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Author Topic: Why Banks are attacking Bitcoin ?  (Read 1540 times)
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February 13, 2018, 09:01:33 PM
 #41

Feel the competition
no one wants to lose their money, the more regular customers Lips sealed
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February 13, 2018, 10:40:26 PM
 #42

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.
Govt are affraid of losing financial control on money. As govt run by taxes and using digital payment system cuts down the taxes in my opinion and govt cannot trace transaction. In my opinion this is the reason.
That's why Bitcoin was created in order to run as opposite of what the banks do because Satoshi believed that through Bitcoin everyone would not put their money on the banks where the government can easily lock and tax their account and money without their consent and permission. Through Bitcoin you will see the transparency of every transactions that was made by every single person with the help of blockchain technology.


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February 13, 2018, 10:53:52 PM
 #43

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.
Govt are affraid of losing financial control on money. As govt run by taxes and using digital payment system cuts down the taxes in my opinion and govt cannot trace transaction. In my opinion this is the reason.
That's why Bitcoin was created in order to run as opposite of what the banks do because Satoshi believed that through Bitcoin everyone would not put their money on the banks where the government can easily lock and tax their account and money without their consent and permission. Through Bitcoin you will see the transparency of every transactions that was made by every single person with the help of blockchain technology.
And that's the reason why some governments are attacking bitcoin such as imposing bans, regulations, shutdowning crypto trading sites etc. because they know if they don't do that bitcoin will become a huge threat for the inflow of cash to the government and it shows its signs as the time pass by.

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February 14, 2018, 11:25:18 AM
 #44

Maybe because Bitcoin ruin the system bank
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February 14, 2018, 11:52:52 AM
 #45

because Bitcoin is not under the control of banks.the banks don'tt like things that are not in the bank controls.
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February 15, 2018, 12:08:01 AM
Merited by lenovo16 (4), chineseprancing (3), madwica (1), ajmapalo22 (1)
 #46

because Bitcoin is not under the control of banks.the banks don'tt like things that are not in the bank controls.
Aside from that bitcoin is the biggest competitors of the Banks, it was due to good and effective features of this crypto currency. Many people are attracted to invest in this coin instead of investing to other crypto currencies.
Moreover transactions using bitcoin is much easier compared to banks, that's why many people and users are patronizing that project.

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February 15, 2018, 07:14:19 AM
 #47

And however the banks are closely related to the government, if indeed the country government assesses bitcoin could harm the country / disrupt the state's financial system, it would certainly be banned and would be support if it's indeed it couldn't harm to the country.
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February 15, 2018, 07:32:18 AM
 #48

And however the banks are closely related to the government, if indeed the country government assesses bitcoin could harm the country / disrupt the state's financial system, it would certainly be banned and would be support if it's indeed it couldn't harm to the country.

Banks are ruined by the governments and major control on them because they are missing lot of transaction fees, that's why the objecting the government to ban the Bitcoin and its corresponding cryptocurrency. Banks want to be always mediator in between the holders in order to collect the fees.

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February 15, 2018, 08:53:41 AM
 #49

bitcoin is a threat to all fiat currencies, that is why banks will forever dislike bitcoin, but i think if they're wise, instead of fighting bitcoin they should adopt it, after-all its the future.
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February 15, 2018, 09:11:15 AM
 #50

Maybe because they afraid that cryptocurrency can break them system
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February 22, 2018, 07:08:44 AM
 #51

It's being attacked by every single entity who has the ability and the motive, so yes.

People don't factor in how strong bitcoin is when they complain about it or consider its value. How can something so impervious to attacks have no or little value?
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February 22, 2018, 08:30:22 AM
 #52

The main reason (why banks don't like btc and other cryptos) is the loss of profits.
Transactions made via blockchain kills transactions made via banks.

But the topic is essential! It should be upped!

Obviously and it's true, transactions that have been done by bitcoin users do not go through the bank, obviously they know that the transactions are very large, they do not receive some of these benefits.
is it possible the bank will plunge to be able to complete and participate in bitcoin transactions, possibly of course there are, but there are obstacles that will be experienced by the banking of course. because of the difference of the transaction.

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February 22, 2018, 11:30:11 AM
 #53

Actually, many banks are aspiring to break Bitcoin and of course, there is a big support from their governments. As well, it is very unfortunate that they are always attacking this currency, but the only reason is the financial losses and the widespread economic crisis in many countries and due to there is a decrease in the value of their currencies (FIAT).
As a matter of fact, the digital currencies and especially "Bitcoin" have become more successful than before, and these currencies are always criticized from many governments (Banks) because  they are not beneficiaries of financial transactions and there has been an increase in the number of  cryptocurrencies users.
In fact,  I think that the continuation of Bitcoin development and other currencies  will lead to recognition from all governments.
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February 22, 2018, 11:48:16 AM
 #54

I'm not surprised because they can't earn transaction from BTC.
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February 22, 2018, 12:13:52 PM
 #55

Why do banks support Bitcoin?it is a threat to the banks.I hope they will not have any problems in the future..
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February 22, 2018, 03:23:03 PM
 #56

I think, What is most feared by economists and banks around the world is the collapse of the global banking system.

Due to the presence of bitcoin, people do not have to bother using bank services to store or transfer the money, because using bitcoin is much cheaper and relatively more secure.

Bitcoin is also very profitable to invest because the price is very fast rise.

Then because of its anonymity, consumers prefer bitcoin as its flagship rather than a bank.

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February 22, 2018, 05:28:21 PM
 #57

The main reason behind attacking Bitcoin is, they are not getting any benefits from the transaction what they are doing and for cryptocurrency business there is no middle in between us this make very frustrating and banks are making lot of pressure on governments.

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February 22, 2018, 06:19:31 PM
 #58

I don't think that there is a clear attack banks are doing to Bitcoin. 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. Can someone here give me an example of an attack that was done by a bank to Bitcoin?

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February 22, 2018, 06:54:13 PM
Merited by BitHodler (1)
 #59

Can someone here give me an example of an attack that was done by a bank to Bitcoin?

Let me name up a few:

-- Banks prohibiting crypto credit purchases.
-- Banks prohibiting people from wiring money to crypto exchanges.
-- Banks prohibiting businesses from getting involved in anything crypto related as long as they make use of that specific bank.
-- Polish central bank paid a YouTuber to discredit crypto.
-- Bank CEO's discrediting Bitcoin and say it's a fraud.

And there may be a few more that I might have missed. But it's more than enough to conclude that banks don't like Bitcoin, to be more specifically. If you don't think these are attacks on crypto, then I don't know what you will ever consider to be an attack. And these are the attacks that are known already. I am sure that just like the Polish central bank did, there are more banks sponsoring anti crypto campaigns. It's just a matter of time before that becomes publicly known as well. Bitcoin is the biggest threat to them that has ever emerged, and that's what makes them afraid of what has to come. I love it.
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February 22, 2018, 10:06:29 PM
 #60

Bitcoin is the biggest threat to them that has ever emerged, and that's what makes them afraid of what has to come. I love it.
While I do agree that Bitcoin poses a serious threat to the banking system, I am also of believe that it could boost their way of doing business to a whole new level. They just need to get rid of their inside hate towards Bitcoin.

If they play it well, and make use of Bitcoin's popularity to offer all kinds of services based on Bitcoin, I have no doubt that they will change from hater to lover. Bitcoin is the new and improved version of gold.

The fear of allowing something new to stand up is what's holding them back. I seriously wish they will let go of that to finally understand that Bitcoin means progression, and not failure of the banking system.

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