Why Big Banks are so Nervous About Bitcoin ? Why ?

[phpartisanmaster]

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

Most of them are really scared to lose a huge amount of investors in their business because people are preferring to invest on cryptocurrency today since every social media is advertising the price that catches the eyes of the community.

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[Allura74]

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.

Thats true, and I think Big Banks were afraid nkt just because they wre being threatened by the fact that Bitcoin is better than them and it was widely used by the increasing number of people nowadays I think they see this as bad to their system in which people will better take risk than to invest to them in which the interest were very small, and for me thats the thing why they hate Bitcoin, the clients were probably go here than to them.

Yes, bitcoin is now alarming and threaten banks around the world because people are now realized that crypto currecy are better than bank in many ways such as profit, hassle free transaction by not controlled by third party and sometimes security. If people are turning way into bitcoin then banks will be extincted soon because they will suffer a big lose because we know the fact that the bank mode of profit is from the money of people invested or hold by them.

[teklang01]

If all the people adopt and use bitcoin, no wonder the banks will feel nervous about it because there will be no one who needs their service for savings account and for other transactions. Bitcoin is peer-to-peer cash system, where you can send funds directly to the person you are transacting with and you can save your money to an e-wallet.

[sserge009]

It will be interesting to observe the development of the situation around the legal status of crypto anymore. Now the world banks have realized that they can not ignore crypto. However, banks have not yet developed a strategy for working with bitcoin, they can not predict the consequences of its development. However, now they will have to make decisions to be able to survive in a new world.

[dado7]

I believe that the competition is always a good thing. Banking oligopolists don't believe that.

[EnricoGomez]

Thank you for this article, it is informative and I have learned quite something.
Banks are afraid that cryptocurrency have the posibility to replace fiat to which they heavily rely on - managing fiat is their sole purpose and they would be nothing if it will be to regularized unless they adapt to the system and governments will impose them related to managing it or something.

[yurekaa]

because bitcoin is the result of a very useful blockchain technology in the world economy. by utilizing blockchain technology all financial activities will be much easier, faster, accurate, safe and highly efficient than we transact financially through the bank. and this technology is much needed for investors to facilitate their financial activities.

[Leyss]

Banks have something to be nervous about, because the crypto currency is getting stronger in our lives. After all, people stop referring to banks using the crypto currency for their financial settlements and from this, banks lose their profits. In addition, banks have already assessed the advantages of the crypto currency and the reliability of its blockchein technology and this also increases their anxiety, as their fears about the seriousness of the competitor, which is the crypto currency, are fully confirmed. Therefore, on the one hand, they, if possible, oppose the introduction of crypto currency, citing the riskiness of investing in it, and on the other hand, adopt its blockchein technology and themselves switch to the use of a crypto currency, such as ripple.

[clarky]

Banks is for tangible cash and currencies while for bitcoin is for intangible. But if bitcoin will be use worldwide, banks would possibly fear this. Due to human beings can immediately invest, purchase and promote and earn without using any method. Just in a click, you can do this with any trouble of fill up varieties and transporting in banks. With all these improvements they would possibly concern that some of their biggest depositors are dropping activity in depositing their money to the bank if the inflation is quite low whereas placing money in crypto currency and bitcoins had a achievable of excessive achieve but the high hazard is additionally the huge factor of cryptocurrency as it is unstable and unpredictable.

[FUD Expert]

They are now essentially joining the party. Their strategy now is to take control of it but I'm not really sure if they are now wanting  to use it or just destroy it by manipulating the prices like a timed crash after a FUD.

[JaxxBoll]

In my opinion, the current trade in bitcoin is very fast, and we can transfer money from one country to another easily. And this has affected the bank. I think so.

[Cynooza]

Bitcoin has a potential of stealing a huge chunk of money flow from them and making them useless as intermediaries. Also, this way they risk losing there power and political influence.

[GreatBug]

For me next years will show if it is possible for bitcoin to make level up, i mean to make it worlwide and possible to pay like normal money, cause if yes than we will have with two ways of paying, normal money and crypto for me and at this time banks could work like nowadays which won't make any problem for them.

[Elrozaq]

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

off course, the bitcoin has many advantages. it is simple and secure. the bitcoin is digital currency. so, the big banks are ao nervous about bitcoin. because the bitcoin ia the future crypto currency.

[Yantoaja]

Because banks know very much about this. They are afraid it will be unchallenged by bitcoin and eventually they will be replaced. Because bitcoin has started in knowing many people but there are still many who banned from a country whose majority of government in control by the upper class.

[ArteMixer]

In my opinion, banks have a slightly different function than Bitcoin, but since banks are directly connected to currency and Bitcoin is a substitute to that. I mean, even the dumbest person, looking at the speed of development of crypto (in term of market cap.), would get worried about future of currencies.

[ceferov]

There are not any business that wants it's income to decrease. Banks lately started to hate BTC because they see the danger. Cryypto wil change a lot about banks and their income. Also some governtments will not like decrease of their banks income

[simpleholmes]

they didn`t care for it before because they thought it will be extinct within time but wherever the big investors got included especially their rivals , than they got nervous because beating money with money would be very hard when the other have better tech and money as well.

[Craigjohnstone]

Obviously banks want to protect their profits. If they are under attack from something that could genuinely undermine them, they will do everything in their power to stop it. Time will tell, at the back of the bankers mind will be worry and realisation of the potential of BTC.

[bcointt]

I very much doubt that Banks worry about Bitcoin and cryptocurrency. They know about it but all market is small.