Are The Banks Scared of Bitcoin?

[bennysax]

I see bitcoin as a threat to bank owners because customers who are inclined regarding bitcoin trade now prefers to invest there money on bitcoin trade instead of saving it in their bank account without getting value for their money in return.The bank now has less fund for business.

[kingkong1234]

Ripple. good example that the banks are scared.

[ramzhies]

ofcourse they are.. lots of money will be lost from them from transcations.

[anitaraymonds]

All this talks are mere rhetoric by the banks and their owners to make sure they bring down Bitcoin. They are aware that cryptocurrency is the future of financial transaction any moment from now. They should embrace and corporate  Blockchain in their operations to remain relevant.

[rolls89]

Bitcoin and banks are different from one another.The banks may not be scared as the price of bitcoins is very much vulnerable and that's what gives them an upper hand.

[CrypticBabe]

dont know think its a fairytale to scare the kids?
how can possibly a transection take the electricity of a whole house!
did they meant a house with no electricity connection?
RIP logic!

[Rodrigue]

"Of course, if you run a very large US bank, you're most likely afraid of blockchain and bitcoin," says Preiss. However, Singapore-based wealthy advisors believe in the power of Bitcoin, which is essentially an alternative way to store assets. It is said that it could lead the "fourth industrial revolution". He told CNBC that the crypto currency could provide a viable alternative investor given the uncertainty of the lack of bank transparency.

"The focus is on the fragmented reserves in the banking system and the Federal Reserve's balance sheet at $ 4.5 trillion. Where the Fed has officially rejected the audit, "he said. "On the other hand, with Bitcoin blockchain, you can audit every day because it's open-source." Bitcoin uses blockchain technology to record every single transaction that has been done. That is, all users will be able to see the full from this digital ledger (blockchain).

[bribed]

I dont think that banks are actually scared by cryptocurrencies or Bitcoin. I guess the smart banks are researching crypto integration for quite some time now and will be ready to adopt it when the time comes. I believe that the bankers wont be lazy when it comes to educate themselves about the inevitable. So in order to keep their power they surely are deep into Bitcoin and crypto. No doubt about that.

[Nefarious]

For sure banks are scared of Bitcoin! It's a threat to their business.

The smarter banks will be doing all they can to learn, understand & implement cryptocurrency & blockchain technology into their businesses though.

[Mumbeeptind1963]

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.

I don't think so that banks are scared in bitcoin because it think there's nothing to be scared in bitcoin, even bitcoin is much higher value than fiat it is still like currency that can keep in banks. But if that happen it means government have the rights to control it.

[minldem]

banks and governments of course do not like things that they cannot control. bitcoin has become very popular and even if the fees are high, people tend to think new ways and alternatives for investment and trade rather than real money. so they try to adapt to this new situation and that's why i think they support ripple as it is a centralized crypto.

[cryptopusa]

Yes they are scared to what BTC can do to their centralized fiat currency,banks are starting to close bank accounts that has crypto-related transactions.

[Aikidoka]

Banks are scared of all cryptocurrencies in general. To elaborate, the use of the mentioned are increasing day by day which affect the economy of a country. So instead of relying on banks, people tend to rely on cryptocurrency because it has various advantages.

On the other hand, the government intervention is crucial to overcome any economic crisis. That is why either they ban bitcoin or put some regulations, and in the meanwhile, they share a percentage of the profits.

[chidrawarster]

I would not say that as banks are having their own regulations and way of functioning in the system. BTC can only merge with the banks as payment option or payment processor but still i dont know what are the other options available. Still i feel banks have their own rules and way of workign which are user friendly and transparent as well , but i would love to see BTC in the banking system as well in any form.

[H0USE]

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?

This is a decentralized currency not controlled by anyone and now people around the globe are taking more interest in buying this currency and that's why the market cap exceeds $250 billion.The banks are issuing warning against its usage but they are not afraid of it as they have lot of work to do and faith people have on them cannot be vanished.They supply legal currency to communities and are source of money exchange so they are not afraid of btc into power but still taking precautionary measures to fight against it.

[omorfi]

They dont need to scare from bitcoin. They can use bitcoin or ethereum s high tech blockchain infrastructure for their transactions. Or they can use an other blockchain based infrastructure for more security and lower cost.

[KwizatzHaderach]

Not really. People will always be needing banks for the next 100 years. Not until blockchain's potential have been unlocked will we not need the current state of banks.
In the next years, surely banks will adapt and find other purposes or maybe use blockchain to improve their services and introduce more accountability for our money.

[TeLlMeFrY]

Bitcoin and other cryptos are not a serious threat to the banks yet. Moreover, if you take into account all the problems that Bitcoin has with his high fees, it is pretty hard that it could be a threat to the banks in the near future.

[roshanface123]

I think so, because now a days cryptos are great idea to make more money in investment field . So this environment make banking sector dull. So they are trying to make afraid people about investing in crypto currencies.They believes that these crypto currencies may end up the banking sector in future.

[jekyounghusband]

Yes. Banks are scared of Bitcoin. It disrupts the need for a bank to intermediate transactions. You don't need a driver's license to open an account, and you don't pay account fees.