Are The Banks Scared of Bitcoin?

[sidebyside]

I think the banks are not afraid of bitcoin. If there are bitcoin the bank still exists and grows normally. Banks are the best place to store traditional coins. Bitcoin development is completely independent of the bank. And it does not depend on anyone. The banks are supported by the government and protected by law

[Sowik]

They can destroy Bitcoin if they want to. Remember what happened when a guy from the banks called Bitcoin a fraud and it dropped like 20%?

[grizmoblust]

I think that they wont scared of Bitcoin. the bank have many important roles in the economy meanwhile bitcoin is just a digital coin in payment. the banks even invest in Bitcoin

[ModaFuka1994]

I would say yes for this question . All bank system in this world scared of Bitcoin so they're trying to make Bitcoin banned in their country by many ways. Bank system will have a big trouble when Bitcoin and other cryptocurrencies legalized in their country like they will lost a lot of money cause people will prefer invest in Bitcoin to bank,....It'll be a big problem for bank system.

[Xenrise]

I might say this but I think its a yes. Banks are really scared of bitcoin. Bitcoin could do anything while banks are just banks. Bitcoin is a flexible thing that occurred in this world. So it is better for us to have bitcoin. Just wait guys, bitcoin will do to banks what email did to post mail.

[Riddikulo]

In some extent banks really scared by Bitcoin. But it could told about central banks and governments. Private bank corporations are trying to understand blockchain and use on its own future purposes.

[danherbias07]

Looks like that news is just a stunt to make people believe that bitcoin waste too much energy for a single transaction.
It is just a mere FUD. They are doing it for people to go back and support the banks.
Why? They might have seen a lot of money being withdrawn from their accounts and that is a big problem for them.
Remember that our money in those banks are being invested also. Without us they will sure have less profits for just a small investment.
Yes they are scared.

[Rukawa2k]

Banks are afraid of Bitcoin because it would force them to innovate. It will likely decentralize banking services and create micro markets to an extent not seen since the advances of the barter economy and the market economy combined.

[Tenderino]

Crypto currencies are of course a thread to banks, because the more people will start using it, the less they will use the fiat bank system. But the fiat bank system brings a lot of money to finance the state budget and the artificially created economic system. Online gambling is a good example to show the problem for the system. If you use fiat money and registered payment processors, then they see all your cash flow and report you to authorities or ask for taxes. With sending and withdraw crypto currencies, they know nothing and can do nothing! This is the huge difference and they know it.

The huge consumption of electricity is of course a good argument for them, but they forgot to mention how much electricity the artificially created economic and production system consumes.

[GreenCoin22]

Of course they afraid from bitcoin also from other coins because of fast transcation and after this technology banks will have too much loss in profit maybe in future they close their buildings.

[ihsanskanzaone]

yes of course they will start to be afraid of bitcoin because bitcoin is considered to attract people to save their money in bitcoin rather than store it in the bank so that if in the future bitcoin has been legalized by all countries then the bank system will start in leave and will move on to something making it easier for people to manage their finances and be more profitable.

[Magica]

 I don't think this is fully true. Bitcoin and crypto currencies do have the ability to reshape the landscape of finance but banks are well aware of the nature of disruption and will not let themselves fall into that Kodak moment of history.

[Siopao]

I don't think that banks are 'scared' of bitcoin. Banks are now accepting bitcoin related transaction like transferring btc from your wallet to your bank account converted in fiat form. I think banks are starting to study the structure of bitcoin so it can be integrated with their services.

[MisterPrada]

If US banks were to adopt a blockchain technology, it will be to reduce their own overhead and expenses, and I would guess they would keep it between bank-to-bank transfers.
I have a very dismal view of banks and how unlikely they are to make our lives any easier. I don't expect these archaic systems to be replaced anytime soon because 1) why spend the money? 2) there is now an industry of instant transfers that mask ACH in the background. Banks now have a similar service called Zelle. Want your money now instead of tomorrow? Sure, just pay our fee…
I'm in the crypto market as a way to make money outside the banking system. And for the foreseeable future, yes, I realize I will have to ultimately use ACH to get money back to my credit union…but it's the world I live in.

[tarvizlisar]

The contemporary technology trend has forced banks into accommodating Bitcoin compulsorily.

Banks are scared, knowing fully well that it would be a serious threat to the banking industry, as a need for their industry has a tendency of fading off over time.

Bitcoin hyper speed right now makes some banking industry see it as a potential threat. 

[budz0425]

The contemporary technology trend has forced banks into accommodating Bitcoin compulsorily.

Banks are scared, knowing fully well that it would be a serious threat to the banking industry, as a need for their industry has a tendency of fading off over time.

Bitcoin hyper speed right now makes some banking industry see it as a potential threat. 

That is why banks are making things to contest in the government, especially here in our country, our central bank had issued a memorandum regarding an account which are related to cryptocurrency are subject for disclosure and a lot of people here had already closed account because banks were just obeying what the central bank had issued.

[aizadelacruz99]

For me,  Banks are not scared to Bitcoin, because Bitcoin is Legit.

[donalfonso]

I do not think banks are scared of bitcoin,and shouldnt be either. Traditional finance and banks will always have their place and cant be replaced by crypto-currencies. No matter how successful bitcoin or any other crypto currency is, the world still needs a regulated financial system or services which banks offer and it is not under threat by bitcoin, rather banks will keep creating scenarios for them to adopt bitcoin and other cryptos.

[BlackRacerX]

I think bitcoins to banks are just petty money. It really costs nothing to them that is why banks don't care about bitcoins. Money and bitcoins cannot overcome one another. There must always be balance between the two in the circulation. Bitcoins may be higher in value but money is just more valuable compared and useful than bitcoins.

[spyderbilt]

I think bitcoins to banks are just petty money. It really costs nothing to them that is why banks don't care about bitcoins. Money and bitcoins cannot overcome one another. There must always be balance between the two in the circulation. Bitcoins may be higher in value but money is just more valuable compared and useful than bitcoins.

banks are afraid of bitcoin is just an issue, because the amount of bitcoin with the amount of money in banks is not very comparable and very large money in the bank. bitcoin are just some of the currencies that currently only have big risks for transactions. so the bank advises to transact with money not with bitcoin.