Banks afraid of cryptocurrency?

[JacobBit]

Does that mean, that banks will lose their power?

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[SugoiSenpai]

Does that mean, that banks will lose their power?

Not quite yet. Banks still have power over the people because it provides physical money which is our fiat. Cryptocurrency isn't just going to take over the banks that easily because it will take a long time to develop an idea to apply a decentralized cryptocurrency 'bank' in the real world.kqu

[Mattia92]

Banks will always have the power. Cryptocurrency will just wake them up but you'll see governments and banks will cooperate to turn cryptos by their side...

[Daniel91]

Does that mean, that banks will lose their power?

I don't think so.
Banks have legal status in every country and doing business according to the law.
Companies or individuals cant get mortgage in bitcoin for example, or salary.
Of course, banks realized that bitcoin is very popular among young generations and that they are loosing them as possible clients.
It's still to early to predict future of bitcoin or any other crypto currency.

[aleksej996]

Well banks don't just deal with payment methods, but with storing your money, giving you credits and etc. Bitcoin is a currency, not a bank.
However, banks will probably lose a bunch of power because of Bitcoin. Some directly, by not being able to get the government to print money for them.
Some indirectly, by people not storing their money in banks, since there is no inflation and no way for banks not to charge you a fee for storing your money for you. As well as the fact that it is easier to keep money more secure when it is just a number then physical paper and etc.

[bernashka]

The trend forecaster and commentator Gerald Selente said in his new interview that "banks are afraid of bitcoins."

In an interview with TheStreet, Selente, who is the publisher of the Trends Journal, said that banks fear that bitcoin and crypto-currencies will "take their business away," and even claimed that banks "are trying to kill him."

[WhaleHunter]

I don't think the can be really afraid. Since they can create limitless money, they could theoretically buy most of the bitcoins on the market for some years, sending BTC price to the moon, and then dump all their coins at once and sending Bitcoins price to zero and killing it.

[roberthus]

Maybe they feel threatened by a possible future where we just need to get things through cryptocurrencies. But it will really take a lot of time. It is not impossible either. I think so.

[GrabmeSomething]

Nope, they're not.

You can interpret that's they worried cos " they used to be in a power, but now someone bother them". But nope. crypto is still had a long way to go.

[wawanwawan96]

Does that mean, that banks will lose their power?

banks are still number one it took a long time for cryptocurrenty to compete to be number one.

[usorin]

Does that mean, that banks will lose their power?

No, it means that Banks will take some measures to assimilate the blockchain technology because they now that if they don't do it they will vanish and banks are like the sinn, they are always around.

[Cryptostalker59]

I think that banks - and governments - still don't understand the extent of blockchain revolution

[Sesochi Maspinto]

Absolutely. But I don't understand what kind of measure they'll can take

[jiamileshuai]

I don't think so. They still have much power because they don't want to be lost to bitcoin, they surely prepare strategies and system in facing the growth and improvement of cryptocurency.  In other sides, Since almost all people around the world still use visual or physical money, it may quite impossible that banks will lose their power.

[babysweetTiger0401]

Does that mean, that banks will lose their power?

Right now they have power because people are stable in this era they don't even know the newest technology blockchain which are good for the economy. People should know that we are in 4th revolution era and need to absorb what's in it. cryptocurrency will change everything especially to those banks that are engage on loan.

[hero1111]

I think yes Banks afraid of cryptocurrency why? Because they understood this system will work well  and people will use this system in the future and the new system of bank will change our life and blockchain system will be system of money .

[bitminerox0621]

I don't think they are afraid of it, they still have the edge over the people and the legality.
They still hold the fiat money,I think rather than being afraid, banks can see this as an opportunity to invest/venture into cryptocurrency, like providing offline wallets that they can hold. It will be a great idea if one can embark on it.

[Magister Magus]

Blockchain technology is so revolutionary that only a few people really understand the political and economical implication.
Bitcoin is only a little thing. We'll see.

[readygoaw]

Does that mean, that banks will lose their power?

Yes, I am sure that banks lose their power as they see that millions of people prefer using decentalized cryptocurrency!

[Sundark]

Not really, however if don't look after technologies they will look after you, so banks are just keeping up with all trends.