Why Big Banks are so Nervous About Bitcoin ? Why ?

[chickenfried12]

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

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[AtheistAKASaneBrain]

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

They didn't care at first because it had no value. It's an egg-chicken/chicken-egg problem. They look at things from the perspective of huge moguls. Why would they have bothered when BTC marketcap was worth a couple millions?

It took them for BTC to be worth several billions to even register on their radar, and JP Morgan just said he will not talk about Bitcoin anymore because it has no importance. But I don't believe anymore that they aren't paying attention. Other big banks are already planning getting in, like Goldman Sachs.

[Clavulanic]

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

The only way that a big bank will get nervous about  bitcoin is that 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 then they will afraid that many high investors will investing to bitcoin.

[peterthegreat]

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.

[yugyug]

These are the three things they got nervous as they were not anticipated the boom of these "big 3" in this crytpocurency world.
1. Bitcoin - it i volatile but its it s profit and inflation rate is skyrocketed and now it reaches to 5k USD ATH
2. Blockchain - the backbone of any cryptocurrency as popularized by the bitcoin creator Satoshi Nakamoto, blockchain the decentralized platform of networks and it is unstoppable and even government can' take control of it.
3. Smart contracts- popularized by the Ethereum inventor Vitalik Buterin, the anti-middlemen transactions.

With all these innovations they might fear that some of their biggest depositors are losing interest in depositing their money to the bank if the inflation is quite low whereas putting money in crypto currency and bitcoins had a potential of high gain but the high risk is also the big factor of cryptocurrency as it is volatile and unpredictable.

[Byatt]

there would be less depositors because some are investing to the world of bitcoin..it has a big value and somewhat promising and many people like business minded would choose to buy bitcoins because of the opportunity to earn more.

[adiksau0414]

Banks is for tangible money and currencies while for bitcoin is for intangible. But if bitcoin will be use worldwide, banks might fear this. Due to people can directly invest, buy and sell and earn without using any method. Just in a click, you can do this with any hassle of fill up forms and transporting in banks.

[bubblebit]

Banks owners and officials are well-known in greedy profiteering. They heard, they read, they know what bitcoin is, but the only mistakes they made is they don’t trust bitcoins capability to be on its place right now. I would say they “underestimate” the future of bitcoin and cryptocurrency.

But now they’re threatened and affected by they’re over confidence towards government support but Blockchain technology is now taking the path of no stopping.

[Sasuke102001]

It is not the same as before where Bitcoin was under no one's radar, Bitcoin now has become so famous that bitcoin now has become a major attraction as a way of earning money or using it secretively without leaving behind shreds of evidence of the users. Bitcoin's growing value and the increase in the number of people using bitcoin has made Banks nervous. This nervousness is only because of the fear that one day Bitcoin would take over real money in terms of usage and Banks or the governments won't have control over the money that is being used in their country and another reason would be the amount of taxes that they were able to take out from us won't be possible now.

[speedy963]

At first people don't think about it and just ignore it, as much as i do at first too, although the banks are already aware about the existence of bitcoin in the society they still continue to ignore it and just let it pass, and as we can see now that they are already being worried about it and they see it now as a great threat to their existence, correct me if i am wrong.

[Jafri101]

Because the paper money is being conerting into virtual currency. People prefer to buy and hold bitcoins and also for shopping purposes,no one wants that someone should know about his wealth,if its in bitcoin so its only you who knows howmuch momey you got. People want bitcoins because its price is damn volatile,chances of profit in bitcoin is more then in just keeping money in banks.

[AkaSnake]

Big banks are scared of bitcoin and cryptocurrency in general because they fully know that there is a strong future with virtual money and they don't want another competitor, they're already fighting within themselves.

[audaciousbeing]

All those periods that bitcoin was not on the radar, the banks knew about it but because of their over confidence, they believe "its one of those thing that would soon outlived its popularity" and this was their mistake because if they had acted then maybe their oligarchy would not be as this threatened but unfortunately for them, that cannot be undone.

When I saw top executives of banks like the issue of Jamie, who made a statement, it shows that they are feeling the heat that their existence for the next century is very much in threat couple with another statement credit to the IMF President among other notable personalities in the financial world.

The way out I see for banks is to find a way to key into the technology of the future as the only option outside that is time fazing out gradually.

[Kawasanz]

After Blockchain technology is no longer attached to Bitcoin transactions, as it can be used for many things including banking. One of the big impact banks will encounter when Blockchain is completely adapted by many banks, is disruption in a number of jobs, especially in the back office.

"The bank is aware that Blockchain is challenging their traditional business model," said Senior Assosiate at Norton Rose Fullbright Johanessburg, Nerushka Bowan.

According to him, the bank's function in terms of money exchange intermediaries becomes unnecessary when Blockchain emerges and develops.that's why it is necessary to note the regulators around the world, which I think is still groping Blockchain technology because it is not too understood.

[Pleione527]

The growing technology of bitcoin and crypto currencies make it easy for many people to do transactions without going to the banks or having an on-line banking system, the wallets used for bitcoin can provide services same as banks do and the best part is that it offers investment with a very high returns in just few months or even a week these features make banks feel nervous because time will come they are no longer needed in the economy.

[Idrisu]

Banks especially the big ones are afraid and panicking about bitcoin and blockchain technology because this system is going to take their Jobs in future. Without governments support bitcoin has out perform others illiquid assets including all financial assets in 2017. We expect to see more attack on bitcoin from banker and other elites that has been using Bitcoins system to enslaved humanity. I have been transferred money without bankers knowledge and I have been comfortable using this system than banking system.

[usekevin]

Because the paper money is being conerting into virtual currency. People prefer to buy and hold bitcoins and also for shopping purposes,no one wants that someone should know about his wealth,if its in bitcoin so its only you who knows howmuch momey you got. People want bitcoins because its price is damn volatile,chances of profit in bitcoin is more then in just keeping money in banks.

Yes true bro.If you keep your investment in bank for a year means,you will get only 4-5 % of Money you inverse.That also in private banks.But in BTC,you will get n th % of the invested money.By seeing this ,many start to inverse in bitcoin rather of saving in Bank.So the bank get fear of what will happen to them in future,by seeing the growth of BTC.

[Dontme]

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

If bitcoin becomes more expose and people already know that if their turns in bitcoin it will become double, triple or 10x more than banks interest gives. Banks has only 5-10% of interest while btc is far from them. Btc is much convenient and is easy to use while banks are so hassle you need transportation to go in the banks while btc is that you can make transactions in house or everywhere.

[Nasty23]

Because the paper money is being conerting into virtual currency. People prefer to buy and hold bitcoins and also for shopping purposes,no one wants that someone should know about his wealth,if its in bitcoin so its only you who knows howmuch momey you got. People want bitcoins because its price is damn volatile,chances of profit in bitcoin is more then in just keeping money in banks.

Yes true bro.If you keep your investment in bank for a year means,you will get only 4-5 % of Money you inverse.That also in private banks.But in BTC,you will get n th % of the invested money.By seeing this ,many start to inverse in bitcoin rather of saving in Bank.So the bank get fear of what will happen to them in future,by seeing the growth of BTC.

I'm also agree that there is a big possibility in the future that the bank become useless in some people because they are become attracted in bitcoin on which they can earn a good profit in a year than investing it into the banks.

[zypa]

Because the paper money is being conerting into virtual currency. People prefer to buy and hold bitcoins and also for shopping purposes,no one wants that someone should know about his wealth,if its in bitcoin so its only you who knows howmuch momey you got. People want bitcoins because its price is damn volatile,chances of profit in bitcoin is more then in just keeping money in banks.

Yes true bro.If you keep your investment in bank for a year means,you will get only 4-5 % of Money you inverse.That also in private banks.But in BTC,you will get n th % of the invested money.By seeing this ,many start to inverse in bitcoin rather of saving in Bank.So the bank get fear of what will happen to them in future,by seeing the growth of BTC.

I'm also agree that there is a big possibility in the future that the bank become useless in some people because they are become attracted in bitcoin on which they can earn a good profit in a year than investing it into the banks.

I hope they become useless or at least try to give better services in the interest of normal people and not getting rich with huge interests on the back of the small.
For example I have a mortgage for the house and they get more than 15k in profits and for what? For giving me a virtual number they generate in a PC? Mah