Do Banks fear cryptocurrency

[Roxyy]

Banks don't fear cryptocurrenci8es because they are a different thing. Though the rise of digital currencies may affect the economy of the bank, it won't affect that much. Bank holds the money of the majority of the population. They create and regulate money to the people. But as more and more people discover the use of cryptocurrencies, it may start to affect the budget of the banks.

[jhamz03]

Yes of course banks will be threatened by the development of cryptocurrency. If banks do not follow the development of technology by not adapting this blockchain technology in their banking system then they should be ready to be replaced with cryptourrency.

[laryillary]

Six of the world's largest banks, on the contrary, joined the project to develop a new crypto currency, which should become a more universal counterpart of bitcoin.

[RuslanSamui]

For banks, crypto currency is a direct competitor. If businessmen and ordinary people simply start transferring money directly to each other, banks will suffer huge losses

[adjong]

Banks are not afraid of cryptocurrencies, because Bitcoin and other currency crypts are competing against them. So banks should support them, But here in the Philippines some banks are involved in bitcoin transactions and I find it good.

[WatchMaker]

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.

Both the governments and banks are afraid of bitcoin. they fear bitcoin will take over their businesses in the future. The bitcoin will take their business because it provides what the banks fail to provide. The bitcoin transaction is instant, faster, cheaper compared to out traditional bank transfer which is slow, expensive, and centralized.

[pimacoin]

definetly they fear crypto. and they are critically studying about it

[Marvelio]

I will try to explain what I know about cryptocurrency can not be held by the bank, Because banks do not want to take risks in making decisions in cooperation with digital currency because no one can be in handheld in the event of a currency crisis there is no asset that must maintained and no exact tax calculations to charge.

[kusach01]

Bank fears bitcoin yes, because more people are switching from banks to bitcoin. Its a threat to their saving and lending since they make money circulate through that.Cryptocurrencies were the financial support system of the future, because for the growing community advancement is a must. The recent cause of downfall too is also an impact of the fear from the banking community.

[teejayrichard2]

The truth is banks have seen the prospect of bitcoin, they know more persons want to invest in it instead of keeping their money in the bank. They are simply afraid of bitcoin and the possible way it will make people forget fiat currency

[cryptbit.man]

Well bitcoins are a dangerous type of investment, especially if you do not understand how they work. You always fear what you don't understand.
But banks fear bitcoins regardless, whether they do or do not understand it. And believe me many banks understand it real well, and that is especially why they fear it. Because they understand that bitcoin might decentralise wealth, whilst the purpose of banks is to centralise wealth... in the bank.

[@ophiuchuss13]

are properly afraid. banks initially know that they will lose this game, because the electronic currency does not need BKK security. banks lose money on very many services, but the Crypto currency will only be stronger

[Lonsdayl]

Yes they do because they know that people will not trust the bank and will invest all their money in bitcoins so they dont make any profit anymore and that is why the banks actually fear bitcoin because it is free and it is our own and not the banks money.

But the problem is that people need to use banks to withdraw money in fiat. You can't spend cryptocurrency in real life, so you need to use bank services.

[maxman190]

This should be a challenge to the banks some banks are adopting it and taking their advantages like what Union Bank did, I think more banks will follow hem soon ,crypto is a new innovation that soon everyone will acquire.

[Piggymonster]

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!

Banks should fear the cryptocurrency because it is created to remove the role of the bank as the middlemen in the transaction process thereby making possible to someone to send money anywhere in the world to anywhere else in the world without the need of the bank. They  have no power to interefere and regulate the circulation of bitcoin making it a big threat to them.

[anana ris]

The bank has always warned that crypto transactions are insecure and scare people, suggesting banks fear the development of bitcoins, banks and crypto should work together to complement each other.

[Legwist]

Bank might fear cyrpto currency because they don't have a business on it. Many banks will collapse if they didn't adopt cryptocurrency. And hope banks feel the challenge and improve the financial technology in the coming years.

[hjfjmk]

Obviously, the existence of Bitcoin threatens the interests of the bank, then the bank will carry out some negative spreads on it. If bitcoin is used worldwide, then the role of the bank will be smaller and smaller, and it can even be said that it does not require the existence of a bank, so the bank has to suppress it.

[santino11]

YES SIR! and not just banks, government and elites are taking steps now to regulate bitcoin.
They are so afraid about this because bitcoin might end their pleasures in life as many people now are getting rich, because of this cryptocurrency.
They will never accept this fact, and will surely do more in the future to put bars on this coin.

[deepcoreotc]

If they didn;t why would they ban Bitcoin related payments and manipulate its price so hard?