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Author Topic: Why Banks are attacking Bitcoin ?  (Read 2782 times)
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May 12, 2018, 01:39:01 PM
 #241

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May 12, 2018, 04:09:44 PM
 #242

Its just a complete business competition between crypto currencies and local fiats. As banks want fiats values to be up banks do forbid crypto currency to enter into any country. Thus banks approach the concern authority of the respected country to ban or avoid using crypto currency in the country. There are en number of benefits gained out of crypto currency then local currencies. Hence investors turn towards crypto rather than local fiats in the currency market. These are few reasons for banks banning using bitcoin via authorities.

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May 12, 2018, 05:17:18 PM
 #243

Its just a complete business competition between crypto currencies and local fiats. As banks want fiats values to be up banks do forbid crypto currency to enter into any country. Thus banks approach the concern authority of the respected country to ban or avoid using crypto currency in the country. There are en number of benefits gained out of crypto currency then local currencies. Hence investors turn towards crypto rather than local fiats in the currency market. These are few reasons for banks banning using bitcoin via authorities.
you are right, but actually, the background difference of both does not necessarily cause it to drop each other. When viewed in terms of functionality, both provide the convenience that can be utilized by users in accordance with the needs. Blending them together is the right choice to make life easier.

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May 12, 2018, 09:04:35 PM
 #244

Banking is business and bitcoin and all crypto currency is gaining influence on the society and people who knows it turn their interest to crypto from bank because cryptocurrency can gives them money more than the bank can give with only less than 5 percent a year.
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May 13, 2018, 05:30:05 AM
 #245

Banking is business and bitcoin and all crypto currency is gaining influence on the society and people who knows it turn their interest to crypto from bank because cryptocurrency can gives them money more than the bank can give with only less than 5 percent a year.
Not only related on business, of course.. crypto can really compete and the system that has been applied to the financial system in general.. it's contrary to the characteristics of cryptocurrency. Essentially raises fears that crypto can be prioritized by many people while this is not real.
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May 13, 2018, 02:07:55 PM
 #246

Banking is business and bitcoin and all crypto currency is gaining influence on the society and people who knows it turn their interest to crypto from bank because cryptocurrency can gives them money more than the bank can give with only less than 5 percent a year.
Not only related on business, of course.. crypto can really compete and the system that has been applied to the financial system in general.. it's contrary to the characteristics of cryptocurrency. Essentially raises fears that crypto can be prioritized by many people while this is not real.

I agree, not all relying on business but somehow most of it involves on business since banks and and any financial related most of then are in business. Well, as the competition of crypto currency as well as the banks may occur some problems regarding on their different profit as it was divided due to the crypto currency here in our society. Base on my own perception, the banks are competitive enough which I think they are aware on these crypto currencies here in cyberworld as I observed most of banks accept crypto currencies which I try to withdraw my share of bitcoin to fiat as it have bemn automatically converted which including transaction fee. Thus, banks still.survived as they must support the crypto currency throughout the cyberworld.


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May 13, 2018, 10:06:29 PM
 #247

The bank was founded on interest. Bitcoin is a system without interest. If the transaction is done, then the bank gets a small amount of money. If you keep a deposit in the bank, they make a profit on the tax, VAT, Fee. Because the bitcoin is deprived of it, the bank has always been bite.

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May 14, 2018, 01:53:58 AM
 #248

Bitcoin and the banks are like the opponent teams in a match with each eager to win at the end of the day. Both operate on a different principle which opposes or disrupts the other. With Bitcoin, the people get to be the master of their own finances without any authoritative third party to control and decide when to transact and how to do it. With this, the power is giving back to the people and the banks see this as a major disruptive move to their operations.

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May 14, 2018, 04:39:51 AM
 #249


It is always better to have a protected capital that gains value, to have it in a bank devalued or losing purchasing power, that's why in my view things these initiatives as exchanges or various wallets that are available must always innovate and Constantly promote their services for both customers and potential users,
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May 14, 2018, 05:08:14 AM
 #250


It is always better to have a protected capital that gains value, to have it in a bank devalued or losing purchasing power, that's why in my view things these initiatives as exchanges or various wallets that are available must always innovate and Constantly promote their services for both customers and potential users,
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May 15, 2018, 05:49:48 AM
 #251

Because banks are afraid of cryptocurrencies growth, if crypto enters it will dominate the local fiats. It's just a competition between banks and crypto. Crypto value is more when compared to local fiats. People using only crypto they forget to use local fiats. Investors are turned to invest only on crypto not on banks. There is no tax problem for bitcoin this is also the main reason banks not accepting bitcoin. No one deposit the amount in the bank, people stored their bitcoins in their wallets and used it once the value reached high they sell their coins and earn more profits.
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May 16, 2018, 05:35:55 PM
 #252

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)
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Because banks are afraid to defeat them, they are afraid to spread this to worldwide because they're know that people might choose it to use than them yet it has no tax problem.

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May 17, 2018, 06:23:50 PM
 #253


Because banks are afraid to defeat them, they are afraid to spread this to worldwide because they're know that people might choose it to use than them yet it has no tax problem.
At some point I understand their situation of course it would be hard for them to see how economic grows if we will have lack of cash circulating in the market, our government will find it hard as well to see if our economy is growing and if there is fluctuation/inflation happening.

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May 18, 2018, 03:19:39 AM
 #254

actually the bank may not attack bitcoin, they just do not understand and know about bitcoin and blockchain system applied bitcoin. everything has changed, including the current bank system and payment system, throughout the history of the world all being changed for the better, the banks must be able to adjust to the current state of affairs, not only fixated on the ancient system they currently use

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May 18, 2018, 11:03:28 AM
 #255

Bitcoin is the competitor to local fiats. When you invest in banks the interest should be low and you have to wait for long time to see the profit. But that profit is also not high, but if you invest in bitcoin you could see the profit in short term itself. The profit is also very high when compared to lacal fiat's banks interest. Another main reason is tax problem for bitcoin money we no need to pay tax this is not applicable  in banks transaction. People use bitcoin only for their transactions when it is accepted by banks. The local currency has no value and it will disappear in future.

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May 18, 2018, 12:05:35 PM
 #256

Bitcoin is the competitor to local fiats. When you invest in banks the interest should be low and you have to wait for long time to see the profit. But that profit is also not high, but if you invest in bitcoin you could see the profit in short term itself. The profit is also very high when compared to lacal fiat's banks interest. Another main reason is tax problem for bitcoin money we no need to pay tax this is not applicable  in banks transaction. People use bitcoin only for their transactions when it is accepted by banks. The local currency has no value and it will disappear in future.

Indeed, all ideas were in exact phase of how banks really been intimidated with cryptocurrency bitcoin or so called digital currency. In general understanding the banks was threatened by bitcoin's economy, so they're trying to pull down the reputation of bitcoin because of those reasons behind their frustrations to get more investors who diverted their funds to bitcoin investments. Now as a bitcoiner who has huge amount of investments, would you believe that they're responsible for the spreading FUD and fake news? Well, then the possibility is certain due to rivalry between fiat economy and cryptocurrency.

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Anees1122
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May 19, 2018, 09:18:37 PM
 #257

Bitcoin offers an alternative to the conventional, state-sanctioned banking system. Maybe that's why powerful institutions are so wary of it.
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May 20, 2018, 08:19:44 AM
 #258

I'm very curious as to why people here think banks hate crypto?

If anything, it's more clear that they're interested in and trying to find a place in this space today (there definitely will be a place as they have so many resources and as regulation grows they'll have more lobbying power to change things in their favors).

I'm not in support of banks, for sure there are some bad practices that need to be changed which blockchain and crypto bring. However, there's definitely a feeling on the boards here that banks want to kill crypto. And it's clear that that's simply not true (Goldman opening up a crypto desk, JP Morgan setting up an entire blockchain division, financial services firms like the Big 4 all opening ICO practices, etc.).

The road is being setup to institutionalize crypto. Accordingly, it's more that the banks will try to own as much crypto as possible (as long as it's worth something)!
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May 20, 2018, 12:44:08 PM
 #259

Because a lot of big names and big companies in different institution are engaging on the cryptocurrency revolution. If devs made a successful wallets that are impossible to hack, bankers are going to beg crypto users to let them work for them so they'll have food to eat.

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May 20, 2018, 08:58:56 PM
 #260

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.


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