Why Banks are attacking Bitcoin ?

[Rooster101]

Not all banks are against bitcoin, few of them even support it. It is also depend on what country you are residing. Bitcoin-friendly banks can be found mostly in many wealthy nations like Japan and Germany. Many banks in Third world countries are against the use of cryptocurrencies or their central bank did not approve it. One reason why some banks did not accept funds from bitcoin because it might come from illegal source like scams and money laundering.

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[Blondy12]

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.

Yes you are right mate. But one main reason why banks are attacking bitcoin is because bitcoin is decentralised and controlled by the holders itself. So, good investors may have a change of hearts, withdraw their savings in the banks and invest it in bitcoin. If that will happen then for sure that it will cause bank bankruptcy therefore banks are threatened of the existence of bitcoin.

[Hannahanto]

Because banks are afraid that when bitcoin enters it will.dominate the local fiat. Automatically the value of local fiat decreases. Bitcoin can be controlled by its users only. But in local fiat it is controlled by the government only. For bitcoin there is no tax problem so it cannot be controlled by the government. People are not ready to use local fiat and they invest only on bitcón. Because bitcoin gives more profit than local fiat.

[lycipher]

I also really like Bitcoin and I always pray the best for the development of Bitcoin in the future. I am sure that one day all the countries of the world will legalize Bitcoin and accept Bitcoin completely. Yes, it seems very unlikely but I believe in any crypto can happen. Banks attacked Bitcoin because the bank feels a big loss since the presence of Bitcoin.

For some reason I think Bitcoin is a little bit more than payment tech.
I guess it is really a device for major structural change in how governments and countries are operating now. Therefore if governments want to stay almost the same without starting a large scale opposition to Bitcoin, then they need to adapt and do it ASAP.

[Taki]

Yes, banks are simply loosing clients, cause of now people have higher profit from cold storage in crypto currencies, online exchangers suggest much better prices and lower fees, with organization of ICOs companies do not need take loans in banks to succeed. There are many other little things which make to bank big competition, that's why banks are warning people from crypto currencies use and so on.

[entrepmind23]

Yes, banks are simply loosing clients, cause of now people have higher profit from cold storage in crypto currencies, online exchangers suggest much better prices and lower fees, with organization of ICOs companies do not need take loans in banks to succeed. There are many other little things which make to bank big competition, that's why banks are warning people from crypto currencies use and so on.

Their funds are reduced because of cryptocurrency that's why they treat it as a competitor. They see that some people are getting interested into it that's why when they track that someone is earning from cryptocurrency or simply depositing to some exchange, they would suspend the account of that person. Sooner or later, when more people started to adapt cryptocurrency, it would just come back to them because people would opt to keep their own money so they would continue to lose more customers and maybe even go bankrupt if they will continue what they are doing.

Yes, banks are simply loosing clients, cause of now people have higher profit from cold storage in crypto currencies, online exchangers suggest much better prices and lower fees, with organization of ICOs companies do not need take loans in banks to succeed. There are many other little things which make to bank big competition, that's why banks are warning people from crypto currencies use and so on.

Cryptocurrencies give us a cost-saving transactions and faster too that's why banks do not want people to get involved with it. Those who are just willing to take the risk may benefit in the future.

[Mukarram Tariq]

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. Big governments by stepping up regulations of Initial Coin Offerings (ICOs) and by shutting down cryptocurrency exchanges, as the Chinese government has announced recently, crushing cryptocurrencies.

[aso118]

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. Big governments by stepping up regulations of Initial Coin Offerings (ICOs) and by shutting down cryptocurrency exchanges, as the Chinese government has announced recently, crushing cryptocurrencies.

Big banks may be under threat for a portion of the entire financial services pie, but they still have enough revenue streams to stay afloat. For example, they make money from advisory services, including mergers and acquisitions. I don’t see Bitcoin replacing that.

[Polkadott]

I think a good investor might have a change of heart, withdraw their savings at the bank and invest it in bitcoin. If it will happen then it will certainly lead to bankruptcy of the bank because the bank is threatened the existence of bitcoin. And one major reason why banks attack bitcoin is because bitcoins are decentralized and controlled by their own holders

[Aleh777]

The main reason behind banks attack bitcoin is business and competition between local fiats and crypto currencies. Bitcoin has shown its massive growth by capturing the currency market. Thus the value of fiats have come down. So banks are in lose, so the only things banks can do is, approach the government to ban bitcoin or any other crypto currencies. This competition will continue as long fiats and crypto currencies exit.

[spiker777]

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. Big governments by stepping up regulations of Initial Coin Offerings (ICOs) and by shutting down cryptocurrency exchanges, as the Chinese government has announced recently, crushing cryptocurrencies.

I agree. Banks and governments hold the same position and that's to oppose cryptocurrency exchanges because these are steering their monopoly and control of people away from them so they'd so anything they can to stop that sleeping from them.

However, I wouldn't necessary say that they're trying to completely destroy Bitcoin and cryptocurrencies, more like they are trying to integrate with the technology, so it never becomes an US or THEM scenario, but more like a WE scenario where banks benefit from the advances of blockchain tech, without necessarily needing to compete head to head.

A lot of banks are starting to look at the benefits of hyper ledger in their platform, so I think it's just a matter of time before one takes a big leap.

[yndye]

It is not profitable for large banks that cash flows go past them.  They want to make a profit on everything.

Banks were able to get money from people and use it to their advantage but having cryptocurrencies as additional competitor now is a pain for them. Many people are shifting their attention from saving their money in banks to investing in cryptocurrencies that's why some of them wanted to destroy the reputation of bitcoin so that others would be discouraged to invest on it but the more they discouraged it, the more people would like to invest in crypto because they can see the flaw of banks.

[enhu]

Anything that isn't their control are opposed. They all can manage to buy all bitcoins, that isn't going to be a problem to them. But then there are other cryptocurrencies coming out almost every day and crypto works differently which is why anyone can bank their wealth on a wallet they own which makes them irrelevant in a way. Crypto has the higher chance of winning against them than the petro dollar of the middle east that is why they are attacking.

[Baanx.com]

It's an easy one.. the banking establishment despises any form of decentralisation...blockchain technology offers unlimited decentralisation.
That's why Baanx.com was founded...to allow pro-blockchain banking with user-cases in mind.
Have a look at: https://www.youtube.com/watch?v=ztruT7PDPQw
It kind of sums up where the organisation is to date... and why you should understand NOT ALL BANKS are attacking Bitcoin 

[Tylev]

Banks do not like the decentralized crypto currency. This is due to the fact that many people switch to using crypto currency and therefore no longer go to banks or are treated much less. Therefore, banks because of the crypto currency lose their potential customers, and with them their profits. Therefore, bankers are very unhappy with the appearance of the crypto currency and at every opportunity try to show the riskiness of investments in crypto currency and recommend not to use it in their activities. This will happen until states legalize the crypto currency and determine its status and conditions for circulation. After this, banks will be forced to cooperate with it.

[Oliveir]

Actually they are not attacking Bitcoin, they were just not sure about how to make regulation directly to block chain, but as  of today they are now open to this kind of issues and topic because many bank user are now involving to crypto with their money instead of investing on bank.

[vessing]

In order to understand - what is bitcoin in the role of money (although this is just one of the possible uses of bitcoin) you need to understand - What is money at all.
The majority will say: "I know what money is!", And at best will enumerate the definitions and functions of money from the textbook on economics

[Yurkov]

Actually they are not attacking Bitcoin, they were just not sure about how to make regulation directly to block chain, but as  of today they are now open to this kind of issues and topic because many bank user are now involving to crypto with their money instead of investing on bank.

That is in some way true but for me banks are trying to make their "services" better and gain bigger amount of customers than crypto has, that is a little battle but for me crypto will be the winner at the end.

[Faeton]

Bitcoin and other crypto currency are strong competitors of banks, because many people stop using banking services and switch to using crypto currency. From this, bankers lose customers and their profits. Therefore, they try to blacken the crypto currency and turn people away from using it. However, this will happen as long as the state does not legalize the crypto currency. After that, they will be forced to cooperate with the crypto currency and provide various services with its use.

[lokanot0]

Banks does not exactly hate Bitcoin is itself. What the banks hate is how the crypto world works and these includes how bitcoin transactions are made. But bitcoin cannot defeat a fiat currency use by banks, unless the use of bitcoin is legalize in that country. In that instance, there would really be competition on the popularity of bitcoin and the banks.