Are The Banks Scared of Bitcoin?

[dmamigo]

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.

Banks are not scared of Bitcoin, they are scared of its use and users. Moreover at the moment Bitcoin can never disrupt the transaction made using the banking system. The fees are way to higher for now. But yes the other cryptocurrencies can be used for transaction for now.

And Banks are mostly scared of money laundering along with fear of economic loss. They just want the governments to make restrictions and rules. They fear the cryptocurrency system I believe, not Bitcoin alone.

[SparkMaster86]

I don't think that banks are scared. But they don't like crypto-curency for sure. It's all becouse that people don't need banks to store their currency like BitCoin so they can't get profit from it.

[Niflore]

Definitely. There are some banks, even in my country which are banning transfers and transactions to the exchanges. What does this show? They are definitely afraid that in the future their business will be taken out.

[SaShiRaJaVu]

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.

To own a bitcoin you do not need to provide any details but in order to trade you need to furnish your entire details and documents. Bitcoin wont scare banks as it does have its negatives to accommodate everyone in the bitcoin world,so there is nothing to worry for them as they very well know about the problems bitcoin is facing.

[rezmo]

I believe there are will be a revolution in the banking system  because nowadays we can see the how fast the crypto world is growing so many huge companies are involving to cryptocurrency to make a change so many people are changing their lifestyle with cryptocurrency social system also changing in a fast way , BITcoin will make a turning point in global economy no one can stop that ,lot countries financial status will be change because of this

[mlgblockchain]

No matter how you present it, I would not easily believe that a machine will consume energy of an entire month for just a single transaction. This can't be true, it simply can't. No wonder banks hate the decentralized money. Of course they hate it. Their business is running low because of crypto currency. People are likely to find their security in Bitcoins to save their money. If people stopped saving in bank then bank can no longer be able to loan money to their customers which results that the banks can't make profit. So, they are scared of Bitcoin, they just can't stand crypto currency.

[aso118]

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.

That is a bit simplistic. You don't pay account fees, but you also don't get interest on your balances. You also have to pay transaction fees to the miners.
As far as handing over your driving licence is concerned, it is a requirement of governments, not banks. Not long ago, Swiss banks were famous for offering numbered accounts. Soon you will find that government requirements percolate to the Bitcoin world as well.

[osasshem]

Banks has been in existence for centuries and will continue to exist. Bitcoin cannot take nor replace banking system, rather, a way will be made for they both to work together. Crypto currency is a digital currency and is been used by lots of people (but not all), banks are used by all citizens of a country. If they don't attract to each other, then they will have to remain the way they are.

[shoaibmahar]

Banks have a threat of Bitcoin because too  much popularity of Bitcoin and its secure safe transactions,Banks must realize now that Bitcoin is a also medium for investments and secure way to to do safe transaction which will helpful for banks to increase their profit and efficiency of services well.

[fusepay]

The banks have now turned the tables and are now selling their RIPPLE for BITCOIN and ETHERIUM, they are NOT accepting USD for this.

So all the time, since 2009 and recently with the soaring BTC price, are they wanting a part of the action.

So even though they tell you NO.... the banks LOVE BTC.

[daxkie]

Practically speaking its a big yes they scared because mostly of their client deposited a money not only to put their money in a safe but also to earned a small percentage given by a bank. Now the crowd of acryto world is too high the popularity is too high a biggest posibility some of their depositors will change their strategy to invest and joining the crytoworld because here in cryto they can earned a big profit in just a split of a minutes.

But I think some of the banking officers now are making a plan on how to be involve in cryto world and soon they will adopt digital currency in no conflict in a banking business.

[edsnow2017]

i think that bitcoin will not be a great threat for banks but rather it will be their biggest competitor it's all about competency I think because there were features that a bank offers that bitcoin doesn't have and there were features that bitcoin has that banks don't.
Competency in the market I think is the real thing about this.I think there were banks that accepting crypto?

[Harrisonimo]

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 do have a friend that has resigned from the banking system into full Cryptocurrency trading business; main reason is that the future of the banking system is bleak and that bank operations can be carried out on the blockchain when fully imbibed. The banks are both operated by government and the private sectors and the earlier they start adopting the use of the blockchain technology in their operations. They did start the adoption or be taken over by Cryptocurrency.

[goaldigger]

I dont think banks are afraid of bitcoin because banks have different function. Banks focuses merely on their clients for deposits and invest it for earnings. Bitcoin is a currency. If they were become rivals, i think it is because banks offers investments too but not investing in crypto currency.

[reymartH]

Banks never had a powerful contender for centuries and that has changed with Bitcoin. Bitcoin has eliminated the need for a central institution to facilitate the exchange. With Bitcoin, the control of money is sliding from institutions like banks and governments.

[sucix]

The text that you quoted has nothing to do with your question.
Anyway,the banks can`t be scared by bitcoin.The banks and the banking system will continue to exist for centuries and the governments will continue to support it.The banks could easily take control over bitcoin by buying huge amounts of it,and they can take control over the blockchain by adopting it.
Producing electricity becomes more clean and efficient than before.The argument about the big electrcity consumption from the miners  won`t be relevant during the next few years.

I think you are right. Banks will not scare because of bitcoin because they more powerfull than bitcoin itself. They can take control over bitcoin with very easy.
Regarding the blockchain, our big bank in our country have adopted the blockchain for their system.

[bitzzz]

Some banks want to incorporate bitcoin to their product. However, what they find is the dramatic fluctuation of btc is out of their control. I think yes they are scared of bitcoin. One thing is that they don't have enough technology to handle the big changes brought by bitcoin.

[Arleman]

i think Bitcoin is setting the debt slaves free and the banks don't like that. banks want every soul under their control.

[hoodi]

Yes they are, their pants are full of s..t already. They know what might happen if it goes out of their control.

[gigatux]

What I see is the banks are not scared of Bitcoin. The banking system is already an establish institution even in the ancient times. But what I see is they will try to co-exist with each other as part of their survival. There are advantages on these two that is beneficial to us and to the economy. It also helps a lot if the government creates a law that states Bitcoin as a decentralized form of money.