When will banks start a war against bitcoin

[Aamir1]

I don't see any thread for bitcoin from banks. They may think that bitcoin can be a competition for them but i don't think they can stop people from using bitcoins as they cannot control it nor they can ban it from internet. All they or the authorities can do is to prohibit people within the country to use bitcoin, but still if someone wants to do it they will do it avoiding the prohibition.

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[bell70]

actually some banks are  happy to encourage people paying with bitcoin, bit should not be

viewed as a disruptive threat to banks,but rather as a potential complement to existing

services.

[MAbtc]

They already did. From my memory, there is several major banks, including Central European Bank, which clearly said to people that it was dangerous to invest in Bitcoin, and that they should focus on their investment plans with ridiculously low yields.

There is a distinction to be made between central banks and commercial banks, isn't there? Commercial banks will provide financial services if there's demand and as long as they are government-sanctioned. For now, it looks like bitcoin is being sanctioned and regulated.

Central banks feel threatened because people are increasingly looking for good investment opportunities and places to store value -- outside of fiat currencies and a bubbling stock market. But I don't know what a "war" would look like, because it seems like governments are mostly approaching it favorably at this point.

[Daniel91]

In my country bitcoin is not recognized as currency or financial assets, according to the official statement of central bank.
Still, when I exchange and withdraw my btc funds to my bank account, I have to report and pay income tax.
So, officially they don't recognize bitcoin but still we have to pay tax on earnings from bitcoin.
We don't have many btc users in the country and btc is still not the big issue now but we can't know what can happen later, in the future.
Right now, we don't have any problem with btc and if anything change later, first central bank will have to change opinion about bitcoin.

[pitiflin]

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?

Quite possible.People can do anything and expecting only a harsh campaign is very less.Central Bank of a few countries have already released an article for not getting tricked by people who use bitcoin. But then why won't banks protest against bitcoin,banks are financial back bones of any country and if it gets replaced by crytpo currency then no one would be able the future of economies.

[Vaskiy]

I don't see any thread for bitcoin from banks. They may think that bitcoin can be a competition for them but i don't think they can stop people from using bitcoins as they cannot control it nor they can ban it from internet. All they or the authorities can do is to prohibit people within the country to use bitcoin, but still if someone wants to do it they will do it avoiding the prohibition.

As mentioned bitcoin will serve as an competitor for the banking system. Just because of this I don't find there will be an war between the two. Bitcoin is different from conventional fiat in terms of the features it has got. Importantly in future bitcoin might get incorporated with banking systems.

[Lmaooo]

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?

Banks doesn't like the idea of Bitcoin and never will because of that, whether we like it or not Banks are in war with bitcoin in one way or the other. Banks sees bitcoin as huge challenge so they can try any possible way to bring Bitcoin down which not going to happen.

[Kousei23]

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 don't think so because as we know and we saw some botcoin and bank are collaborating in a way that making people to withdraw there invested money. Many people ise banks today in order to cash out their money that is in bitcoin currency. Bitcoin and banks are very good in terms of relationship so I guess it will be no war against the two.

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I don't think so that there would be any conflict  between banks and btc as banks gives car loans,housing loans and etc while btc can't give something like that so banks will not see btc as a threat but as a opportunity to expand i guess in future.But also btc are not legal in many countries and government are trying to control it ,so banks using Bitcoin for now may be hard and it also depends on government as some have legalised btc.

Yes first the governament need to make this currency legal after words the competition starts b/w banks vs. Bitcoin till that there is no problem for banks. But now the bank's revenue is reduced because of this Bitcoin. Once the govt allow people to use Bitcoin legally, then banks will start far against Bitcoin.

Yes, and they make sure that whenever they are doing, the goverments set to their mind that nothing will happen or nothing will affect in the bitcoin industry. They only help in other in a sense that having same vision, to take care of money and ofcourse to get interest if you didn't have any job for your money to be able to grow.

[v0rtecxz]

So far as we see together, bitcoin growth is very fast and its value is pretty high, and I think there are some banks that are starting to see bitcoin as a potential to add to their service, which is a bitcoin exchange service with money and there will be cuts Which is given for some transactions made using bitcoin, bitcoin is now dominating but if bitcoin is considered a threat to banks I think they will experience a useless thing, because they can get some benefit if they work together for the exchange or something else,

[Sowik]

Or maybe they will start using some kind of crypto as well. I doubt Bitcoin will grow that much that it threatens banks any time soon, not enough people know about Bitcoin.

[andaresta]

If bitcoin will not fight the bank, but bitcoin will do the same work but, the government always wants to control the transaction and demand buyers and sellers in bitcoin.

[megynacuna]

Or maybe they will start using some kind of crypto as well. I doubt Bitcoin will grow that much that it threatens banks any time soon, not enough people know about Bitcoin.

I beg to differ, because Bitcoin is widely known around the globe and it keeps spreading everywhere and so I have no doubt that it governments around the world will feel threatened and fight against it through their central banks in the near future.

[Slark]

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!

We need to realize a simple truth - the more people using Bitcoin we have, the more adoption we have, the fewer people will be using Banks in a direct way.
So we can say that bitcoin, for now, is non-direct competitor of Banking industry, which might change at any moment. That is why banks are feeling more and more uncertain about digital future.
Until now banks are kinda privileged and on top of the payment processing food chain, but for how long when bitcoin marketcap, usage and adoption will grow?

[Webetcoins]

I don't think banks will start a war against bitcoin. In fact they invested heavily in blockchain technologies and it makes their international money transfer very low cost.

There is a big difference between Bitcoin and blockchain. Using blockchain technology reduces costs a little bit, but not much. International money transfer has high levels of compliance costs, which will still be there, whether you use SWIFT or blockchain.

Banks only do whatever is in their favor. Bitcoin is a rival rather their enemy. If they are investing in blockchain technology, it does not prove that they are supportive in regards of bitcoins. Blockchain technology aids banks because of its little cost and nothing else. In my opinion, Bitcoins are a constant threat to banks. 

[BingoDog]

I think that times when banks would start a war against bitcoins are over. They accepted it as a reality and niw are only looking their best interest in it and how to make money from it. They don't even look at bitcoin as their competition so there will be no war.

[dreamer81]

Banks will not start any war against crypto. The smart banks will try to adopt it, the dumb banks will crash.
The governments though, they will fight it with all they've got.

[btcxyzzz]

Never. Too late now. They are taking their seats now.

[streazight]

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.

So, banks have started making bitcoins as their money system. Pretty cool move! Obviously, this way banks will still have benefit and they will be able to control our money again. This is how you stay in business. I wonder how much profit they are going to make out of this. Damn sure a lot. Anyways, not all the banks of the world will accept bitcoins.

[manchester93]

Banks will not start any war against crypto. The smart banks will try to adopt it, the dumb banks will crash.
The governments though, they will fight it with all they've got.

I remember hearing that the European Central Bank was telling people not to invest in Bitcoin and trying to exaggerate the risks of speculative investing in cryptocurrencies. Fair enough, they are speculative, but it seems that the gambles made by early investors are certainly bearing fruit now.

Even governments seem mostly receptive at this point.