Are The Banks Scared of Bitcoin?

[bitbunnny]

Don't think that banks are scared of Bitcoin, they don't have the reason to be. Looking at the overall number of users and amount of Bitcoins this is not something that would endanger them. The only thing they are maybe worried about is the fact that there is some financial system that is not depending on them.
On the other hand banks are also aware that Bitcoin is profit and don't think they haven't already they fingers mixed into the Bitcoin.

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[Funeral Wreaths]

the title is a bit misleading to what's inside your thread. well people will talk to it no matter what you do, just let them say what they want, anyways if its going to happen then it will happen, and i don't think banks are scared of bitcoin, as far as I am concerned, it is the people that will be using bitcoin are most scarier i think, unlike fiats that can be monitored or tracked when somethings fishy happening, bitcoin is hard to track down those users.

[sungaiyangderas]

Although BTC is a difficult situation, the reality is not like that. The Bank needs Blockchain-based technology and solutions and is actively working to become part of this emerging new industry. I am convinced that it is only a matter of time before the central bank starts printing their own currency in order to stick to whose status.

[hhxcwz]

I think the world's Banks and governments and financial institutions are afraid of bitcoin.Bitcoin is a revolution.Bitcoin is a big shock to the existing financial system.So the banks are scared of bitcoin.

[BitcoinCommodor]

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.

It is really a different perception but yes I respect it and agree it to some extent. Nothing is better to save money than bank in this era and we are not getting anything more secured than banks so far. Banks are profitable only in case of giving security to your money but if you consider them for profiting your money, bitcoin is much more safe and secure and more profitable than banks.

[seriin]

I think Yes, bank is somehow scared to bitcoin, because if bitcoin becomes more popular and more people will come use it, it would become their competitor even though they are in different perspective.

[AyaYotoko]

it's very unlikely that all banks around the world are actually "Scared" of bitcoin and miners, as bitcoin is not going to replace the current banking system anytime soon, and that most people will put and save their money in the banks, and not in bitcoin.

[BTCkur.com]

Hell yeah they are! Is there any bank in the world that likes Bitcoin?
But I can count you many banks said tons of crappy stuff about Bitcoin

[ardhigalau]

Banks are very scared of bitcoin, so they banned bitcoin in their country. They are greedy, they are a group of human-blooded mafia.

[tiggytomb]

The only thing that bugs me about bitcoin is the way they are mined, I would like to think that Satoshi when putting this together had the thought that everyone could mine bitcoin and not just a few with deep pockets.

I think the banks are annoyed because bitcoin shows that we could survivr without banks and this scares them, they will need to enter into this space and drastically change the way they work in the next couple of years or they will have serious trouble keeping afloat.

[cocoliuis999]

One of the most dislike of the bitcoin industry is a bank. Because bitcoin will absorb a lot of money, this is a bank that is not willing to. In addition, the bitcoin is centralization, and does not increase the number. And a country's currency can be increased, and banks can use increased money to pay loans for interest.

[hadveach]

I think other banks will not be able to stop bitcoin, I see it's very difficult. look at how today bitcoin is able to provide great benefits for its users.
and also I think other banks can not compete with bitcoin, but banks will still get a lot of customers because of the ability of people who still lay with IT. and someday the bank can also be defeated by bitcoin.

[bajigur894784]

in my opinion, bitcoin and other digital currencies should not be seen as a threat that disrupts banks, credit card networks or other traditional remittance providers. but rather as a complement of a potential for existing services.
as bitcoins and digital currencies are better prepared to open up new markets and reach new consumers, and centralized payment systems that are efficient enough for right now trading.

[CoinOnTheBeach]

the ultimate goal of the banks is to make money.
they will seize the opportunity that bitcoin and other cryptocurrencies represent and make the most of it.
it went too far for them to even entertain the idea of fighting it.

what we all can expect shortly thou is more intensified efforts to regulate it.  

[thesmallgod]

bitcoin is a threat not only to bankers but many financial institutions due to current and consistent rise in the price of bitcoin which being monitor by medias. these has caused many banks and financial establishment to lost investors as many people are now turning to investing in bitcoin. this will actually be favourable for bankers and that is the reason why central bank in my country are discouraging people from investing in cryptocurrencies. i hope it wont get regulated.

[gutavo1dias]

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

[freecastle]

the banks had to invest in bitcoin some time ago, I think they take advantage of this mode and after they will try to destroy it

[BitcoinHodler]

mostly banks are happy about bitcoin as it goes up and down and as people trade bitcoin they have to go through banks to get money in and out of exchanges and that is a lot of transactions and a lot of fees they are earning because bitcoin exists!!

and bitcoin is too small to threaten banks. at least for years it will be the same. unless something like Lightning Network comes and lives up to the promise an actually be used with lower fees not higher costs. that would be when they really fear it.

[Bobby park]

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?

Bitcoin is not a threat in the banks. As a matter of fact, it can be integrated in banks. Bitcoin will serve us the future currency and the banks can work with it. The innovation of bitcoin will influence to all of the people to use cryptocurrency rather than fiat currency and the banks must not afraid of this. Digital currency is useful nowadays and I'm sure someday banks will make a way just to be a part of economic trends.

[Nhebu]

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.

The upgrading of system like using debit cards or atm to transfer accounts from digital wallet, they must integrate bitcoins in investing with a total packed of security. In that case, they must not be afraid with bitcoin but they must innovate themselves in order to acquire the system of present.