Why Banks are attacking Bitcoin ?

[carlfebz2]

You got some merits from me man! Actually this post do really have these strong points why banks don't really like bitcoin at all or doesn't really even recognized to be part of it because it do acts oppositely on what banks do offer. If people would able to find out on how does it works then its normal people will surely make use of it instead of banks but the thing we should always think of is on the risk involved which we see that it has higher risk than on putting your money simply on banks.

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[Pleione527]

Simply because they knew the threat of bitcoins being on top of the line preferred by most people to invest in rather than putting all of their money in a bank account which earn a little fixed interest rate. And since bitcoins are not mandated by financial institutions and the government it is much easier to do transactions rather than banks.

[makolz26]

Simply because they knew the threat of bitcoins being on top of the line preferred by most people to invest in rather than putting all of their money in a bank account which earn a little fixed interest rate. And since bitcoins are not mandated by financial institutions and the government it is much easier to do transactions rather than banks.

Banks are not totally attacking bitcoin, some don't mind them some just don't care, but those who are in the Central banks are the one who does not like the idea of having a cryptocurrency since they have noticed that their transactions  had affected by cryptos especially in trading/investing.

[badykvik]

Banks are regulated and Bitcoin is deregulated. Based on this to Banks, Bitcoins are illegible on line currency possible of being scammed no matter how secured or encrypted its wallet might be. So, Banks get to wander why people still believe and invest in it instead of securing/keeping their money in Banks which is of more importance to them. Secondly, how can Bankers secure employment if Bitcoin is now generally accepted, since they as middle men shall be abolished or reduced drastically.

[donalfonso]

Its normal and natural for banks to attack any financial system or any financial model that seems to make people remove their money from banks to partake in, especially if that financial system is not regulated like bitcoin. BAnd not just banks even governments are wary of bitcoin

[Sir Cross]

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.

I think it’s more than just money laundering and tax evasion which concerns them. I think they have noticed that many have profited largely through bitcoin, and this scares them because it is foreign and unfamiliar to them. They can't understand where all the money is coming from since they don't understand what bitcoin is. For them, it is unstable and it's not secure - which is the complete opposite of what banks are. As for now, banks are indifferent towards bitcoin and although they don't attack it directly, they still have an unsure position towards it.

[Damsel_7]

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)

Banks are attacking bitcoin because Banks say Bitcoin and other currencies are by no means currencies because it has no real value, they are pure speculative objects, it's a bubble and it is dangerous, it has technical limitations for users,  it could trigger substantial risks in the side of investors and potential risks in financial stability.

[orions.belt19]

Simply because they knew the threat of bitcoins being on top of the line preferred by most people to invest in rather than putting all of their money in a bank account which earn a little fixed interest rate. And since bitcoins are not mandated by financial institutions and the government it is much easier to do transactions rather than banks.

Banks are not totally attacking bitcoin, some don't mind them some just don't care, but those who are in the Central banks are the one who does not like the idea of having a cryptocurrency since they have noticed that their transactions  had affected by cryptos especially in trading/investing.

I’ve heard of some central banks who are open to the idea of cryptocurrency. This must have been the case because there has been a rising number of cryptousers within the area. They say that if you can’t beat them, you join them.

Not all banks have made actions toward crypto or bitcoin, and I don’t think that they would attempt to attack it. Most just don’t know what to do because they are not familiar with it and lack knowledge on the concept. They may feel threatened because it concerns their industry however banks won’t make any drastic moves toward bitcoin.

[Hamphser]

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.

[rhamzter]

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.

[Budugbass]

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.

[MisterPrada]

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?

[elisabetheva]

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.

[Baoo]

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.

[bajigur894784]

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.

[btcmegastar]

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.

[Harlot]

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?

[richardsNY]

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.

[BitHodler]

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.

[EEEian]

Bitcoin itself is an attack on banking institutions and governments.Many institutions are adapting, but many more are fighting back..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.