Why Big Banks are so Nervous About Bitcoin ? Why ?

[Purno99]

why big banks are nervous about bitcoin, now we know that the body that validates and formalizes cash is the bank, maybe the bank is worried about the emergence of this digital money or another name bitcoin, because with the bitcoin can make cash extinct.

[joebrook]

why big banks are nervous about bitcoin, now we know that the body that validates and formalizes cash is the bank, maybe the bank is worried about the emergence of this digital money or another name bitcoin, because with the bitcoin can make cash extinct.

Banks need money to run and the money comes from customers who save their money there, now that bitcoin has emerged, lots of people have decided that its not really worth it to save their money at banks where they get little to no interest and that it would be better to but bitcoins where the value may rise and make them some good money.

[moooonu]

Blockchain's technology is really futuristic that banks too are implementing its technology in their system and reading its effects. I do know a state bank in my country which is implementing blockchain's technology for its functioning. Something which is futuristic will take over what is available at present so every bank should fear.

[Gotottack]

Banks are frightened because bitcoins have a huge potential that they break down by transferring investors to bitcoins. So now is actually to discredit it in the eyes of the people. This is definitely one of their future opponents. But they can not do anything because everyday it keeps increasing the number of people moving into bitcoins. So they should accept the fact that bitcoins are the future money we can use in all of our transactions.

I think this is pretty obvious. When fiat currency investors switch to Bitcoin, chances are many banks will close because its very purpose has been directly addressed by cryptocurrencies. In banks, all clients' money are subject to withholding taxes. Moreover, the value of money you have in banks do not earn much interest through time because whatever it is that you gain will be subtracted by the taxes collected by banks for governments. Whereas in Bitcoin, all your Bitcoin are all for you and subject to no other taxes. What is more is that its value increases through time based on data. Hence, as an aggressive investor, what more can you ask for?

[STT]

Banks have existed unchallenged for hundreds of years, and that is the key issue here; Bitcoin, backed by a solid platform such as Blockchain technology, is a ghost that is incredibly hard to control due to its decentralized nature.

The power and control of money is being ripped away from traditional institutions, which can also be seen on Wall Street. Some of these traditional investors are siding with what could be the future, while others vehemently denounce it.

Individuals can now enter into direct peer-to-peer trusted exchanges with strangers. They no longer need a central institution to vouch for the other party.

Bitcoin is not a challenge to banking, blockchain is open source and free to use if they wish and some do to a minor extent.   The International monetary fund says it may well employ a blockchain in future for some kind of digital money, I dont think they speak falsely as I've heard from a dozen or more sources that blockchain as a technology is respected.

They do not respect bitcoin as a source of value though because it is not unique in their eyes or patented even or with any military or national power backing it.   Banks probably do oppose decentralised systems and peer to peer but I still do not see banks replaced by bitcoin, not all value they carry is false and not all of it is leveraged.

Even in bitcoin we find there are central points of value and a need for capital to provide investment.   It can be crowd sourced but also the old idea of large funds and companies is not suddenly over.   Banks will still exist within a bitcoin system Im fairly sure.


I disagree banks have been unchallenged.   Banks have gone bankrupt and had fascist and communist governments in control, as an idea they still carry on now.   Largely a bank just exists to mediate between borrowers and lenders, we'll always get some leverage on demand for business from other business I think.    The competetion I see from banks to crypto is their mobile apps, I worry these will be more usable to the common consumer then anything crypto gives bar the price gains

[shezu007]

the big banks are nervous about the bitcoin because the bitcoin is offering such a facilities to its client that big banks cannot. due to these facilities the client prefer the bitcoin trade instead to keep money in the banks. also their taxes are high while the tax of bitcoin transfer is very cheap. thats why big banks are nervous about the bitcoin.

[Psyloc9302003]

in one perspective bitcoin is becoming popular..many people are recognizing btc..and it is starting to revolutionize the world of trade and industry..but what may also be running to their mind is will they risk in joining in..for btc are very volatile and unpredictable..bank are afraid to join in because of the risk where in their risking depositors money..once somebody stole their btc they cannot get it back not like in real robbery..or if the price of btc go down..

[brainape]

It just because of popularity of bitcoin so that they afraid or worried about the bitcoin and also we know if every country know about bitcoin so many bank or any big banks are absolutely nervous, like us we don't save our money in the banks we are going to invest in any coins just like bitcoin just because of income and the fluctuation of cryptocurrency or stocks that possible our investment was going to increase not like the banks.

Banks are getting nervous because of bitcoin and the reason is bitcoin is now one of the top cryptocurrency in the world and people all over the world love to be the member of bitcoin that’s why people spending their money and forget about banks works that why big banks are also getting worried and I know they are all against bitcoin.

[Trivelius]

Banks are just products of our technological evolution - a necessary eventuality.

Same with Bitcoin and blockchain technology. Satoshi didn't invent bitcoin anymore than mathematicians invent math.

This logic leads me to believe banks are not threatened but will instead, adapt and absorbs the technology. They're smarter than the music industry. I doubt they'll fight this progress.

Banks are over the world are against the bitcoin because people leave to invest their money and keep them save in banks and love to invest that money in bitcoin and use for the transaction in bitcoin and that’s why people like bitcoin the most.

[queenhallmark]

Bitcoin simply challenges the traditional system of fiat transacations directly. Banks since their inception have been working with more of centralized approach by creating new money with every transactions. Bitcoin on the other hand would not allow them to do so as its shows utter transparency.

For example: If you have certain fiat in your account the bank says that you have it in your account. But is their any physical memory location where you can go and check such some of money? They are just numbers. Whereas bitcoin has this idea of a specific block holding your coins. So you can even check this virtual memory location for your block.

This is the main reason which makes banks nervous about bitcoins.

Maybe BITCOIN DEFEATED the BIG BANKS and maybe BITCOINS became most popular in the world and more good currency.

I think bitcoin and banks don't have much competition among them they are two absolutely unrelated things. Competition is between fiat and bitcoin. Banks merely act as agents of fiats.

the big banks are nervius about the bitcoinbecase the bitcoin is offering such a facilities to its client that big banks cannot. due to these facilities the client prefer the bitcoin trade instead to keep money in the banks. also their taxes are high while the tax of bitcoin transfer is very cheap. that’s why big banks are nervous baout the bitcoin.

[bitgolden]

Big Banks are so nervous about Bitcoin because BTC came about to disintermediate third parties. Banks are definitely unnecessary when making transactions person to person, especially across borders.

right and because thier service wont be needed anymore,the corruptions will be stopped when bitcoin take over the transaction.bank always tell us that our money is safe but the real fact is they are the hold upper..the sindicate that making money out of our money.hope in 10 years time banking system will not be needed anymore and the crypto will take over

Absolutely, if I were to be a big bank right now, I would be worried. Cryptocurrency at large is a huge threat to the banks and this totally means that most people will end up having much more reason to keep their funds in their wallets than having anything to do with the bank.

Like you said, crypto is taking over, but a decade is too small for that to happen as there will be so many people in the world in the next 10 - 30 years that may not even have a clue what crypto is all about as they are so in the dark to what is going on in the world presently.

[Angna27]

They're becoming more aware of it potential to become hit and instead of investing to them they will choose Bitcoin because they see that people are expecting and, looking for more possible high interest and also it would be easy to transact with.

[bavian]

I think it's because if people are often using Bitcoin so they will stop using fiats which was made by Banks so they're afraid Bitcoin will kill them.

[alfs75]

There was a time where Bitcoin was not even on the radar, it was a novel idea that was primarily used by thieves and drug dealers on the dark web. Nothing to be afraid of in terms of holding a monopoly on money.

However, that same little upstart is now disrupting the system of things; from Bitcoin and other cryptocurrencies, ICOs and the ever impressive Blockchain technology. This is now a legitimate threat on traditional banks.

Banks have existed unchallenged for hundreds of years, and that is the key issue here; Bitcoin, backed by a solid platform such as Blockchain technology, is a ghost that is incredibly hard to control due to its decentralized nature.

The power and control of money is being ripped away from traditional institutions, which can also be seen on Wall Street. Some of these traditional investors are siding with what could be the future, while others vehemently denounce it.

Individuals can now enter into direct peer-to-peer trusted exchanges with strangers. They no longer need a central institution to vouch for the other party.

Just like the fax machine, the library, even metered taxis, new technologies have come along and made others obsolete. Banks are now in the sights of Bitcoin and are in their death throws, as they lash out with the power of states behind them.

However, there’s no stopping progress, and even with state-backed regulations trying to wrestle the money of the people under control, banks have every reason to be nervous.

Full news https://www.cointelegraph.com/news/why-big-banks-are-so-nervous-about-bitcoin

I thinks,bank will not getting nervous about bitcoins,because they already know,thats if this bitcoins will become legalize  this is not there rival in terms of investment,unless this bitcoin is  become partnership of the banks in terms of  progressing economy of all
global community,as what i heard in news in our country that  the central bank of the phil.will accept bitcoin as there partners in terms of business exchange.

[loveinberlin]

It is difficult to say for sure but I think that banks either don't believe in the big potential of Bitcoin or they are afraid that in the nearest future Bitcoin will become the main currency. I guess that this is possible because this is really the currency of the future.

[Ann Impas]

Banks are nervous because bitcoin or other cryptocurrency is covering same transactions that they are servicing. Like using banks/ATM card to purchase products or services. Once merchants will widely accept bitcoin then banks small ticket transactions will disappear. Because bitcoin and the rest take smaall charges. Even remittances. Banks can only manage to follow if they also adopt themselves into blockchain platform and cryptocurrency.

[sampalokmix]

Big Banks are so nervous about Bitcoin because BTC came about to disintermediate third parties. Banks are definitely unnecessary when making transactions person to person, especially across borders.

Thats true, and I think Big Banks were afraid nkt just because they wre being threatened by the fact that Bitcoin is better than them and it was widely used by the increasing number of people nowadays I think they see this as bad to their system in which people will better take risk than to invest to them in which the interest were very small, and for me thats the thing why they hate Bitcoin, the clients were probably go here than to them.

[cahbagus555]

In my opinion, banks scare on bitcoin or cryptocurrency because its can disrupting banks bussiness. If bitcoin knowledge spread all around the world, people will demand central bank to open their ledger, because bitcoin have transparant ledger with blockchain. As we know, central banks always print paper money from thin air and spreading inflation to all around the world.
People should realize that bitcoin is revolutionary monetary system than can disrupt banking system

[laracastvue]

There was a time where Bitcoin was not even on the radar, it was a novel idea that was primarily used by thieves and drug dealers on the dark web. Nothing to be afraid of in terms of holding a monopoly on money.

However, that same little upstart is now disrupting the system of things; from Bitcoin and other cryptocurrencies, ICOs and the ever impressive Blockchain technology. This is now a legitimate threat on traditional banks.

Banks have existed unchallenged for hundreds of years, and that is the key issue here; Bitcoin, backed by a solid platform such as Blockchain technology, is a ghost that is incredibly hard to control due to its decentralized nature.

The power and control of money is being ripped away from traditional institutions, which can also be seen on Wall Street. Some of these traditional investors are siding with what could be the future, while others vehemently denounce it.

Individuals can now enter into direct peer-to-peer trusted exchanges with strangers. They no longer need a central institution to vouch for the other party.

Just like the fax machine, the library, even metered taxis, new technologies have come along and made others obsolete. Banks are now in the sights of Bitcoin and are in their death throws, as they lash out with the power of states behind them.

However, there’s no stopping progress, and even with state-backed regulations trying to wrestle the money of the people under control, banks have every reason to be nervous.

Full news https://www.cointelegraph.com/news/why-big-banks-are-so-nervous-about-bitcoin

There are more people who are working on the corporate world and they are having a hard time earning money because the salary is very small so most of the people are placing their money on cryptocurrency in order to earn more profit and banks are losing their investors.

[Bumblecoin]

Big Banks are so nervous about Bitcoin because BTC came about to disintermediate third parties. Banks are definitely unnecessary when making transactions person to person, especially across borders.

You are correct! There may come a time when their clients will decrease or worst than that. In terms of investments, if blessed, bigger will be the gain in crypto world than in banks. Unlike in banks, even for a short period of time, there can be a bigger profit.