Are The Banks Scared of Bitcoin?

[Ranly123]

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?

Maybe banks are a little bit of scared about bitcoin's existence but it does not mean they are on a panic mode. Like some other counties, bitcoin is already recognized and regulated by the central banks to have control over bitcoin users and not be used in crimes.

[Geoll29]

They banks may be alarmed by the fast growth of bitcoin. But this is already happening years ago because it's not only the bitcoin that threatens the bank industry. There are lots of online players which are appealing to the people. So banks are continuously innovating so that they can stay with the competition.

[shoreno]

yes. banks are indeed scared and thretheaned by bitcoin because majority of the population now are going and investing on bitcoin instead of banks because bitcoin is much profitable in terms of investing , not only in investing but also in other forms like trading , mining , working for bitcoins by doing a small task online , etc. overall bitcoin is a heck more profitable and can give you a greater returns for your capital when compared to putting your cash in a bank.

[pratik009]

Yes all banks are scared of the bitcoin.nowdays the popularity of bitcoin increaseing very rapidly and it's price also increaseing too much high.therfore all people want to invest into the bitcoin.Many of people invest in bitcoin by their banks money.Before somedays when bitcoin crossed the 20000$ at that time all banks share went down that means many people invested into bitcoin.And bitcoin is more safe and secure than other banks beacause the blockchain technology use into the bitcoin.i hope in future all bank wil use blockchain technology for more security.

[mharz]

yes. banks are indeed scared and thretheaned by bitcoin because majority of the population now are going and investing on bitcoin instead of banks because bitcoin is much profitable in terms of investing , not only in investing but also in other forms like trading , mining , working for bitcoins by doing a small task online , etc. overall bitcoin is a heck more profitable and can give you a greater returns for your capital when compared to putting your cash in a bank.

Most of the banks in my country was partnered by the bitcoin, so they don't know to scared in bitcoin. Even though many people are joining in bitcoin community it not means that crypto currency was surpass bank.

Otherwise if the crypto currency become legal in all country circulation of digital money and offline currency will become much easier. I believe that bank have no need to scared in crypto currency

[Xanxus024]

I don't think that the banks are scared of bitcoin this new type of technology are adopting by the other bank because some bank are accepting bitcoin if you want to convert it to paper money and I know most of the people will prefer bank because not all the people know the existence of bitcoin or crypto currencies.

[danielcansil]

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 believe banks are being effected badly by bitcoin currency, and banks are giving more attentions to bitcoin, and affraid bitcoin will defeat banks oneday in the future, so many years recently banks are changing and evolving themself to become much better like now, such as applying digital payments through countries with less fee, and more faster to against bitcoin.

[TheGodFather]

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?

Not that they’re scared I think its just that they are wary of the implications that a digitized currency can do or just on the economh hut on how payments and mo ey and finances of the world is done and that is what makes them wary and careful for this.

[ashfer]

Well the traditional banking system will continue to stay in the world and i don't understand from where you got the statement that banks are scared of bitcoins as bitcoins and banks play different roles . cryptos cannot replace banking system. It is true that mining takes too much electricity but i don't think that people who does mining are so foolish to spend on electric power without any benefits so incase even if they spend one months electric power for a day they might be getting more benefits so its not a big deal for the miners.

[Disclaimert]

should the bank be able to accept bitcoin for the progress of transactions at the bank, because by using bitcoin or other currency crypto will make the bank more interested to save coffers of crypto coins owned by the community

[legok]

may not have many banks that put the trust in bitcoin .. because bitcoin one of the digital money .. so many banks are afraid of bitcoin ..

[traderethereum]

should the bank be able to accept bitcoin for the progress of transactions at the bank, because by using bitcoin or other currency crypto will make the bank more interested to save coffers of crypto coins owned by the community

they need to prepare many things before they are able to accept bitcoin for their transactions and I think they start right now or in the last year. I think if they see that the cryptocurrency now become famous, I am sure that they will study about cryptocurrency and I think if they can take benefits from cryptocurrency, soon they will accept cryptocurrency especially bitcoin and they will integrate their system with blockchain technology. they realize that cryptocurrency is something new that is far away from them and this is why they need to learn cryptocurrency before they make any of decision.

[Oasisman]

I dont think banks are really afraid of Bitcoin. Although Its just stated that it is the biggest threat for the banks maybe in terms of decentralization features that enables every account holders to satisfy their financial freedom, faster transactions without having the presence of the 3rd person , and direct access with your assets. But neverthless traditional banking system cannot be replaced . Its still the safest place for your assets. Unlike Bitcoin when transaction is done it cannot be reversed because of the absence of safety net, which is very important in a critical transactions. BUT, if Bitcoin will surpass the traditional banking system, it will take much time before it happens.

[Restmand]

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 don't think so, yeah we know that other banks can be afraid to bitcoin because they think that if the people know about the benefits of the bitcoin will the bank got ignored by the people.but other banks support the bitcoin even though banks can have some warning to used it. in my country the banks support the bitcoin but they have warning to the people who using bitcoin like they got carefully to the scam

[Drnice]

If we are saying that bitcoin will take over banks and the fiat currencies, then what/which country's face will be place in the sides of bitcoin. And how will the satoshi be, cause at that time, bitcoin will be too expensive that not everyone can have one.
The bank and bitcoin will work together or bitcoin might start finding difficulties.

[cryptoheroin]

Sure they are alarmed to what BTC's been doing from the past months,its getting a big threat for them it can replace their centralized fiat.

[cybersofts]

No doubt, banks are afraid of bitcoin even from the statement made by Jamie Dimon, there was a sign of fear in his statement when he calls bitcoin as a "fraud". Banks are afraid of losing losing their customers and losing control of the money circulating around without them touching a piece.

[carodupuis]

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 as much reliable as bitcoin is. Moreover it is more headache than formal requirements to open up an account in banks. They ask for so many confirmations and certain policies are really absurd. The interest rate offer by banks is also really very small in front of the profits offered by bitcoin. Bitcoin has more tendency of generating bigger profits than any bank policy of profit. Transactions are also faster with bitcoin.

[Fappanu]

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 think yes, there are a few bitcoin banks, and bitcoin is acceptable. But there are also bitcoins in the consumer because some banks move bitcoin. Better bitcoin compared to other banks. They are more satisfied with it than others. They know that the money you're saving is much more secure than hiding your money in the bank. And with bitcoin you can keep your money up to date. In ordinary banks because not. Another bank fears the trust of people to switch bitcoin.

[Biggapp]

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

They are different I know but mate bitcoin has more power than banks now, people are trusting bitcoin for saving long time and investing in it instead of putting money in banks and not taking any profit or output. It is easy to use your bitcoin anytime and anywhere so this is main reason why people are trusting bitcoin more than banks and investing money in bitcoin not in any bank.