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Author Topic: Why Banks are attacking Bitcoin ?  (Read 2666 times)
MCVXYZ
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April 09, 2018, 12:47:35 PM
 #161

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...

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April 09, 2018, 01:28:01 PM
 #162

If the Bank attacks Bitcoin it's a sign that the Bank is very afraid of the existence of Bitcoin which is increasingly known to the public throughout the World. With more and more people who know and use Bitcoin, of course, the existence of the Bank is very threatened and people would definitely prefer Bitcoin.

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April 09, 2018, 07:09:21 PM
 #163

Everything is easy and simple. With blockchain we are ordinary people, businesses, big organizations just get rid of the bank intermediation. Everything will be easy to follow. Any transaction will be visible. There will be less deception and extortion with these huge interests. Banks have something to fear and this fear is a crypto currency. But this does not hide one day, if they do not take everything under themselves We will all be happy and happy
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April 09, 2018, 07:49:05 PM
 #164

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.

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April 10, 2018, 07:11:55 AM
 #165

because banks in some countries regard bitcoin as a harsh threat to their world of economies, not just a lack of currency themselves can be replaced by digital currencies, but the risk of more criminal rates
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April 10, 2018, 12:24:14 PM
 #166

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.

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April 10, 2018, 12:31:53 PM
 #167

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.
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April 10, 2018, 02:10:14 PM
 #168

Quote
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.

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April 10, 2018, 03:32:58 PM
 #169

Maybe bitcoin contributes to the development of financial stability on a global scale, and banks feel threatened
In the banking system.
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April 10, 2018, 07:23:47 PM
 #170

It is all our hope that country world over will accept or adopt Bitcoin as as the means of exchange for goods and services. Banks see Bitcoin and crypto currency in general as an alternative to the services they render and that Bitcoin and other altcoins are accepted by their government they may loose the position they are currently occupying in the financial sector.


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April 10, 2018, 08:08:54 PM
 #171

It is all our hope that country world over will accept or adopt Bitcoin as as the means of exchange for goods and services. Banks see Bitcoin and crypto currency in general as an alternative to the services they render and that Bitcoin and other altcoins are accepted by their government they may loose the position they are currently occupying in the financial sector.
And that matter some banks attacking bitcoin because they think that bitcoin is their big competitor near in the future.
If this bitcoin will expand more population the banks will lesson investors because people want to invest in the easiest way and they have a right to hold their money. In this aspect banks now in some countries are taking actions regarding cryptocurrencies trying to manipulate bitcoin and we hope that someday banks and crypto are one.

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April 11, 2018, 07:06:51 PM
 #172

It is necessary to get used to the fact that the banks are not unfriendly, but even with a certain hostility they refer to the crypto currency. And this is absolutely logical. The Crypto-currency takes away from the banks their clients, and together with them also takes away the profit. Therefore, often banks act as customers in spreading false negative information about the crypto currency in social networks and mass media so that less people pay attention to the crypto currency and take a great interest in it in order to conduct financial calculations.

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April 11, 2018, 07:15:16 PM
 #173

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.

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Good read mate. However, I think that instead of "attacking", I think that banks are just protecting or safeguarding their assets from something that can potentially be market-altering. The cryptocurrency market is a new market so-to-speak, and at the moment it is showing so many negative things that might scare away any probable investor, and since it involves business and money, which in turn, where banks get their bread and butter. They are just trying to protect themselves from the backlash if this market rises. However, I think, in the future, they would also delve into this market because it's a legit market nonetheless.

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April 12, 2018, 05:01:42 AM
 #174

Bitcoin is the storage of virtual currency. It is decentralized not own by government. Not bounded by rules that implemented by the government. While bank is the storage of fiat and opposite to bitcoin.
It goes normal that banks will against btc for it is all about money matter.
While there is money banks will go for it to have some benefits. Especially bitcoin is not just a single penny to collect but it could be a huge amount to claim.
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April 12, 2018, 07:06:41 AM
 #175

It is quite understandable that banks will lose profits. Banks are extremely profitable from the collection of fees. Bitcoin uses faster technology so the fees are much cheaper than banks
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April 12, 2018, 10:20:55 AM
 #176

It is quite understandable that banks will lose profits. Banks are extremely profitable from the collection of fees. Bitcoin uses faster technology so the fees are much cheaper than banks

The main reason behind this is once bitcoin accepted by the country it will dominate the local fiat. There is no value for local currency. People only use the bitcoin not local currency. Because the value of bitcoin is more than that of fiat. And another thing is tax problem still there is no tax for bitcoin. So it will affect the country's economy. That's why banks are not allow bitcoin.

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April 12, 2018, 10:52:50 AM
 #177


Banks will lose a lot of profit if bitcoin is used, because bitcoin makes transactions move faster with a smaller fee.
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April 12, 2018, 02:47:57 PM
 #178

Cause bitcoin steals their money. Metaphorically, of course, but it is true
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April 12, 2018, 05:57:58 PM
 #179

Cause bitcoin steals their money. Metaphorically, of course, but it is true

Banks are attacking bitcoin due to afraid of bitcoin growth. Day by day bitcoin users are increasing all over the world. If bank accepts bitcoin it will affect the economy's growth of the country.  Bitcoin will dominate loacl fiat and people use only bitcoin for their transaction. It would leads banks a grear loss. Banks profits are reduced and tax problem will occur. Due to this reason banks are not accepting bitcoin.

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April 12, 2018, 08:04:20 PM
 #180

It is quite understandable that banks will lose profits. Banks are extremely profitable from the collection of fees. Bitcoin uses faster technology so the fees are much cheaper than banks

The main reason behind this is once bitcoin accepted by the country it will dominate the local fiat. There is no value for local currency. People only use the bitcoin not local currency. Because the value of bitcoin is more than that of fiat. And another thing is tax problem still there is no tax for bitcoin. So it will affect the country's economy. That's why banks are not allow bitcoin.

it would be great if something is not the purpose of creating bitcoin to be a real thing. Bitcoin will dominate the local currency? While bitcoin is only a protocol aimed at changing the way people transact between people, between cities and even between countries without any difference in cost. It is not easy to change the means of payment in a country, it will have an impact on the local and global economy.
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