Are The Banks Scared of Bitcoin?

[Cyberczar]

I read an article on Business Insider, Inc. and couldn't help thinking many banks would like to see the end of Bitcoin.

"Miners are turning to more powerful computers to complete these tasks and earn bitcoin. As a result, mining (and on the flipside, bitcoin transactions) are sucking up greater and greater amounts of electricity. Bitcoin transactions now use so much energy that the electricity used for a single trade could power a home for almost a whole month, according to Dutch bank ING"
- Businessinsider@ businessinsider.com

What do you think would be the impact of the anti Bitcoin sentiment of the bank knowing they wield a lot of influence with the governments?

Is Bitcoin really an identifiable threat to banking?

What measures must traditional banking adopt so as not to miss out if Bitcoin would dominate the future?

[OneSortieMan]

do they have sources to back up the claim that it takes THAT much power for a single bitcoin transaction?

[davis196]

The text that you quoted has nothing to do with your question.
Anyway,the banks can`t be scared by bitcoin.The banks and the banking system will continue to exist for centuries and the governments will continue to support it.The banks could easily take control over bitcoin by buying huge amounts of it,and they can take control over the blockchain by adopting it.
Producing electricity becomes more clean and efficient than before.The argument about the big electrcity consumption from the miners  won`t be relevant during the next few years.

[SUDARMONO]

in my opinion this bitcoin is very good for all the private person or institution other institution including bank, better bank can use bitcoin to add system performance bank about finance, it will be better.

[realdeanz]

Whilst it may seem that BTC is a threat, in reality it is not. Banks are embracing Blockchain based technology and solutions and are actively positioning themselves to be a part of this new emerging industry. I believe that it is only a matter of time before central banks start minting their own currencies in order to remain relevant and keep with the status who.

[Miles123]

No, banks are not scared of Bitcoin because they are also useful in terms of saving a money. Banks are secured no one can easily hack your account and if you caught stealing a money in the back, you will go to jail. You can change your Bitcoin into real money and put it in a bank.

[tiggytomb]

As long as banks are able to adapt and embrace the technology which many of them are then they don't have too much to fear in terms of becoming irrelevant.

They will have to fear bitcoin as a competitor, I think both can exist in the same space.

[secondgarlic]

I wouldn't say scared, but they are watching bitcoin carefully because it might force banks to adapt their business models due to cryptocurrencies.

[hessanseen]

The banking industry is certainly not welcome bitcoin, because bitcoin and banking is just the opposite, the bank is centralized, bitcoin is centralized, bitcoin will divert a large portion of the original bank funds. I think so.

[Bambinoe]

Banks should be scared because with Bitcoin you will be operating at a full cashless society and transactions will no longer be centralized.

[junoreactor]

There was several stories of these guys making big profits, the bank BNP Parisbas closed their bank account after big transactions were made.
The guy was asked plenty of evidences of his investments, which he provided, but the bank closed his account anyway, at its sole discretion.
Read it here https://www.reddit.com/r/CryptoCurrency/comments/77sjk4/bnpparibas_is_closing_all_my_bank_accounts/ just happened a few week ago actually.
They will always suspect money laundering. But what's funny is that Singapore is friendly towards Bitcoin, and this is a dictatorship, while France is a democracy (on paper). Go figure.

[taiwww]

Banking industry is working on this earth from hundreds of years. People have strong faith in their banks. For many villages, small towns banks are the only economic activity centers. banks not only collect deposits, they also have personal loans and provide fiancé to industries, government projects. Banks are the main coordinator in the smooth flow of fiat currency. Bitcoin is still a young currency. It has long way to go to establish itself. Due to its features its scope is limited to restricted area. Banks are not scared of bitcoin, but worried a little bit. Banks need to take a review about their services and also about the service charges.

[vinc3]

As of this writing banking system I think is not scared of bitcoin, bitcoin might affected them in the past but they are coping well as of the moment. They have the government system backing them up and vice versa, I just read an article just this morning and said that government especially in US can tract the wallets or identity of those who use exchanges, and going to taxed those evaders that took shelter from bitcoin. This might be the answer of banks and governments to your question. Bitcoins anonymity is not so anonymous after all.

[ihsanskanzaone]

No, banks are not scared of Bitcoin because they are also useful in terms of saving a money. Banks are secured no one can easily hack your account and if you caught stealing a money in the back, you will go to jail. You can change your Bitcoin into real money and put it in a bank.

I am sure banks are afraid of bitcoin because bitcoin is considered a big threat to banks imagining in some countries that prohibit the use of bitcoin because it is feared by the public or Bank investors will switch to bitcoin, just imagine its growth so fast in just a few years that it has been legalized in some countries like japan, america, Denmark, south korea so bitcoin has started to equal the bank or it could threaten the bank.

[AyaYotoko]

I think Banks will adopt bitcoin, or are some of these bankers right in believing bitcoin will displace them?

Both are different  methods of transactions. Should have no conflicts in future.

[Laland]

I think Banks will adopt bitcoin, or are some of these bankers right in believing bitcoin will displace them?

Both are different  methods of transactions. Should have no conflicts in future.

In my place, banks have already affiliated their services to some exchange sites from btc to our currency. It is not that they are scared but i think it is better to make money out of bitcoin rather than banning it.It could be of use to the economy.

[worle1bm]

I read an article on Business Insider, Inc. and couldn't help thinking many banks would like to see the end of Bitcoin.

"Miners are turning to more powerful computers to complete these tasks and earn bitcoin. As a result, mining (and on the flipside, bitcoin transactions) are sucking up greater and greater amounts of electricity. Bitcoin transactions now use so much energy that the electricity used for a single trade could power a home for almost a whole month, according to Dutch bank ING"
- Businessinsider@ businessinsider.com

What do you think would be the impact of the anti Bitcoin sentiment of the bank knowing they wield a lot of influence with the governments?

Is Bitcoin really an identifiable threat to banking?

What measures must traditional banking adopt so as not to miss out if Bitcoin would dominate the future?

If we talk about competing then there is a competition between bitcoin and banks but if question is about existence then yes banks are here to stay for long term.Taking into considerations the fact of banks opting blockchain technology then it can be said that banks are preparing themselves for future but they performs several different functions which makes them unique and they are not scared by btc but in some terms ready to fight with it as they might loose control over legal currency if it is regulated by government. So they are just updating themselves with latest technology changes.

[Pantoflascrypt017]

They have no reason to be scared in the end FIAT currency is still what 90% of people want to get at the end of the day. The bankers are only scared of missing out on profits themselves by investing in bitcoin but not scared by the technology.

[Psalms23]

I dont think banks are really afraid of bitcoin. You cant really tell everyone to save in bitcoin instead of saving in a bank. Its true that you may profit a lot while holding your money in bitcoin, but there's the risk that a lot of people are afraid of. What is their bitcoin disappears? Who will they report to? Unlike banks, where there is actually the banks staff you can immediately refer to, while  problems you may encounter in bitcoin, you can only refer to searching solutions in google or forums.

[n4poleon]

probably, it's a direct competition. It's funny because they claimed that the blockchain is revolutionary not bitcoin. Lmao. These bankers haven't experience competition until cryptocurrencies.