrency known as digital currency does not need banks for savings therefore it deprive them from having more people doing business with them and that can cause commotion in the banking system.

[adadaorlina]

I thin its a YES! Banks fear for cryptocurrency because they are afraid for the very low prices and there money cannot be negotiate. Not only banks but also government fears crypto currency. Bank is probably the biggest enemy of the crypto market.

[madmat]

I agree that banks are afraid of digital currencies because there's no need to save your money to banks since we have already wallets that our assets are in it. Banks purpose is to save and keep our tangible cash to avoid fear of getting robbed.
Indeed, they would feel like they're not needed anymore.
In the future, I predict that banks will become Crypto Exchange.

[Sumo]

In fact, if bitcoin continues to develop dynamically, it will become increasingly embedded in our lives and banks will gradually lose their importance until they disappear altogether. So they are afraid of bitcoin.

[Doge dealer]

do people fear snakes , i suppose the answer is yes simply because that snake will end you if you get bitten , similarly banks are in fear of cryptos because they fear that this might end their existence and replace them ...the point is they need to stop behaving like small children and conduct in debt studies and integrate cryptos into there systems , this they will need to do if they want to remain viable and profitable . stop being narrow minded and look on this as a great opportunity to re-energize re-create the banking  industry.

[faaty]

Banks definitely fear cryptocurrency, they would be stupid if they do not fear. Post offices feared about emails and now nobody uses posts to write someone, we all use e-mails or social media messaging systems, even mobile chat applications.
Television channels do fear about youtube and netflix.
Banks fear about cryptocurrency, they have to evolve instead of trying to resist the revolution.

[bitcoinbot]

Some banks fear Bitcoin because they believe it will crash the fiat system. Some bankers believe in Bitcoin. Some of them like JP MOrgan CEO is using his influence to manipulate the Bitcoin price. Few days after making slandering words about bitcoinm, they are buying it.

[#dhabitamartha]

I have to understand that bitcoin enthusiasts really understand the bank rule criteria and I think virtual coins need to be upgraded and the development of sustainable technologies to improve red threads and clear rules because we can only keep up with technological developments.

[Chypssach]

Well, they would be stupid if they didn't, and I don't think they are. Nobody knows what the future will hold, but if banks do not act, not matter how much power they now have, I believe they will be gone within the next 25-50 years. However, many banks are already active against cryptos in general, while at the same time developing private blockchains.

Whether bitcoin becomes the most popular currency on Earth or not, it will depend on the education people are given. Will they realize that it's decentralized nature provides a kind of freedom not seen since the old days of direct p2p trading? That they can be truly in possession of their money, and can exchange with other people directly without middleman through different blockchains? I believe the answer to the second question is a rotund yes, as blockchain technology will be implemented onto society not matter what, but the first question means changing peoples views and preconceptions on the system they are taught since childhood. There will be stepping stones down the road (most because of governments and banks), but eventually, I think bitcoin will become the main currency on earth, and when the next big financial crisis arrives, people will finally turn to bitcoin and leave FIAT forever.

[kil5478]

Unambiguously, banks are afraid of losing control of the situation, but it seems to me that ini and so will decide how to stay, as bank managers are unrealistically clever people who have plans for tens of years ahead.

[turagsoy123456]

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 competence of the bitcoin are the reason why their are some bank are show their fear to the cryptocurrencies that's why they make some stragegy.Like what you have said the Central Bank of Albania issued warning.They called the cryptocurrencies uncertain and unsafe so that people might afraid to invest their money in crypto currencies.

[ElusivePhantom]

I believe it's not the crypto currency that has banks on edge, it's the fear of losing the power/grip/stranglehold banks have had on the masses for a long time due to an unforeseen development allowing people to take control of their own finances.

They have controlled money and finances almost unilaterally for decades now, and as with most situation of near total control by central authority, they abuse the power on premise there is nothing that anyone can ever do about their actions. This isn't unique just to the banks and crypto analysis. It exists in many sector of modern society.

But when something remarkable and life changing suddenly appears, and permeates through the general population pertaining to a concept that in itself poses a threat to forgone conclusion of total control indefinitely, that realisation of losing that power makes the entity grow concerned.

It's almost metaphorically comparable to the magna carta which ended the absolute power of the English Monarch at the time of King John's reign. That concept effectively gave rise to modern democratic government systems we have today.

And naturally he didn't like that, but it empowered the people. And crypto currency does just that.

[The Crypto Revolution]

Yes I do believe they do fear cryptocurrencies, this year we have seen a concerted effort from many goverments and influencial people spreading FUD and trying to sow seeds of doubt regarding crypto. We have had certain banks ban the use of credit cards for crypto currencies but no problem buying guns or anything else you want with you cc...how crazy is that.  But as has been said by people wiser than me Technology will always overcome legislation.

[Tashi]

I do believe that they don't fear cryptocurrencies, losing their customers rather. The fact that they were trusted by people with their money to be exchanged in a typical currency (the one that we usuually have in our country), would be affected if people would go and put their money in to invest in cryptocurrencies, and this currencies will be using digital wallets instead of bank accounts. Also, they don't recommend people to invest becaue of it's volatility.

[w5pn73]

Maybe they should embrace instead of fear, oh wait that's less profitable for them.

[JaredStein]

Some do, some don't. Banks are just groups of people with a lot of money and some nice institutions. They aren't really ''scared'' of bitcoin, some might be afraid bitcoin will take some of their profit away. Other banks embrace it, like ING and try to make money out of that, which is the wiser option. I think more banks will follow.

[Farvin2]

They are afraid but they are not going to say it openly. This is because they do not have any controls over these kind of currencies. Banks are decentralized and having very slow and complicated methods to get you fully verified and then making your transaction easily.

[chengyinoing01]

Banks around the world have suffered huge losses because of the entire cryptocurrency.

Because people can make their own transfers and check the amount in their wallets, they don't need the bank's services.

[smhome354]

One of the ways banks earned is through the fees they get from the people who uses their services. Cryptocurrencies can give provide people with the same service and with lesser fees. Small banks may fear cryptocurrencies because of competition but larger banks may just ignore it because they can still earn even with the presence competitors.

[Mariela]

Well i think there is a point why central bank of Albania warns the people to not involve in crypto currency.
Because they totally afraid of it.
Why?. Because cryptocurrencies can survive without banks.