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Author Topic: Why Banks are attacking Bitcoin ?  (Read 2666 times)
reharaja1
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August 29, 2018, 03:37:38 PM
 #361

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 just want to say that they are afraid.
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Pattart
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August 29, 2018, 03:41:09 PM
 #362

I know the bank is one of those who do not like cryptocurrency like bitcoin, because it's their rivalry when it comes to currency exchange. but I think the banks can not stop the crypto because it's stronger.
First I don't think there is a competition between bitcoin and banks, after all they can work together to accept bitcoin as a deposit
option and withdraw right? and I don't see any bank attacks on bitcoin or cryptocurrency in my country..

Danilotot
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August 31, 2018, 02:30:53 AM
 #363

because the bank does not want the crypto money management method, and this bitcoin is one that reduces the currencies that the bank should make. Bitcoin is one of the obstacles to the banks of the country and it will also take on them once in the day.

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alex.ac.ab
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August 31, 2018, 04:36:27 PM
 #364

Because they are afraid of competition and crush the weak link.
F_Ivanov1993_
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September 01, 2018, 08:23:09 AM
 #365

As elsewhere, bitcoin is a competitive currency that can change the economy.  Therefore, banks are trying to push out bitcoin in every way.
levaorg
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September 03, 2018, 08:48:14 AM
 #366

Banks are probably trying to gain time because they know that they have to adapt but are not ready yet. They know that they cannot oppose it in the medium term.
glowing10
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September 03, 2018, 03:03:12 PM
 #367

The modern financial system was formed over the centuries, developing new rules, laws and requirements, but with the advent of the crypto currency its stability and the degree of confidence on the part of consumers was somewhat shaken.

They also think that crypto which is very cheap way to transfer the money across globe within no time and if it is used than their banking swift or other facilities which are of higher fees are being charged will be closed down and thus their profits will get reduced.

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zabizana
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September 04, 2018, 09:27:32 AM
 #368

The simply put, Bitcoin offers an alternative to the conventional, state-sanctioned banking system. that's why Bank are attacking Bitcoin.
ngamuk tok
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September 04, 2018, 04:26:26 PM
 #369

Bitcoin as a payment solution is a good opponent of banks. That's why the don't like Bitcoin. It also has an advantage of being a currency that any bank can not beat. So, most economists don't like Bitcoin both as a payment solution and as a currency. That's why they say Bitcoin is a bubble time to time...
yes until now they also still have not given up with that, they continue to spread the FUD about crypto currencies, obviously they consider Cryptocurrency especially bitcoin as a big threat to them.
Faeton
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September 04, 2018, 07:51:07 PM
 #370

Banks will always attack bitcoin and other crypto currency, especially in the period prior to its legalization, because the crypto currency for them is a direct competitor. People turn to using crypto currency and less turn to banks, bankers from this lose their profits.
However vseravno as a result, banks and decentralized crypto currency will be forced to coexist together and banks will have to accept this.

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September 05, 2018, 01:50:19 AM
 #371

Banks are afraid of it because it will dominate the financial economy for sure. They can clearly see the future where they will even beg for people who has money to sign up to them because the world has shifted to the convenience of having a personal bank with bitcoin.

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September 05, 2018, 02:44:58 AM
 #372

Because banks are selfish. They are not favoring what can help the economy and they only think is about on how they make much more money from much more people to expand their business. The bank industry should respect what bitcoin can do and not as a threat.

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Gadhoh
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September 05, 2018, 01:54:34 PM
 #373

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.
Bitcoin products do not have adequate consumer protection rules. For that reason, if there is a loss, the user cannot file a claim, besides that there is a high risk of price volatility because the value is determined on the expectation of future supply and demand, speculative. Bitcoin technology is also cross border or can be used across countries and continents. This digital currency is not tied to banks or government and allows its users to shop without revealing their identity.
belimblink
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September 05, 2018, 10:38:52 PM
 #374

The fact that Bitcoin is not printed and does not need a third party is something that the Bank does not like. So, it is easy to guess why the Bank attacked Bitcoin.

Banks are forces that print currencies that have embedded interests, they have and will always do everything to prevent alternatives that can damage existing power structures.
F_Ivanov1993_
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September 06, 2018, 02:50:38 PM
 #375

The most popular question, since many do not understand why banks are hindering bitcoin.
chickenado
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September 06, 2018, 10:52:40 PM
 #376

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.
Yeah absolutely bank will always wanted to manipulate the the market place in a certain countries special in block market, now that  there's a new technology that would threat their unscrupulous system in which their aim is to acquire wealth more, as much ad possible they will make everything to pin down bitcoin and the blockchain.

Eyjeyy
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September 08, 2018, 04:36:12 AM
 #377

The reason why banks attacking bitcoin is because they're losing profits. Since bitcoin were use in transactions instead of banks. Bitcoin are become a competitor for banks. And bitcoin become the alternative way in any transaction which supposedly the banks will work for that.
Girlsbit
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September 09, 2018, 02:08:17 PM
 #378

Banks are removing so direct competitors.
DavidNiva
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September 15, 2018, 02:11:14 AM
 #379

Especially central banks are getting affected by the rise of cryptocurrency in the world today because many people choosing saving in their bitcoin wallet rather on bank, they rather risk their money on bitcoin than saving on banks because it is more affordable and efficient.
The choice of people to switch to saving money in bitcoin is very reasonable because in bitcoin there are no additional fees at all, we cannot find anything like this in any bank, bitcoin users are not burdened by any country system, in conventional banks which usually take a long time if they want to transact between countries, what if the destination country still does not support the banking system, in bitcoin everything becomes very easy and everything is very safe, which might be a reason for people to switch to saving their money in the form of bitcoin.
Gadhoh
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September 15, 2018, 08:47:47 AM
 #380

I'm sure banks are now trying to play catch up as well - it's pretty clear now that people are finding many banking fees just completely unreasonable.

The tipping point will probably come once banks figure out how to significantly profit without relying on the fees. Only then will they relent to the processing superiority of blockchain tech for banking.
because if bitcoin has been used anywhere, the bank will no longer be needed, and the future will continue to run and bitcoin is increasingly popular, because bitcoin does not involve a third person to transact like a bank.
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