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Author Topic: Why Banks are attacking Bitcoin ?  (Read 2666 times)
LegendzX
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May 27, 2018, 10:40:44 AM
 #281

Haha. Bitcoin are really making itself as an eyesore to the bank and I am pretty sure that many banks are completely complaining to their government to do something against this decentralized bitcoin because it is harvesting the investors of banks around the world. I can't imagine the far success of bitcoin over this centralized system, the power of influential system has nothing to do with this decentralized platform. Good job btc.
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May 27, 2018, 04:20:26 PM
 #282

Because bitcoin threatened the absolute control of the bank’s funds, in the early days of banking, some countries had created early cash (precious metals) deposits. The government at that time was also strongly opposed to these early similar banks, but Now banks have become common institutions recognized worldwide.

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May 28, 2018, 02:59:35 AM
 #283

I also really like Bitcoin and I always pray the best for the development of Bitcoin in the future. I am sure that one day all the countries of the world will legalize Bitcoin and accept Bitcoin completely. Yes, it seems very unlikely but I believe in any crypto can happen. Banks attacked Bitcoin because the bank feels a big loss since the presence of Bitcoin.
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May 29, 2018, 10:49:26 AM
 #284

There is a billion-dollar outflow of capital from banks and stock markets to the crypto currency. This is very hitting the banking system of the world's largest banks.
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May 29, 2018, 10:50:39 AM
 #285

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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Large banks are against Bitcoin. Bitcoin wants to destroy Bitcoin before destroying these banks. Bitcoin is a free currency. Bitcoin is outside the control of the government and banking system of the country. On the other hand, Bitcoin's popularity is much higher. I think it is harmful for the banking system. That's why I think that big banks want to destroy Bitcoin.
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May 29, 2018, 11:38:06 AM
 #286

why banks are attacking bitcoin? some like  fiat versus bitcoin banks dont like bitcoin because they are not familiar with the nature of cryptocurrency and its volatility. Another thing is that unbanked people found theirselves to invest in bitcoin,because of its anonimity, fast transaction.

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May 31, 2018, 07:57:22 AM
 #287

Most banks attack Bitcoin because the bank feels that Bitcoin is taking advantage that the bank should accept. Yes, for example, many people prefer to switch to Bitcoin instead of using a bank. Surely this will greatly affect the development of banks getting worse. But I hope that one day the bank can fully accept Bitcoin. Then between banks and crypto can work together. It will be better.

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June 01, 2018, 06:27:46 AM
 #288

Not all banks are against bitcoin, few of them even support it. It is also depend on what country you are residing. Bitcoin-friendly banks can be found mostly in many wealthy nations like Japan and Germany. Many banks in Third world countries are against the use of cryptocurrencies or their central bank did not approve it. One reason why some banks did not accept funds from bitcoin because it might come from illegal source like scams and money laundering.

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June 01, 2018, 11:12:11 AM
 #289

The main reason that banks are  always attacking Bitcoin or digital currencies is the financial losses and the decrease of Fiat value. Furthermore, They are afraid of the continued existence of  Bitcoin at the summit of the digital currencies, so they invested a huge value in other currencies in order to  affect negatively the  value of Bitcoin.

Yes you are right mate. But one main reason why banks are attacking bitcoin is because bitcoin is decentralised and controlled by the holders itself. So, good investors may have a change of hearts, withdraw their savings in the banks and invest it in bitcoin. If that will happen then for sure that it will cause bank bankruptcy therefore banks are threatened of the existence of bitcoin.

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June 01, 2018, 08:02:44 PM
 #290

Because banks are afraid that when bitcoin enters it will.dominate the local fiat. Automatically the value of local fiat decreases. Bitcoin can be controlled by its users only. But in local fiat it is controlled by the government only. For bitcoin there is no tax problem so it cannot be controlled by the government. People are not ready to use local fiat and they invest only on bitcón. Because bitcoin gives more profit than local fiat.

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June 02, 2018, 03:21:54 AM
 #291

Because the banks are afraid to be replaced by crptocurrecy
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June 02, 2018, 03:43:28 AM
 #292

because banks are afraid of losing customers' savings or their customers are reduced in terms of investment. because bitcoin offers a better system than banking. while banks can not guarantee security such as bitcoin in terms of investment and transactions.


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lycipher
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June 02, 2018, 08:48:41 AM
 #293

Haha. Bitcoin are really making itself as an eyesore to the bank and I am pretty sure that many banks are completely complaining to their government to do something against this decentralized bitcoin because it is harvesting the investors of banks around the world. I can't imagine the far success of bitcoin over this centralized system, the power of influential system has nothing to do with this decentralized platform. Good job btc.
Seems like governments are concerned about crypto without pushing their backs by banks.
Governments care about taxes. And crypto make taxes collection and control more traverse.

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June 02, 2018, 08:51:36 AM
 #294

I also really like Bitcoin and I always pray the best for the development of Bitcoin in the future. I am sure that one day all the countries of the world will legalize Bitcoin and accept Bitcoin completely. Yes, it seems very unlikely but I believe in any crypto can happen. Banks attacked Bitcoin because the bank feels a big loss since the presence of Bitcoin.

For some reason I think Bitcoin is a little bit more than payment tech.
I guess it is really a device for major structural change in how governments and countries are operating now. Therefore if governments want to stay almost the same without starting a large scale opposition to Bitcoin, then they need to adapt and do it ASAP.

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June 02, 2018, 07:56:35 PM
 #295

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.


Some people stopped using bank transfers. Because of this, banks lose part of the profits on commissions, transactions.
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June 02, 2018, 08:44:43 PM
 #296

Yes, banks are simply loosing clients, cause of now people have higher profit from cold storage in crypto currencies, online exchangers suggest much better prices and lower fees, with organization of ICOs companies do not need take loans in banks to succeed. There are many other little things which make to bank big competition, that's why banks are warning people from crypto currencies use and so on.

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June 03, 2018, 12:43:10 PM
 #297

Yes, banks are simply loosing clients, cause of now people have higher profit from cold storage in crypto currencies, online exchangers suggest much better prices and lower fees, with organization of ICOs companies do not need take loans in banks to succeed. There are many other little things which make to bank big competition, that's why banks are warning people from crypto currencies use and so on.

Their funds are reduced because of cryptocurrency that's why they treat it as a competitor. They see that some people are getting interested into it that's why when they track that someone is earning from cryptocurrency or simply depositing to some exchange, they would suspend the account of that person. Sooner or later, when more people started to adapt cryptocurrency, it would just come back to them because people would opt to keep their own money so they would continue to lose more customers and maybe even go bankrupt if they will continue what they are doing.

Yes, banks are simply loosing clients, cause of now people have higher profit from cold storage in crypto currencies, online exchangers suggest much better prices and lower fees, with organization of ICOs companies do not need take loans in banks to succeed. There are many other little things which make to bank big competition, that's why banks are warning people from crypto currencies use and so on.

Cryptocurrencies give us a cost-saving transactions and faster too that's why banks do not want people to get involved with it. Those who are just willing to take the risk may benefit in the future.

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June 03, 2018, 05:12:34 PM
 #298

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, as the Chinese government has announced recently, crushing cryptocurrencies.
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June 04, 2018, 07:05:56 AM
 #299

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, as the Chinese government has announced recently, crushing cryptocurrencies.


Big banks may be under threat for a portion of the entire financial services pie, but they still have enough revenue streams to stay afloat. For example, they make money from advisory services, including mergers and acquisitions. I don’t see Bitcoin replacing that.


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Claudyah
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June 04, 2018, 12:43:24 PM
 #300

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, as the Chinese government has announced recently, crushing cryptocurrencies.


Big banks may be under threat for a portion of the entire financial services pie, but they still have enough revenue streams to stay afloat. For example, they make money from advisory services, including mergers and acquisitions. I don’t see Bitcoin replacing that.
we all know that crypto is almost entering all regions of the country in the world and that means the fate of banks will be questioned because when everyone is using crypto then the bank is no longer needed because everything has been disimpat on his wallet on the internet then the bank attacked bitcoin much.
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