Banks admit they fear BTC

[Nylelyn]

Bitcoin can really be a threat to bank institutions not only because of the immense popularity but due to innovative advancement that changes the traditional practice in terms of banking and money handling. The development of bitcoin has open the eyes of people they can do their own banking at the comfort of their home and does not need bank services.  Bitcoin is a better high profit investment unlike bank time deposits in which interest are very low,  digital wallet allows users to pay and transfer anytime and anywhere. Therefore,  people might need banks lesser. They fear btc because they know that with its highest technology and popularity,  bitcoin may grow bigger since people support it due to the fact that they earn big amount from it.

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[sampalokmix]

Banks neglected Bitcoin & Blockchain innovation for a while; now they are starting to awake all of a sudden.

As the time shows, this won't change the history of their inevitable collapse.

I agree with this, the basic I see why Bitcoin was being feared by the backs because the profit will not end to their hands, the people will dependently invest in Bitcoin which is a competition to the banks cause the money of the poeple will definitely grow unlile to them you have to wait for years for you to have the interest but still in lower state of price.

[ss890]

Yeah the propaganda was made up thing from he government side and they have already learnt the lesson for it. This fishy stuff was very popular in my country until the budget 2018 was finalised and then government agreed on the use of the block chain technology within the country. As far as I know, my country is already fear some about the whole idea of crypto currency and they think that it will increase the black market within our country in enormous ways. But after the shockingly good news I believe that everything will be in our hands now on how to use the bitcoin and what ways can be taken out for that purpose. The government is not going to interfere into it but they going to invest into it. After all they know the beauty of crypto currency now.

[scorilo]

that's why they should stop the fight with the cryptos and try to create a solution for it to make a bridge between banks and crypto.

[1Referee]

I see why Bitcoin was being feared by the backs because the profit will not end to their hands, the people will dependently invest in Bitcoin which is a competition to the banks cause the money of the poeple will definitely grow unlile to them you have to wait for years for you to have the interest but still in lower state of price.

It has nothing to do with profits at all. Bitcoin = banks are obsolete, unneeded, don't serve their main purpose anymore, etc. Don't forget that banks are also an extension (slave) of the government in terms of localizing wealth, potentially prohibiting someone from being able to create a bank account, stealing people's money in form of a haircut, etc. In other words, it doesn't only impact banks, but indirectly also the government. It's safe to say that the far majority of our wealth maintaining and transacting happens within centralized ecosystems provided by financial institutions. It's a shocking fact that not many people here seem to think about, and also don't give Bitcoin the credits for offering people so much financial freedom.

[Ilegendph]

Now that its confirmed. I guess bitcoin and other cryptocurrency will rise once again. This bad news that appears lately seems to be a "manipulation" to the industry. But also lately, there are news like samsung will make hardware to support btc mining, china will not totally ban bitcoin (They are dong this periodically -_-) etc can make the whole industry be healthy and benefit as much people as it can.

[pogiparin]

Banks are scared because it could cause them to raise the inflation rates since people are having too much money that are non-taxable. This could create a market where money would have no value since the supply of money is really high. Banks are not scared because they would have a competitor, but they are scared for the welfare of the people.

[JainaVsUther]

This is incredible. This is direct evidence for the masses that criminal banking cartels are holding the western world hostage. Hopefully this will backfire heavily in some way.

[Lionel]

This is incredible. This is direct evidence for the masses that criminal banking cartels are holding the western world hostage. Hopefully this will backfire heavily in some way.

Yes it will backfire, as more and more people is moving their money from the bank to crypto and they are holding it.

The only thing it is missing is: too many are holding crypto on centralized and risky wallets and exchanges like Blockchain.info or Bitstamp, instead of holding crypto in their local computers.
It's better to use an official wallet client or Electrum, than leaving money on an exchange as the latter can be seized/robbed by the gov.

More people should understand that

[meshow1]

https://cointelegraph.com/news/polish-central-bank-secretly-funds-anti-crypto-youtube-propaganda-videos

Something i have been suspecting for a long time, now it has been officially confirmed.

Banks and governments have been investing in fake news to discredit the cryptocurrencies, because cryptos can save us from poverty and slavery.

The news against BTC indeed seem terror messages made on purpose.
There have been too many ,too frequent and too aggressive fake news, and i felt like something is fishy about them.

Bitcoin is a way of letting common people have their own money in their hands like normal cash, and exchange money with other people directly from remote (that is a plus compared to cash ).

This is good for us, not for the evil ones.
Our beloved gov guys prefer us to put our money on a bank account, which is like we are lending them our money and hope we will see it again.
That is also why the govs are trying to reduce or ban normal cash ( e.g. read this https://www.zerohedge.com/news/2016-12-14/real-reason-elites-want-ban-cash , or this http://moneywise411.com/government-attempts-to-ban-cash-whats-most-disturbing-is-why-theyre-doing-it/ ).


Go crypto and HODL my friends.
They fear crypto because it can save us

It is not like we needed confirmation after all it is just common sense, this is also why taxi drivers hate uber, they hate the competition, in my country uber is cheaper and offers a better service and then the government tried to ban it to protect the taxi drivers but they realized it was useless and now they charge a small tax to every ride and even with that uber is still cheaper, this is the same except we have banks but the overall concept is the same.

For yes banks have hear of bitcoin because of those possibly scammers and crypto users who wants to get rid other people from their accounts and also it threathens  them because people will forget to invest in their banks because some people nowadays are considering to invest to bitcoin.

[Lionel]

Banks are scared because it could cause them to raise the inflation rates since people are having too much money that are non-taxable. This could create a market where money would have no value since the supply of money is really high. Banks are not scared because they would have a competitor, but they are scared for the welfare of the people.

Those are the typical excuses they tell you. Are they really worried for your well being? Come on.

We are paying these insane taxes to pay the public debt, but the public debt is just something they invented out of nothing!
Have you watched the Zeigest movie? Go watch it and come back

[fiulpro]

I don't think they needed to admit it ..

Because no matter how big the news it .. it generally disappears after a while if it's fake.!

Banks and the other government sectors were loosing potential investors and that caused them a lots of problem over the time ..

Their role wasn't as prominent as it was before and the government were loosing their dominance .

Take the case of China .. !
We can clearly see how government banned the Bitcoins just cuz more and more people were getting freed !

[Idrisu]

The founding father of bitcoin said "we should not be afraid of governments but governments should be afraid of us" this is what you see happening, bitcoin is going to take the place of bankers in our society in future. Bitcoin is going to take their jobs and you should not think that governments and bankers are going to be happy about it.

[Lionel]

Banks and governments have been investing in fake news to discredit the cryptocurrencies, because cryptos can save us from poverty and slavery.

That's a rather extreme view if you ask me. The realist in me says that the biggest reason is that they won't be able to make money off of us anymore, and that their influence over us will plummet. I guess I understand the overall libertarian sentiment though.

I was also curious about your links so I tried to dig around:

http://moneywise411.com/government-attempts-to-ban-cash-whats-most-disturbing-is-why-theyre-doing-it

This one seems to have been misinterpreted. Here is an explanation as to where the misunderstanding came from, and what the bill is truly about:

https://www.snopes.com/politics/business/cashillegal.asp

https://www.zerohedge.com/news/2016-12-14/real-reason-elites-want-ban-cash

This one I'd really rather not trust because it tells you to visit this link:

http://phoenixcapitalmarketing.com/cash.html (looks shady, click at your own risk)

...and is basically a marketing article.

Still, bottom line is that banks are afraid, and they currently face a future in which they have to choose over adapting or dying.

Thanks for the insight.
Ok those links were not 100% appropriate, but you don't need to read the internet to see they are trying to eliminate cash.

If you live in a Western country you know they are forcing the merchants to :
- have a POS device in their shop (and this already costs money just for installing it, plus a yearly fee AFAIK)
- only accept debit/credit card payments for amounts over a limit ( typically 1000 USD/EUR or even less )

This will hinder the people who want to use cash in the shops. They must pay via a bank if the purchase is medium/big.
And i am talking about all merchants, even if you sell just coffees you must have a POS.
Their goal seems clear

Also, the 95% of the world's money today is not in cash, but in the banks

[pallang]

Is it a fake news or a fact and i think if this will happen there will be a rivalry between banks and crypto currency or maybe a war and this will affect the government.

[Nick Abimanyu]

https://cointelegraph.com/news/polish-central-bank-secretly-funds-anti-crypto-youtube-propaganda-videos

Something i have been suspecting for a long time, now it has been officially confirmed.

Banks and governments have been investing in fake news to discredit the cryptocurrencies, because cryptos can save us from poverty and slavery.

The news against BTC indeed seem terror messages made on purpose.
There have been too many, too frequent and too aggressive fake news, and i felt like something is fishy about them.

Bitcoin is a way of letting common people have their own money in their hands like normal cash, and exchange money^[1] with other people directly from remote (that is a plus compared to cash ).

This is good for us, not for the evil ones.
Our beloved gov guys prefer us to put our money in a bank account, which is like we are lending them our money and hope we will see it again.
That is also why the govs are trying to reduce or ban normal cash ( e.g. read this https://www.zerohedge.com/news/2016-12-14/real-reason-elites-want-ban-cash , or this http://moneywise411.com/government-attempts-to-ban-cash-whats-most-disturbing-is-why-theyre-doing-it/ ).


Go crypto and HODL my friends.
They fear crypto because it can save us



---
[1] With "exchanging money" i don't mean just forex trading, but all commercial exchanges like buying goods directly from other people
---

After I read your post as if you have opened my eyes. It turns out that the country we love so far uses the law and the bad rules to its citizens.
Indirectly they have given punishment to their people to be their slaves for as long as they want. How long does the government do this injustice continue?

Bitcoin is the best financial solution and has benefited us a lot especially for the poor. Meanwhile, our government treats bitcoin like counterfeit money, so for the existence of bitcoin alone our government is reluctant to admit it.

[mrcash02]

If you live in a Western country you know they are forcing the merchants to :
- have a POS device in their shop (and this already costs money just for installing it, plus a yearly fee AFAIK)
- only accept debit/credit card payments for amounts over a limit ( typically 1000 USD/EUR or even less )

Plus, there are already countries inhibiting developers to launch their Crypto-Currency projects. Now if you want to be a developer and launch you ICO in Russia you need at least $1.700.000 and a government's license, just to start... They are just trying to turn Crypto-Currency into fiat's system. If you have a lot of money and a good relationship with the government you are fine, otherwise...

Step by step they try to make Crypto-Currency more similar to fiat.

[andreijoaquin]

Banks are number one affected when crypto currencies are introduce especially that online wallets have features more than a bank can offers, government on the other hand has problem with regards to imposing tax to bitcoin earnings as well as tracing transactions to know if it is illegal or not. These are the reason why both banks and government don't want to have bitcoin as a legal tender and try to regulate it but unfortunately they can't.

[uozer]

This is truly not an understatement. Many Bankers are getting to understand that BTC with the Block chain technology is the best option, where people can actually be in control of their fund without necessarily needing the middle men assistance. Fear engulfed them because if it is widely accepted, some of them would be wiped out of engagement and their operation mode forcing their customers paying outrageous interest on services rendered to them at their own advantage which is irrational shall be barely reduced.

[xuan87]

Well this is an interesting news, central bank supposed to be not afraid of crypto because both of them serve a different purpose and central bank got more power than crypto, but maybe because the bank can't stop the influence and the impact of the crypto that is why they afraid of it, and it is good to see crypto can save somebody from poverty