Why Banks are attacking Bitcoin ?

[jabrix]

Yes, blockchain technology allows you to transfer money anywhere in the world without intermediaries quickly and with a minimum Commission, and this is a very big advantage of bitcoin as a payment unit over banks . But a small percentage of people can use bitcoin, so I think that bitcoin will not replace Fiat money and the banks themselves soon .

Because bitcoin can turn off banking services, or reduce the role of banks in the long run. Therefore while still not being used massively, the lack of bitcoin is shown prominently.
The bank has so far monopolized the process of shipping and financial payments between countries, so that if bitcoin becomes a digital currency that is used in general, of course many will switch to bitcoin because it is peer to peer and decentralized.

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[imstillthebest]

Yes, blockchain technology allows you to transfer money anywhere in the world without intermediaries quickly and with a minimum Commission, and this is a very big advantage of bitcoin as a payment unit over banks . But a small percentage of people can use bitcoin, so I think that bitcoin will not replace Fiat money and the banks themselves soon .

Because bitcoin can turn off banking services, or reduce the role of banks in the long run. Therefore while still not being used massively, the lack of bitcoin is shown prominently.
The bank has so far monopolized the process of shipping and financial payments between countries, so that if bitcoin becomes a digital currency that is used in general, of course many will switch to bitcoin because it is peer to peer and decentralized.

Lol no . bitcoin is not built to shut down the banks  . bitcoin is only invented because satoshi wants a new kind of payment system especially online  . and also bitcoin is already a digital currency that is now being use by many people  but why do you still see banks ? 

Not all banks attacks bitcoin  but the ones that attack bitcoin do maybe have their own reason   . maybe they have been scammed before because they invest on an external company  that turns out to be fake  .

[zee11225]

Banks will strongly resist the introduction of cryptocurrency in our lives as long as the state does not legalize it. After legalization of cryptocurrency, banks will have to coexist with cryptocurrency and will even provide various services in it. State-owned banks are in smaller volumes, and commercial ones can even call more risky cryptocurrency services.
Cryptocurrency and banks will be forced to work together.

Banks are financial institutions that have monopoli so far, so the presence of bitcoin seems to interfere with the power that has been enjoyed, because bitcoin in its use does not involve banks.
The government as the financial authority through the central bank continues to press bitcoin by all means so that in the future the use of bitcoin will involve banks. If not, bitcoin will face many problems where the role of the government can turn off bitcoin, or declare bitcoin illegal.

[hen cet]

Banks don't like bitcoin (and other cryptocurrencies, especially private coins) for few reasons: no boards, no taxes, low fees, fast transactions, no limits. Banks just loses profits.

In principle, bitcoin is considered a serious competitor in the financial services business, thus endangering banks, because the bank in carrying out its operations relies on commission services from transactions carried out.
Using bitcoin as if it has a private bank, all transactions can be done from anywhere and anytime at a cheaper and faster cost.

[olliecrypto]

Banks are against risk and for protecting customers money?
That is something I have never seen anyone state before, especially with the financial meltdowns that have happened where banks risked their depositors cash, lost people's mortgages, misfiled deeds, etc.
Maybe it's just an american outlook though, as most of the people i've met specifically got into bitcoin because they didn't trust the banks to handle their money anymore.

I think its a gross generalization to say they are against bitcoin. They are against risk, and for protecting customer's money. That is the principle they were created to endorse.

They are working on their own solutions utilizing blockchain. For instance, they are using blockchain to wipe out SWIFT (the ultimate middle man) and to even create some of their own coins. Many of the biggest banks, including JP Morgan whose been the most critical publicly of exuberance and investment, has been working on Quorum, releasing a 2.0 version that is closely aligned with Ethereum. 

They are being protectionist, and to some degree maybe overdoing it to underscore their own value, but banks are definitely working closely with the technologies to make sure they are part of this ecosystem as it unfolds.

[Victorycoin]

Banks don't like bitcoin (and other cryptocurrencies, especially private coins) for few reasons: no boards, no taxes, low fees, fast transactions, no limits. Banks just loses profits.

There are a lot off chance to not provide any tax by the people who use crypto so bank finally government and the all of the people might be loser. Also for banking system bank can earn from those people but if the rely on crypto then bank would not be able to make profit or at least it will decrease their profit.

[olliecrypto]

Banks depend on a huge customer base of uneducated consumers to take out huge loans with crippling interest rates and i feel that bitcoin, even if it has lost some people lots of money, has at least opened their eyes into understanding financial markets, financial solvency, and long term financial planning.
i don't think bitcoin is much of a threat, but involvement within it and realizing that youre under the thumb of bankers, well that is something that bankers and traditional financial markets will never allow

[RamBahadur.Gurung]

Banks don't like bitcoin (and other cryptocurrencies, especially private coins) for few reasons: no boards, no taxes, low fees, fast transactions, no limits. Banks just loses profits.

Nowadays, there is a trend among many of the governments to encourage the usage of credit cards and debit cards at the cost of physical cash. The banks stand to gain in a big way, as they charge around 2% from the merchants for accepting credit card payments. Now imagine what will happen if the users shift to payment methods such as BTC. Massive amounts will be lost and the banks will turn to loss making enterprises.

[mirakal]

Banks don't like bitcoin (and other cryptocurrencies, especially private coins) for few reasons: no boards, no taxes, low fees, fast transactions, no limits. Banks just loses profits.

Nowadays, there is a trend among many of the governments to encourage the usage of credit cards and debit cards at the cost of physical cash. The banks stand to gain in a big way, as they charge around 2% from the merchants for accepting credit card payments. Now imagine what will happen if the users shift to payment methods such as BTC. Massive amounts will be lost and the banks will turn to loss making enterprises.

That's only part of the services of the banks that will be affected, but I can tell it has a huge effect on the operation as a general.
Banks exist, makes money from loans also, so I guess they will be more aggressive in this area.

[elisabetheva]

I think its a gross generalization to say they are against bitcoin. They are against risk, and for protecting customer's money. That is the principle they were created to endorse.

They are working on their own solutions utilizing blockchain. For instance, they are using blockchain to wipe out SWIFT (the ultimate middle man) and to even create some of their own coins. Many of the biggest banks, including JP Morgan whose been the most critical publicly of exuberance and investment, has been working on Quorum, releasing a 2.0 version that is closely aligned with Ethereum.  

They are being protectionist, and to some degree maybe overdoing it to underscore their own value, but banks are definitely working closely with the technologies to make sure they are part of this ecosystem as it unfolds.

Banks are against risk and for protecting customers money?
That is something I have never seen anyone state before, especially with the financial meltdowns that have happened where banks risked their depositors cash, lost people's mortgages, misfiled deeds, etc.
Maybe it's just an american outlook though, as most of the people i've met specifically got into bitcoin because they didn't trust the banks to handle their money anymore.

maybe a little different in one country, like your story that "" banks are against risk and to protect customers? ", I did not find in my country, that banks will continue to be responsible for what we have through the country's main banking authorization. being the main leader in helping all financial principles, even though my country does not recognize bitcoin as the main exchange tool but does not prohibit anything else, so it can exchange into fiat money and keep it in a bank with very supportive rules for customers.

[Victorycoin]

Banks don't like bitcoin (and other cryptocurrencies, especially private coins) for few reasons: no boards, no taxes, low fees, fast transactions, no limits. Banks just loses profits.

Nowadays, there is a trend among many of the governments to encourage the usage of credit cards and debit cards at the cost of physical cash. The banks stand to gain in a big way, as they charge around 2% from the merchants for accepting credit card payments. Now imagine what will happen if the users shift to payment methods such as BTC. Massive amounts will be lost and the banks will turn to loss making enterprises.

Using Debit cards and credit are being inspired by bank and it is inpired by the government instead of using cash. Their charge is high as you said and also they get yearly charge, card fee etc. And all those will be impossible to earn if crypto take its place and also many more reason that is why they are trying to attacking bitcoin.

[matchi2011]

Banks don't like bitcoin (and other cryptocurrencies, especially private coins) for few reasons: no boards, no taxes, low fees, fast transactions, no limits. Banks just loses profits.

Nowadays, there is a trend among many of the governments to encourage the usage of credit cards and debit cards at the cost of physical cash. The banks stand to gain in a big way, as they charge around 2% from the merchants for accepting credit card payments. Now imagine what will happen if the users shift to payment methods such as BTC. Massive amounts will be lost and the banks will turn to loss making enterprises.

Using Debit cards and credit are being inspired by bank and it is inpired by the government instead of using cash. Their charge is high as you said and also they get yearly charge, card fee etc. And all those will be impossible to earn if crypto take its place and also many more reason that is why they are trying to attacking bitcoin.

That's some of the benefits that will taken if crypto will maneuver this financial industry, banks holds most of the transaction process, even there's businesses such digital currency but most of them still needs banking system to be affiliated, unlike crypto where you can manage everything inside your wallets without any interventions with banks, reason why banks still not favor with this system at all.

[Wayan_Pedjeng]

Banks are getting paranoid, and I don't think that there is any need for that. Even now, the bankers are thinking that Bitcoin will be primarily used as a currency and in that case the credit cards and debit cards will lose their popularity. But that is not going to happen in the future. During the early days of Bitcoin, it was primarily being used as a currency. But once people began noticing that Bitcoin is an asset that is protected against inflation, its usage as currency diminished. Nowadays, it is mostly being used as an investment asset. So I would say that there is no need for the banks to get ballistic.