Why Big Banks are so Nervous About Bitcoin ? Why ?

[kier010]

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

Bitcoin rise rapidly, at first they do not see it as a threat now bitcoin is becoming more popular and gain support from people. They fell that they will be left out, people can now do transaction without the help bank.

[1714902809]

1714902809

[batang_bitcoin]

Not really that they are nervous about bitcoin, they are worried that bitcoin is decentralized and people wants that service. While bitcoin is being supported by John McAfee that keeps on saying that they will never be able to control bitcoin. But they shouldn't be nervous at all as many people never know about bitcoin and they are still depending on the banking service but the potential of bitcoin is great.

[gabbie2010]

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.

[777Bitcoin]

Why not? Bitcoin slowly shutting down they’re relevance in the society, most people or huge bulk of it are now sending through exchanges rather than going in the bank. As this day that 5800$ worth per bitcoin how many have withdrawn there savings from bank to buy and invest in bitcoin. It is now taking there profit little by little and I’m happy with this.

[soham]

Banks have a definite reason to worry about bitcoin and other cryptos. Just looks at the numbers first. The market cap of the entire crypto currency market is 171 billion USD out of which bitcoin owns 55% of it close to 94 billion at this moment. This amount of money would have been channelize through the banking system but bitcoin didn't exist. But banks have no control over these funds since bitcoin is there. SO they are loosing a big chunk of their business. That is the reason to worry. That's why they are trying to discourage us saying bitcoin is scam. But when the positive vibes are so high around the world, who cares about the banks!

[topvmax]

because bitcoin will destroy our financial system. bitcoin dont need wire transfer or middleman (broker) like bank to transfer money from country to country, bitcoin has cheaper fee than wire transfer or payment online. bitcoin has limited amount of supply and destroy inflation. while us dollar losing the purchasing power or money value. bitcoin overtime increasing the purchasing power or the values. big banks dont want to accept the change that bitcoin giving to the society because they will lose plenty of gains.

[Opquar]

It's fairly simple in my eyes: banks are not necessary in a world where Bitcoin is adopted by the masses. Everyone would be responsible for their money, and banks won't be able to charge for services they should be providing for free anyway. I'm sure they will find a way to survive, but they would be nowhere near as powerful or profitable.

[topvmax]

It's fairly simple in my eyes: banks are not necessary in a world where Bitcoin is adopted by the masses. Everyone would be responsible for their money, and banks won't be able to charge for services they should be providing for free anyway. I'm sure they will find a way to survive, but they would be nowhere near as powerful or profitable.

well explained. i agree to you. big bank is so afraid to bitcoin or rather blockchain technology simply because this technology are clearly changing the world. blockchains carry the promise of a more universally accessible world, wherein each community participants and even common people get an equal opportunity to participate and share in the value that they create. meaning to say bitcoin or the blockchain technology creates an ideas that surpass the systems of the banks. it can transfer all our assets to another country at the cheaper price that wire transfer or any transactions that bank do. and just like we say banks is just like a middle man that helps us to carry our chunks of money but with the help of blockchain technology and bitcoin the virtual currency we do not need the middle man or the bank. bitcoin want to destroy our so called old financial system so that we can make a new or better one

[Silberman]

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.

They suffer from their own success, if banks were not such a monopoly they would have noticed bitcoin a lot faster but since they are such a giants they did not notice bitcoin, in a way this is similar to what happened to dinosaurs, dinosaurs were giants and were unchallenged for millions of years but suddenly everything ended with the asteroid that hit the earth and the ones to inherit the earth were the mice and small animals that they did not notice.

[audrey12]

Banks are afraid of the idea of on-line wallets which featured stuff same as banks offered to its client, in bitcoin you have the power over your money you can invest it and earn so much you can withdraw it anytime you want, there are also debit card that can use to purchase things in any malls. Bitcoin offers a lot of things whick may kills banking institutions.

[LogitechMouse]

I think they are nervous because they can't control anymore the bitcoin once it has been the official currency since bitcoin is decentralized. Fiat money is being controlled by banks therefore its centralized. When bitcoin becomes popular around the world, banks will be forgotten that's why bank owners are nervous about bitcoin.

[Yuhee]

Banks are afraid of the idea of on-line wallets which featured stuff same as banks offered to its client, in bitcoin you have the power over your money you can invest it and earn so much you can withdraw it anytime you want, there are also debit card that can use to purchase things in any malls. Bitcoin offers a lot of things whick may kills banking institutions.

Or in some terms, they cant have a complete hold of the money that is going in or out if ever they cant make something that could utilize bitcoin at the same time how the citizens would help the country's economy. Because regulating is not easy as well as banning it. Regulating would mean government should make something to track down trades in its own state and banning would just make users go behind the back of the state leaving a government with no profit while the citizens is making trades outside the state.

[Inkdatar]

I think they are nervous because they can't control anymore the bitcoin once it has been the official currency since bitcoin is decentralized. Fiat money is being controlled by banks therefore its centralized. When bitcoin becomes popular around the world, banks will be forgotten that's why bank owners are nervous about bitcoin.

Definitely, banks cannot control the bitcoin because bitcoin has become growing and most people invest in bitcoin with a possibly huge return of profit. Unlike banks when you invest your money it will gives only small percent for a long period of time. I think these are the reasons  why banks with fears in bitcoin.

[hahahafr]

I havent seen any bank nervous or about bitcoin, i have only seen news saying that they were going to regulate it or just make some modifications about them on their system, but there is nothing wrong with it, i dont see it as if they are having fear or something like that.
Just remember that bitcoin is the opposite than banks, but i dont think that banks are going to be scared of a digital coin that has a big value..

[omerchip]

Why would not they?Bitcoin is their enemy.if you cant control it,you dont like it.This is basic rule of humanity.if they wouldnt be nervous about bitcoin.they betray to the capitalist system

[Aeotx]

I think banks are feel nervous in bitcoin because if many people use bitcoin ,all banks don't get any charge.

[AmXProX]

I havent seen any bank nervous or about bitcoin, i have only seen news saying that they were going to regulate it or just make some modifications about them on their system, but there is nothing wrong with it, i dont see it as if they are having fear or something like that.
Just remember that bitcoin is the opposite than banks, but i dont think that banks are going to be scared of a digital coin that has a big value..

Yes banks are not nervous about it, they may have big investments on it right now that is why they want to regulate it to protect their investments. BTC price is very promising and a good thing to invest on.

[Yadstiker]

I havent seen any bank nervous or about bitcoin, i have only seen news saying that they were going to regulate it or just make some modifications about them on their system, but there is nothing wrong with it, i dont see it as if they are having fear or something like that.
Just remember that bitcoin is the opposite than banks, but i dont think that banks are going to be scared of a digital coin that has a big value..

Yes banks are not nervous about it, they may have big investments on it right now that is why they want to regulate it to protect their investments. BTC price is very promising and a good thing to invest on.

As far as i am concerned, they are not really nerbous or something like that, but instead they are welcome for the idea of adapting Bitcoin into one of their assets or should we say methods of transactions. To be honest, every rich man or investors in the whole world will do what it takes to make more money, and we cannot blame them if they saw a potential in bitcoin and try their lucks here.

[Qartersa]

Yes I think it is fair to say that banks are really threatened about Bitcoins because the latter has already been accepted as a form of payment by various merchants worldwide. With this, we all know that central banks are supposedly the ones controlling the currencies' supply and demand, printing, and etc. However, what happens now is that people (in the guise of anonymity) can just create their own currencies and have them converted to fiat. The latter scenario is in clear contravention of what the olden days have taught us which greatly defeats banks' purposes and functions.  

[LeGaulois]

I think they are nervous because they can't control anymore the bitcoin once it has been the official currency since bitcoin is decentralized. Fiat money is being controlled by banks therefore its centralized. When bitcoin becomes popular around the world, banks will be forgotten that's why bank owners are nervous about bitcoin.

Banks have never controlled Bitcoin a single time because no one can do it.

Now let's imagine a day if Bitcoin becomes an official currency worldwide. Do you think that the banks will sit on their chair without doing anything? No, they will adapt as they do for thousands of years. Remember that cards, checks/cheques, bank notes, didn't exist thousands of years ago.

A possibility could be that they apply Bitcoin in their system. They will have still plenty of customers because the average person doesn't want to deal with instaling a bitcoin client, the private keys and all that goes around