Is bitcoin a theat to economy and bankers as will

[nitishkumar999]

In my point of view in future whole banking system will change or they have to change. Bitcoin and other crypto currency will be future of whole world.

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[Mr. Thang]

I don’t think that bankers see bitcoin as a threat but they are probably cautious of it because it is something unfamiliar to them. They must have noticed that their consumers have been using it and has been generating large amounts of revenue or income from it and they found it to be suspicious. For banks, large amounts of money without ‘solid proof’ is dangerous for them because they are wary of money laundering.

[Aying]

I don’t think that bankers see bitcoin as a threat but they are probably cautious of it because it is something unfamiliar to them. They must have noticed that their consumers have been using it and has been generating large amounts of revenue or income from it and they found it to be suspicious. For banks, large amounts of money without ‘solid proof’ is dangerous for them because they are wary of money laundering.

Some really sees this as a threat that is why a lot of people are getting rid of this cryptocurrency because some banks don't trust it so they don't trust this as well as they believe what the bank is saying, so for me it does not matter as we don't handle those minds and don't be affected too much with what others will think.

[avikz]

This is still a question nowadays because not all country gives a go signal for bitcoin. They are taking a lot of things just to slow down the growth of this currency. If not eliminate the whole system. What can you say guys.

Bitcoin is not at all a threat to the economy but it is indeed good. Let me explain why.

1. Bitcoin increases the purchasing power of common people/crypto investors. So if a person earns more, they will spend more for good and services. It will increase the indirect tax income for the government. because the majority of a government's income comes from indirect taxes and not from the direct taxes like income tax. Every product you purchase, government get the tax. So if common people starts spending more, it means good for the economy of that country.

2. Bitcoin or crypto currency market helps people with alternate employment. I personally know a lot of person who are fresh out of collage and earning well from the crypto currency market by investing, trading or providing services. These particular group of people are the new age people who are comfortable with computer and programming. They have found an alternate employment through crypto market. In majority of the countries, where the governments have failed to provide jobs to the eligible youth, a place for alternate employment is a good news.

3. Crypto can't be mainstream because of its de-centralized nature. So every time anyone wants to use their crypto income, they will have to exchange it to their local currency. That helps the money circulation among the citizens and directly supplement the point no. 1.

But bitcoin or cryptos are generally a threat to the banking business unless the banks are going to adopt it. Again, let me explain why,

1. The current market cap of crypto is close to 450 billion USD. This is the dollar value equivalent which has been converted in to crypto worldwide and this is a very serious amount of money. If crypto didn't exist, this amount of money would have flown in to banking channel. But that has not happened because crypto exists and people are investing in crypto instead of investing in to bank deposits. So it is a threat to their business.

2. Governments and banks are in direct control of your fiat funds. If you do anything out of the line, banks can simply freeze your funds and ask for an explanation. With crypto it is not possible. Here you are the controller of your own funds. In today's world, money means power. The more money you have, the more powerful you are considered. You can do whatever you want with your crypto funds which is particularly the reason why governments are still unsure about cryptos. Money laundering and terrorism funding are two very serious reason behind that. Due to the pseudo-anonymous nature of the crypto transactions, it is very hard to detect such crime. As a good citizen, I am sure you won't support terrorism funding in any way. So it is a thread to the governments as well.

There are more reasons for the argument. But I believe I have covered the basics here.   

[Master Third]

This is still a question nowadays because not all country gives a go signal for bitcoin. They are taking a lot of things just to slow down the growth of this currency. If not eliminate the whole system. What can you say guys.

If the banks will lost their one half investors and shift into bitcoin their profit will decrease badly and if it happens continuously their future will clearly a disaster and then the government also can be affected because bitcoin is decentralised and as long as it is not declared by the government as legal they will gain nothing from bitcoin. I believe that the very reason of not letting bitcoin works freely is because they are trying to create something that can be an instrument to counterfeit it.

[burner2014]

This is still a question nowadays because not all country gives a go signal for bitcoin. They are taking a lot of things just to slow down the growth of this currency. If not eliminate the whole system. What can you say guys.

If the banks will lost their one half investors and shift into bitcoin their profit will decrease badly and if it happens continuously their future will clearly a disaster and then the government also can be affected because bitcoin is decentralised and as long as it is not declared by the government as legal they will gain nothing from bitcoin. I believe that the very reason of not letting bitcoin works freely is because they are trying to create something that can be an instrument to counterfeit it.

This situation really makes me sad, why not that the banks and our government will just unite and add bitcoin to their system instead of hating this, there are a lot of people now investing in it and I am sure that they do have their data to gather enough so that they can have their conclusion since they cannot people from investing here.

[marcuslong]

This is still a question nowadays because not all country gives a go signal for bitcoin. They are taking a lot of things just to slow down the growth of this currency. If not eliminate the whole system. What can you say guys.

If the banks will lost their one half investors and shift into bitcoin their profit will decrease badly and if it happens continuously their future will clearly a disaster and then the government also can be affected because bitcoin is decentralised and as long as it is not declared by the government as legal they will gain nothing from bitcoin. I believe that the very reason of not letting bitcoin works freely is because they are trying to create something that can be an instrument to counterfeit it.

This situation really makes me sad, why not that the banks and our government will just unite and add bitcoin to their system instead of hating this, there are a lot of people now investing in it and I am sure that they do have their data to gather enough so that they can have their conclusion since they cannot people from investing here.

As we can see banks have been a huge and edge to other money keepers for ages. It has a big impact to the society as well as the economy because people can invest with assurance especially with the proper security and with an amount from the company if there are losses of money or it can't pull back the amount of the bank. There is a deposited amount already which can replace the money that has been lost if there is something happened like technical problem or others. Now bitcoin is in this time other people will think for sure that it is a threat to economy and bankers but actually it's not but, it can help the economy to be more convenient and progressive in services.

[Baoo]

Actually, the opinion of countries ( the gonverments) is the full rejection, they believe  that Bitcoin is a big problem for banks. As well, after the existence  of this digital currency there become many problems in a global economy (crisis) of countries and the users of crytptocurrencies  will develop usually. So the governments always trying to destroy Bitcoin and other cryptocurrencies but they will not succeed to achieve their goals. Because bitcoin is very secure and one can destroy it, especially in this period
On the other hand, I think that if Bitcoin will progress, then it is certain, that the governments will recognize it as a legal currency. and to benefit from them to be a development in the economy, but the only problem is the governments cannot control the transactions of money.

[TheJoey]

Yeah, FIAT won't be erased. In fact you guys still convert your BTC into USD or fiat to buy lambo right?
I believe crypto will grow, with fiat become something like "collectibles" 

[MCVXYZ]

This is still a question nowadays because not all country gives a go signal for bitcoin. They are taking a lot of things just to slow down the growth of this currency. If not eliminate the whole system. What can you say guys.

People say that its the greatest threat to progress,to economic progress, but I think its nonsense,It may not be the best situation for bankers but their commercial credo is not just a payment buisness(for example in my country they have already started to create crypto exchanges and they'r making money from it) and what about economy?this situation,what people have noticed here is  the best indicator for technological,therefore financial develpment in the country.Just look giant corporations, their capital may be equal to the third world countries capital and what will happen if technological corporations creat in countries like that? of course this country will be more wealthy.

[richardsNY]

Actually, the opinion of countries ( the gonverments) is the full rejection, they believe  that Bitcoin is a big problem for banks.

It partly is a problem for banks, but one of the main factors for the government to dislike Bitcoin is the fact that it offers people an alternative to a system that's solely based on debt and control. Debt is a very powerful tool to suppress and control people, and with financial institutions complying with the rules set up by the government (they are as much as a slave of the government as we, the people are), the government has basically full control over everything that happens within their centralized environment. Haven't people even noticed how throughout the years, we more than ever depend on corporations to transact and maintain our wealth? It's a scary thought for me at least -- you are required to ask permission for everything you do with your OWN money....

[smith136]

This is still a question nowadays because not all country gives a go signal for bitcoin. They are taking a lot of things just to slow down the growth of this currency. If not eliminate the whole system. What can you say guys.

Bitcoin is not at all a threat to the economy but it is indeed good. Let me explain why.

1. Bitcoin increases the purchasing power of common people/crypto investors. So if a person earns more, they will spend more for good and services. It will increase the indirect tax income for the government. because the majority of a government's income comes from indirect taxes and not from the direct taxes like income tax. Every product you purchase, government get the tax. So if common people starts spending more, it means good for the economy of that country.

2. Bitcoin or crypto currency market helps people with alternate employment. I personally know a lot of person who are fresh out of collage and earning well from the crypto currency market by investing, trading or providing services. These particular group of people are the new age people who are comfortable with computer and programming. They have found an alternate employment through crypto market. In majority of the countries, where the governments have failed to provide jobs to the eligible youth, a place for alternate employment is a good news.

3. Crypto can't be mainstream because of its de-centralized nature. So every time anyone wants to use their crypto income, they will have to exchange it to their local currency. That helps the money circulation among the citizens and directly supplement the point no. 1.

But bitcoin or cryptos are generally a threat to the banking business unless the banks are going to adopt it. Again, let me explain why,

1. The current market cap of crypto is close to 450 billion USD. This is the dollar value equivalent which has been converted in to crypto worldwide and this is a very serious amount of money. If crypto didn't exist, this amount of money would have flown in to banking channel. But that has not happened because crypto exists and people are investing in crypto instead of investing in to bank deposits. So it is a threat to their business.

2. Governments and banks are in direct control of your fiat funds. If you do anything out of the line, banks can simply freeze your funds and ask for an explanation. With crypto it is not possible. Here you are the controller of your own funds. In today's world, money means power. The more money you have, the more powerful you are considered. You can do whatever you want with your crypto funds which is particularly the reason why governments are still unsure about cryptos. Money laundering and terrorism funding are two very serious reason behind that. Due to the pseudo-anonymous nature of the crypto transactions, it is very hard to detect such crime. As a good citizen, I am sure you won't support terrorism funding in any way. So it is a thread to the governments as well.

There are more reasons for the argument. But I believe I have covered the basics here.  

Your first explanation might lead to government weakened the purchasing power of fiat money, why? if almost everyone getting rich and earning through cryptocurrency, government can see it as an opportunity to increase taxation on goods and services thus can lead to businesses transferring those cost to the end consumer, but that can only be happen if the government doesn't involve themselves that much with the trade of cryptocurrency at its early stage, i don't know i might be wrong but for now that's what i am seeing if this crypto craze keeps on going.

[ofelia25]

I think it is not because these are just internet-based virtual currency and apart from bitcoin if you want a new and best type of agricultural based cryptocurrency just click here: STech Coin | Cryptocurrency Exchange

For me, there is nothing really unusual thing since bitcoin can still be converted to fiat, so the money is still circulating the market and there is no imbalance in the Economy just like other people were saying, so for banks that does not like bitcoin they were just afraid for the stock market and not in the volume of their transactions.

[theCoinMaestro]

Anything disruptive to the existing government establishments and institutions will always pose a threat to the said entities and that is what bitcoin and the blockchain in general is to them. Bitcoin is an attack on the power that central bankers currently hold over the way money and wealth is being manipulated all over the world. As it is bitcoin's aim to be a decentralized currency that is accessible to the masses, those in power will gradually feel themselves losing control over what was once their domain, the power to create value out of thin air.  As for being an economic threat, bitcoin is just a tool among many economic tools out there. It's the way people perceive things in a capitalistic economy that dictates how the economy will perform. Those who know how to properly wield the information that they have will hold a big slice of the economic pie.

[quality.crypto]

I don’t think that bankers see bitcoin as a threat but they are probably cautious of it because it is something unfamiliar to them. They must have noticed that their consumers have been using it and has been generating large amounts of revenue or income from it and they found it to be suspicious. For banks, large amounts of money without ‘solid proof’ is dangerous for them because they are wary of money laundering.

Some really sees this as a threat that is why a lot of people are getting rid of this cryptocurrency because some banks don't trust it so they don't trust this as well as they believe what the bank is saying, so for me it does not matter as we don't handle those minds and don't be affected too much with what others will think.

You are right, many banks are misleading the people that cryptocurrency is cheaters but many people are not understanding one thing that banks are stealing our money without intimation to us, Banks are misleading the people not to invest in cryptocurrency by blocking their cards.

[Andrene]

For governments, Bitcoin has good and bad sides. But it needs to be regulated. If the government of some smaller country let few Bitcoin billionaires play with that country market it would all gone to hell. So Bitcoin and other cryptocurrencies will be implemented, but governments and the old system need to find a way to adopt it in their favor.

[qwertyup23]

This is still a question nowadays because not all country gives a go signal for bitcoin. They are taking a lot of things just to slow down the growth of this currency. If not eliminate the whole system. What can you say guys.

There are a lot of things to consider when legalising a something that cannot be regulated by the government. Have you heard of the 'silk road case' wherein people used bitcoin as a gateway under the dark web for acquiring illegal goods? Due to bitcoin's decentralised nature, anonymity in transactions is inherent. The government fears that it might be abused and gradually contribute to their criminal rate.
As for the economic aspect, personally I see it as boon rather than a bane. I do not understand on why the government prohibits bitcoin when it can actually support individuals of all aspects in terms of acquiring alternative income.

[Ozero]

Bitcoin and crypto currency generally poses a certain threat only for economies that are closed from the rest of the world. These are basically states with an authoritarian form of government, where the rights of citizens are infringed. Therefore, for example, the statements of Russian politicians are the same, but in practice there is an actual restriction and prohibition of the crypto currency. If now the Supreme Court of Russia decides whether to ban the crypto-exchange forum bitcoininfo. ru, which simply gives citizens the knowledge of Russia about the crypto currency, then the Russian government is afraid of spreading such knowledge among the population, and accordingly, in the future will prohibit its circulation. This is evidence of an authoritarian (not popular) form of government, where the rights of citizens are infringed at every step. It is to such countries that crypto currency is dangerous.

[jennygamilo]

we can say yes, but until now it still questions, but if I ask in my opinion. it does not matter if a person uses a bitcoin means he earns money, and because the money that is being discussed may involve the bank, it can be said simply

[maarx]

we can say yes, but until now it still questions, but if I ask in my opinion. it does not matter if a person uses a bitcoin means he earns money, and because the money that is being discussed may involve the bank, it can be said simply

Bitcoin never threatens anyone, the complete aim of cryptocurriences especially bitcoin is to grow the economy of each country and avoid third party transactions and have peer to peer transactions with blockchains supportive system. It have enriched many lives in this community. I am sure even the new ones here would accept this fact.