Why Big Banks are so Nervous About Bitcoin ? Why ?

[fmasta]

For me this is another insurance about the bright future of Bitcoin, that it would be something great in future!

[Fintan Lee]

They worry that Bitcoin is taking on the banks. Regulators are trying to play catch up with Bitcoin and other cryptocurrencies, and realising now that it’s not going away. In fact, it is challenging their monetary system which is intrinsically linked to banks, and especially central government-backed banks.

[patrickj]

Huge banks are so apprehensive about Bitcoin on the grounds that it might be a danger to monetary steadiness as they increase more extensive utilize. Bitcoin is utilize and is being grasped by some organization with plans to offer exchanging the money's prospects, which is drawing premium and some worry from controllers.

[VeronAncient]

this happens because bitcoin uses blockchain technology, which is able to overcome the main problems of customers ie financial or nonfinancial transactions. so the bank is afraid of losing customers and fear if the customer will withdraw the money then switch to bitcoin for investment.

[Vincent Wright]

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

[santiPOGI]

Big banks and all of the banks are FIAT based company,
they are afraid of cryptocurrency especially BITCOIN as this will really affect their economy.
this is a big threat for them, if crypto will be the currency of the future.

[ashkanm]

They didn't care at first because it had no value.but now due to a popularity of a bitcoin and its advantage as an electronic currency such as security and fast money circulation, many people like middle investor are investing in bitcoin instead on the bank and in the coming few decades as the popularity of bitcoin arises the bank will be nervous.

[tbterryboy]

Banks are nervous because they lose market and are always looking to participate to achieve their intermediation in the market and achieve their share.

Big banks think that if people withdraw their money with this ratio, their banks will get empty one day and this is the main reason for their nervousness. To look this, banks will also trade in bitcoin and other crypto in the future for their survival otherwise they will have to face big deficits. When they have fewer deposits, their profits will reduce and this is of course nervesable and they should think about it.

[Daimon88]

maybe they consider bitcoin, If bitcoin or other cryptocurrency is widely applied, the whole banking system can become irrelevant. but it is in accordance with my knowledge contained in the article.

There is no point of denying this fact that all the crypto currencies are the biggest threat to the existing banking systems as with every passing day, more number of the people are withdrawing their money from the banks and that they are investing that money into different crypto currencies as they think of this to be more beneficial which is seriously affecting the reputation of the banking system.

I totally agree that once people only use bitcoin and other cryptocurrencies, banks won't mean anything and will be on the verge of collapse. Since there is a possibility of this happening in the near future, banks are frightened and they surely want bitcoin to be banned. Since they don't have control over bitcoin, it's hard to ban bitcoin entirely so some government has imposed taxes on bitcoin for fear of bitcoin replacing their currencies.

No doubt these crypto currencies have made the survival of banks much more difficult than any other thing on this planet. I think it is a good thing in some aspects because banks have used a lot of people for their profit by using their money everywhere where they wanted but after the awareness of these cryptos, people seem to make a boycott of these sucking banks.

[BitcoinMarketer39]

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

Banks are afraid about cryptocurrency and we all know that bitcoins is more profitable than fiat because the price in the market is continuously increasing and those who invest in bitcoins has the huge chance of becoming very wealthy in the future more than those who place their money on banks.

[avtonomro]

They know that their business will be affected by growth of bitcoins. This is because one can easily transfer huge money using crypto with less fees.

[Ethelbert Moore]

Digital currency, as is the case with Bitcoin, helps to smooth the lending process. Recall what happened in 2007-2008 during the financial crisis. Credit dried up as banks stopped lending, and the markets froze. With a digital currency like Bitcoin, lending is decentralized, or peer to peer, and as a result, lending may continue, allowing money to reach those who need it.

[btchunter02]

Banks and the government both nervous in bitcoin, because for the first time ever they're not leading the money game.

[yuzefa]

They are scared about bitcoins because it will end their monopoly. They will have to reduce their fees to compete with crypto.

[Kieran Thomas]

There are many controversies about the trend of Bitcoin in particular and virtual currencies in general in the future, many experts continue to warn that the nature of Bitcoin is unstable, uncontrollable, without prediction and can crash at any time.

[Pab]

It is about blockchain transparency
You can't hide transactions in blockchain
Banks can do whatever they wants with his banks books
And because Central Banks is servings them big banks have his paradise
Unfortunately Big Banks have enough power to disturb cryptocurrencies

[totaleclipseofthebank]

They are afraid of bitcoin because of the fact that number of people is getting large, and people engage cryptocurrency don't need a bank, in a traditional way people use bank as money storage, but now is different, because cryptocurrency has its own wallet and bank might lost there profit.

I agree with you. They are afraid that one day, no one will ever use banks again. Bitcoin has proven that it is better than bank and people can control their own money without having any support by the third party - banks. That is why many banks try to create their own cryptocurrency. And those who can not, they choose to accept bitcoin

[KrishaBitcoin]

this happens because bitcoin uses blockchain technology, which is able to overcome the main problems of customers ie financial or nonfinancial transactions. so the bank is afraid of losing customers and fear if the customer will withdraw the money then switch to bitcoin for investment.

I think not anymore except banks of those few countries that declared Bitcoin investments is illegal. Central Banks in these countries like USA, Japan, France and Germany including my country are supporting Bitcoin existence in which we could use their cash out facilities anytime and anywhere. Also, we could see the increasing numbers of Bitcoin ATM around the globe which are own by the banks. With these progress i could say not all banks are afraid of Bitcoin but only to those countries that ban Bitcoin currency.

[Rowan White]

As we all know, the creation of Bitcoin based on open source algorithms, which all parties participate in, is anonymous. It is not possible to determine who owns the bitcoin. I believe that participating in Bitcoin trading is extremely risky.

[liuziwenfree]

The biggest application of BTC is now in the financial market!
It robs many banks of business, BTC is very quick and very low in terms of payment, fund transfer, etc.
Bitcoin is eroding profits in the banking industry.