|
Realist247
|
 |
August 14, 2017, 03:30:13 AM |
|
I know we are still at a start of cryptocurrencies, but bitcoin is growing with lightning speed right now and some banks already see it as a potential threat.
There has been a lot of accusations form banks, that bitcoin is perfect for money laundering and is used for supporting crime. I think they can do a lot of harm to bitcoin market and they will eventually start with harsh campaign against it. Do you thing it will happen and when?
War? What war are you talking about op. Banks are already using bitcoin technology called blockchain. There are some banks which are paying or accepting Bitcoins. Many are now encouraging it to. Yes there is a fear that banks may loose out business, but it's absurd nothing like this will ever happen, banks are more than happy to encourage Bitcoins as after conversion, it comes back to them. As I see it, it's nonsense to have a war between banks and bitcoin. Banks can convert bitcoins into cash that is helpful to their daily cash flow. It's also possible to convert bitcoin into other currencies; therefore, these banks have no good reason to start a war. The truth is, the bitcoin technology which is known as "blockchain" protects their transaction round the clock. This isn't how banks work. Banks take the money of depositors, leverage it 10 to 1 and then loan it out and collect interest on the loans. So if someone deposits $1000, the bank uses that $1000 to create $10,000 and earns a fat interest rate on that $10,000...and pays the depositor less that 1% in most cases. Accepting Bitcoin is just another means of accepting fiat just as if someone directly deposited the same amount of fiat. In other words they don't care. What they DO care about is that people store their money in crypto that they don't issue. This is why banks are coming up with their own versions of BTC. |
|
|
|
|
|
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
|
|
|
|
manchester93
|
|
August 14, 2017, 03:54:21 AM |
|
There's a pretty high chance that there is going to be nothing done to Bitcoin at this point, at least, nothing that the banks will be doing directly.
That's my thinking. There was a lot of tough talk a couple years ago... some Congressmen wanted to ban it. I think that due to the global nature of bitcoin and cryptocurrencies (and the fact that they refused to die) made it such that no governments wanted to ban the technology. Doing so would only make them fall behind in a burgeoning sector. |
|
|
|
|
|
Realist247
|
|
August 14, 2017, 04:00:24 AM |
|
There's a pretty high chance that there is going to be nothing done to Bitcoin at this point, at least, nothing that the banks will be doing directly.
That's my thinking. There was a lot of tough talk a couple years ago... some Congressmen wanted to ban it. I think that due to the global nature of bitcoin and cryptocurrencies (and the fact that they refused to die) made it such that no governments wanted to ban the technology. Doing so would only make them fall behind in a burgeoning sector. If government wanted to ban it they were using stalling techniques while the banks that lobby them develop their own systems. Of course governments don't want to ban it. They want, more than anything, to be able to track the transactions of all of their citizens no matter where they live globally. This is where people fail to realize that BTC isn't special...it was just first. Governments are studying it and learning from its shortcomings before they release their own versions. When this happens, I hope everyone reading this warning has already cashed out their BTC holdings. |
|
|
|
|
|
romani245
|
|
August 14, 2017, 04:01:56 AM |
|
What they DO care about is that people store their money in crypto that they don't issue. This is why banks are coming up with their own versions of BTC.
Indeed, this is why they are filing so many blockchain patents. They want digital currencies that can compete (at least in the minds of consumers) with real cryptocurrencies. I also think they will start offering custodial services for bitcoin and other cryptocurrencies. It's inevitable if we continue on this trajectory, because consumers won't be able to protect their crypto, by and large. |
|
|
|
|
|
helars2008
|
|
August 14, 2017, 05:32:04 AM |
|
I think the banks wont shutdown btc because they cannot or it would be really hard for them.
I think they would rather go with it and use btc in their transactions instead of working against it...
|
|
|
|
|
pushups44
|
|
August 14, 2017, 05:35:22 AM |
|
I think the war has already started. Many people are having a hard time liquidating their cryptocurrencies, and it looks like American banks have given the Bitfinex exchange a hard time. Cryptocurrencies will definitely raise concerns about the long-term viability of the dollar (and other fiat currencies) and other matters for governments. On the other hand, it's clear that cryptocurrencies are here to stay. Governments should embrace them and update their laws. Some have apparently done so, such as Japan and Australia.
|
|
|
|
|
jerowacik
Legendary
 Offline
Activity: 1162
Merit: 1000
|
|
August 14, 2017, 05:39:50 AM |
|
I think the banks wont shutdown btc because they cannot or it would be really hard for them.
I think they would rather go with it and use btc in their transactions instead of working against it...
Both have their own goals. I'm sure banks and bitcoins work well. We just wait for time until everything can be centered and work together. |
|
|
|
|
|
Bastime
|
|
August 14, 2017, 05:47:08 AM |
|
For me Banks doesn't have to execute war or precautions against Bitcoin because they have the real money that circulate to the real community even the value of Bitcoin is soaring high but I don't think it will affect any Banks accounts. Consider Bitcoin is a Gold that came from nowhere around the planet, every bank and institutions acknowledge every gram of it as it is for Bitcoin, Bank doesn't affect Bitcoin accounts as so as Bitcoin to Banks.
|
|
|
|
|
Bastime
|
|
August 14, 2017, 05:53:26 AM |
|
I know we are still at a start of cryptocurrencies, but bitcoin is growing with lightning speed right now and some banks already see it as a potential threat.
There has been a lot of accusations form banks, that bitcoin is perfect for money laundering and is used for supporting crime. I think they can do a lot of harm to bitcoin market and they will eventually start with harsh campaign against it. Do you thing it will happen and when?
War? What war are you talking about op. Banks are already using bitcoin technology called blockchain. There are some banks which are paying or accepting Bitcoins. Many are now encouraging it to. Yes there is a fear that banks may loose out business, but it's absurd nothing like this will ever happen, banks are more than happy to encourage Bitcoins as after conversion, it comes back to them. As I see it, it's nonsense to have a war between banks and bitcoin. Banks can convert bitcoins into cash that is helpful to their daily cash flow. It's also possible to convert bitcoin into other currencies; therefore, these banks have no good reason to start a war. The truth is, the bitcoin technology which is known as "blockchain" protects their transaction round the clock. But if people invest in Bitcoin they won't let their money laying at the banks, so the banks won't make profit from your money and pay pennies back to you. Banks work like the middleman between you and a good investment, with Bitcoin you skip this middleman and start investing by yourself, 100% profit for you, while investing with banks they pay you few percentes and enjoy all the rest of the money. Banks hegemony ends if Bitcoin rises and get more adoption. My point of view is when Bitcoin collapse still Banks has the real money on hold but in the other hand if Banks collapse - what would be the effect for Bitcoin? Of course you can't convert Bitcoin to any currencies and possibilities Bitcoin will have no value at all. |
|
|
|
|
szpalata
|
|
August 14, 2017, 07:47:16 AM |
|
I think the banks wont shutdown btc because they cannot or it would be really hard for them.
I think they would rather go with it and use btc in their transactions instead of working against it...
Both have their own goals. I'm sure banks and bitcoins work well. We just wait for time until everything can be centered and work together. Well I think he two can coexist for the betterment of each other and then he world at large so I likewise don't see when or where there will be an attempt by the banks to war against Bitcoin. It wouldn't be successful in my opinion because Bitcoin works through the exchanges and they also depend on the banks and so they all need each other. |
|
|
|
|
|
manchester93
|
|
August 14, 2017, 07:58:34 AM |
|
Bitcoin works through the exchanges and they also depend on the banks and so they all need each other.
For now, maybe. We are still in the early adoption phase, and Bitcoin is still considered risky, new and speculative. We look to the exchanges for price discovery, and we consider everything priced in dollars (or whichever fiat currency is used where you live). But in the future, all of that might be irrelevant. In a future economy where cryptocurrencies are ubiquitous, users and merchants would freely interface without the need for banks nor exchanges. That's the end goal. That doesn't necessarily mean cryptocurrencies need to replace fiat currencies. It just means that we don't need the banks. |
|
|
|
|
|
DoublerHunter
|
|
August 14, 2017, 09:06:20 AM |
|
I think the banks wont shutdown btc because they cannot or it would be really hard for them.
I think they would rather go with it and use btc in their transactions instead of working against it...
Both have their own goals. I'm sure banks and bitcoins work well. We just wait for time until everything can be centered and work together. Well I think he two can coexist for the betterment of each other and then he world at large so I likewise don't see when or where there will be an attempt by the banks to war against Bitcoin. It wouldn't be successful in my opinion because Bitcoin works through the exchanges and they also depend on the banks and so they all need each other. Bitcoin and banks are completely different kind of system but they can connected to each other by the 3rd party app which is most of the online wallets are doing, they are allowing people to withdraw or convert their bitcoin into fiat and they can send that money to their bank account and that is how bitcoin and bank can work together but overall, bitcoin is an enemy of the bank because bank is for inflation and bitcoin is for deflation. |
|
|
|
|
|
SvenBomvolen
|
|
August 14, 2017, 09:20:26 AM |
|
I've noticed the tendention of banks dying some years ago. In my country they are closing one buy one and if 5-10 years ago their staff was big nowadays they provide different cleanings to remove some workers and to put more obligations on those who stayed. I think here, the era of banking is passing and they try at least somehow to attract clients. I have never take a credit and have only a debet card in my bank. That's the only partnership that I have with the bank. But with spreading of bitcoin and appearance of bitcoin debet cards I think I will leave this relationships with the bank at all.
|
|
|
|
|
|
anon4250158
|
|
August 14, 2017, 09:34:49 AM |
|
Bottom line, unless the entire world switches to bitcoin or some other cryptocurrency and foregoes all forms of fiat, banks really have nothing to worry about and therefore no reason to start a major war against crypto.
|
|
|
|
|
BitcoinPricingtool
Newbie
Offline
Activity: 34
Merit: 0
|
|
August 14, 2017, 09:53:22 AM |
|
Banks won't try taking a negative stand against bitcoin unless they feel it seriously impacting their business, which isn't the case right now. Even accounts getting shut are due to chargebacks and the like most of the time, rather than direct war against bitcoin.
|
|
|
|
|
dunfida
Legendary
Offline
Activity: 3080
Merit: 1130
|
|
August 14, 2017, 10:23:58 AM |
|
This is impossible, they can't start a war against a cryptocurrency.
Btc don't have only one source or only one country or ...
It is all around the world.
That's not true. I think the banks would starts a war but only when market cap of Bitcoin is over $1,000,000,000,000 then they will pay attention to it because people aren't using the banks they will be using Bitcoin instead and this is not good for banks so they will try to fight against Bitcoin in that time, but not now it is way too early actually. On that marketcap they will surely be worried about because people would really switch already into crypto without using banks anymore and they would really be worried about that but I cant think off on the way on how they would make a war against bitcoin? I guess it would really be hard since bitcoin is anonymous and tracing any single user of that wallet isn't possible as of now and this is really the beauty of bitcoin. |
|
|
|
|
Hoganye
|
|
August 14, 2017, 10:48:15 AM |
|
I think the banks wont shutdown btc because they cannot or it would be really hard for them.
I think they would rather go with it and use btc in their transactions instead of working against it...
Both have their own goals. I'm sure banks and bitcoins work well. We just wait for time until everything can be centered and work together. Well I think he two can coexist for the betterment of each other and then he world at large so I likewise don't see when or where there will be an attempt by the banks to war against Bitcoin. It wouldn't be successful in my opinion because Bitcoin works through the exchanges and they also depend on the banks and so they all need each other. Bitcoin and banks are completely different kind of system but they can connected to each other by the 3rd party app which is most of the online wallets are doing, they are allowing people to withdraw or convert their bitcoin into fiat and they can send that money to their bank account and that is how bitcoin and bank can work together but overall, bitcoin is an enemy of the bank because bank is for inflation and bitcoin is for deflation. I agree with you this idea, but your idea still not right all, because the technology blockchain of Bitcoin will helps the future of banks better than now. It's helps them control their database easy, avoid attack from hacker ... |
|
|
|
|
|
orpel
|
|
August 14, 2017, 11:16:13 AM |
|
When we will get to 2T$ market cup banks will start the fight.
It won't be nice.
I believe not the banks nor Bitcoin will win.
Cryptocurrency and Fiat money will find the way to co-exists.
|
|
|
|
|
Mett33
|
|
August 14, 2017, 02:41:29 PM |
|
|
|
|
|
|
kuryadi
Full Member
Offline
Activity: 182
Merit: 100
Buglab.io
|
|
August 14, 2017, 03:11:58 PM |
|
I think this is indeed a threat to the bank. A lot of people see bitcoin a metide save a modern and very generous money. Unlike banks .. saving money and getting tax every month bitcoin no tax every month. People assume saving in the bank will only spend money while if we save bitcoin will benefit. I'm sure more and more people are familiar with bitcoin .. maybe customers in the bank will move on to bitcoin.
|
|
|
|
|
