Do Banks fear cryptocurrency

[danniwide1234]

I will not like to use the word afraid, they are just doing everything they need to do to stay relevant and still be in business. The world of Cryptocurrency has become a great competitors to bank that they didn't see coming. It is only natural to try everything they can to discourage people from getting involved in cryptocurrency and patronize them more. However noting can stop an idea whose times has come. Banks  can tap into cryptocurrency and use it as a platform to build their sector and in that case it can also becomes a win situation for them.

[cmacwiz]

Crypto currency are created to solve the different problem related with economy sector. Many people who trust on bank but feed up with its process of money transaction. Due to this many people using  crypto currency as a alternate process of money transaction. The government and central bank of that country regulate a their country money supply and circulation. But in case of crypto their is no central authority to decide how many crypto to create and distribute and this thing affect the country economy and bank profit. Another thing is privacy. People who use crypto they doesn't give their full information.  people use of crypto currency instead of real money to and their features put an negative feedback on a bank reputation and profit 

[zakirazak]

notification by the central bank is general and is open in calling on the public to consider to the risks if they continue to engage in cryptocurrency activities, In addition, cryptocurrency is not recognized as legally treated in some countries with their statement that cryptocurrency is unsafe, not regulated and it is easily abused for money laundering and terrorist activities, referring to the question "Should we be afraid or the banks are!" personally, I think that regardless of whether financial institution or us (as public) will be got pressure with the fact, but it is up to individuals and banks to make their choices, because the world is constantly evolving with the latest issues and keep a history of past and whether are we is the people living in the fold of past history or we are the brave people to come to bring new civilization it should be thought out, about hostility by the bank against cryptoccurency is a point that has no end even when there are financial institutions that are involved in the cryptocurrency marketplace but that will not change major perceptions

[neoandtrinity]

Because the banks cannot control it and cryptocurrencies are safer, cheaper and more private.Banks are currently losing some part of their profit while a lot of people are using crypto

[bbs98]

if everyone uses crypto then many banks will close, and the government is behind the bank, then they are afraid if that happens, because later if we already use the money crypto then no need to use the bank, and they fear it happened..

[tatianaellery]

I'm sure they fear crypto . They always criticize, and spread fear to the holders of digital currency,  they always say that cryptocurrency like Bitcoin is a fraud, bubble, etc. They fear Bitcoin because they believe it will crash the fiat system

[CADguy]

The spread of digital money is undesirable for banks, given their current problems, which they have faced recently. Speech, first of all, is about low demand for loans, lower profits due to lower interest rates and fading hopes for deregulation.

[rajkr]

Bank never have any type of  fear .It is only the government which wants people not to involve in crypto currency.Local stock market has becoming less lucrative due to good return tendency of crypto market.

[codpku]

They should not afraid with cryptocurrency at all
If they want they can make their own cryptocurrency as new instrument or new bank product

[Trela]

Crypto currency are created to solve the different problem related with economy sector. Many people who trust on bank but feed up with its process of money transaction. Due to this many people using  crypto currency as a alternate process of money transaction. The government and central bank of that country regulate a their country money supply and circulation. But in case of crypto their is no central authority to decide how many crypto to create and distribute and this thing affect the country economy and bank profit. Another thing is privacy. People who use crypto they doesn't give their full information.  people use of crypto currency instead of real money to and their features put an negative feedback on a bank reputation and profit 

Actually only decentralized system of cryptocurrency made the banks feel it is not safe to apply it so much in the future. Depend on the cryptocurrency to build the banking system will not give the banking system have better benefit. That is the reason the government still want to keep centralized system for the world's economy (included the banking system).

[laryillary]

The beginning of 2018 was marked by a new stage of confrontation - the banks moved to more decisive measures. In various countries, exchanges began to experience problems with banking services, retail crypto investors - with the purchase of digital currencies through payment cards, and because of the actions of the payment giant Visa bitcoin users from Europe remained without debit cards. In addition, because of the "hostile actions" of issuers of payment cards, the LitePay processing service has not been launched.

[freesia_pnp888]

absolutely yes, as you've seen many banks out there have banned credit card payment for crypto purchases etc.

[B{o}T]

Yes banks fear of crypto currency  because the banks will not get the details of the transactions done in the bitcoin

[taraku78]

I think so. Banks are afraid with cryptocurrency that based on blockchain. Because blockchain system is decentralized not like bank system that centralized.

[Lan75]

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!

I think banks are afraid of cryptocurrency because this is a threat to their existence. People with transactions to banks will greatly reduced with the existence of digital currency and will result to loses. I think banks are making moves to co-exist with digital currency like using the blockchain in their payment platform.

[Streamlink]

i think yes but not totally because they are also backing their own crypto currency in this emerging industry of blockchain that is totally better than bank system but bitcoin cannot kill banks that easily because all business is using banks as storage of their business money for safety

Ofcourse banks are feeling fear from crypto and especially from Bitcoin as it is the fastest way to transact and banks transactions take two to three days from one end to the other end of this world while Bitcoin made it easy for you to transact your amount from one end to the other end other this world within seconds. That is why banks are disrupted and feel fear from Bitcoin to be a single future currency.

[fanBit101]

Surely in the long run, bitcoin can affect the operation and annual turnover of banks. We are seeing that the crypto and bitcoin markets have a great influence on the development of the economy. They have been interested in the crypto and bitcoin markets as a form of long-term investment and are more confident of delivering savings to banks.

[Danish Mohiuddin]

Banks is one of the first jobs or offices which blockchain technology is making redundant.

[WaffleMaster]

The banks can't fear Bitcoin because economically there will always be people that need to borrow money. You can't "borrow" Bitcoin on a large scale because there is a finite number of them. The economy would literally collapse without people being able to borrow money to buy things like houses and cars, and for that reason banks will always be here.

[vadimkr]

Of course banks and other major financial institutions are afraid of cryptocurrencies, because they can't control, regulate and exploit them as much as they do with traditional currencies such as the dollar. This is also why it can be highly beneficial for regular people who will be less dependent on banks and their fees.