Why Big Banks are so Nervous About Bitcoin ? Why ?

[raven7886]

Banks are afraid of cryptocurrency,because in spite of decentralized and its value much higher than their interest ,depositors in a bank will be less and change to digital currency.For now bitcoin become more popular and investors want to invest in bitcoin rather than banks now.It is a better currency for us because in charges the added a small fee in a bank they always charges a higher fees so thats why many depositors want to go on bitcoin ,banks will die sooner or later.

Depositors are really getting lesser by the day most especially for developed countries that have huge access to technology and the citizens are tech related.

Banks have always enslaved us right from the start and the fact that people are beginning to experience the huge freedom they should have been experiencing all these while in bitcoin, that makes bank to suck the more and why would they not be nervous ?

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[dancingnancy]

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 maintain a monopoly over people's money. So they want people to buy and trade using bank's money. Bitcoin also allows people to escape tax and save their savings in hardware or e wallet rather than depending on banks.

[z38630610]

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 of bitcoin trade. because the bitcoin removes the gains the banks have earned for the benefit of the user. you can easily make big money transfers with bitcoin. the costs and procedures for these money transfers made with the bank are much higher. This is the reason that the banks are nervous.

[armandoz]

Because the bitcoin is future currency. if this bitcoin will grow more and much higher value. the people will start to transfer their account to bitcoin and bitcoin don't have tax and your money make double. not like bank need time to go to the bank. even bigger amount as long as you have an account no problem.

[kimochidesh]

The reason is known to everyone. No govt. want to lose the control over the economy and banks being an instrument of Govt. to regulate the currency and economy do not want to lose the game. But people all around the world are liking BTC and adopting it as a transaction mode. It would be interesting to see how govts react in this situation, will they adopt exchanges as a competition against bank to control the crypto market!!! I think that might be mak=jor reason why banks are getting nervous now a days.

[wuvdoll]

There are many reasons for big banks to worry about bitcoins as well as crypto markets. As the evolving economy grows, fewer people put money in banks instead of investing in crypto or real estate.

This is more like the evolution of money and the way we spend. When everyone can just keep their funds in their wallet without the third party involved, then what would be the essence of keeping money in the bank.

The truth though is that banks will still be relevant for a while except for quite a huge number of learned people in the population pulling out their funds from the bank and switching to cryptocurrency instead. That would really mean a lot since most of the working class and some of the elites are the one making most use of the banks anyway.

[charmaine08]

Banks are nervous about bitcoin because it may cause to them into falling or bankrupt , Bitcoin. Is more interesting in investing while banks just doing an saving .

[asriloni]

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 maintain a monopoly over people's money. So they want people to buy and trade using bank's money. Bitcoin also allows people to escape tax and save their savings in hardware or e wallet rather than depending on banks.

The bankers are controlling everything right now, through the blockchain and crypto currency everyone will able to manage their own financial economic without need the help from 3rd party just like bank.
if the more people are using crypto and bank will be losing a lot of customers. 

[pikebu]

Because the bitcoin is future currency. if this bitcoin will grow more and much higher value. the people will start to transfer their account to bitcoin and bitcoin don't have tax and your money make double. not like bank need time to go to the bank. even bigger amount as long as you have an account no problem.

Yes bitcoin is more better system to sending the values around the world than use fiat money (remittance business with bitcoin) i think the big Banks are nervous because of bitcoin right now is about remittance business, the people around the world right now can be easy addoption the bitcoin because transaction of bitcoin is more easy, cheap, fast and there are no limited amount of transaction in the bitcoin, we have full control of the money than transaction use the banks.

[lightskulk]

Of course they would feel threatened. For many years they were the sold and solid institute where people seek financial assistance and security. Bitcoin cannot be manipulated by them thus could destroy their industry.

[Dudeperfect]

Even though the blockchain based cryptocurrencies like Bitcoin will gain a mainstream position in the fund transfer industry, it won't directly hit the revenue of the banks so there is a time for the banks to transform themselves and their infrastructure to provide better or at least equal service to their customers in order to survive in the market. I do see the companies like Ripple will gain popularity in this particular section to help banks in order to adopt the transformation.

[Kemarit]

Of course they would feel threatened. For many years they were the sold and solid institute where people seek financial assistance and security. Bitcoin cannot be manipulated by them thus could destroy their industry.

Threatened should not be the proper word here. Bitcoin is not threatening anyone, not even the banking system. Bitcoin and banks should work together. However, what banks is afraid of is that with Bitcoin, we are totally eliminating them. No middle person like banks. We are our own banks. However, both of them can work mutually exclusive. At least we have other options and I'm don't think most of the bitcoin users are anti-banks, there are still bitcoin users who store their wealth in a banks. And we can't totally eliminate banks. They have to think it that way. There's no way that they will became obsolete because of bitcoins. Banks are here to say and so is bitcoin. No one will win in this war. And they should not be nervous nor feel threatened in anyway by bitcoin.

[usorin]

the leaders in the Bank world are nervous when they hear about crypto and blockchain technology because it represent a threat to them and it is a bit to late to do something about it. What one was treated like a child's dream now i a threat to the international banks.

[cryptonomics.global]

Don't think that banks are particularly scared of bitcoin. They main profit comes from fee on loans which are not dependent on currencies. At if bitcons becomes the main currency they will just start giving loads in Bitcoins.

The real reason for them being nervous is decrease of their dominance and technical advantage caused by rapid technology evolution. It gets more easy to create a bank without investing huge funds.

[Majharul Saiif]

For using crypto currency like Bitcoin,there are many problem in our world.Big Banks are so nervous, it is one of them.It occurs that we know Bitcoin is an online based currency. It generally complete its all work in virtually. So,there is no need to pay money in cash.It is the main reason of Big Banks nervousness.

[legenduim]

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.

I think it is obvious. Who will like it, when the situation turns like this: you stop getting commission. Bitcoin and all alts are decentralized cryptos, they do not need any help of any bank. Thus, guys, who are used to get great income through bank operations are very nervous.

[androidr]

It just because of popularity of bitcoin so that they afraid or worried about the bitcoin and also we know if every country know about bitcoin so many bank or any big banks are absolutely nervous, like us we don't save our money in the banks we are going to invest in any coins just like bitcoin just because of income and the fluctuation of cryptocurrency or stocks that possible our investment was going to increase not like the banks.

[jagster]

Banks are just products of our technological evolution - a necessary eventuality.

Same with Bitcoin and blockchain technology. Satoshi didn't invent bitcoin anymore than mathematicians invent math.

This logic leads me to believe banks are not threatened but will instead, adapt and absorbs the technology. They're smarter than the music industry. I doubt they'll fight this progress.

[BettingTips]

Of course they nervous about it cause when their country legalize Bitcoin it'll be a big trouble for them. People will only focus on investing in Bitcoin and will not pay attention to bank anymore cause the profit they can get by investing in Bitcoin is better than keep their money in bank to receive interest every month. Beside with Bitcoin they can earn money by a lot of ways like trading, gambling, investing in ICO,....but with bank they only can earn more money by receiving the interest ).

[kumar jabodah]

Banks are frightened because bitcoins have a huge potential that they break down by transferring investors to bitcoins. So now is actually to discredit it in the eyes of the people. This is definitely one of their future opponents. But they can not do anything because everyday it keeps increasing the number of people moving into bitcoins. So they should accept the fact that bitcoins are the future money we can use in all of our transactions.