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Author Topic: Why Big Banks are so Nervous About Bitcoin ? Why ?  (Read 1674 times)
audaciousbeing
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October 22, 2017, 11:02:20 AM
 #61

One sure thing that will happen is that there is a future. That future is what  a lot of businesses are skeptical about and not only banks. In the future, there will hardly be need for anyone to visit the bank because virtually everything you need to do will be done via your internet enabled gadgets and in as much that will mean low costs to the banks in terms of operating costs it is also going to boost confidence for users to adopt alternative means.

If I don't have the need to go to the bank, I therefore can do things alternatively which would be solely done by the banks and that is what bitcoin is giving to users in the present which therefore means that bitcoin is already where banks wants to be and that is what they are nervous about.

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There are several different types of Bitcoin clients. Hybrid server-assisted clients like Electrum get a lot of their network information from centralized servers, but they also check the server's results using blockchain header data. This is perhaps somewhat more secure than either server-assisted clients or header-only clients.
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October 22, 2017, 11:19:54 AM
 #62

Bitcoin has challenged the entire banking system itself which has been built successfully over centuries.Banks consider bitcoin as their rival.It was first feared that bitcoin would affect banking transaction volumes since it offers transactions at very low fees.Now,it has almost come true.

Also,banks could face another serious issue in future.People may stop depositing huge amounts of money in banks as they just offer very low interest rates.Instead,they would start to invest in bitcoins which could give even ten folds more than invested money even in one year.

So,its true that bitcoin has become the worst nightmare of bankers.

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October 22, 2017, 11:31:31 AM
 #63

Yes banks are nervous about bitcoin, as bitcoin price increases banks nervousness is also increases
recently news PNC Bank Threatens to Close Customer's Account for Buying Bitcoin
Central bank of India wants to regulate bitcoin in india
Bitcoin Businesses Face Bank Account Closures in Singapore
This shows that banks are afraid from bitcoins.

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October 22, 2017, 11:45:34 AM
 #64

Banks are in operations from last hundreds of years.
Banks have reached almost every part of the world.
Banks work like backbones for many economies.
Banks not only issue currencies but also do lot of other activities required for people in general.
Bitcoins get introduced in 2009, with many popular features which banks never implemented even after gaining monopoly in currency business. Bitcoin is a decentralised , autonomous currency, banks have always controlled/ manipulated economies on the instructions of the governments.
There is heavy difference on the return on the investments of banks and bitcoins. Banks took heavy transaction charges from their customers, transaction charges of cryptocurrencies are negligible as compared to banks.
Banks have really shaken by the popularity of bitcoin.
If they have to survive they must change their traditional ways of doing businesses.

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October 22, 2017, 12:24:21 PM
 #65

I think bitcoin has sophisticated system. Many people join and invest in bitcoin. Many people believe that invest in bitcoin has many more profit than invest in bank. So big bank are so nervous and scaried about bitcoin Smiley

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October 22, 2017, 12:32:50 PM
 #66

Banks are nervous because bitcoin is in another dimension. Bitcoin now offers more favorable conditions to attract capital. Banks have nothing to do with it can't they understand that soon they will begin to experience a lack of deposits. To attract bitcoins they can't because they don't know how to apply them in the real economy.

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October 22, 2017, 12:53:26 PM
 #67

Ask I see on our economy, Big Banks are scared in bitcoin in many aspects, first and foremost  banks  know that paper money can turn to currency, because as of now many companies in world has accepting bitcoin in exchange for their products and works, not only that, they know that the investors on bitcoin will get bunch of money than they give, because price of bitcoin was surprisingly increasing week by week,and also it is more easier for investor to invest than banks, because there is no much requirements needed, and lastly Banks Manager knows that bitcoin power was slowly  spreading in entire World like Japan first did.
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October 22, 2017, 01:10:38 PM
 #68

PNC Bank Threatens to Close Customer's Account for Buying Bitcoin

The only proper way to respond to this, is that you tell them to go ahead and close it. I have experienced something very similar, where I was forced to either stop using my bank account to buy and sell Bitcoin with, or they would immediately close my bank account and cut all ties with me as customer. I left that bank and I am happy that I did so. Never will I let a bank tell me how to use my own money, never. I am glad that I didn't have anything other than a simple bank account there, but if I needed to move my mortgage over to a different bank just because of this, I would do so too. I would even advice people around me to close their bank accounts there, just to make that rubbish bank feel that they can't mess around with their customers. They shouldn't forget that without their customers, they are nothing.

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October 22, 2017, 01:11:29 PM
 #69


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

Because the banks see now that bitcoin is a threat to their business in which some investors are now pouring their investments to bitcoin not to the bank, most people are now saving thru bitcoin not in the bank and most people now are using bitcoin to purchase instead of fiat in which banks assets to stay alive.Therefore banks will do anything to make the people away from bitcoin so that it will reduce the nervous.  Grin Cheesy



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October 22, 2017, 01:26:39 PM
 #70

Because of the fact that the bank has% of income, in bitcoin, as statistics show, the rate only grows and brings not 10-20%, but 100% +

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October 22, 2017, 01:59:23 PM
 #71

I think banks are really nervous with the trend by which bitcoin is coming in society. There is no time less when bitcoin will capture the economy.  Bitcoin has so many advantages,  like easy transaction, no fees is demanded like banks do. There is no time taken no lack of time.
Bitcoin has caused a sense of fear of extinction in banks.  As bitcoins offers more freedom and  equality compare to banks.  Bitcoin in a very less time has become more popular and valuable in  comparison to gold.
Bitcoin is a crypto currency but it has become a hug investment also.  Big companies and names are coming forward for taking the Bitcoins and accepting bitcoins. Bitcoin is a new talk of the town. Bitcoin gives a variety of  advantages and is globally accepted where as bank is run on one currency. I think this is the reason why bitcoin are created fear among banks.
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October 22, 2017, 02:04:47 PM
 #72

I have read the article and as usual cointelegraph articles lacks content and sources making the so called news an opinion writing for me. Because what they are saying about the central banks trying to control Bitcoin and other decentralized currencies are false as the latest central bank statements of certain countries are about warnings on being scammed by the use of Bitcoin payments which is really prominent these days the only thing they want to protect is their citizens which is really normal.

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October 22, 2017, 02:11:26 PM
 #73

Banks are nervous because bitcoin is in another dimension. Bitcoin now offers more favorable conditions to attract capital. Banks have nothing to do with it can't they understand that soon they will begin to experience a lack of deposits. To attract bitcoins they can't because they don't know how to apply them in the real economy.
banks also taking advantage of this mate as they are the recipient of the earnings some of them are just pretending that they are affected but they are
not as bitcoin holders will also exchange this to fiat and the best option for me to convert my btc is to send it my bank account.

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October 23, 2017, 09:09:44 PM
 #74

It is very obvious that bank will indeed be nervous as regards the increasing global acceptability of bitcoin.
Bitcoin being a virtual currency that does not requires a third party for it's transactions means a lot to bankers, at this end bankers are going to lose their jobs in few years to come. (No tax to be paid).
Moreso, bitcoin being a decentralized currency cannot be recapitalized by the so called central banks is another setback to the bankers.
Bankers will find a way they are a bunch of liars and cheaters that I’m sure they are already thinking how to solve this issue, I will not be surprised if they used the same trick they used against gold, they are going to create their own cryptocurrency with an equivalence to bitcoin then when you deposit your  bitcoin with them you get this crypto that has some differences with bitcoin, especially the ability to make chargebacks and then they are going to create as much of this crypto as they want.

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enhu
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October 23, 2017, 09:22:39 PM
 #75

I think they are also preferred for this which is why they are also going to get into BTC and have XRP in case they turned irrelevant in the future because of BTC which is likely to happen. They are gradually making improvements to their system to be ready for crypto and I guess no one is left behind still.

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Gaff
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October 23, 2017, 09:46:32 PM
 #76

It is very obvious that bank will indeed be nervous as regards the increasing global acceptability of bitcoin.
Bitcoin being a virtual currency that does not requires a third party for it's transactions means a lot to bankers, at this end bankers are going to lose their jobs in few years to come. (No tax to be paid).
Moreso, bitcoin being a decentralized currency cannot be recapitalized by the so called central banks is another setback to the bankers.
Bankers will find a way they are a bunch of liars and cheaters that I’m sure they are already thinking how to solve this issue, I will not be surprised if they used the same trick they used against gold, they are going to create their own cryptocurrency with an equivalence to bitcoin then when you deposit your  bitcoin with them you get this crypto that has some differences with bitcoin, especially the ability to make chargebacks and then they are going to create as much of this crypto as they want.
Yeah how rude they are with that such act. No wonder many people are losing their trust in banks. Sometimes I am doubtful because I heard many issues already and even my friends had experienced of pseudo transaction. The reason why big banks are so nervous about bitcoin is that bitcoin has a huge percentage rate of money from different currencies in one. It is a total package which can be done using a wallet to wallet basis. It is a big rival between two if soon bitcoin will be officially accepted internationally.

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Pettuh4
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October 23, 2017, 09:53:35 PM
 #77

Banks are nervous because bitcoin is in another dimension. Bitcoin now offers more favorable conditions to attract capital. Banks have nothing to do with it can't they understand that soon they will begin to experience a lack of deposits. To attract bitcoins they can't because they don't know how to apply them in the real economy.
banks also taking advantage of this mate as they are the recipient of the earnings some of them are just pretending that they are affected but they are
not as bitcoin holders will also exchange this to fiat and the best option for me to convert my btc is to send it my bank account.

And that's like relinquishing your power and handing over to the authorities or central banks again if you convert your BTC and have them sent back to your bank account. The banks are nervous perhaps because Bitcoin is triumphing and it's going to render them obsolete and unemployed should the whole world accept it at once.

weblaraveluser
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October 23, 2017, 10:20:25 PM
 #78

Yes big bank are so nervous about bitcoin..because in bitcoin it,s very convenient even at home you can make transaction no hassle people would prefer to join bitcoin buy and sell and earn money very profitable ..while  in bank so hassle you have to wait for the transaction with low interest rate.. Kiss Smiley

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October 23, 2017, 10:23:54 PM
 #79

Because bitcoin is a bank competitor, with a sealed market cap that has now reached more than 100 billion USD, bitcoin is a threat from banks and can make banks disappear.

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October 23, 2017, 11:04:10 PM
 #80

Big banks and also this little ones, are so nervous about Bitcoin because it is their main opponent/competitor. Banks always get some money for using fiat money(lending, money trasfers etc.) So  you will probably pay(with bank)for everything. With bitcoin, transaction is faster, you are anonymous,  no additive cost like taxes etc.
So comparing BTC to banks is obvious that BTC is a real dangerous and more and more people will choose crypto

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