Why Banks are attacking Bitcoin ?

[ValerKat]

Everyone is able to transfer huge amounts to the other side of the world for free.

Not for free. Everyone who wants to transfer bitcoin pays fee. To blockchain. Banks are angry because they have nothing from thousands of operations and have no opportunity to control them.

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[ValerKat]

Banks attacked Bitcoin because the bank did not want its position replaced with Bitcoin. Banks just want the whole community to use real money instead of Bitcoin. The bank must feel rivaled by Bitcoin.

Don't forget that BTC's total amount is only 21 million. It's very few for people from all over the world. That's why I regret that Bitcoin can ever replace fiat money.

[Ishiro5]

From Jamie Dimon to the most unpopular bank executive around the world, the fact is that they all feel threatened cryptocurrencies would someday in the near future end the era where they have control and profit over people's resources and give them next to nothing interest in return. They feel the coming into mainstream of bitcoin and other cryptos alike will end their jobs. At a forum with senior Central bank executive in my country on cryptos, one of them made it clear they were actually against it because they strongly feel crypto guys were going to take over their jobs. Of course the two can co-exist, but most likely one would make the other much less relevant and that is sure to be cryptos.

[DeadCoin]

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)

I would better word as competition between fiat currency and crypto currency. Banks are on fiats. Though local fiats are the main source for every government, crypto has shown its strength in last few years in the market that they can lead the country with more wealth then the local fiats. Yes it does. Crypto has given a wealthy lives to its users and the government who accepted it. As crypto currency is mainly looked at now by the investors, fiats and banks are against it attacking its growth by many means.

[Granxis]

Banks are attacking bitcoin due to competition. If bitcoin enters the value of fiat will lose its value, this the main reason banks are not accepting bitcoin. If they accept bitcoin their country economy will go down. So banks are afraid to accept bitcoin.

In fact, the banks are afraid of Bitcoin's ad, so Bitcoin is worth 15,000 or $ 1,500 does not matter. But when Bitcoin goes up to $ 20,000, everyone is talking more about Bitcoin, and the flow of money flows towards Bitcoin.

[dmonrey002]

because of the loss of profits. banks are afraid about it. its gonna be real if they dont adopt the technology . but if they adopt the technology of having a blockchain. the end are same still loss of profits. they cannot build a decentralize blockchain for  their bussiness. who people in the world show his confidential documents,transaction in public.  the only thing i think they can build  is a private blockchain in short. (private database) still the same.

[tambok]

Banks don't like bitcoin because they think it's a threat to the fiat. In my opinion i think it's the influence of countries since they think their currencies are at risk, becaue the banks accept crypto as part of their system. Also banks are cheating and getting money from us so they'll fight against any form of financial freedom

When in fact it is the truth, the true existence of bitcoin is to make the world becomes cash less to make changes in the whole world, so  far we can see right now that it is too far to happen, let us see what will happen in the future, but so far banks are attacking bitcoin as they know what could happen in the Economy in the future.

[sheenshane]

Banks don't like bitcoin because they think it's a threat to the fiat. In my opinion i think it's the influence of countries since they think their currencies are at risk, becaue the banks accept crypto as part of their system. Also banks are cheating and getting money from us so they'll fight against any form of financial freedom

When in fact it is the truth, the true existence of bitcoin is to make the world becomes cash less to make changes in the whole world, so  far we can see right now that it is too far to happen, let us see what will happen in the future, but so far banks are attacking bitcoin as they know what could happen in the Economy in the future.

Because of banks and governments think that bitcoin is one of their competitive near in future, and may this lead to corruption of some politicians that hiding their real identity and may use for illegal activities for them. They attact bitcoin because they want to regulate the money for the people from bitcoin of their country and to have tax on it but they failed on it so that's why some of countries are banning not only bitcoin but all crypto currencies.

Luckily our government and banks here are embracing and recognized bitcoin as a kind of currency, so we are enjoying in crypto world.

[MCVXYZ]

Banks are attacking bitcoin due to competition. If bitcoin enters the value of fiat will lose its value, this the main reason banks are not accepting bitcoin. If they accept bitcoin their country economy will go down. So banks are afraid to accept bitcoin.

In fact, the banks are afraid of Bitcoin's ad, so Bitcoin is worth 15,000 or $ 1,500 does not matter. But when Bitcoin goes up to $ 20,000, everyone is talking more about Bitcoin, and the flow of money flows towards Bitcoin.

Or maybe because cryptomarket is usually a good way to orginize their economical activities? So what I can say is that all of commercial banks are interested only in their own business and they don't care about something,I don't know what kind of attack he/she means but its obvious commercial banks are using bitcoin and other cryptocurrencies for their economical goals...Even goverment agencies participate in the market in order to achieve specific goals and maybe its not an attack,who knows...today the main factor is to not damage  the boundary between banks and cryptos,which is impossible for me but it depends only on people's knowledge and experience...

[deppil]

Banks are attacking bitcoin due to competition. If bitcoin enters the value of fiat will lose its value, this the main reason banks are not accepting bitcoin. If they accept bitcoin their country economy will go down. So banks are afraid to accept bitcoin.

In fact, the banks are afraid of Bitcoin's ad, so Bitcoin is worth 15,000 or $ 1,500 does not matter. But when Bitcoin goes up to $ 20,000, everyone is talking more about Bitcoin, and the flow of money flows towards Bitcoin.

I think the problem is not in the price. when bitcoin becomes popular certainly many people will see the existing facilities on bitcoin and many people see that saving money in bitcoin will give absolute freedom to transact and save money. without any control and intervention from anyone and that's a stark contrast with the bank. I think that's what the bank is afraid of

[MCVXYZ]

Banks are attacking bitcoin due to competition. If bitcoin enters the value of fiat will lose its value, this the main reason banks are not accepting bitcoin. If they accept bitcoin their country economy will go down. So banks are afraid to accept bitcoin.

In fact, the banks are afraid of Bitcoin's ad, so Bitcoin is worth 15,000 or $ 1,500 does not matter. But when Bitcoin goes up to $ 20,000, everyone is talking more about Bitcoin, and the flow of money flows towards Bitcoin.

I think the problem is not in the price. when bitcoin becomes popular certainly many people will see the existing facilities on bitcoin and many people see that saving money in bitcoin will give absolute freedom to transact and save money. without any control and intervention from anyone and that's a stark contrast with the bank. I think that's what the bank is afraid of

Maybe you are right but I said that they use this situation for their own well-being,I know a lot of commercial banks who have created crypto exchanges and crypto wallets into their consumers account,for me,This means that they believe in it and they expect more income from cryptos  than from their banking activity.Its not about big banks and of course there are also opponents,which are trying everything to share only negative about bitcoin,but I think time will put everything in its place...

[ahmad21]

Adding another point into it. Cryptos and bitcoin are actually unregulated which means there is no centralized authority which can affect its price or supply directly. So this makes these banks worried as they will now not be able to control the money supply and demand in bad times. Governments will not be able to trace you out and collect taxes from you. So this is why banks are attacking bitcoins.

[biboy]

Adding another point into it. Cryptos and bitcoin are actually unregulated which means there is no centralized authority which can affect its price or supply directly. So this makes these banks worried as they will now not be able to control the money supply and demand in bad times. Governments will not be able to trace you out and collect taxes from you. So this is why banks are attacking bitcoins.

That is right, that is why banks does not want bitcoin because they don't want that some of their depositors or investors will swift their investment that should be put in bank but will just put their investment in cryptocurrency, that is why they are seeing cryptos as a threat.

[zmkriel]

Simply because cryptos are the biggest competitors of the banks in so many ways. And what they are threatened more would might be the bank big investors will change of heart to rather invest in bitcoin and withdraw their assets from the bank. In that case lots of bank will be gone and declared bankruptcy and that scares them even more.

[DeadCoin]

Simply because cryptos are the biggest competitors of the banks in so many ways. And what they are threatened more would might be the bank big investors will change of heart to rather invest in bitcoin and withdraw their assets from the bank. In that case lots of bank will be gone and declared bankruptcy and that scares them even more.

This is business all about. A cold war against one currency to the other currencies. as crypto is ruling  the currency market now,  banks are bit behind profits. The banks are the back bone of every government and this is the reason many governments lack back in accepting bitcoin or any other crypto currencies which will cause loose fiat's values slowly.  So no surprise if banks fight against bitcoin or any other crypto currencies.

[Rustamm]

Banks will still try to attack the crypto currency until it becomes firmly entrenched in the society and the banks will have no choice but to accept the existence of the crypto currency. It is necessary to take into account that the crypto currency is distracting their clients from banks and they suffer huge losses from this. Therefore, they often become the initiators of campaigns to discredit crypto currency, often paying them, as it was recently with one of the banks of Poland, which ordered for 30 000 dollars false negative information about the crypto currency in social networks. Only when the crypto currency is legalized in most states, only then will the banks reconcile with this position and will coexist with the crypto currency, adapting to the changed situation.

[qwertyup23]

Banks are attacking bitcoin due to competition. If bitcoin enters the value of fiat will lose its value, this the main reason banks are not accepting bitcoin. If they accept bitcoin their country economy will go down. So banks are afraid to accept bitcoin.

In fact, the banks are afraid of Bitcoin's ad, so Bitcoin is worth 15,000 or $ 1,500 does not matter. But when Bitcoin goes up to $ 20,000, everyone is talking more about Bitcoin, and the flow of money flows towards Bitcoin.

Generally, banks want to eliminate bitcoin as they see it as a threat to their system. They believe that they must remove it before it removes them! Due to bitcoin being free from any government control and people are utilising it as an alternative currency, banks are somehow reluctant that it may become so large that people would start choosing it over them! Remember, banks are also controlled by most philanthropist and they consider it as business. Who would not want to eliminate other threats that may disrupt their earnings?

Source: https://www.forbes.com/sites/panosmourdoukoutas/2017/09/14/why-big-banks-attacked-bitcoin/#91b8c236c534

[izanagi narukami]

Simply because cryptos are the biggest competitors of the banks in so many ways. And what they are threatened more would might be the bank big investors will change of heart to rather invest in bitcoin and withdraw their assets from the bank. In that case lots of bank will be gone and declared bankruptcy and that scares them even more.

Well it doesn't happen at my place because my bank's governor already declare that bitcoin is forbidden and only fiat is valid for daily transaction.

For me personally bank and crypto are different things so if bank attack bitcoin , It's kinda weird but as we know that G-20 still not take any action on crypto yet until further notice

[BTCeminjas]

Simply because cryptos are the biggest competitors of the banks in so many ways. And what they are threatened more would might be the bank big investors will change of heart to rather invest in bitcoin and withdraw their assets from the bank. In that case lots of bank will be gone and declared bankruptcy and that scares them even more.

Well it doesn't happen at my place because my bank's governor already declare that bitcoin is forbidden and only fiat is valid for daily transaction.

That's what the hardest part when your country is like that ignoring bitcoin or cryptocurrencies, they prohibited on this because they know that someday it is their big competent in all investors instead using bank they use crypto's the what will happen in the country if that happens. But hopefully, there's a law regarding with this in every country that embraces bitcoin and cryptocurrencies as well.

Luckily here our country was friendly on bitcoin, besides the Central Banks here recognized that bitcoin is a part of currency that may be having a transaction and they warned people to be careful on possibilities that having Ponzi scheme.

[jamids]

Banks don't like bitcoin because it is a threat to their business. They are seeing it as competition to their business because the more people who would use cryptocurrency and transfer their wealth to it, the lesser customer the banks would have which would mean less profit. Even if there are no applicable rules to cryptocurrency, some banks already restrict some account holders to discouraged others to be involved with it.