Why Banks are attacking Bitcoin ?

[sunsilk]

The main profit of banks is huge fees, including fees for transfers.

It's one of their service when there are remittances that comes from offshore.

Not only it takes a lot of time before receiving the money but you'll also need to pay them with the service that you use although you have an account to them.

Creating your bitcoin wallet = free.

Creating your bank account = with fee.

Transferring bitcoin = free

Transferring money with bank = with fee.

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[Maxxbill]

 Big Banks want to destroy Bitcoin before it destroys them. Bitcoin, the “people's currency,” has the potential to become a new currency, free of the control of big governments and big banks. That's why they both want to limit this potential. Each one in their own way.

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.

 Bitcoin offers an alternative to the conventional, state-sanctioned banking system. ... looked Mt Gox was temporarily offline as a result of a denial-of-service attack that might have been the work of any number of possible suspects: cyber vandals; hackers hoping to sow uncertainty in the market to bring prices.

[BennyK]

The disagreement between the banks and bitcoin is due to the mode of operation of these two parties. Banks operate on a centralized mode whereas Bitcoin operates on a decentralized mode. The banks uses this centralization to own control of the financing of the people. The choose the percentage interest with which they claim after you take loan or do any transaction with them. They hold the power to pause or stop a transaction. Bitcoin does the otherwise, thereby taking the power back to the people.
The banks see this disruptive and attacks Bitcoin.

[2bfree]

My country hates crypto because they love to steal money from me and my citizens by printing fake money they call currency which is worth less and less each and every day.

[Mehedi72]

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.

As a bitcoin lover,  also want that Every single country will accept BITCOIN as soon as possible.
 Really  nowadays  bank are attacking bitcoin due to afraid of their existance.
 Nowadays Bitcoin is getting so popular and profitable that
A large number of people  would like to keep investment in Bitcoin in lieu of bank.
Thus Bank lost their profit and take Bitcoin as their enemy.
This is the main reason for bank attacking Bitcoin

[david_019]

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.

As a bitcoin lover,  also want that Every single country will accept BITCOIN as soon as possible.
 Really  nowadays  bank are attacking bitcoin due to afraid of their existance.
 Nowadays Bitcoin is getting so popular and profitable that
A large number of people  would like to keep investment in Bitcoin in lieu of bank.
Thus Bank lost their profit and take Bitcoin as their enemy.
This is the main reason for bank attacking Bitcoin

We all know that the life of bank is the investors that stores their money to it and the bank are using it to gain profit not for the owner of the money but for themselve and if you get reward from your money it seems like a waste of time because of low in return. While btc is offering the investors with no limit possible earning although it is too risky and for the investors who love to take the risk is always after Goethe profit and would love to choose to invest in btc than in a bank. And this I think is the reason of why btc in other countries is banned.

[cryptorocket84]

If we should tell ourselves the truth Banks are suppose to attack Bitcoin reason because they use our money for their personal business and they give us little or no interest at the end of the month; when you deposit money in the bank you only receive alert that a certain amount has been deposited in your account but u don't see the money, sometimes when u go to the bank to collect that same money they tell you that there is no money in the bank WHO IS WITH YOUR MONEY SINCE IT'S NOT IN THE BANK. Now Bitcoin is depriving them that privilege they have to use our money, Bitcoin will also render them jobless in no time, so they need to fight or attack Bitcoin.

[btcrising]

Cryptos undermine the legitimacy of banks as money-savers and transaction-makers. They have to engage and stop to deny it, if they don't want to lose significant part of their depositors in nearest decade.

For example, banks of Switzerland or Japan are already there. No wonder, these are highly developed countries. Just wait for others to catch up

[Greenkarki]

There is no other reason than the business. As crypto has almost conquered the crypto market and the local currencies are loosing its market, it has become a competitive move from each other and as banks rely on local currencies, they do block bitcoin and other cypto currencies from enlarging its value and other scales in the market. As every government is depend on the banks, government do hear to banks sayings. Though such issues continues, crypto keeps  developing itself in every nature and getting into the market adapting current gen.

[tambok]

Bitcoin captures the imagination of many people because bitcoin holds the promise to democratize finances. Bitcoin can operate entirely independently without government, regulatory or bank support, but it is still trusted by many people.

In other words, bitcoin is present to overcome the financial monopoly done by the bank. therefore, banks consider bitcoin as a system that can threaten the existence of the banking system.

They won't care with bitcoin or bother to attach with it if they don't felt threatened by it, and we all aware that a lot of people are hooked in bitcoin or in crypto and they are investing their money in it rather than in stock market as we are seeing good profit in cryptos rather than in stock where high investment but less returns.

[Victorycoin]

There are a lot of reasons for the bank's bitcoin attacks. The banks are not happy because their customers are not getting enough money

I guess you were going to say banks are not happy because their customers are becoming fewer and the deposits have shrunken compared to what was obtainable prior to the emergence of Bitcoin and knowing that banks make their money off of depositors monies and commissions, that goes to translate to fewer transactions and less profits for the banks. Bitcoin is a disruptive innovation and it's time has come, the best the banks can do is to embrace change or simply lose out to competition.

[MCVXYZ]

Isn't it the new chapter in economical history? Some of the banks are scared, because they don't know what the hell cryptocurrency is

They don't know? I don't think so, where are you from? There are too many banks which have already started to use cryptocurrencies to achieve their business goals..As I said, in my country they have created crypto wallets and  get very well income from this,Which I think is break of the law.The fact that they are trying to integrate this processes means that they are afraid of it and trying to do more crypto related businesses and projects to attract more and more people.Despite the fact there are too many banks also which don't think that bitcoin will be successful for their  future,For example let's get binance and deutsch bank,binance's income is much more than the bank's.

[Salesman4coinZ]

The thing is, when cryptocurrencies and specially bitcoin came up back then, the banks are just laughing about and they could never imagine that a cryptocurrency could be every that much worthy. So now they see what happen in the last months, and now they see bitcoin is a real danger for fiat money. And the biggest problems is, that they can not controll cryptocurrencies. So when they cant controll the money, they will lose a lot of power. Thats why they are now against bitcoins!

[reality18]

The main profit of banks is huge fees, including fees for transfers. In the blockchain system, these commissions are minimized. On the other hand, bitcoin is an excellent investment opportunity and banks also see it as a threat to their products, such as deposits.

Exactly as my point, the banks receive huge amount of interests on loans taken from them. The always stand in the middle position interfering with transactions between entities involved. The Blockchain serves as a disruption to this old fashioned trend and offers owner control without any third party involvement. This power which is taken from the banks and given back to the people is what scares the banks.

[Pattart]

There are a lot of reasons for the bank's bitcoin attacks. The banks are not happy because their customers are not getting enough money

I guess you were going to say banks are not happy because their customers are becoming fewer and the deposits have shrunken compared to what was obtainable prior to the emergence of Bitcoin and knowing that banks make their money off of depositors monies and commissions, that goes to translate to fewer transactions and less profits for the banks. Bitcoin is a disruptive innovation and it's time has come, the best the banks can do is to embrace change or simply lose out to competition.

I don't think banks will lose competitiveness with bitcoin? let alone we still use fiat as the main currency right? of course banks will be needed. but what does the bank see is from the threat? yeah bitcoin threats are hard for centralized financial systems like banks? although today people prefer banks. but the likelihood that people will prefer decentralization will remains there

[KrishaBitcoin]

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.

I agree with you that banks have different stand against Bitcoin existence in which not all Central banks are against Bitcoin like here in our country that our major banks are in partnership with our local exchanges in which if we convert our Bitcoin to fiat we can use the banks withdrawal facilities so that we could take our cash out. So i think the main reason of why some banks are against Bitcoin existence because their profit will going to reduce in which a selfish act.

[maarx]

Its just a complete business competition between crypto currencies and local fiats. As banks want fiats values to be up banks do forbid crypto currency to enter into any country. Thus banks approach the concern authority of the respected country to ban or avoid using crypto currency in the country. There are en number of benefits gained out of crypto currency then local currencies. Hence investors turn towards crypto rather than local fiats in the currency market. These are few reasons for banks banning using bitcoin via authorities.

[dongosquad]

Its just a complete business competition between crypto currencies and local fiats. As banks want fiats values to be up banks do forbid crypto currency to enter into any country. Thus banks approach the concern authority of the respected country to ban or avoid using crypto currency in the country. There are en number of benefits gained out of crypto currency then local currencies. Hence investors turn towards crypto rather than local fiats in the currency market. These are few reasons for banks banning using bitcoin via authorities.

you are right, but actually, the background difference of both does not necessarily cause it to drop each other. When viewed in terms of functionality, both provide the convenience that can be utilized by users in accordance with the needs. Blending them together is the right choice to make life easier.

[Rajamuda]

Banking is business and bitcoin and all crypto currency is gaining influence on the society and people who knows it turn their interest to crypto from bank because cryptocurrency can gives them money more than the bank can give with only less than 5 percent a year.

Not only related on business, of course.. crypto can really compete and the system that has been applied to the financial system in general.. it's contrary to the characteristics of cryptocurrency. Essentially raises fears that crypto can be prioritized by many people while this is not real.

[Soots]

Banking is business and bitcoin and all crypto currency is gaining influence on the society and people who knows it turn their interest to crypto from bank because cryptocurrency can gives them money more than the bank can give with only less than 5 percent a year.

Not only related on business, of course.. crypto can really compete and the system that has been applied to the financial system in general.. it's contrary to the characteristics of cryptocurrency. Essentially raises fears that crypto can be prioritized by many people while this is not real.

I agree, not all relying on business but somehow most of it involves on business since banks and and any financial related most of then are in business. Well, as the competition of crypto currency as well as the banks may occur some problems regarding on their different profit as it was divided due to the crypto currency here in our society. Base on my own perception, the banks are competitive enough which I think they are aware on these crypto currencies here in cyberworld as I observed most of banks accept crypto currencies which I try to withdraw my share of bitcoin to fiat as it have bemn automatically converted which including transaction fee. Thus, banks still.survived as they must support the crypto currency throughout the cyberworld.