Why Big Banks are so Nervous About Bitcoin ? Why ?

[yakafi]

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 the big banks are so nervous about bitcoin, I think It is normal. Because Bitcoin is so popular, It is very Profitable. Many investor will invest their money in bitcoin.

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[iMark]

One of the reasons that is frightening is that banks are afraid of the bitcoin competition and in the end they ask the government to ban bitcoin in the country. So that the bank can still be used in that country.

I don't think there will be any competition between bitcoin and bank, whereas both have different functions? bank is a place to save money and bitcoin is currency, besides both also can cooperate? the bank may accept bitcoin as a deposit and withdraw option, it's just about time for that to happen, the bank is not that afraid about bitcoin #imo

[berfanaf]

maybe they consider bitcoin, If bitcoin or other cryptocurrency is widely applied, the whole banking system can become irrelevant. but it is in accordance with my knowledge contained in the article.

There is no point of denying this fact that all the crypto currencies are the biggest threat to the existing banking systems as with every passing day, more number of the people are withdrawing their money from the banks and that they are investing that money into different crypto currencies as they think of this to be more beneficial which is seriously affecting the reputation of the banking system.

[prudencetoller]

maybe they consider bitcoin, If bitcoin or other cryptocurrency is widely applied, the whole banking system can become irrelevant. but it is in accordance with my knowledge contained in the article.

There is no point of denying this fact that all the crypto currencies are the biggest threat to the existing banking systems as with every passing day, more number of the people are withdrawing their money from the banks and that they are investing that money into different crypto currencies as they think of this to be more beneficial which is seriously affecting the reputation of the banking system.

I totally agree that once people only use bitcoin and other cryptocurrencies, banks won't mean anything and will be on the verge of collapse. Since there is a possibility of this happening in the near future, banks are frightened and they surely want bitcoin to be banned. Since they don't have control over bitcoin, it's hard to ban bitcoin entirely so some government has imposed taxes on bitcoin for fear of bitcoin replacing their currencies.

[2tf]

Banks are nervous because they lose market and are always looking to participate to achieve their intermediation in the market and achieve their share.

[doraegun]

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

Banking business  are losing their income if Bitcoin are permanently operated in the entire country  because there will be a Bitcoin machine   provided in all respective areas  for all user of Bitcoin so Fiat money someday are useless and I think Central Bank of the Philippines here my country should be cooperated when the time Bitcoin is also Primary use for all Filipinos.

[gezhid008]

The big reason is that one of the goals of the BTC is to be the new currency of the digital age. Although now applicable scope is very few, but in some areas, BTC payment has been accepted, and due to the transaction attribute BTC itself, and value-added potential of space, but also by a new generation of investors.

This is no doubt a bad sign for Banks, which seem to be worried about losing their future.

[suraza21]

Big banks are worried about bitcoin as they are afraid of losing control over their current cash flow and, for example, the trend of bitcoin secures lending or direct transactions without the need for banks. Banks lose their income from intermediary transactions

[Lexurdania]

Bitcoin afraid by banks or central banks because bitcoin disrupting banks bussiness. Imagine if peoples using bitcoin for transaction thats mean fiat money will useless and not worth anymore.
Beside that, central bank afraid on bitcoin or cryptocurrency because they can not control the supply and the value

[Emma.Watson]

Blockchain's technology is really futuristic that banks too are implementing its technology in their system and reading its effects. I do know a state bank in my country which is implementing blockchain's technology for its functioning. Something which is futuristic will take over what is available at present so every bank should fear.

[Altf4]

Big banks are so nervous about bitcoin, because they thought that bitcoin will be there great competetor of the financial investment, we already know that in bitcoin investment is risky but to the point that it has better profits compare to bank, that is why the bank are so worried about bitcoin because they might lost so many clients because of this profit comparison.

[Domanity]

Perhaps because of the rapid development of Bitcoin, and many people are interested to enter Bitcoin. so the big banks are afraid, this Bitcoin will be their competitor, who will move all the customers of the Bank moved to Bitcoin.

[Tungsten-1]

One of the reasons that is frightening is that banks are afraid of the bitcoin competition and in the end they ask the government to ban bitcoin in the country. So that the bank can still be used in that country.

Central banks of some countries are upset and feeling irrelevant in the presence of crypto market as they are facing with reduction due to the traffic on crypto market. Their businesses are reducing as their policies are less public friendly while that of crypto market is more public friendly due to which people are now going towards crypto market. This does not mean that banks will totally demolish but are facing a little decrease in their businesses.

[Triffin]

Banks are nervous because they lose market and are always looking to participate to achieve their intermediation in the market and achieve their share.

Big banks are nervous because they have already made business in the transaction of funds across the globe and charging its customers a certain fee that Bitcoin does not and charge only a minimal fee. Due to this reason, the big banks are afraid to loose their costumers to Bitcoin as Bitcoin is more profitable and you can save good time by making transactions from your laptop with full security,

[nabinkhadka]

they should be nervous about btc actually think either they have to integrate blockchain or else news project will disrupt the banks so theya re nervous

[Bonsaiav]

Why Big Banks are so Nervous About Bitcoin ? Why ?

Their nervousness, in fact is due to their own inability to manage cryptocurrency, but they do not want to admit that weakness, perhaps because of prestige or embarrassment, ashamed of having sneered bitcoin.

[Tatsuyashiba]

Because banks do not want to be rivaled by bitcoin and banks also know very well that bitcoin has many advantages. Therefore they are more cooperative with the government to spread the negative about bitcoin.

[peterpeterpeter]

No ..not the bigbanks.
And I think small capitals banks are worried because cryptocurrencies can still operate without any helps of banks. And this is the threat why they are afraid on the popularity of btc right now. That's why they  created some groups who spreading false news about BTC. They are making black propaganda.

[YTBitcoin]

Because banks do not want to be rivaled by bitcoin and banks also know very well that bitcoin has many advantages. Therefore they are more cooperative with the government to spread the negative about bitcoin.

But they will not get the success and they know well that bitcoin is going more stronger that the struggle of them against bitcoin and they know that the companies related to bitcoin are earning more than them and they know that with the passage of time one after another country come to legalize bitcoin so they are seeing themselves as failing. But they do not think that if they also start to give service for the users of bitcoin then they will also earn a good profit for themselves.

[bizarro]

they can think the market is collapsing, but new things is cyclic and they already had their place in the past so don't worry man