Why Big Banks are so Nervous About Bitcoin ? Why ?

[ichai]

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

I think big banks are nervous about bitcoin because they think everyone will not be using banks anymore if blockchain technology have been approved by the government in every country. That is why big banks are thinking other ways for them not to be removed by bitcoin.

It is easy to understand when banks are worried about Bitcoin. Who would have been in the bank sometimes also have difficulty in terms of time as well as fees incurred, including staff attitude again. Bitcoin completely eliminates third parties and the above issues. It allows users to proactively grow with their assets.

[chosenboy4]

In the case of Bitcoin, what is being enabled here is not merely a new market, but a market of markets; a platform for all kinds of new markets to emerge. In it, lies the promise of a transformation, as strange as it sounds, greater than the Internet. Denying such a potential is equal to denying the reality of globalization.

[The Scorpion]

Bitcoin and other encrypted currency ICO and impressive block-chain technology. This is a reasonable threat to traditional banks.
"The soaring value of Bitcoin and the adoption and mainstream acceptance have led banks and regulators to become very tense and have led to some knee-up reactions, but these reactions simply assert that Bitcoin is a reasonable subversive threat "

[LETme]

Because bank think people will switch to bitcoin if the country truly embrace bitcoin but the bank should not be worried about this because not all of the people are know the existence of bitcoin and beside we used bank over a century so people will still used bank to save their money.

[Widya0986]

when the digital currency has been accepted by the world and is already valid as a transaction then the turn of fiat currency will decrease, this causes low transaction in the bank. this is a threat to the bank

[JohnWick_Bitcoin]

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 needs people who are going to place their money on their business in order for them to get profit, and if people will prefer to invest on cryptocurrency then they will just lose investors which might destroy their own business in the future.

[zhanyiguai261315]

The real reason banks don't like cryptocurrencies is that they are threatened!
The cryptocurrency has grabbed a lot of profits from banks, fearing that cryptocurrencies will have a serious impact on their business!

[Ava Duvall]

they see bitcoin as a threat ,  it would force them to innovate, change and some banks are not open to that option.

[BitcoinCommodor]

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

Which banks exactly? You didn’t mention the bank that is scared of Bitcoin. No bank is scared of Bitcoin, it’s just some bunch of stupid idiots that knows nothing that keeps on saying this sort of thing about Banks being scared if Bitcoin. If you bank prevent you from moving money you have in crypto to your bank account then you have serious problem. Everything that has to do with money will always end in bank. So tell me how banks are afraid of Bitcoin? Hmph… 😕

[JeramiParan]

Simply because big banks knows how bitcoin works in industry, they have insights that sooner or later bitcoin might take the majority of currencies. Another reason is that they might lost control on money game.

[dillpicklechips]

Basically and honestly, banks are afraid and also threatened to the bitcoin because they see how bitcoin change the world of currency. Bitcoin brings more opportunities and fair service than banks. So banks are afraid that sooner or later bitcoin will be the new and indemand payment and monetary system. They are afraid to lose their popularity against bitcoin and lose their customers and investors too.

[leostrong.mo]

Bitcoin decentralization, popular outside the government, is not controlled by the government, and disrupts the government's financial rights.
Banks are not afraid of bitcoin, but are facing the development of new things, because there is no clear regulatory system yet!

[lamadu3]

Big banks are so nervous about bitcoin because of competition on investment. Well banks are wise and has a lot of resources especialy if it is about it's competitors. Before banks even don't know about bitcoin but because of its popularity and some of the investors go thru the crypto currencies like bitcoin that was the time they knew about it. Crypto currencies can replace banks in my opinion but I guess that it will take a very long to happen. And that chance I guess is also one of the many reasons why banks are nervous about bitcoin.

Certainly, they used to get the money from their clients (a lot of big money), and now, these people are ready to pay for the cryptocurrency. The banks lose a lot.

[satana_igor666]

And banks initially underestimated bitcoin and now are trying to survive with all their might from their territory, but they can not do it because they do not know how.

[embargo]

To large banks, bitcoin is competing and simultaneously withdraws a part of the clients. But on the other hand, banks will always have customers who adhere to conservative views. Also in the bitcoin area there are a lot of risks of capital loss, and in banks this risk is less, as there are guaranteed amounts of money refunds.

[cramcram21]

Because there are so many people who are now using Bitcoin and maybe soon people would stop using banks because of the cryptocurrencies,
If the crypto currencies continues to grow I think we would soon be a cashless society and the banks could be ignored because of it.

[Cotton Candy]

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

To substantial banks, bitcoin is contending and at the same time pulls back a piece of the customers. In any case, then again, banks will dependably have clients who cling to traditionalist perspectives. Likewise in the bitcoin zone there are a great deal of dangers of capital misfortune, and in banks this hazard is less, as there are ensured measures of cash discounts.

[Jessica2009]

         Since fiat money is controlled by banks and government, people are in difficult stage to use their hard earned money according to their own wish the transaction of fiat money  cost too much that the ordinary man cannot afford and it takes more time to reach the destiny .In Bitcoin transaction no such difficulties occurs it can be transacted with ease and low fees. Bitcoin is a decentralized and fiat currency is a centralized one so the banks or government interfere in it Bitcoin is an online peer to peer payment ,so the Banks fear if Bitcoin is accepted world wide the banks may come to an end .

[Marlo0619]

It is because bitcoin or other cryptocurrencies are illegal and dont have taxes. It means that if the user or investor have a big income or profit, then they will withdraw it from the bank. So that their bitcoin turn into a real money. The banks fear bitcoin because their money will turn into zero because of bitcoin users will withdraw a huge amount of money. We all know that banks have interests in you bank account or saving. And that is the one way they profit. Bitcoin is the greatest thing that you will have.

[victorski]

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.

For me it is obvious because they are thinking thatcryptocurrency can replace the existing economic system and banks will have no more place in that system, so I will be worried also at their place.