Why Big Banks are so Nervous About Bitcoin ? Why ?

[Viranz]

Because Bitcoin has the ability to get rid of the bank, banks prefer not to accept bitcoin by telling the government that it will affect the economy of the country.

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[icecream sandwich]

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

In my own opinion, i think they're afraid because the physical money might be gone when the cryptocurrency or digital coin will be implemented in their country.

[muthubabi]

Yes. Big banks are very nervous about bitcoin. Because of bitcoin, they are losing many international transaction fees. That's why they attacking to the bitcoin market.

[Gumpfire]

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 nervous about bitcoin because they assume that they could be replace by bitcoin and they think that bitcoin could be used by everyone in the world in the near future, that is why other countries started to banned bitcoin to avoid banks being replaced.

[Itjoker]

Actually these big banks secretly invest and participate in manipulation with Bitcoin prices, like market makers. That's why they create positive and negative news and rumors, try to influence the mood of other investors and thus earn on it.

[hsyncl]

The only reason for the banks' biased approach is that they think they will get out of the way after a point. This is very clear to explain. In fact, at this point they should fall into this system.

[stiffbud]

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.

Bitcoin is introduce into the market as a money transaction tool. Many banks dislike bitcoin improvements and progress because bitcoin profits produce troubles for many banks and also for bitcoin their profits are decrease. Many government ban it in their country because bitcoin affects their national bank profits. Bitcoin provide their uses an high level of security and privacy. In order to complete a transaction through bitcoin their is no need of any identity proof of sender or receiver and no third party involved and because of its its transactions are faster then that of banks and also charge low transaction cost. And bitcoin also use for international money transaction and these advantages of bitcoin create problems for banks.

[DiabolicAnt]

It's a whole new system that is very different from the banking system. Also, they're worried because because BTC influences economics in a kinda unpredictable way.

[laravuemaster]

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.

Banks are not nervous but they are worrying about the growth of cryptocurrency since it was more profitable more than placing their money on the banks rather than and set it to time deposit.

[kolsernik]

The reason is very simple.It lies on the surface.If all people understand that bitcoin and its technologies are more profitable to use than a traditional Bank, then over time, no one will use the services of the Bank and they will simply close.That's all

[Baksobakar]

They worry that Bitcoin is taking on the banks. Regulators are trying to play catch up with Bitcoin and other cryptocurrencies, and realising now that it’s not going away. In fact, it is challenging their monetary system which is intrinsically linked to banks, and especially central government-backed banks.

I think the Bank is definitely not needed when making people-to-person transactions, especially cross-border. Big Banks was very nervous about Bitcoin because BTC appeared to split third parties.

[Belmyl]

investor interest in the digital currency is getting stronger when compared with the banking sector is completely opaque. digital currency can be a good tool to hedge your investment value against inflation risk. Bitcoin may be a threat to the easy money bank, but it does not pose an existential threat to the system,

[Elseye]

They are afraid because crypto is making orthodox economics shaky because its technologies is far more consistent and potentially usable.

[Olalomi]

Bitcoin has a feature of store of value hence bankers are nervous and afraid that bitcoin is taking its role in the financial institutions it will get to a time  where people will exchange their fiat to a digital currency and stored or hodled in wallet and having no reason to save in bank this action is gonna spell doom to the bankers.

[Potato07]

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

They were scared because bitcoin has the potential to overcome them. As the transaction here becomes easier and as long as people are becoming more aware of it the bank are being out of scene. Which makes them nervous i think. The more people patronizing/using bitcoin the less the money and transaction they have which eventually might lead them to bankrupt, if and only if majority of people were using crypto already.

[leavolnhals]

I do not think they would be too worried about Bitcoin. I think they will find ways to partner with some altcoins to enhance their money trading services. I think the Blockchain technology will soon be applied in banks.

[vixcious]

 I think because they are afraid of losing their important position in today's society. Banks are known for their convenience in transferring money and keeping customers at low interest rates. But now, Crypto has done better than them and that has worried them.

[Charot12345]

A digital money is already use in many countries. And bitcoin is one of it. Banks are nervous about bitcoin because they are afraid that people will prefer to use and invest on it rather than banks because it was profitable and advantageous. And also bitcoin’s popularity are increasing so that some people are attracted to it. People can also earn from it without leaving their personal information.

[spongegar]

Basically, crypto currency could inevitably overthrow and replace fiat currency and that is why banks are so threatened. They didn't expect their clients to pull out their savings from their vaults only to invest it on crypto currency. I mean they didn't even see it coming that they would see BTC rise to a thousand, what more tens of thousands.

[Coongcoonggg]

I think it also affect the fact that we was encouraged to used and be inbolve in Bitcoin than in those banks that offers indeed a huge amount of investment but truly low price of interest. They didn't see it coming, that a simple currency before was the main way that numerous people nowadays earn better.