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Author Topic: Why Banks are attacking Bitcoin ?  (Read 1996 times)
cryptorampage
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February 01, 2018, 09:27:22 PM
Merited by botany (3), veleten (1), avikz (1), carlfebz2 (1), lienfaye (1), yndye (1), Vazil (1)
 #1

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
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Kramblerty
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February 03, 2018, 09:56:33 PM
 #2

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!

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Vazil
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February 03, 2018, 09:58:50 PM
 #3

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!

Agree! We all must take a piece of world money pie (from banks) by using crypto assets.
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February 03, 2018, 10:00:52 PM
 #4

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...

In Waves me trust Smiley
botany
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February 03, 2018, 10:04:26 PM
 #5

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.

Exchanges are the new banks. You can even lend your bitcoins to margin traders and make small gains. There may not be any run on exchanges, but there is always the equivalent of a bank-robbery (hacking of an exchange).

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

This may be construed as begging for merit. Not a good idea.
ducphat254
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February 04, 2018, 03:47:44 AM
 #6


is loss of profit.
Transactions are made through the blocking of transactions made through banks.
cryptorampage
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February 04, 2018, 04:49:38 AM
 #7

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
Quote
This may be construed as begging for merit. Not a good idea.
Dear sir ,
Most of the people commending the strong one, who don't need the merit. They actually passed the minimum requirement to get higher level. Only to impress medium account like "member" giving merit to the legendary.
Sir I don't play any ico or signature. I love this forum. How could we (weak account) passed the bar and level up.

People count there Smerit before giving some one. Like should I give him? And if that account is weak , the chance becomes lower.

Why I am requesting :
I have written 6 good article , each article took me 1day to write. But then no one gave me that point. Thats why I started requesting , Hmm I know it looks bad. But we need to be more generous and kind to the low level account. Otherwise we will not pass. You could say it begging but it is necessary because this system is still new.

I am saying again merit system is not the badge , it is not controlled by software , if you guys (strong /higher lvl ) don't give us , no one will. I am sorry if I did any wrong.
shinjunobi09
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February 04, 2018, 05:19:29 AM
 #8

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.

Johnyz
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February 04, 2018, 12:04:12 PM
 #9

Because banks are so afraid not just on bitcoin but in all cryptocurrency. If this thing will fully implement in the coming years well the profit of banks will reduce since we can easily transfer money around the world and a bit more faster.

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MCVXYZ
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February 04, 2018, 12:37:57 PM
 #10

Because banks are so afraid not just on bitcoin but in all cryptocurrency. If this thing will fully implement in the coming years well the profit of banks will reduce since we can easily transfer money around the world and a bit more faster.

This topic already exists as I know.
Anyway,you said that bankers profit will reduce,okay its logically but today they have already started to create their own exchanges,this means that banks also looking for new ways to get more profit from this situation,But it's a bit unclear Which banks are you talking about? there are two kind of banks Federal (national)  and commercial banks,National banks are afraid because of its emission,noone regulate its emission and thats problem for them,but for commercial banks don't worry they will always find alternative ways to earn good profits,becuase they usually don't have incomes only from transactions,the scope of their activities is much wider,for example they are in construction business,etc...

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Don Pedro Dinero
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February 04, 2018, 01:09:30 PM
 #11

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.

Although I agree with most of what you say, this first point is simply false. There are liabilities and debt with bitcoin. You don’t need to go very far to check it:

https://bitcointalk.org/index.php?board=65.0 (lending board)

You can also check casino investments, or freebitco.in giving a fixed 4% interest on your bitcoin.

A bank could perfectly give bitcoin loans and also pay interest.

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CryptoBry
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February 04, 2018, 03:49:29 PM
 #12

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!

It all boils down to business. Banks are afraid that soon a big chunk of their business volume can be affected because a good number of people are shifting to cryptocurrency or to those companies that are involved with cryptocurrency. It is all about fighting for your own kingdom or captured market. Consequently, many leaders of the banking sectors  are painting some negative spins about Bitcoin and cryptocurrency in general. What these people forgot is that they are actually the very reason why Bitcoin came into being...on their failure to stop the many financial crisis the country experienced in the past.

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February 04, 2018, 04:30:10 PM
 #13

Banks are a lot more scared of tripping some existing regulation than they are of losing business to Bitcoin.

Think it over. There are people clamouring to drag them into an area that's completely unregulated in most countries. Finance is one of the most heavily regulated areas in the world and the penalties for ballsing up are severe.

Until there's clear and straightforward guidelines for them to adhere to, no right thinking bank will want anything to do with crypto. It's a world of pain with little upside.

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February 04, 2018, 05:50:37 PM
 #14

It's a confirmation that they feel/are threatened by digital currencies, ad they would undermine their authority and control over money. That's why crypto is called decentralised.
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February 05, 2018, 11:34:19 AM
 #15

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.
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February 06, 2018, 02:29:12 PM
 #16

banks attacking bitcoin because they cannot hold and earn money unlike other currency.
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February 06, 2018, 02:55:21 PM
 #17

Their main concern atm is crypto as an instrument for money laundering and tax evasion. So in 2018 we will see more regulations for fiat-crypto gateways (exchanges and the like) to prevent anonymity.I don't think it is under attack.Many banks/governments are still in the state of evaluation.

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February 06, 2018, 03:11:33 PM
 #18

Yes, as it has been already mentioned it's because of the sufficient damage on the income. The amount of profits they used to earn has been decreased significantly as soon as BTC appeared.
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February 06, 2018, 03:59:14 PM
 #19

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.
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February 06, 2018, 06:03:07 PM
 #20

Obvious. They are afraid of losing control of the financial systems.

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