Banks afraid of cryptocurrency?

[BitcoinNational]

Bank and cryptocurrency have different functions. I think that bank will always have a role to play. However, they could loose power as some of the usual operations could be done with cryptocurrency

[minhnguyen]

Does that mean, that banks will lose their power?

alcoins is created to delete the necesarry of bank so of course they are affreid. but in years

[SearchingforS]

Of courwe they are. Currently crypto is extremely unstable, so it's kinda obvious.

[Michael CF]

I think banks should take advantage of opportunities, rather than fear

[Brunus Januensis]

Of course they are, as with cryptocurrency banks becomes useless.
But I fear they'll find a way to profit anyway

[NorihiroName]

It's quite logical because the invasion of crypto straightly affects their domination and so on...they have some reasons I think

[yoseph]

Of courwe they are. Currently crypto is extremely unstable, so it's kinda obvious.

Banks are not afraid of cryptocurrency because of its instability, they are afraid because it is going to bring down their business, customers would rather buy cryptocurrency than save at a bank and it's making them lose a lot of money.

[tuliobrothers]

I think so. Digital currency now is well know to others and the transaction is getting bigger.

[Lupus Solitarius]

I think that banks and governments still don't understand what revolution is going to happen!
When they realize that they will lose their power, the reaction will be very hard. We'll see.

[Cryptophorus Columbus]

Banks probably are afraid to lose their domination, but I'm pretty sure that they will find a way to keep their power

[sabina2011]

I can't see any reason for banks to be afraid of cryptocurrency because they can always use their resources to create or use one. I guess it is also hard for an economy to just replace their currency with crypto instead of fiat because not all countries in the world have their own cryptocurrency, but then we export/import goods and other products. It takes centuries to make it happen.

[Don_Juego]

Of course they feel dangerous !
cyptocurrency gains more and more trust from world society, more and more people store money in cryptocurrency, not in bank account

[santino11]

Does that mean, that banks will lose their power?

banks are bank for FIAT and it will remain in every country ass crypto will never replace FIAT because it has many weaknesses and still unresolved. though bank still afraid of crypto especially bitcoin as it grows power and demand to the people all around the world.

[Sarastiche]

Does that mean, that banks will lose their power?

If bank can accept and collaborate,they are sure to gain from the crypto world,they are afraid because they are not the initiator of cryptocurrency,sure they are scared that they migth be sent out of business if cryptocurrency is accepted globally.

[k00d8]

at least to some extent

[sp01_cardo]

Does that mean, that banks will lose their power?

Yes, banks are afraid of cryptocurrencies because it will affect the deposits that comes. Instead many poeple will deposit money in the bank it will lessen because some poeple will think that is better to invest their money in crypto coz it brings more profit in the long run.

[Yurkov]

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

[BADecker]

Bitcoin Poses No Threat to Dollar, Federal Reserve Official Says

Bitcoin, whose ballooning market cap reached above $325 billion a month ago, is not a worthy opponent for fiat money, says Minneapolis Federal Reserve President Neel Kashkari. In fact, no single cryptocurrency could give the US dollar a run for its money, so to speak. Instead, they are more likely to tussle with one another as they jockey for position among the top 10 digital coins.

Altcoins, or those cryptocurrencies that are not bitcoin, may not catch bitcoin's size anytime soon, but nearly 50 of them boast a market cap of USD 1 billion-plus, up from fewer than a dozen only months ago.

Kashkari during a public appearance in his home state is quoted as having said:

"I don't see bitcoin as a credible competitor to the dollar in the United States of America, and the reason is the barrier of entry to you creating your own coin and me creating my own virtual currency … is zero."

It's not the first time Minneapolis Fed's Kashkari has weighed in on cryptocurrencies, with the official in recent days pointing to blockchain technology as possessing a higher potential for use in society over any digital currencies, similarly taking issue with the number of new coins that are being released.

Meanwhile, bitcoin has been more relatable in design to precious metals, particularly gold, than fiat currency. Similar to gold, bitcoin is said to be a store of value, and that is the very speculation that is said to be driving the price higher. Investors hoarding gold have similarly been drawn to the decentralized nature of bitcoin. Meanwhile, bitcoin's rise may be at the expense of the gold price, which suffered some hiccups in 2017.

To be fair, the value of the world's mined gold dwarfs bitcoin at approximately USD 7.5 trillion, but gold and bitcoin may be more acceptable opponents than bitcoin and the dollar. Gold might not produce the roller coaster experience that bitcoin investors were on in 2017, but it's not an emerging asset like cryptocurrencies.

While use cases for bitcoin are on the rise, the cryptocurrency is frequently held, not spent. This feature resembles gold more than it does the dollar. Meanwhile, the very blockchain startups that support bitcoin, such as alternative lenders, encourage cryptocurrency owners to hold their bitcoin, use it as collateral and take loans in fiat money.

Read more and click the links at https://www.ccn.com/bitcoin-poses-no-threat-dollar-fed-official-says/.

[pombur]

The world has entered the era of the information age, where all is defined by the program and network computers and tablets. Cryptocurrency is completely transparent. All transactions can be reviewed and approved by any user.
Intermediaries are no longer needed. Time banks ends, they are replaced by computers and software. Which is honest and impartial, and not greedy. Of course that the base will remain the gold or precious metals. But
paper money disappear as the old steam locomotives on wood. Neh doubt that banks and the government is indeed afraid of cryptocurrency. Due to the constant development and creation of new cryptocurrencies to solve the financial problems of the modern economy, it is possible that banks and the government will go towards a more decentralized system of transaction. Cryptocurrencies are not only reliable, fast, anonymous and transparent, but points are not subject to any Central authority. Thus, there is no reason why the state or the banks should not be afraid of cryptocurrency.

[RobertStan]

Banks afraid of CC, but in fact they start to use it 5 years ago