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Author Topic: Why Banks are attacking Bitcoin ?  (Read 2782 times)
F_Ivanov1993_
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September 01, 2018, 08:23:09 AM
 #361

As elsewhere, bitcoin is a competitive currency that can change the economy.  Therefore, banks are trying to push out bitcoin in every way.
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levaorg
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September 03, 2018, 08:48:14 AM
 #362

Banks are probably trying to gain time because they know that they have to adapt but are not ready yet. They know that they cannot oppose it in the medium term.
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September 03, 2018, 03:03:12 PM
 #363

The modern financial system was formed over the centuries, developing new rules, laws and requirements, but with the advent of the crypto currency its stability and the degree of confidence on the part of consumers was somewhat shaken.

They also think that crypto which is very cheap way to transfer the money across globe within no time and if it is used than their banking swift or other facilities which are of higher fees are being charged will be closed down and thus their profits will get reduced.

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September 04, 2018, 09:27:32 AM
 #364

The simply put, Bitcoin offers an alternative to the conventional, state-sanctioned banking system. that's why Bank are attacking Bitcoin.
ngamuk tok
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September 04, 2018, 04:26:26 PM
 #365

Bitcoin as a payment solution is a good opponent of banks. That's why the don't like Bitcoin. It also has an advantage of being a currency that any bank can not beat. So, most economists don't like Bitcoin both as a payment solution and as a currency. That's why they say Bitcoin is a bubble time to time...
yes until now they also still have not given up with that, they continue to spread the FUD about crypto currencies, obviously they consider Cryptocurrency especially bitcoin as a big threat to them.
Faeton
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September 04, 2018, 07:51:07 PM
 #366

Banks will always attack bitcoin and other crypto currency, especially in the period prior to its legalization, because the crypto currency for them is a direct competitor. People turn to using crypto currency and less turn to banks, bankers from this lose their profits.
However vseravno as a result, banks and decentralized crypto currency will be forced to coexist together and banks will have to accept this.

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September 05, 2018, 01:50:19 AM
 #367

Banks are afraid of it because it will dominate the financial economy for sure. They can clearly see the future where they will even beg for people who has money to sign up to them because the world has shifted to the convenience of having a personal bank with bitcoin.

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September 05, 2018, 02:44:58 AM
 #368

Because banks are selfish. They are not favoring what can help the economy and they only think is about on how they make much more money from much more people to expand their business. The bank industry should respect what bitcoin can do and not as a threat.

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Gadhoh
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September 05, 2018, 01:54:34 PM
 #369

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.
Bitcoin products do not have adequate consumer protection rules. For that reason, if there is a loss, the user cannot file a claim, besides that there is a high risk of price volatility because the value is determined on the expectation of future supply and demand, speculative. Bitcoin technology is also cross border or can be used across countries and continents. This digital currency is not tied to banks or government and allows its users to shop without revealing their identity.
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September 05, 2018, 10:38:52 PM
 #370

The fact that Bitcoin is not printed and does not need a third party is something that the Bank does not like. So, it is easy to guess why the Bank attacked Bitcoin.

Banks are forces that print currencies that have embedded interests, they have and will always do everything to prevent alternatives that can damage existing power structures.
F_Ivanov1993_
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September 06, 2018, 02:50:38 PM
 #371

The most popular question, since many do not understand why banks are hindering bitcoin.
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September 06, 2018, 10:52:40 PM
 #372

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.
Yeah absolutely bank will always wanted to manipulate the the market place in a certain countries special in block market, now that  there's a new technology that would threat their unscrupulous system in which their aim is to acquire wealth more, as much ad possible they will make everything to pin down bitcoin and the blockchain.

Eyjeyy
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September 08, 2018, 04:36:12 AM
 #373

The reason why banks attacking bitcoin is because they're losing profits. Since bitcoin were use in transactions instead of banks. Bitcoin are become a competitor for banks. And bitcoin become the alternative way in any transaction which supposedly the banks will work for that.
Girlsbit
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September 09, 2018, 02:08:17 PM
 #374

Banks are removing so direct competitors.
DavidNiva
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September 15, 2018, 02:11:14 AM
 #375

Especially central banks are getting affected by the rise of cryptocurrency in the world today because many people choosing saving in their bitcoin wallet rather on bank, they rather risk their money on bitcoin than saving on banks because it is more affordable and efficient.
The choice of people to switch to saving money in bitcoin is very reasonable because in bitcoin there are no additional fees at all, we cannot find anything like this in any bank, bitcoin users are not burdened by any country system, in conventional banks which usually take a long time if they want to transact between countries, what if the destination country still does not support the banking system, in bitcoin everything becomes very easy and everything is very safe, which might be a reason for people to switch to saving their money in the form of bitcoin.
Gadhoh
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September 15, 2018, 08:47:47 AM
 #376

I'm sure banks are now trying to play catch up as well - it's pretty clear now that people are finding many banking fees just completely unreasonable.

The tipping point will probably come once banks figure out how to significantly profit without relying on the fees. Only then will they relent to the processing superiority of blockchain tech for banking.
because if bitcoin has been used anywhere, the bank will no longer be needed, and the future will continue to run and bitcoin is increasingly popular, because bitcoin does not involve a third person to transact like a bank.
laurakim
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September 15, 2018, 09:37:20 AM
 #377

It is true that they are afraid of the development of bitcoin. Bitcoin is used widely nowadays, with its advantages, people will no longer use bank
Danilotot
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September 15, 2018, 06:30:03 PM
 #378

because banks like the bitcoin do the currency, the only difference between them is their taxpayers' first cryptocurrency. because it has not been fully accepted by other countries. And secondly, this anger has been more invested in crypto than to enter their money into bank accounts. so the banks are so mad at it. in crypto.

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September 18, 2018, 07:17:07 AM
 #379

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.

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because of the loss of profit if they loss the profit they don't have invest,they are afraid of the development of bitcoin,bitcoin is used widely especily now,if bitcoin si popular and accepted to all country people will no longer used the bank
antonhuda
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September 21, 2018, 02:08:03 PM
 #380

If every country gives permission to bitcoin, the customer will run to bitcoin and the bank is only a place to exchange fiat which has only a small administrative fee. This is a threat in banking and without taxes.
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