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anjho.ace
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October 16, 2017, 04:57:41 PM |
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because bank are not suffering with withdrawals and investing at bitcoin and alts ! and they dont wnt that to happen ! as they need those investors money!
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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ajmapalo22
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October 16, 2017, 05:58:36 PM |
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Because bitcoin offers services more than banks can do and also gives higher appreciation for savings and investment...banks are threaten of the fact that digital currency is the upcoming future of all money ib the world and time will come banks are no longer needed...they see the development of cryptos and how it was able to influence many investors...banks are afraid of losing their legacy in the economy because of bitcoin
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ekoice
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October 16, 2017, 06:06:40 PM
Last edit: October 18, 2017, 01:23:31 PM by ekoice |
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They already knew that it would be a threat to their banking system.But they didn't expect such a gigantic growth from bitcoin.It has increased from $650 to $5,703 in almost within a year.
More over,it has attracted lots of investors all over the world.Banks have tried their best to destroy bitcoin.But they have failed in almost all of their attempts.
Tweets from jamie dimon and UBS were all the results of banking sector getting panic about bitcoin.They would have really shocked to see that even china's actions could not halt the progress of bitcoin.
The only remaining thing that they could do is to influence the governments against bitcoin by lobbying to ban bitcoin.But the bitter truth for them is that nothing could stop bitcoin progress.
In future,bitcoin may smash the banking industry.
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richardsNY
Legendary
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Activity: 1232
Merit: 1091
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October 16, 2017, 06:16:44 PM |
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They already knew that it would be a threat to their banking system.But they didn't expect such a gigantic growth from bitcoin.It has increased from $650 to $5,703 in almost within a year.
The increase from $650 to current levels is okay. The real achievement comes from the fact that something that was just "dumped" on the internet by whatever entity, has the ability to disrupt the entire world economy -- that's what I consider to be something insane. It's the adoption that makes the difference, the price going up is nothing more than the result of that. It makes me proud that I am part of this, and I am sure that despite the growth that we have gone through already, this is still just the beginning. |
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goldade
Full Member
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Activity: 896
Merit: 104
The Standard Protocol - Solving Inflation
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October 16, 2017, 06:24:13 PM |
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I don't think banks are nervous about bitcoin because considering the relationship and level of acceptance of both there is no comparison from my point of view. What I see as concerns for banks is for the future which they feel the extent of growth of bitcoin if it continues like that, where they got to for centuries, bitcoin might get there in decades.
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ask
Legendary
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Activity: 1386
Merit: 1004
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October 16, 2017, 07:09:18 PM |
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some of smart banks started to use Ripple for transactions. So big banks are just looking a way to implement blockchain technology.
They are nervous about their stupid IT workers not about bitcoin.
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tobs
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October 16, 2017, 07:29:58 PM |
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some of smart banks started to use Ripple for transactions. So big banks are just looking a way to implement blockchain technology.
They are nervous about their stupid IT workers not about bitcoin.
I think they are nervous about a possible future, where everyone can manage their own digital wallet and store there as much money as he wants, without the bank knowing or managing it. Wide adaptation of bitcoin can basically kill all the banks, as no one wants someone else to have power over his funds. They try to protect themselves by acting like they want to adapt that blockchain technology of future, but they keep their fingers crossed that either bitcoin will fall or the governments will stop it soon enough. |
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katrimans
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October 17, 2017, 08:03:38 AM |
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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.
The basic thing for which we are using banks is for keeping our money safe or for making transactions from one account to another. With the evolution of bitcoin, all the things and functions which banks were performing previously are no longer required. You can easily keep your money safe if you keep your money in the form of bitcoin. I believe there will be no longer any need of bitcoin in the coming days. |
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King Sastro
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October 17, 2017, 08:44:29 AM |
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Banks are aware that the cryptocurrency market share continues to rise and pose a major threat to the development of the bank's business, I'm sure they will do everything possible to stop bitcoin.
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rocketbits
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October 19, 2017, 05:27:17 AM |
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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.
In my opinion, banks are nervous about bitcoin. Not only bitcoin but all the other crypto currencies are a big threat to this banking system. If people will start investing in bitcoin and altcoins like many are, then they will realize how much beneficial this is as compare to banks. They won't save their money in them and this way that business will stop making progress. |
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player514
Legendary
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Activity: 1414
Merit: 1039
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October 19, 2017, 05:42:08 AM |
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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-bitcoinI'm pretty sure that a big player in the whole banks fearing Bitcoin is the fact that it currently is a form of transaction that is being used on a wide scale without being taxed. It offers a system that is significantly better than what the banks can offer people especially because of the cuts that the banks take from the people's withdrawals and deposits. With bitcoin, users have no holding back, they are free to transact as they please without giving cuts to the bank. |
This area is up for grabs! PM me if you're interested.
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Cosbycoin
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October 19, 2017, 06:24:04 AM |
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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.
Bitcoin is itself a bank it takes investment and one can use at their own as mode of payment there is also no need of banks like that. Who needs banks to put their money when they have an golden opportunity to get high profit and as well as more eases as compare to banks, bitcoin is versatile and it blesses everyone that’s why banks are having some serious concerns to it. |
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Siopao
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October 21, 2017, 11:34:31 PM |
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Banks are threatened by the existence of bitcoin because bitcoin offers a better service than banks. In terms of investing bitcoin can give people a much higher profit compare to banks, transacltions are free of charge and no hassle. I think banks as early aa today are finding its way to survive amidst the popularity and wide acceptance of people to bitcoin because if not they might be defeated by bitcoin.
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krauzzer02
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October 22, 2017, 06:14:20 AM |
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Because some traits and potentials of the bitcoin currency and blockchain technology that behinds this currency are the opposite of central banking and it has already taking popularity through different countries all over the world. If the bitcoin succeeded to its original goal to eliminate the middle man or central control of the money, they have no choice whether to adapt their system to blockchain technology or refuse into it staying on the traditional banking where they are the one who manage to the money.
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Bestpromoter
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October 22, 2017, 06:16:04 AM |
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it is so simple it is not because they are getting deficit by it but because they are investing on it most of their money are in the cryptocurrency bitcoin, if bitcoin will get lost for sure they will be bankedcrupt in the mean time.
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lordquanta
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October 22, 2017, 09:00:51 AM |
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The major reason why banks find it difficult to deal with the bitcoin technology is that it is open and decentralized. Banks have always find themselves hand in gloves with not so legal activities due to their secretive nature of operations. Banking sector has been developed by People who wanted to take control, manipulate general populous with control over money. Bitcoin is so revolutionary in a sense that its vehicle which moves bitcoin from one end to other is based on blockchain. Banks find this blockchain very fascinating and revolutionary. In fact they are working on getting their own blockchain based technology for their own use. However bitcoin is simply threat to the biggest loot these banks are doing with their ability to exploit the loopholes in money transfer.
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noictib
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October 22, 2017, 09:12:14 AM |
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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-bitcoinYeah , The bank system are making the deposit of the money that they usually got from.the people and they put that money in the big big companies and making the big interest profit . But here after the bitcoin success they are getting less investment in bank account , most of the people have dream.with the bitcoin and other cryptocurrency like system and moving also toward the cryptocurrency , so here bank system are worried about this thing and are now against the cryptocurrency . Here I think those bank industries should understand well about the cryptocurrency and also they should enter in this field Because they can do more better in this with new new concept . Here a recent news telling that the bank of India ( sbi ) is looking to use the blockchain technology for fiat currency , so we can understand how much they are interested in bitcoin . |
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Wesimon
Sr. Member
Offline
Activity: 406
Merit: 250
https://gexcrypto.io
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October 22, 2017, 09:41:28 AM |
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It's because bitcoin is attracting more investors as it increases its value. Bitcoin is very volatile at secured as well. There is much high potential for your investment to rise within a short time. Since bank uses paper money and other physical things that has no value, they might be afraid of paper money phasing out because of digital currency.
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panju1
Legendary
Offline
Activity: 1246
Merit: 1000
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October 22, 2017, 09:41:57 AM |
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The major reason why banks find it difficult to deal with the bitcoin technology is that it is open and decentralized. Banks have always find themselves hand in gloves with not so legal activities due to their secretive nature of operations. Banking sector has been developed by People who wanted to take control, manipulate general populous with control over money. Bitcoin is so revolutionary in a sense that its vehicle which moves bitcoin from one end to other is based on blockchain. Banks find this blockchain very fascinating and revolutionary. In fact they are working on getting their own blockchain based technology for their own use. However bitcoin is simply threat to the biggest loot these banks are doing with their ability to exploit the loopholes in money transfer.
Banks don't find it difficult to deal with Bitcoin technology; they don't want to. They fear that people might not need banks, once bitcoin becomes well established. You could have a situation where they don't get deposits, because people are holding their wealth in the form of bitcoins on their own computers. |
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senne
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October 22, 2017, 10:58:26 AM
Last edit: October 24, 2017, 07:23:05 PM by senne |
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It's because bitcoin is attracting more investors as it increases its value. Bitcoin is very volatile at secured as well. There is much high potential for your investment to rise within a short time. Since bank uses paper money and other physical things that has no value, they might be afraid of paper money phasing out because of digital currency.
I think you are completely wrong here. First of all, Banks are nervous about Bitcoin due to its rising demand and popularity, due to which they might need to face a decline in their profits because people are directly transferring money from one place to another without the need of any mediator like Banks. If Bitcoin becomes highly popular it can reduce the usage of Banks to greater extent, this is the main reason why Banks are getting nervous. Second, paper money have a their own importance in the system you simply can’t eradicate them from the state and consider them having no value. And lastly, Banks are afraid of Bitcoin and crypto currencies which are decentralized in nature and not Digital currency. Bitcoin is a part of digital currency, moreover banks have already introduced digital currencies but they centralized system. |
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