Why Banks are attacking Bitcoin ?

[Gecko8]

Banks don't like bitcoin because it is a threat to their business. They are seeing it as competition to their business because the more people who would use cryptocurrency and transfer their wealth to it, the lesser customer the banks would have which would mean less profit. Even if there are no applicable rules to cryptocurrency, some banks already restrict some account holders to discouraged others to be involved with it.

In my opinion banks actually do love cryptocurrencies. But I believe, they are already working on their own ones, which they can completely control. Now with new products also based on bitcoin futures as an example they already started to earn also money on cryptos.

[Irvinn]

Banks are attacking and while they continue to attack bitcoin because he and other crypto-currencies take away their clients, and with them their profits. Therefore, banks are trying by any means to compromise the crypto currency in order for less people to switch to its use. They use the organization of direct libelous articles and videos in social networks, as it was recently with one of the banks of Poland, and before sending out apparently innocent letters warning of possible risks when investing in the crypto currency. Credulous citizens and this is enough to no longer be interested in further crypto currency. This will continue until the states recognize the crypto currency and continue such attacks will be meaningless. Then the banks will have to rebuild and begin to adapt to it and extract their profits from its circulation.

[senin]

It should be recognized that banks are now really attacking the crypto currency, and above all bitcoin because of the fact that the crypto currency is a very good and dangerous competitor for them, which is able to take their work from banks and, most importantly, their profits. Therefore, banks are still trying by any means to compromise the crypto currency and form a negative attitude towards citizens. This will continue until the crypto currency is legalized and will not be regulated by the states. However, the crypto currency and banks will always remain competitors.

[solarion]

It should be recognized that banks are now really attacking the crypto currency, and above all bitcoin because of the fact that the crypto currency is a very good and dangerous competitor for them, which is able to take their work from banks and, most importantly, their profits. Therefore, banks are still trying by any means to compromise the crypto currency and form a negative attitude towards citizens. This will continue until the crypto currency is legalized and will not be regulated by the states. However, the crypto currency and banks will always remain competitors.

We need to understand, if bitcoin raises and completely capture all the transaction medium means then banking will be collapsed and will face the financial crisis in the many places. More over corporates and shit politicians will not be able to survive bitcoin in the market due to banking ends up.

Now Japan and then China tomorrow about legalizing bitcoin. I hope with in 10 years usage of bitcoin and cryptos will be larger among all set of people bro.

[Sithara007]

The advantage with Bitcoin and other forms of crypto-currency is that you can store them without any help from the banks. So if a large number of people start using BTC to store their wealth, then the banks may witness a decline in their annual profits and revenue. So it is not surprising that the banks are attacking Bitcoin.

[denny27]

I think one of the causes is because most banks have difficulties to regulate the existence of bitcoin considering all its characteristics quite contrary to the applied systems. But this will be another story, if indeed the banks can really deepen the technology associated with bitcoin and all its characteristics, maybe it can avoid any risks or impacts that affect the financial system.

[Blondy12]

The main reason (why banks don't like btc and other cryptos) is the loss of profits.
Transactions made via blockchain kills transactions made via banks.

But the topic is essential! It should be upped!

Absolutely right. In addition to this statement, Banks are threatened that they might lose their huge investors, withdraw their saving and invest it in bitcoin. To think that bitcoin can give more profits than bank who only offers ablittle bit of interest from our savings. While in bitcoin, our smll small will definitely make a fortune in a long term investment and to think that it is decentralised. So why would investors still stick to bank, right?

[Kronos21]

Why do banks destroy bitcoin, this is understandable. They cannot accept that someone is encroaching on their monopoly over our money. But bitcoin is not just attacked by banks. That the government is not attacking bitcoin? They also do not want to lose the financial leverage on all citizens. Big capital is also against bitcoin. They're losing money on our money. I'm sorry people don't understand that.

[Prinox2]

Bitcoin, the “people’s currency,” has the potential to become a new currency, free of the control of big governments and big banks.

That’s why they both want to limit this potential. Each one in their own way. Big governments by stepping up regulations of Initial Coin Offerings (ICOs) and by shutting down cryptocurrency exchanges, as the Chinese government has announced recently, crushing cryptocurrencies.

To be fair, bankers aren’t the only ones that have raised their level of skepticism about the rapid ascend of Bitcoin and other digital currencies. But to call the digital currency a fraud and a tulip is more than skepticism, in my opinion. It undermines the potential of Bitcoin to become a “peoples’ currency,” and replace national currencies.

[hacekd]

Over the years, cryptocurrencies have had a huge impact on the global financial economy. Central banks in many countries feel threatened, Bitcoin attack bank control because of the movement of the money that continues to circulate. Bitcoin is growing rapidly and can soon stand with financial assets like gold, and this can not be ignored.

[Lieldoryn]

Over the years, cryptocurrencies have had a huge impact on the global financial economy. Central banks in many countries feel threatened, Bitcoin attack bank control because of the movement of the money that continues to circulate. Bitcoin is growing rapidly and can soon stand with financial assets like gold, and this can not be ignored.

You drew the perfect picture. But in fact, we are still very far from it. A large number of people who are bitcoin users are happy to agree to accept the conditions for regulating bitcoin that governments offer. People have not got rid of the habit of using Fiat. And this makes bitcoin easy prey for bankers.

[Greenkarki]

Over the years, cryptocurrencies have had a huge impact on the global financial economy. Central banks in many countries feel threatened, Bitcoin attack bank control because of the movement of the money that continues to circulate. Bitcoin is growing rapidly and can soon stand with financial assets like gold, and this can not be ignored.

You drew the perfect picture. But in fact, we are still very far from it. A large number of people who are bitcoin users are happy to agree to accept the conditions for regulating bitcoin that governments offer. People have not got rid of the habit of using Fiat. And this makes bitcoin easy prey for bankers.

The main reason behind this is if bitcoin enters it will dominate the fiat. Many people now using bitcoin as their main asset if it continues no one needs bank for investment. Because the profit is more when compare to ban interest. So they never allow bitcoin to enter the country. If government allows bitcoin people use only bitcoin they never use local fiat.

[maarx]

Over the years, cryptocurrencies have had a huge impact on the global financial economy. Central banks in many countries feel threatened, Bitcoin attack bank control because of the movement of the money that continues to circulate. Bitcoin is growing rapidly and can soon stand with financial assets like gold, and this can not be ignored.

You drew the perfect picture. But in fact, we are still very far from it. A large number of people who are bitcoin users are happy to agree to accept the conditions for regulating bitcoin that governments offer. People have not got rid of the habit of using Fiat. And this makes bitcoin easy prey for bankers.

The main reason behind this is if bitcoin enters it will dominate the fiat. Many people now using bitcoin as their main asset if it continues no one needs bank for investment. Because the profit is more when compare to ban interest. So they never allow bitcoin to enter the country. If government allows bitcoin people use only bitcoin they never use local fiat.

Right. The main reason behind banks attacking or interfering crypto currencies' growth is fear of dominance. As crypto has been ruling the currency market, fiat's growth is drawn to the ground. Investors started pitching into crypto currencies than fiats. This moment brings down every move taken from local currencies. Banks can gain more when fiats so capture the market.  It's failing now. This is the reason,  banks personalities manipulate government authorities to ban crypto currencies especially bitcoin now.

[tmp2]

Actually, many banks are aspiring to break Bitcoin and of course, there is a big support from their governments. As well, it is very unfortunate that they are always attacking this currency, but the only reason is the financial losses and the widespread economic crisis in many countries and due to there is a decrease in the value of their currencies (FIAT).
As a matter of fact, the digital currencies and especially "Bitcoin" have become more successful than before, and these currencies are always criticized from many governments (Banks) because  they are not beneficiaries of financial transactions and there has been an increase in the number of  cryptocurrencies users.
In fact,  I think that the continuation of Bitcoin development and other currencies  will lead to recognition from all governments.

[Sayed Rifat]

Day by day we are getting news like , this country reject bitcoin that country accept Bitcoin. Technically it stands a contrast perspective with the Central Bank and the economy of the country. But as I love BITCOIN , I pray Every single country will accept BITCOIN one day.

No Liabilities or debt with BITCOIN:

Bitcoin is a conveyor machine, meaning that there are no liabilities or debts associated with it. You can't get loan from it , or you can't get profit through interest.  If you hold it, it’s yours. And as such, there can be no run on a “bitcoin bank.” It's Independent.

Bitcoin is considered as Fiat Currency :
Of course you can assume,  holding bitcoin superior in many ways to holding fiat currency in a deposit account. Here Fiat currency are those which can not be backed by commodities . It has all the benefits without the risk of capital controls. Because of this, the growth of bitcoin is sucking value out of national currencies. The higher capital will rise the higher value it will get.

The Capital is really HUGE
I think there is now more than $70B worth of bitcoin sitting in bitcoin wallets.One thing to consider here , the asset is not under any management. So we can call it AUP (Asset Under Management ) , but we can call it Assets Under Protection (AUP). And here is where the risk to traditional banking resides. What does a world look like when a simple bitcoin wallet is indirectly protecting as much money as big giant companies , organizations like  Bank of America or Fargo etc.

Wallet Becomes Bank
At that point that wallet becomes a bank, Haha , a newer form of bank with decentralized function, with different rules, operations, and monetization policy.

The Last Reason-  PEOPLES LOVE BITCOIN
The real reason that banks should worry about People loves BITCOIN. People always love easy process, better stability and full control. All things are available in this case. Bitcoin actually threatens the bedrock policy  and business model of Banks. That's why Banks are attacking Bitcoin.

I am trying to write good article and trying to research more to build good article. Really dreaming to get first MERIT. Thanks you guys. (Forgive me for any mistake)

Big Banks want to destroy Bitcoin before it destroys them.
Bitcoin, the “people’s currency,” has the potential to become a new currency, free of the control of big governments and big banks.
That’s why they both want to limit this potential. Each one in their own way. Big governments by stepping up regulations of Initial Coin Offerings (ICOs) and by shutting down cryptocurrency exchanges.

[MCVXYZ]

Banks don't like bitcoin because it is a threat to their business. They are seeing it as competition to their business because the more people who would use cryptocurrency and transfer their wealth to it, the lesser customer the banks would have which would mean less profit. Even if there are no applicable rules to cryptocurrency, some banks already restrict some account holders to discouraged others to be involved with it.

Bitcoin is not the greatest threat to their progress,But people nowadays prefer to make bitcoin transactions,because its more practically and comfortable,therefore very secure...When I say its secure,I mean that you don't need to share your personal or another identificial information with another intermediary,So you don't need to have trust,Everything is recorded by an collection of untrusted nodes and they keep track of blocks,What does it mean? Bitcoin gives better service than banks,but when I said that its not the greatest threat to progress I meant that commercial banks already use it too for their financial purposes,they use it for their own well-being...

[maarx]

I have received an email alert stating that RBI has announced all the entities linked with RBI should not deal with crypto currencies or virtual currencies. Though there might be a competitive attitude behind it, I have other thought why they announced this. We did have a wallet like Paytm from jio. We do have talks on son of JIO owner is in progress of launching his own crypto coin in adapting blockchain into their business. They might wish to have cryptos exchanged to jiocoin (crypto found by Jio) and exchange that to Indian rupees. This would enlarge their market right? Lets just wait and see what is really going to happen.

[jaocoincrypto18]

Banks don't like bitcoin because it is a threat to their business. They are seeing it as competition to their business because the more people who would use cryptocurrency and transfer their wealth to it, the lesser customer the banks would have which would mean less profit. Even if there are no applicable rules to cryptocurrency, some banks already restrict some account holders to discouraged others to be involved with it.

But for me not all banks are against Bitcoin existence like here in our country in which our Central bank is fully supported the existence of Bitcoin currency and our major banks are in partnership with our local exchange (coins.ph), that we could use fully all of their cash out facilities such as ATM and over the counter transactions. These are all in spite of Bitcoin is not legal nor ban here in our country therefore i could say not all banks are really against Bitcoin currency existence.

[zarados]

there may be a bad side of bitcoin or cryptocurrency that is mostly regarded as a threat to the banks and the economy. That bitcoin can cause inflation. That is evidenced by the profit generated from bitcoin is very high, although the fluctuation rate is also very high. If there is inflation, it will greatly affect the economic conditions and can trigger a crisis.

[reality18]

The Last Reason-  PEOPLES LOVE BITCOIN
The real reason that banks should worry about People loves BITCOIN. People always love easy process, better stability and full control. All things are available in this case. Bitcoin actually threatens the bedrock policy  and business model of Banks. That's why Banks are attacking Bitcoin.

Of course, people love bitcoin because it offers a revolutionary financial transaction system which is more convenient than what the banks offer. Bitcoin offers users the full control over their own financing and this part scares the banks as they no more hold in custody such powers to control and debit some amounts for their own benefits. In no time, Blockchain technology and bitcoin will see a global patronage with more other impressive features added.