Do Banks fear cryptocurrency

[letecia012]

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!

It is normal for national bank to give warning to their citizen not to engage in crypto currencies specially if they are newbie  in trading business. for this year we saw how bitcoin price drop from its all time high and lot of newbies have loss their investment for buying during the bitcoins peak price and now these newbies who loss patience and confidence where selling their bitcoin for a loss.

[zxcv cool]

In China, alipay has taken the place of Banks, and if encryption is a big blessing in the future, Banks should be more worried.

[SilentBeat]

I dont think banks literally fear cyptocurrency, more likely, they more of advising not to put everything in BTC. For they say that cryptocurrency is not that secured unlike in banks and has no regulations as they do. They more of reminding people about BTC and not fearing.

[Harrow30]

The central bank of my country also issued out a letter in this regard too that they do not support the Cryptocurrency and will not be liable to loses incurred by its citizens. I do expect them/banks to look into how to incorporate the Cryptocurrency markets with theirs and the stock markets.

[Stromspirit]

Banks are actually not afraid of cryptocurrency but banks can not cooperate with cryptocurrency because banks can not hold the assurance of the cryptocurrency coin which is where there is no real form as a guarantee of assets for trust held in the event of money laundering.
I think if the bank wants to cooperate with the cryptocurrency bank must work with the company that produces real goods to produce coins as collateral for the bank's assets.

[Pejoh Asu]

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!

we can say as  long as bitcoin is not going in mainstrean they will keep issuing warning in my opinion as of now bank are not just sure
 

It depends on the government, as long as there is no official statement from the government let alone bitcoin banned then banks will continue to campaign negatively about bitcoin, and forever always say the same thing with the government.

[SadEmo]

Probably banks don't care about cryptocurrencies because people will use fiat money anyway. In critical situation government can make their own national crypto.

[2Godbdglory]

So many Central Bank of many country are so afraid of bitcoin because it may not pass through them and if it pass through them they will apply get a minute from the transactions.  Many people are not patronising  banks again

[Rozita]

Probably banks don't care about cryptocurrencies because people will use fiat money anyway. In critical situation government can make their own national crypto.

Cryptocurrencies are not still very popular and most of people don't know crytocurrencies completely and that's why people are using fiat money. Better to say people have to use fiat.
Banks are worrying about the future. When all the people will know cryptocurrencies and cryptocurrencies will be used everywhere.

[Tenderino]

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.

First of all, the banks are backed by the governments and enforcement power like laws, police and even military if required. And this makes me curious of how crypto currencies without any enforcement power can replace the fiat money with full enforcement power behind it. Can you please explain a little bit more detailed how this could happen?

[Jossy111]

yes it is trues because not one likes to compete with when it comes to money. as it is now bitcoin is a treat to any bank in the world 'cos most people are doing many transactions not without the involvement of any bank either llocally or internationally. so many transactions now are not going through the bank table but instead it has been through LUNO, blockchain, etc. which are not physical but local bank and one do not need to involve third party in your traction. these method of internet banking using bitcoin is safer, faster and reliable.

[Tiger Junk]

Of course its the banks who need to be afraid of cryptocurrencies as its their monopoly of money over world which cryptocurrencies threaten. Banks are centralized system but crypto currencies are decentralized with no single point of working.

Right now i dont think that the banks fear cryptocurrency, because banks is too strong and almost all people is known banks, and trusted banks very well compare to cryptocurrency, and banks not fear om cryptpcurrency, because the future of banks is also bright.

[miyong]

Of course its the banks who need to be afraid of cryptocurrencies as its their monopoly of money over world which cryptocurrencies threaten. Banks are centralized system but crypto currencies are decentralized with no single point of working.

Right now i dont think that the banks fear cryptocurrency, because banks is too strong and almost all people is known banks, and trusted banks very well compare to cryptocurrency, and banks not fear om cryptpcurrency, because the future of banks is also bright.

Maybe, you are correct,  with the price of bitcoin right now,  a lot of people will eventually limit their investment until btc price recovers. There are more trusted bank now a days,  so i guess, there is nothing to fear about btc against trusted banks.

[dedelp01]

the banks are too insecure because of bitcoin. They lose their costumer because they earn a lot more than the investors they have . People this days are wise to explore new things that they think would be a good way of investment. Banks are not totally that safe, some banks got their system hacked and they lose money(investors money not theirs) with it. sad story though.

[commlinx]

Cryptographic money put the influence of keeping money in your grasp rather than in the banks. This implies we specifically advantage from it with the speculation. Generally the bank would keep this from us and profit with it. This is being decentralized and being utilized and accessible to any individual who utilizes digital currency. This is the reason they fear it. The benefits are in question. Another contender has arrived and is better then the banks.

[Ondre]

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!

All central banks have the right to warn the public about the use of any currency. Regarding the uncertain and unsafe nature of cryptocurrencies, this happens due to the uncontrolled nature of decreasing and increasing price of it. Any bank will hardly agree with the unstable price of crytocurrency. We are unafraid of the banks because we have our own handling of our investment and safekeeping of it without the use of any bank. The banks will begin to be afraid if majority of people are already in cryptocurrency and are not using fiat currency.

[Jombrangs]

Yes,  the continuous success and progress of the cryptocurrencies in our world industry raise a significant threat to the commercial banks because sooner or later they can be replaced and become obsolete.

[jakoylantern]

For me, yes some banks worry about cryptocurrency because bitcoin’s capability is superb that can transact your money with less fee, fast and anonymously. I can say some banks fear about bitcoin because their community is little comparing in bitcoin and another cryptocurrency community, but if that bank is much popular than bitcoin they don’t need to fear into some cryptocurrency because we all know that that acceptance of that bank is much higher than bitcoin and other cryptocurrencies. 

[Coinnosaurus]

Banks fear cryptocurrency, becuase they see its potential. Many banks have looked into the blockchain technology and are trying to replicate it, because the technology is so powerful

[reck1ess]

I guess they're not afraid of cryptocurrency occuring. Instead, they see it as an opportunity to earn more money because they offered several partnerships with some bitcoin platforms here in the Philippines.