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Author Topic: Why Banks are attacking Bitcoin ?  (Read 2953 times)
Levente.Dubsta
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May 04, 2018, 04:34:24 PM
 #221

Isn't it the new chapter in economical history? Some of the banks are scared, because they don't know what the hell cryptocurrency is
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May 04, 2018, 05:39:26 PM
 #222

Bitcoin captures the imagination of many people because bitcoin holds the promise to democratize finances. Bitcoin can operate entirely independently without government, regulatory or bank support, but it is still trusted by many people.

In other words, bitcoin is present to overcome the financial monopoly done by the bank. therefore, banks consider bitcoin as a system that can threaten the existence of the banking system.
They won't care with bitcoin or bother to attach with it if they don't felt threatened by it, and we all aware that a lot of people are hooked in bitcoin or in crypto and they are investing their money in it rather than in stock market as we are seeing good profit in cryptos rather than in stock where high investment but less returns.
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May 04, 2018, 06:35:26 PM
 #223

There are a lot of reasons for the bank's bitcoin attacks. The banks are not happy because their customers are not getting enough money

I guess you were going to say banks are not happy because their customers are becoming fewer and the deposits have shrunken compared to what was obtainable prior to the emergence of Bitcoin and knowing that banks make their money off of depositors monies and commissions, that goes to translate to fewer transactions and less profits for the banks. Bitcoin is a disruptive innovation and it's time has come, the best the banks can do is to embrace change or simply lose out to competition.

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May 04, 2018, 07:17:09 PM
 #224

Isn't it the new chapter in economical history? Some of the banks are scared, because they don't know what the hell cryptocurrency is

They don't know? I don't think so, where are you from? There are too many banks which have already started to use cryptocurrencies to achieve their business goals..As I said, in my country they have created crypto wallets and  get very well income from this,Which I think is break of the law.The fact that they are trying to integrate this processes means that they are afraid of it and trying to do more crypto related businesses and projects to attract more and more people.Despite the fact there are too many banks also which don't think that bitcoin will be successful for their  future,For example let's get binance and deutsch bank,binance's income is much more than the bank's.

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May 04, 2018, 07:22:38 PM
 #225

The thing is, when cryptocurrencies and specially bitcoin came up back then, the banks are just laughing about and they could never imagine that a cryptocurrency could be every that much worthy. So now they see what happen in the last months, and now they see bitcoin is a real danger for fiat money. And the biggest problems is, that they can not controll cryptocurrencies. So when they cant controll the money, they will lose a lot of power. Thats why they are now against bitcoins!
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May 06, 2018, 09:31:19 AM
 #226

Because they afraid of bitcoin because they much stronger some people choose bitcoin for an investment it might double or big BOOM I mean more money instead you invest in the bank  you'll giving you 1% of your investment . I don't think so this is correct this my own opinion. .
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May 06, 2018, 11:48:25 AM
 #227

The main profit of banks is huge fees, including fees for transfers. In the blockchain system, these commissions are minimized. On the other hand, bitcoin is an excellent investment opportunity and banks also see it as a threat to their products, such as deposits.
Exactly as my point, the banks receive huge amount of interests on loans taken from them. The always stand in the middle position interfering with transactions between entities involved. The Blockchain serves as a disruption to this old fashioned trend and offers owner control without any third party involvement. This power which is taken from the banks and given back to the people is what scares the banks.

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May 06, 2018, 10:25:35 PM
 #228

It's a business marketing. As fiat being the competitor of crypto currencies, it aims to conquer the currency market. Fiat has loosen it's value  compared to crypto currencies especially to bitcoin. As banks are being the backbone of a country, the authority makes rules forbidding bitcoin into its country.
NavishaKhairin
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May 07, 2018, 03:38:50 PM
 #229

because the government has fears that Bitcoin creates the risk of financial system stability in the event of a bubble burst, because there is an interaction between the virtual currency and the rii economy. There is a risk of high price volatility because its value is determined on the expectation of future supply and demand, speculative,
Luminous-Nova
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May 07, 2018, 08:01:14 PM
 #230

its simple because their power is getting less day by day ...
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May 08, 2018, 12:58:38 AM
 #231

There are a lot of reasons for the bank's bitcoin attacks. The banks are not happy because their customers are not getting enough money

I guess you were going to say banks are not happy because their customers are becoming fewer and the deposits have shrunken compared to what was obtainable prior to the emergence of Bitcoin and knowing that banks make their money off of depositors monies and commissions, that goes to translate to fewer transactions and less profits for the banks. Bitcoin is a disruptive innovation and it's time has come, the best the banks can do is to embrace change or simply lose out to competition.
I don't think banks will lose competitiveness with bitcoin? let alone we still use fiat as the main currency right? of course banks will be needed. but what does the bank see is from the threat? yeah bitcoin threats are hard for centralized financial systems like banks? although today people prefer banks. but the likelihood that people will prefer decentralization will remains there

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Ivandvanko
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May 08, 2018, 01:39:15 AM
 #232

it's very simple ... a hundred years the banks control all the money and their relocation, and now they have a very serious competitor.  therefore bitcoin is not given complete freedom.
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May 08, 2018, 08:11:34 AM
 #233

so does it means bitcoin and all other crypto will be banks enemy ?
if like that does it means it a risk investing in it ?
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May 11, 2018, 02:52:32 AM
 #234

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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Many bank hates bitcoin because this is treat to their system especially to their customer because other customers chose bitcoin over the paper currency to buy their need and wants.
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May 11, 2018, 09:11:24 AM
 #235

Banks attack Bitcoin because the Bank does not want Bitcoin to continue to exist in all of us. The bank wants Bitcoin to die and wants everyone to rely solely on the Bank. But I'm sure as hateful as any Bank on Bitcoin, Bitcoin users will definitely continue to maintain their Bitcoin and not be affected by bad news about Bitcoin.

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kashkarev55@mail.r
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May 11, 2018, 09:27:32 AM
 #236

There are several factors. 1. Direct competitor in the field of transactions without the participation of the Supervisory authority (Bank). 2.there is no access to the collection of commissions from transactions. 3.regulation is not the state, and the parties to the transaction.
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May 11, 2018, 09:32:23 AM
 #237

It will be most popular currency in the world. All countries will be accepting fast because it supply and demand chain very strong.
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May 11, 2018, 09:44:08 AM
 #238

Banks have different approach when it comes to cryptocurrencies but most of them doesn't like bitcoin as they were kept saying that bitcoin is somewhat a ponzi scheme and can manipulate the price by those big waves, but some country/central banks sees this as an opportunity to lessen the transactions in bank each day.

I agree with you that banks have different stand against Bitcoin existence in which not all Central banks are against Bitcoin like here in our country that our major banks are in partnership with our local exchanges in which if we convert our Bitcoin to fiat we can use the banks withdrawal facilities so that we could take our cash out. So i think the main reason of why some banks are against Bitcoin existence because their profit will going to reduce in which a selfish act.

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May 12, 2018, 09:53:10 AM
 #239

Bitcoin currency is very popular and one most powerful currency in the world. In future, it will be taking the place of bank sector, that is why bank is attacking on bitcoin crypto currency.
Gauravsaini29
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May 12, 2018, 01:31:56 PM
 #240

bcoz if bitcoin or any cryptocurrency will be fully implemented so anyone easily transfer money worldwide without any charges.
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