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Author Topic: Why Banks are attacking Bitcoin ?  (Read 2670 times)
YED
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May 20, 2018, 08:58:56 PM
 #261

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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May 20, 2018, 11:21:13 PM
 #262

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.
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May 21, 2018, 08:14:25 PM
 #263

Nobody likes to lose profits. Naturally, banks will be against if the currency will come out of their control i think.
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May 21, 2018, 08:48:22 PM
 #264

One day banks will learn to cooperate with crypto currencies, there is no other wally to them besides to become friends to their enemies. Banks are loosing clients because of crypto, but they have no power to forbid people to use crypto, so there is nothing more to them besides to add crypto in to their exchanging lists and the  next step is going to be crypto  storage.

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May 22, 2018, 04:16:46 AM
 #265

Banks are attacking the btc as there profit ratio is going down.
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May 22, 2018, 04:45:58 AM
 #266

These banks are always dictating the world especially on the financially side which influenced nearly every events and actions. These banks are the ones holding and controlling governments. So these banks wanted everything new to be controllable and something that they can also benefit.
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May 22, 2018, 08:00:25 AM
 #267

I mean the only thing with significance I have seen lately is some banks have banned cryptocurrency purchases on their customer's credit card, and for me that is understandable. Their customers buying a risky asset on a credit will mean bad business for them. So I totally understand why they want to be on the safe side of business, even that kind of move made by a bank does not show a direct attack to Bitcoin.

Finally, another reasonable response!  Cheesy

Again, this isn't a support of big banks - they obviously have had and engage in questionable practices that aren't in the best interest of consumers. I think it's just better that we all take honest appraisals of the situations.
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May 22, 2018, 11:30:06 AM
 #268

I mean the only thing with significance I have seen lately is some banks have banned cryptocurrency purchases on their customer's credit card, and for me that is understandable. Their customers buying a risky asset on a credit will mean bad business for them. So I totally understand why they want to be on the safe side of business, even that kind of move made by a bank does not show a direct attack to Bitcoin.

YES banks forbid purchase of cryptocurrency on their proceeds of credit. But there is a real situation when at the person of the bankrupt arrest accounts, apartments, cars and cryptocurrency. Cryptocurrency is considered by bank risky, but the court quietly takes away cryptocurrency for debts and doesn't consider her risky. There are many questions to bank at once. Huh Huh

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May 23, 2018, 07:35:12 AM
 #269

I agree with the article you created. The main reason banks attack Bitcoin is because people use more Bitcoin. Surely this will make the bank suffered huge losses. The more people who believe and use Bitcoin means more and more people who do not use the Bank anymore. And banks will not benefit from the people around him.

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May 23, 2018, 04:42:09 PM
 #270

I wouldn't say all banks hate it. Some banks like it a lot.
But I think the main reason why most banks don't like Bitcoin much is that they can't make money of it because of legal or technical reasons.

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May 23, 2018, 05:42:40 PM
 #271

I wouldn't say all banks hate it. Some banks like it a lot.
But I think the main reason why most banks don't like Bitcoin much is that they can't make money of it because of legal or technical reasons.


The main reason is loss the profits. people not use the bank transactions. Bank will be go down and bank not get profit. Bank is affect the all country people saving and future growth. So people wait for the new transaction process. Bitcoin is good transaction process. So it change the people life and people get more profit. It change the life style. Bitcoin is never affect the people growth and saving. But banking process is not give the rule and regulating for the banking process. But bitcoin will be give all information and it easy way to use. It easy to transaction but banking will be get the transaction charges from the banking account. But bitcoin will not get charges for any transaction. It good future growth. So hold the bitcoin.

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May 23, 2018, 06:36:42 PM
 #272

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)
Cheesy Cheesy Cheesy

All the listed reasons are enough for the banks to be alarmed about bitcoin because it is absolutely true. Can we imagine how scared they are that one day they will wake up without investors left? Ofcourse will choose to have their savings in their own wallet and not being controlled by anyone else but itself only. Keeping our investment on our own and just waiting for the huge profits to come compared to the banks that only gives a little bit of interest whatever how big amount we deposited from them.

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May 24, 2018, 02:56:50 PM
 #273

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.

I guess you were meaning to say that the commercial banks par se are really not the ones afraid and attacking Bitcoin, because they're after all business ventures very much interested in ways to maximize profit. Their hands however are tied by their masters - authorities, who are might be tempted to clamp on their license for none compliance. That makes the authorities, as represented by central banks, the banks attacking Bitcoin.

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May 24, 2018, 07:04:17 PM
 #274

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.

I guess you were meaning to say that the commercial banks par se are really not the ones afraid and attacking Bitcoin, because they're after all business ventures very much interested in ways to maximize profit. Their hands however are tied by their masters - authorities, who are might be tempted to clamp on their license for none compliance. That makes the authorities, as represented by central banks, the banks attacking Bitcoin.

Bitcoin is wonderful one. No one can replace the bitcoin price. Now bitcoin is reach the all country. So bitcoin is help to people growth. Bitcoin is support the people life growth. Bitcoin help to people future saving people any time to use and any where to use. No rules and regulation.
 But bank not for people growth. It affect the people future saving. Now most of the people wait for the bitcoin. If accept the country legal way. Most of the people use the bitcoin. Bank will go down. Bank is not give the more information of the banking rules and regulation. Bitcoin is give more information.  Now bank is fear.  So attacking Bitcoin

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May 25, 2018, 02:26:33 AM
 #275

In essence, the Bank is very attacking Bitcoin because it feels that Bitcoin bring bad impact to the development of the bank. Yes, the bank felt the loss since the presence of Bitcoin because the bank so not get more benefits from the community. Naturally, many banks hate Bitcoin. I also always pray the best for Bitcoin.
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May 25, 2018, 09:17:22 AM
 #276

I really love what you said that people love Bitcoin. In fact majority of us love BTC so much and the banks should note that they cannot take that way from us. Also, i think what the banks should do is to accept integrating Bitcoin and other cryptos into their system (well, perhaps the governments won't allow them)

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May 25, 2018, 10:39:44 PM
 #277

As a competitor, you are annoyed because your business is greatly affected and you cannot do anything to solve your defeat but rather attacking bitcoin. But any attack on bitcoin, people are still supporting it.  They dont care despite the fact that some banks warned bank account holders to close accounts that are related to bitcoin.

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May 26, 2018, 03:38:43 PM
 #278

Because cryptocurrency has its own bank which is called hard wallet. Hard wallet is well known to secure the bitcoin and preventing the bitcoin to leak. They want to ban the cryptocurrency that's whw they attacking bitcoin. They see it as a competitor in the world of business.

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May 26, 2018, 04:55:06 PM
 #279

IMO they are different things and can't be compare.

Why ?
Bank is a place so safe fiat , bitcoin is digital money !

Bank accept bitcoin ? It's impossible because every country have their own policy about how to consider their currency into legal fiat !
BennyK
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May 26, 2018, 05:52:21 PM
 #280

Bitcoin, the “ people's currency,” has the potential to become a new currency, free of the control of big governments and big banks. 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 used it the more their business go down.
But for now, banks are getting stable and it seems that they are making a consideration to having a cryptocurrency, they know that no matter what negative news they will gonna spread, no matter how much they will tell people that it is risky they will never stop people to have it.
Cryptocurrency will win at the end of the day irrespective of the tainted images of Bitcoin coming from the banks. It's high time the Banks started working with cryptocurrencies like the Bitcoin to widen their scope of services they provide for the people. Cryptocurrency cannot be stopped by the banks nor the government but by the people and here is the case, cryptocurrency works perfectly in favour of the people due to its decentralized nature.

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