Why Banks are attacking Bitcoin ?

[shi07]

Banks attacking the bitcoin because they are afraid to lose their depositors. Instead of saving in their bank accounts people prepared to save in their bitcoin wallet because it has a greater changes to earn extra profit if the value of bitcoin gets high. Also instead of using online banking for payments and exchange transaction the people would likely use bitcoin because it generates low fees and penalties.

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[ferad]

The main reason (why banks don't like btc and other cryptos) is decentralization, each person owns a personal asset, fully managing its assets. Banks in this case remain on the sidelines (not at the feeder). So they take measures to stay afloat.

[Rooster101]

A lot of people has invested or bought bitcoins including those who uses banks for their savings. Bitcoin is becoming the people's currency because many are preferred to invest in it than in the banks. It has also the potential to become a new currency that can possibly replace any national currency in the future and it can't even controlled by governments and big banks. This is the reason why banks want to limit the cryptocurrency potential because they are really threatened by its popularity.

[onebtcforlife]

The main reason (why banks don't like btc and other cryptos) is decentralization, each person owns a personal asset, fully managing its assets. Banks in this case remain on the sidelines (not at the feeder). So they take measures to stay afloat.

Not only because of that now Bitcoin and other cryptocurrency are not running themselves and they are not making the commission on those. Bitcoin is the decentralized platform where people can transfer the money without any mediator like banks. This makes more frustrating about it.

[samcrypto]

The main reason (why banks don't like btc and other cryptos) is decentralization, each person owns a personal asset, fully managing its assets. Banks in this case remain on the sidelines (not at the feeder). So they take measures to stay afloat.

They are really protecting their businesses cause literally blockchain technology can beat them in terms of transacting payments. Though some banks are now adopting cryptocurrency I still believe that they are afraid to be left out. Bitcoin is amazing that can really change our financial system in the future.

[Zabrielle]

Obviously banks are scared with Bitcoin. I think bank is getting obsolete in transactions. Aside from that bitcoin tarnsaction is very fast and banks charge fees everytime.  Bitcoin transacs directly to the person. No need for middle man which is the banks so i guess this is the reason bank keeps attacking bitcoin.

[DeadCoin]

Local fiat's value is crashed and banks business is ruined down due to crypto currencies especially Bitcoin. The reason every government is against or hesitating to accept bitcoin is bitcoin dominates local currencies. Crypto currencies being on top in the currency market truly affects the growth of banks.  People invest in crypto coins rather than fiat's,  thus ocal currencies value is thrown to the air and banks business is gone.

[Proton2233]

Banks cannot really compete with cryptocurrency. But they have Fiat. Each of us cannot now refuse to use Fiat. So we are vulnerable. But as soon as it becomes possible to use cryptocurrency to buy goods directly, the world will change. Bankers have been parasitic on us for a long time. Now it's our turn to watch them go bankrupt. I bought a ticket in the front row.

[SmokerFace]

Banks spreading fake news about bitcoins and other crypto because it allows people to trade directly with each other and no need a middleman like banks so banks will not get any interests or charges from it.
They want to destroy bitcoin before it destroy them because bitcoin affects alot negative into banks, Big governments and Banks will lose seigniorage income means the advantages to derived from printing money and losing the ability to handle money that flows between banks and economy.

[ApocalypseNow]

The banking industry profits from their greedy schemes and they make billions very easy with it. And now that bitcoin is going to take that away, it's just their natural reaction to feel its threat and put it down.

[Greenkarki]

It's again the business competition I would say.  Fiat's Vs Crypto currencies. As crypto started ruling the currency market, revenue earned from fiat's are falling back and loosing it's value amongst investors.

Banks are the backbone of a government. To sustain them economically, bank forces the government to take action against crypto entering into their country.  Everything is on at business motivation.

[andreijoaquin]

Time will come banks are no longer needed because everything they offer can be found in bitcoin with additional features only bitcoin can offer. Banks become worthless because of this block chain technology, people can have control over their money and the return in investment is higher with bitcoin.

[bryan21]

A lot of people has invested or bought bitcoins including those who uses banks for their savings. Bitcoin is becoming the people's currency because many are preferred to invest in it than in the banks. It has also the potential to become a new currency that can possibly replace any national currency in the future and it can't even controlled by governments and big banks. This is the reason why banks want to limit the cryptocurrency potential because they are really threatened by its popularity.

I think bitcoin maybe not replace any national currency, because bitcoin like virtual money but have investment in there. So people more do investment in bitcoin because they know bitcoin more profitable more than gold. Or somepeople already have experience do investment before in bitcoin and get profit, and they buy more bitcoin again to investment for their future.

[matuson]

Banks lose their customers. They can't compete with cryptocurrency. But the worst part is that governments are allies of banks. Therefore, we see that the conditions for the exchange of cryptocurrencies for Fiat are constantly complicated and additional restrictions are introduced.

[Basmic]

I don't think it is under attack.Many banks/governments are still in the state of evaluation.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,crypto is seen as a real thread right now,but this may change with growing adoption.

I think it's very simple. Banks are afraid of competition from cryptocurrencies. They will never be able to coexist peacefully. People have no confidence in banks and therefore cryptocurrencies very quickly capture new users. The entire capitalization of the cryptocurrencies is lost revenue for banks. This is only the beginning. The problems of the banks will increase. Banks with cryptocurrencies play on the same field but cryptocurrencies play better.

[malbterxic]

The fact is that banks are part of the public management system. National banks regulate the issue and turnover of national currency and bitcoin is an alternative to the banking structure and at the same time it is not under the control of the state!

This is the reason for the attacks

[JTEN18]

The fact is that banks are part of the public management system. National banks regulate the issue and turnover of national currency and bitcoin is an alternative to the banking structure and at the same time it is not under the control of the state!

This is the reason for the attacks

We do respect them that banks are having a negative side when it comes to cryptocurrency, since it is hard for the government to create regulation on it since they don't control the price, I am just hoping that one day crypto and banks unite and we can freely transact crypto in bank.

[shaheer001]

Actually bank controls your money(fiat currency) But Bitcoin is decentralized and every person who hold is the only controller and beneficial so Banks are afraid of Bitcoin due to its total control by its community and total profit is also goes to holder.

[Oasisman]

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)

This topic has been discussed many times already, but in fairness to your research you made a very strong point. This is just few of the reasons why there are countries and banks  who hates and ban Bitcoin. In my own point of view the MAIN reason why the central banks as well as the government hate Bitcoin and get rid of it as possible as they can, is because they are afraid that they cannot control every individual in a society financially.

[Thanasis]

Simply bitcoin will replace the banking system if they allows it for some more years that is the main reason they are against the bitcoin,but many governments are regulating the crypto currencies so banks can't do any thing if the crypto currencies are taxed in that country.