Are The Banks Scared of Bitcoin?

[Rath_]

I'm not surprised at all that banks are afraid of Bitcoin. If I run a bank, I would be also scared but instead of saying that cryptocurrencies are a fraud, I would invest in Bitcoin deposits. This could increase the popularity of my bank. Thanks to cryptocurrencies we don't have to trust a third party anymore. Unfortunately, many people are still not into tech so they will probably use web wallet which is as "secure" as banks these days. It would be great to see the fall of the banks.

[AndreDister]

yes for this is a currency that they can not control because of its autonomy

[readygoaw]

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.

I agree with Xanxus024 for banks bitcoin is one more way to earn money. Bankers would become the first people who will make real business on the background bitcoin and blockchain. This is a technology that has a lot of prospects.

[mriansa]

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?

yes it seems like some banks in various countries have started to fear about the circulation of bitcoin because they may be afraid of losing customers and fear if the banks are eliminated from the world's finances. usually the fear is a bank in a country that does not want its country to go forward.

[Pab]

Big banks dont like btc for sure ,becouse blockchain is transparent.But to be honest btc fee now are no more competitive ,cards are much faster,,btc transactions are.Electricity use by miners it is yet another issue
Where china miners will find new home,in Canada,Europe.What country in Europe,his elecricity use will be higher than all country demand.That world is turning to green rapidly.Maybe Ukraine will sell them Charnobyl

[btcdepo]

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.

I actually believe that banks are really afraid of crypto currencies as banks are based on centralizations (central banks) and blockchain is built on totally different philosophy which is decentralization. so they see it as a big threat.

[Arifull Islam]

The bank are always Scared about bitcoin.Because bitcoin price is always change .It's price can't stay at a price for long time.The bank think if bitcoin get parmit in country the currency will be fall down in those country.

[Ljanesanti]

I was about to say as well that the quoted words are misleading. But to answer your question the existence of bitcoin is giving the posibility of problems in the country's own currency. I mean when you look at the advantages of bitcoin disadvantages where a lot too some of which is happening now. Bitcoin as per other people Ive heard dont have basis say coins are made from metal on the other hand bitcoin came from where? You see banks and govt are threatened because people would still like to discover the potential.

[sidebyside]

I do not think so. Banks are home to many different currencies of a country and are protected by law. In contrast, bitcoin is only a small part. And it can not control all the currencies of their country. So banks will not be afraid of bitcoin

[freakingcat]

I'm sure they are, losing control.

[Shrihari]

These coins are better than bank as you receive more money and no tax !!
definitely bank have lot of  issues with crypto as they feel they are not getting the chance to hold money.

[Koala_kov]

I suppose that the financial system that is adopted in our modern world will strive to destroy the crypto currency) is in their direct interests, that everything would be according to the old