Are The Banks Scared of Bitcoin?

[Gotottack]

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.

I ABSOLUTELY AGREE. I, too, once have read that banks will do everything in its power to sustain its business. And if it includes accepting cryptocurrencies as deposits, why not? Nothing will be lost on its end. In fact, they can gain a lot from the proliferation of cryptocurrencies in the market. It is the fiat currency that is quite on the edge. To say banks are scared of cryptocurrencies is inaccurate because banks can surely take on its business whilst accepting cryptocurrencies.

[Tramle091296]

First of all the bank said that cause they want to brainwash the mind of the people. theirs no control of it... they cant avoid that the people get link to bitcoin cause its easy to access to it and easy to trade and you cant invest without paying tax to government....

you said that the bank one said that they want to see the end of bitcoin. Because the bitcoin is a head of them their assets is getting lower because some of people is more using convenient as their life time wallet than in bank. that`s why it is. this is my own opinion.

[HagueCrypto]

Yes, they are. They don’t want to lose control over the system(money). Bitcoin is dangerous for them

[378budiman]

As long as banks are able to adjust and embrace technology that many of them then they should not be afraid of bitcoin as a competitor.

[gordeevaverona]

Eщe нe мнoгo и пo цeпoчкe пoйдyт дpyг зa дpyгoм

[sofi@]

I think banks are really afraid of bitcoin because this is a currency that will kill the idea of online banking because with bitcoin is a total package currency its decentralized and it has the ability to stand alone in the market because no one control it. Another thing is that banks only offer a very small interest rates unlike bitcoin it can actually give a 100% return on investment and no banks can offer such thing.

[Cils05]

If I think I'm afraid, because once bitcoin into account definitely amounts to many, different if little, but we know today many traders who already have hundreds of millions in the bank, the bank must be confused and confused because the money is usually minimal to maximum, the reply from the bank will get bigger right

[Dudeperfect]

I don't think that Banks are scared of Bitcoin but yes, the growing popularity of the blockchain based cryptocurrencies is an alarming thing for the baking regulators to transform their traditional system to provide efficient user experience to the users.

* Bitcoin Not Threat to Global Economy, Says Bank of England.

Banks will definitely adopt new technology like Blockchain in order to survive in the market and tests are going in this regard,

* ICICI Bank executes India’s first banking transactions on blockchain in partnership with Emirates NBD.

* More than 75 banks are now on Ripple's blockchain network.

It would be really interesting to see the changes that will take place in the fund transfer industry in the coming decade. This decade will define the shape of the payment industry for this century in my opinion.

[mjnick01]

yes because the amount of bitcoin is unnoticed
if you only have little bitcoin hid
they will be afraid that someday the money they have had to grow
that's what I see because the banks bitcoin fears

[Qartersa]

I do not understand what you are talking about. Mind improving your English? It need not be perfect but at least understandable.

My opinion in this is that the prevalence of Bitcoin started as a threat to banks because the former has likelihood of being banned by governments. Hence, the secrecy of its transactions may cause decreased demand for fiat currency thereby the functions of banks will run inutile. Nonetheless, if governments will regulate instead of banning Bitcoins, banks need not be scared of Bitcoins for it can use the latter to further its cause.

[whitemacna]

I wouldn't say scared, but they are watching bitcoin carefully because it might force banks to adapt their business models due to cryptocurrencies.Both are different  methods of transactions. Should have no conflicts in future.

[yopaa]

They're not scared. There's just not any real threat just yet. Environmental factors such as political and regulatory support, widespread social buy-in necessary to create network effects, and even a proper technological base are still very much in the banks' favor. Real adoption of a crypto-currency based payment system, for example, is only realistic if the banks build that system themselves. There's no incentive to cannibalize their existing business though. Not at the moment anyway.They're definitely not clueless either. All of the big banks have published studies on the topic. Some of the analysis seems a bit crazy (UBS's paper from April 2016 was done by their equities department and seems delusional) but most of it is through nevertheless.

[Conquerogue32]

How they try to ruin Bitcoin through the media is pretty obvious that they are threatened.

[GraciousBanshee47]

They are definitely threatened by this new technology since theirs will be deemed obsolete and pretty much incompetent.

[Kakmakr]

Let us be frank and honest for a moment. Banks have not had any competition for ages and they exploited their unfair advantage with the support that they received from the governments. Bitcoin supporters should give a fck about what the Banks are going to do and what will happen to them.

Business is Business and if you cannot adapt to the changing times and you have to rely on governments to protect your business, then you deserve to go bankrupt. 

[Irvinn]

Banks at first feared bitkoyna, because they did not understand its unusual digital nature and at all could not determine what kind of a new phenomenon, which, moreover, claimed a higher cost. Snuchas they are pretty wary of the crypto currency, because it is unstable, rises and falls sharply in its course, and it does not like banks. There they respect stability and silence. In addition, recently bitkoyn clearly manifested itself as a financial bubble, increasing excessively purely on the speculative aspirations of people.
       However, recently banks are trying to adapt to the new phenomenon and to take advantage of the functioning of the crypto currency, creating its own crypto currency and unifying it for its use in various alliances.

[ajmapalo22]

I believe yes! Banks are threaten about bitcoin and how it can manipulate the currency we are currently using. Since bitcoin was introduce it gives so much focus on providing services banks offers to its clients and whats good about bitcoin it is more than a bank its ability to make transactions unanimously, on-line real time and even outside the countries this really makes people attracts investment on bitcoin which somehow will kill banks in the future.

[Mellifluous]

I think they are after all if the bitcoin continue to dominate the financial world I think the bank would be in a huge trouble,
The bank holders would switch into holding a bitcoin instead of keeping their money in a bank.

[Ludmilla_rose1995]

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 and blockchain systems are a threat to bankers. because banking is one example of third parties that try to be trimmed by the convenience of Blockchain. the cost of transferring money abroad through expensive and long-time banks is an example of a transaction that can be easily and cheaply replaced by Blockchain. so I think one of the fears came about because most bank systems are now no more transparent than those that Blockchain can show.

[nexus2k14]

Banks like to control all money around the world, Bitcoin on other hand gives you freedom. Banks taking profits from the interest rate, mortgage and loans, that why Bank bosses drive cars earning astronomical money and even bigger bonuses once a year. Bitcoin gives a chance of investment to people, it was designed as a digital currency in the first place but because is limited in quantity to max 21 million became for many an opportunity to invest or just use as saving the account. I try to invest on the stock market, and I'ts hard and you need a big amount of money just to start if you looking for at least 2000$ profit when stock price change (rise).
I did use once in my life Visa card I had a chance buy something for a good price (quick deal) so I used my VISA credit card. Payback 4000$ for investors here on the forum is just to send few ETH or 0.28 BTC but in real life is more difficult and Bank can profit from You if you just pay interest rate monthly for a while instead of your debt. That how they making money! so if there are is a Bitcoin currency and other Alts + now recently new ICO's every day people will start investing their money and make profits so Banks start losing their income and will do anything in their power to change this. That why Bitcoin are always attacked by Banks in media.