When will banks start a war against bitcoin

[helga22richter]

Yes, banks don't like it, but how can they be able to wage war? I think BTC will not hurt much. In addition, competition is useful for users.

[boris singer]

Yes, banks don't like it, but how can they be able to wage war? I think BTC will not hurt much. In addition, competition is useful for users.

This will be very painful because bitcoin doesn't pass through the process of legal authorization, if bitcoin volume exceeds fiat in conventional banks then the currency of the state will have a deficit, in this case the bank is only waiting for policy from the government because they are not parties who can intervene on any currency without command.

[Usui-Chan]

What worries me though is that bitcoin is still a currency, money, and government would find ways on how to make it centralized, let's see how banks will make their move.

[ethereumhunter]

i think bank will start a war with bitcoin because if they can learn and adopt blockchain technology into their system, their system will grow into next level which can help them to give best services to their member. i think banks and bitcoin will work together to make better economy for their member and especially for the country.

[marcbitcoins]

i think bank will start a war with bitcoin because if they can learn and adopt blockchain technology into their system, their system will grow into next level which can help them to give best services to their member. i think banks and bitcoin will work together to make better economy for their member and especially for the country.

Instead of war i would think banks will start to add bitcoin into their investment by receiving not only currencies but the bitcoins as well.
They well start to receive bitcoins as deposit because of million of bitcoin members that will become their clients. Imagine how big they gonna earn if the bank start to invest,loan,money changer with interest and service fees thru bitcoins from bitcoin clients.

[CraigWrightBTC]

I don't think the Banks will start war against bitcoins but they have adopted technology blockchain of bitcoins,
they will choose the altcoins that has regulation to be used for Banks business.
The altcoins will be choosen by banks is ripple, many Banks around the world will adopt XRP on remitance on their banks
it is good chance to invest in ripple for long time and taking profit from the Banks.

[romani245]

What worries me though is that bitcoin is still a currency, money, and government would find ways on how to make it centralized, let's see how banks will make their move.

This is one of the biggest concerns for me. I think the most effective way to destroy Bitcoin's utility would be to turn it into a bloat chain and make independent verification very difficult. When I put my tin foil hat on, I almost start wondering if banks or governments are backing things like Bitcoin Unlimited...

[n0ne]

There won't be any war happening between the bitcoin community and the banking sector. Banking sectors have experienced a big loss due to the digital currency, but none has opposed it. Few banking institutes have started services in tie up with digital currency. Also some banks have invested on bitcoin indirectly to profit out of the same.

[Niya]

I never heard that news or read and article about banks making such accusations with bitcoins.  Merely because the bank here in our country supports bitcoin.  I do not know if it is really a support but whenever I want to encash my bitcoins, I can withdraw it in a bank.  Whenever I wanted to pay our bills or even my credit card bills I can use my bitcoins to pay them.  I can even buy bitcoins through banks and some other cash remittances.  So your topic or statement that there would be a war between bank and bitcoin is impossible.

I have a similar situation here.
Buying or selling bitcoins, a bank supports me.
Of course they charge a little fee. But for them that is easy earned money, and for me it gives me some kind of security not getting scamed.
The bank and me, we both benefit from bitcoin.

You just explained the reasons why banks don't fight Bitcoin. Because most people just trade Bitcoin for fiat and then cash out. Banks earn money and are happy. Instead if users will start to completely bypass banks and only use Bitcoin, without cashing out in fiat currency, well, I think banks would be much more afraid...

[jc89]

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 think it will happen and when?

We can't deny the fact that it really is a threat to banks and if you own a bank you will be alarmed if people started pulling out their money. Before it gets worst your first step is to do everything in your power to control the damage btc will bring to your business. That being said, it is a good plan to start with publicity stunts such as propagating bad news to prevent people from investing. Then comes the involvement of government. They have the power to ban btc in their country and the banks will be happy. These things aren't surprising at all but I think at this point they cannot stop btc. What they should do is to study and get on board with btc trend. Develop services involving btc (if the banks in your country don't support btc yet) and it will be a win-win situation for all parties.

I don't know what country have banks that don't support btc but here in ph almost every bank supports btc.

[Farfenkugel]

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?

People been making those kind of allegations and other complicated conspiracy theories since bitcoin's inception, it never happened and it will never happen, people working at banks don't care about bitcoin, shareholders don't care, CEOs don't care, tellers even less.

They only complain about the unfair paying field, they have to spend millions in compliance while some bitcoin startups who offer similar services don't.

If you think the banks do not care then you are wrong.

Everything that threatens the banks profit, if it's big or small, they will monitor every move to use it in there advantage.

The reason the banks are not involved yet is because of the high risk of losing there money... Mark my words as they will get involved once they installed some rules and regulation wich provides less risk for them to invest. If you think the banking sector will not jump on to this huge oppurtunity then they have something coming for you

[zarados]

The bankers control the world, they could simply start by shutting down the exchanges but they won't do that because people will start talking about freedom of belief, speech and that kind of stuff. Instead, they will do whatever they are doing with Islam for example, they will make it look bad, you will see more pedophiles and terrorists, weapon and drug dealers, kidnappers on the media asking for bitcoin and eventually this will put away a large amount of people away.

I agree, the shareholders of the bankers in the world are the person who is influential on the economy, So they will'nt just sit back there while the bitcoin rising and threatening their business. I think the war begin when the bitcoin showup. They'll do anything to safe their business, with good or bad ways, with their weapon mainstay, "Media". With media, good things can looks bad, and bad things can looks good. And the bank is not the only one will start a war against bitcoin.

[orions.belt19]

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 think it will happen and when?

We can't deny the fact that it really is a threat to banks and if you own a bank you will be alarmed if people started pulling out their money. Before it gets worst your first step is to do everything in your power to control the damage btc will bring to your business. That being said, it is a good plan to start with publicity stunts such as propagating bad news to prevent people from investing. Then comes the involvement of government. They have the power to ban btc in their country and the banks will be happy. These things aren't surprising at all but I think at this point they cannot stop btc. What they should do is to study and get on board with btc trend. Develop services involving btc (if the banks in your country don't support btc yet) and it will be a win-win situation for all parties.

I don't know what country have banks that don't support btc but here in ph almost every bank supports btc.

I totally agree with this. It is very likely for the banks to feel threatened by BTC but they should instead provide some support for it and come up with services for bitcoin. "If you can't beat them, join them". With the vast population of bitcoin users, I don't think there's much that they can do to prevent or attack the Bitcoin community. Its beyond their power. Here in my country, I can directly transfer and exchange my btc to my bank account, and all the other banks should provide services such as these for the btc users. This could make them more popular and they can profit more at the same time.

Banks should cater to the consumer's needs, and not wage war against competing entities.

[paragoncoin]

I think banks should also adopt bitcoin on there transactions just like other paper currencies for there daily transactions because it is a big opportunity for the banks! It is good also that we have a bank for bitcoin that can easily be exchange our bitcoin to real fiat. There's no need for war in it.

completely agree. i think we are seeing the banks also agree--more new activity by mainstream institutions every day.

[Lampaster]

I think banks should also adopt bitcoin on there transactions just like other paper currencies for there daily transactions because it is a big opportunity for the banks! It is good also that we have a bank for bitcoin that can easily be exchange our bitcoin to real fiat. There's no need for war in it.

completely agree. i think we are seeing the banks also agree--more new activity by mainstream institutions every day.

Why would the banks accept bitcoin? How will they be able to capitalize on this? Transactions are miners and have a fixed price, a loan in bitcoins to take profitable. Moreover bitcoin creates capital outflows from the banking system. No, I do not believe that banks will accept bitcoin.

[Slark]

There has been a lot of accusations form banks, that bitcoin is perfect for money laundering and is used for supporting crime.

Haha, that is because everyone can now start to launder their dirty money, and banksters are not the only group with this privilege. /s
But to be perfectly honest - banking industry helped to launder so much money that Bitcoin users might never be able to beat that record.

Do you want some examples? Here you go:

https://www.americamagazine.org/content/all-things/vatican-bank-scandal-nobody-talking-about
http://www.businessinsider.com/gods-bankers-financial-scandals-at-the-vatican-2015-2?IR=T

[smileee]

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 think it will happen and when?

I think that situation will happen soon. Bitcoin is growing strongly and attracting many people. That is bad for banks and of course banks will try to overthrow the bitcoin.

[stevebc]

The banks won't start a war against bitcoin.

Now Central banks, tax authorities, law enforcement agencies... they might take action.

You see the IRS hassling Coinbase
FBI hassling BTC-e

so yeah...I guess that was has started!

[Carlsen]

I do not see that banks are feeling threatened by bitcoin.
A bank needs customers who want a loan. Or they earn money for services they provide, like consulting.
Or they earn money from working with businesses.
But the average bank user who has already some money in his account turns out to be more and more a problem for the bank.
If he puts his money elsewhere, the bank has no problem with that.

[djuvantebit]

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 think it will happen and when?

Just bumped on this post now. Just like many have highlighted, BTC provides an unregulated alternative risk takers cannot resist, the bulk of bank holdings and investment capital comes from this folks, so yeah first reaction is to resist, it just that the BTC revolution is coming vat a time folk are tired of the current financial system screwing them over so the banks can't have it as business as usual, the reason the cryptocurrency blow out we now experience. The beauty of the BTC blockchain revolution is that it is an improvement on the present system hence, the present financial system will eventually have to get on board, right now they will just be playing for time for them to get an handle on the technology, then the control drive will begin. I think the best chance the cryptocurrency ecosystem has to reinforce their position and be ready to harmonize the old to the new in a symbiotic relationship.