Are The Banks Scared of Bitcoin?

[Soul Reaper]

Banks and bitcoins are incomparable fields.
Banks have a different vision than bitcoin
As of now, no bank has started accepting bitcoin as currency.
But Bank of America has seen it as potential currency of future. This is an optimistic gesture.
However, some associations across the world have opened bitcoin ATM, where such transactions are entertained.

[hacker1001101001]

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 can surely dominate the local banks in any country ass bitcoin is growing tremendously all over the world and people will surely prefer peer to peer transactions rather than any third person involved in it. This will help them in keep the transaction privet so people will use bitcoin rather than banks to store their money. I think banks should develop there own digital currency and adapt to the technology of blockchain and cryptocurrency.

[bitcoinzen]

Banks aren't scared of Bitcoin. Bitcoin is asset with violates market speculations. Banks are adopting blockchain technology Technology behind blockchain technology is changing the finance industry

[kpcian]

Exactly, Day by day Bitcoin is becoming a popular currency and people are becoming dependent on this system for making money by investing their money rather than the conventional banking system. That's why financial authority may concern about this crypto world.
Not only bank but also government authority concern about this growing this platform because of public finance. But nothing can be done because of the popularity.

[Glutius]

Of course banks are afraid of bitcoins, but try not to advertise it. We all know that the banking sector is not quite a clean industry. If the bitcoins are legalized around the world and the decree is introduced to introduce blockchain technologies into banking regulations, bankers will not be very happy with such news.

[realcrypto]

The banking system are scared of blockchain because if there is mass adoption of blockchain technology our traditional banking system will lose costumers.

[eann014]

I think no, they are not afraid of bitcoin, banks has their own way to earn and to grow their money they have more than else to offer to the people than bitcoin I think.

[Goodsamaritan]

I think bitcoin might be a threat or a solution to the banks. It might be a threat because they have no control to it unless the government implemented a law maing the exchange to fiat money illegal. A solution because more people are having a chance to earn as well which could increase the economy of a country.

[mutrang23]

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?

Of course they are afraid of bitcoin as it threatens the development and survival of banks as many people are investing all their money in bitcoin and altcoin. If everyone's withdrawing their money from the banks, it's the end of the banks

[nizamcc]

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?

When even governments, who are considered as the biggest authority of a country, can't stop usage of bitcoins, how will banks be able to influence people either to stop mining or to completely stop using it?

Is Bitcoin really an identifiable threat to banking?

Why not? Bitcoin has developed a complete new way of banking, a modern way which is much more powerful and way more secure than traditional banking systems. They're totally scared of it.

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

Simple, start accepting bitcoins itself.

[snipetr]

There no any reason for banks to scare about bitcoin. Bitcoin is a virtual currency and if in future it is in routine use, then there is any issues for bank. Money and cryptocurrency both are on there place to not be interfere so bank dont need so scare about.

[Bandon]

They're not scared. Bitcoin is not any real threat just yet. But I think there is a possibility of course that they might be scared. If Bitcoin will be very popular in the future. It will reduce the banks in the future because Bitcoin is more used so that is quite good. I hope this will soon happen as we need to take down banks because of huge fees.

[TheUltraElite]

There no any reason for banks to scare about bitcoin. Bitcoin is a virtual currency and if in future it is in routine use, then there is any issues for bank. Money and cryptocurrency both are on there place to not be interfere so bank dont need so scare about.

You need to learn more about the crypto economy before you comment here. Banks are financial institutions which are governed my corrupt governments to suit their own needs and that was supposed to be destroyed by crypto's decentralized nature of blockchain. While this may not have happened fully yet, banks are scared of the future and thus we have seen many banks taking up blockchain based technology for use.

I think bitcoin might be a threat or a solution to the banks. It might be a threat because they have no control to it unless the government implemented a law maing the exchange to fiat money illegal. A solution because more people are having a chance to earn as well which could increase the economy of a country.

Making fiat money conversions illegal is pretty longshot. They may try to regulate it in some way but I doubt it will happen.

[CoPil]

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?

I will probably say that they don't recognize the currency. Banks are holding centralized currencies. They probably see Bitcoin as a threat but scared of Bitcoin? It's hard to tell. Probably most government banks just don't want to recognize BTC.

[sergio red]

I think so. The banking system is fully opposed to the expansion of Bitcoin because they think that with the increasing of Bitcoin popularity they will go down...

Basically, people have started investing money in the crypto world so that the concerned authority also believe that the importance of bank is decreasing day by day so that banks are getting scared of Bitcoin expansion.

[PhucS]

In my opinion, I think not. Banks around the world have no fear of Bitcoin. They have a long history of existence and development, an indispensable choice in financial matters. In addition, banks are under the management of the government, Bitcoin will not be able to cause fear for them because governments will enact legislation to regulate. Some banks also use Bitcoin's blockchain technology. Bitcoin and banks are not enemies of each other, I think so

[mrcash02]

Bitcoin makes people become smarter and avoid banks to take care their money and their investments, so yes, they are scared, because they are losing profit opportunities with this, but they will never admit such things.

So banks use government to impose regulations on their citizens, in some countries the regulations are harmless, in other countries they are extremely harmful, it depends the strength and discernment of population, the characteristcs of the government and the influence the banks have in the respective country.

[Nyenyepogi]

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?

Totally ?! Banks are scared in bitcoin but not banks but goverments also so thats why some goverments ilegalized this because bitcoin is more fast and more profitable than banks .

[Baggong]

I'm sure that banks are afraid of the presence of bitcoin, this is because bitcoin users continue to increase drastically, so banks are worried that all transactions will be done alone by users through bitcoin.

[imoet]

I don't think so..All the banks do not fear to bitcoin. Banks already become one of the place that people trust to save their money. They already trust banks to do so many transaction for them. Maybe in this condition the banks are not scare but worry. They are worry to see the users of bitcoin increase day by day. They also worry that bitcoin able to do many transaction like they do. In other words we can say that the banks see bitcoin as their rival.