Why Banks are attacking Bitcoin ?

[gayletot]

because we know that banks are also using the currency. so they do not want to lose their jobs. they know they have nothing against cryptocurrency. that's one reason why crypto is not legal in another country.

[skish85]

Because banks can lose a significant part of their consumers and, accordingly, their income will decrease.

[Tapyaks72]

Fund transfer can be much more effective, faster and cheaper, if it is done through crypto. And this can pose a serious problem for the banks. In case crypto captures the market share, then the major banks may witness a steep fall in their revenues.

We agree it or not traditional banking systems are considered a middle man that would control the economic activities in their favor.  Their investor will  only  received small interest while  the big part of the pie will go to the bank, crypto currency has the big impact to the banking system because it is a P2P and never have  control over it.

[saaux]

because they knew that when the country entered the crypto they would have no benefit in the country. especially the bank is like a crypto. That's also why countries do not want cryptocurrency.

[ibrar.noman]

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)

Bitcoin offers an alternative to the conventional, state-sanctioned banking system.Capital controls are supposed to be a thing of the past,The basic idea behind Bitcoin is to use a combination of public-key cryptography and peer-to-peer networking to create a virtual analogy of gold.

[Siti Nurbaya]

The possibility of a bank not being able to control consumers and this is that many customers will run to crypto, fear that what happens will have a negative impact on the bank, the losses can be many. Banks are not ready to do this, bitcoin has a high level of risk.

[skish85]

Currently, banks are beginning to cooperate with cryptocurrencies. I think that because of the popularity and benefits of cryptocurrencies, banks will be forced to adjust to the opinion of society.

[CoinPocket]

Banking sector leaders afraid to loose control of financial situtation in a country and manipulate society as a whole.

[savioroshan]

Banks are afraid of the growth of bitcoin and crypto world due to the ability of it to create digital forms of payment without any kind of hustles that are  imposed by bankers and governments. Latest price growth of bitcoins are also one of the reasons why banks are attacking crypto markets. Cross border payment is one advantage of digital currencies and also keeping the identity anonymous are some of the key features why the banks are against it.

[Danilotot]

because the banks are really angry with the crypto. We know that the bank is also a currency, they do not want to accept the bitcoin to enter the bank because it is illegal. that's what I read when I started crypto.

[Argoo]

Banks will strongly resist the introduction of cryptocurrency in our lives as long as the state does not legalize it. After legalization of cryptocurrency, banks will have to coexist with cryptocurrency and will even provide various services in it. State-owned banks are in smaller volumes, and commercial ones can even call more risky cryptocurrency services.
Cryptocurrency and banks will be forced to work together.

[KorakPawon]

I agree with your opinion. bitcoin and crypto are able to threat the existence of banks. Moreover,  banks have many kind of policy and procedural things that are complicated and not practical, so that people pay attention to bitcoin and start to love it. Simplicity and accessibility are what bitcoin offered to people. people tend to love simple thing rather than a complicated system. The reason why bank still working till today is just because people has been there using the system, which is mostly people use it widely.

[TheLoser]

Yes, blockchain technology allows you to transfer money anywhere in the world without intermediaries quickly and with a minimum Commission, and this is a very big advantage of bitcoin as a payment unit over banks . But a small percentage of people can use bitcoin, so I think that bitcoin will not replace Fiat money and the banks themselves soon .

[aryatrals]

Because banks are so afraid not just on bitcoin but in all cryptocurrency. If this thing will fully implement in the coming years well the profit of banks will reduce since we can easily transfer money around the world and a bit more faster.

maybe one of the main reasons for the loss of world banking control over money movements and loss of bank income from bank services to business people, maybe this always makes banks want to stop bitcoin, but all efforts are futile because bitcoin is global and banks are local and tends to be individual ...

[sambel90129]

It's a confirmation that they feel/are threatened by digital currencies, ad they would undermine their authority and control over money. That's why crypto is called decentralised.

maybe the bank doesn't want to lose their source of income because business people will use bitcoin in each of their transactions, for example money transfers that usually pass the services of banks and banks will attract transfer fees, this can be lost because of the bitcoin transfer money is free of charge, the second factor is currency exchange services with bitcoin businesses do not need to exchange their money into international currencies, namely dollars to be transferred to destination countries and in the destination countries are exchanged again, things like this do not happen in bitcoin, and there are so many things that will kill the banking services business in the world ..

[KorakPawon]

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)

It simply because banks want to destroy bitcoin before it destroys them. When Bitcoin becomes, the “people’s currency,” has the potential to become a new currency, free of the control of big governments and big banks.

[seggardinggins]

Honestly, it is not clear why banks need this, because they could still kill all Bitcoin activity in the beast, of course, Bitcoin is very weak now, and the news is bad, especially from China and India, I think everything should be fine, but it takes a lot of time.

maybe Bitcoin can threaten the bank so the bank attacks it, but I don't think this is the case. with a lot of bad news, investors are afraid and eventually leave Bitcoin or because they invest in something else and currently don't return to Bitcoin because Bitcoin is declining.

[Alex_Zi]

Banks don't like bitcoin (and other cryptocurrencies, especially private coins) for few reasons: no boards, no taxes, low fees, fast transactions, no limits. Banks just loses profits.

[Asian_Dynasty]

The most important reasons- money and control form goverment. With cryptocurrecny banks lose income from transactions and goverment will not know how much money you send to other people and how much money do you have.

[coldplay3r30]

Because banks are so afraid not just on bitcoin but in all cryptocurrency. If this thing will fully implement in the coming years well the profit of banks will reduce since we can easily transfer money around the world and a bit more faster.

right, banks don't want their money trees to be captured by bitcoin currencies, so they try to prevent bitcoin from developing, but the advances in technology that exist now cannot be dammed by anyone, so the steps that should be taken by the bank are merging and while working with bitcoin owners and perhaps also providing supporting facilities for bitcoin, this might be able to bring mutual benefits.