Banks afraid of cryptocurrency?

[sabina2011]

I think that will not happen because they can always adapt the system if they have to, maybe it is not yet at the high time go for cryptocurrency in all bank transactions. There maybe some applications that were applicable to them but some were not. I believe that they are technically aware of the risk in cryptocurrency.

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[eann014]

Does that mean, that banks will lose their power?

I think no, not all banks are afraid of cryptos, because banks has some other things to offer and your money in the bank is not unstable, so to those who are not a risk takers can save their money in the bank. There are still a lot of us needs bank and a lot of companies so why they need to worry about cryptos.

[Michael CF]

Certainly to some extent afraid. Investments in cryptocurrencies give cash outflow from banks, so banks lose some of their potential profits.

It is true that banks around the world are scared of digital money; As in my country the state bank forbids payment in digital money and does not recognize it. But I think they should take advantage, do not be scared!

[wRexz]

Banks currently feel threatened by the presence of cryptocurrency, and even the loss of many customers. Therefore the government took action to issue a policy for the use of cryptocurrency. But in the near future I think the Bank will not lose its power, maybe the next 5 years or even more than 5 years later.

[cryptojoe]

Banks, like big brother, are afraid to lose control over people.

[bulls3y3]

Does that mean, that banks will lose their power?

Yes, banks are afraid of cryptocurrencies. Banks together with the government in other counties declare war on cryptocurrencies. They want to take down crypto world or maybe they want to have control in cryptocurrencies.

[Rodzz]

Does that mean, that banks will lose their power?

Slowly but surely. Everything takes time. Which is why the banks feel threatened. More and more companies are buying crypto in case their systems get hacked etc. It's all part of risk management.

[innocent93]

Does that mean, that banks will lose their power?

If banks are afraid of crypto then they will probably adapt to the new market trend so their power won't vanish in the dark.

[bstewart]

Banks will always exist.

But crypto will change the game a lot. And hopefully put more power into individuals' hands instead of conglomerates

[Rodzz]

Of course they are afraid. Look up patents by the banking and financial institutions. They are trying to patent ideas as fast as possible to help keep skin in the game.

[WorldBiz project]

Banks, by their nature, are always looking for ways to reduce their exposure to risk by balancing the profit from the provision of loans and investments on behalf of their clients. The bitcoin system in its present form should seem so insignificant in comparison with the usual operations of the bank, which, probably, is not worth contemplating.

Gareth McLeod, co-founder of the Canadian company Tinkercoin, managed to convince the bank to engage in joint business.

"Banks are conservative institutions," says McLeod. "From their point of view, they will get very little from working with Bitcoin businesses, while they may lose a lot. Even the biggest bitcoins of the company will bring only a few hundred thousand dollars in revenue to the bank, which is a pittance for him. "

[Sithara007]

Of course they are afraid. Look up patents by the banking and financial institutions. They are trying to patent ideas as fast as possible to help keep skin in the game.

They can't take the patent for someone else's invention. Blockchain and Bitcoin belongs to Satoshi Nakamoto and therefore the banks can't take any patent for them. That is one of the reasons why they are supporting some of the main rivals of Bitcoin, such as Ripple.

[-DEVX-]

The ones adapting blockchain and others will survive.

Check the concepts of Challenger Banks in UK.

Also you can what is PSD2 Banking.

All the best
Aytunc
Developeo

[Samk]

banks are afraid of cryptocurrecy as they are afraid that people will not save money in their bank accounts as they will get less money for their operations so they refuse people from using their bank  accounts to buy cryptocurrency form credit card as well.

[sportadz]

I think they are afraid - it all comes down to control. The Govenor of the Bank of England has already shown his cards on this - without regulation he and the banks have no control.

[Goethe]

Ceos of U.S.banks are likely "very afraid"of cryptocurrency,according to a wealth advisor.Cryptocurrencies could present investors with a viable alternative given the uncertainty  from banking's luck of transparency.

[HelperAdvisorsLLP]

I think in a couple of years banks will find out that cryptocurrency is a strong competitor for them

[g-unit]

I suppose that banks participate in cryptocurrency trading unofficially in some way. Bankers can't allow anyone else to control the market of currencies. Although it would be great if banks couldn't undertake nothing dangerous to world of cryptocurrencies.

[SkyFlakes]

I think banks are not that afraid of cryptocurrency. First is that banks is one of the major part of society. Thus, they cannot be just diminished instantly. Also, this cryptocurrency will not replace the banks but will be just one of the major competitors of them. The ease that was given by cryptocurrency might be considered by customers. But I think eventually, banks will be threatened by these due to the increase of customers who used it. Also the innovation and advancement of technology that was offered by cryptocurrencies would be one thing to consider. Nonetheless, we are never sure of what might happen in the future so we should just prepare ourselves to the changes that might happen in our society.

[mmfiore]

Most "big banks" are involved in many ways in cryptos lol.

I really don't think they're afraid of it.