Banks admit they fear BTC

[usam_coiner]

Wow! So that was confirmed directly from their own mouth? This really a good news for us because this shows how cryptocurrency is growing to the point that banks are not able to hold their emotion and announcing their fear for it. I can not hold myself laughing by while reading this because of the excitement feeling due to the confidence which was being built more my trust for cryptos. A great hit to silent those fake news bringers.

yeah people now know the reality of banks that they are only working for their own business they have nothing t do with quality of life of customers and i think bitcoin provide large variety of benefits which can give an epic life ahead,

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[Harlot]

It is just one Central Bank of a country, it has not proven anything. After all what they have been showing in their youtube video is all true and nothing exaggerated has been shown. For me it doesn't look like a video which purposely attack Bitcoin. But to me it is a video which serves as a warning for their citizens on using cryptocurrency. Looking at how the guy didn't have fiat currency which resulted for his date to pay is an embarrassing thing to see, which could be a reality in Poland where only a few business establishments are accepting Bitcoin.

[The Lone Predator]

Of course they are scared! As someone stated, "Bitcoin will do to the banks what e-mail did to the post industry. It will disrupt the whole system and it is just a matter of time!!!"

[johnnythunder]

making counterfeit news to dishonor the crypto isn't new that is the reason it is vital that this news is shared to our gathering. Also, along these lines, Central bank has a great deal of motivations to have profound worry with the present improvement in digital currency. More individuals are getting mindful of the advantages of having a crypto contrast with customary cash (fiat). The good thing with crypto is it is decentralized with nobody controlling it cost and genuinely a progressive monetary framework

[crisasimo10]

BTC itself is central bank, BTC is money!

Banks are naturally afraid of competition, which will bring new competition to financial markets and replace some of the Banks' businesses!

Less banking means less profit!

Right. Being in crypto, we are our own bank. So its obvious that banks doesn't like bitcoin because they are going to lose potential profits from it. Imagine people not going into the usual route when moving money around. That's billions of dollars getting out of their hands.

So to eliminate competition, they will attack it. They are waging wars against bitcoin now and I think it will be a continuing battle. But bitcoin will not eliminate banks, and it has no intention to do in the future.

I agree with you,  and aside from the reason that they don't want competition and that they would lose a big portion of profit, that fact that they can't manipulate it is really a big deal for them.

[marcuslong]

It is just one Central Bank of a country, it has not proven anything. After all what they have been showing in their youtube video is all true and nothing exaggerated has been shown. For me it doesn't look like a video which purposely attack Bitcoin. But to me it is a video which serves as a warning for their citizens on using cryptocurrency. Looking at how the guy didn't have fiat currency which resulted for his date to pay is an embarrassing thing to see, which could be a reality in Poland where only a few business establishments are accepting Bitcoin.

Traditional banking system has been worked on for decades,it is already established, and payments from any major cards (credit/debit) and cash are accepted almost everywhere. Use of cash does not also require an internet connection. Speaking of disadvantages, bank fees can be expensive, lack of transparency on how system runs, inflation slowly can gradually destroy value of held cash. Whereas in the bitcoin world,it is a decentralized digital currency, and in the fast-pacing world of technology it makes it more convenient and comfortable to access it in any part of the world you are and transparency is there wherever you want it at the same time it's cheap to send transactions with no extra charges.

[warrior333]

It is just one Central Bank of a country, it has not proven anything. After all what they have been showing in their youtube video is all true and nothing exaggerated has been shown. For me it doesn't look like a video which purposely attack Bitcoin. But to me it is a video which serves as a warning for their citizens on using cryptocurrency. Looking at how the guy didn't have fiat currency which resulted for his date to pay is an embarrassing thing to see, which could be a reality in Poland where only a few business establishments are accepting Bitcoin.

Traditional banking system has been worked on for decades,it is already established, and payments from any major cards (credit/debit) and cash are accepted almost everywhere. Use of cash does not also require an internet connection. Speaking of disadvantages, bank fees can be expensive, lack of transparency on how system runs, inflation slowly can gradually destroy value of held cash. Whereas in the bitcoin world,it is a decentralized digital currency, and in the fast-pacing world of technology it makes it more convenient and comfortable to access it in any part of the world you are and transparency is there wherever you want it at the same time it's cheap to send transactions with no extra charges.

It seems to me that the amount of Bank charges is not very large. The main problem is that Fiat and crypto currencies are used in different economies. This stimulates the outflow of Fiat from the banking sector and destroys their traditional ways of earning. This threatens the collapse of the banking system and great problems in the economy.I think the economic wars between banks and cryptocurrency are just beginning.

[fulmetal08larz]

It is because they know they could lose funds and they fear what they do not understand. The evolution of our monetary system should be embraced by them because they should know that our generation is now living towards technological advancement and blockchain technology pioneered by BTC could be utilized to gain people's trust in managing their funds.

[Cryptoproff]

believe that the bank will not show fear on bitcoin because bitcoin has no taxes while bank is already been taxes from the start.

[grabpopcorn536]

This is an old story, perhaps everyone knows it already if the bank / government has long attacked crypto but her efforts never work, because they know the bitcoin power isn't really on Bitcoin itself, but lies in its users.

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.

True, it seems they don't want to if the community moves alone, without their bank.

Perhaps this story is well known, but we can not take these banks to accept Bitcoin, it can be seen that the influence of Bitcoin on the degradation of banks is so large Bitcoin, which has so many weak economies, cannot meet Bitcoin's market demand.

[liseff3]

making counterfeit news to dishonor the crypto isn't new that is the reason it is vital that this news is shared to our gathering.

This is an old story, perhaps everyone knows it already if the bank / government has long attacked crypto but her efforts never work, because they know the bitcoin power isn't really on Bitcoin itself, but lies in its users.

The good thing with crypto is it is decentralized with nobody controlling it cost and genuinely a progressive monetary framework

Who says no one is in control of the fee please does case studies, transfer your bitcoin no matter how big, is it true there is no charge?...

[AimHigh]

Yes you are right and sometimes banks are the one who didn't accept or against on bitcoin so if the  owners of many banks was against on it i think this is one of the reason why rhe government banned or not approve bitcoin because pf the influence of money because banks know that the bitcoin was a big threat to there business and i think if bitcoin will be our currency many banks will be down.

[rickadone]

They cant beat BTC so they find a way in Ripple. But most people now understands the power of decentralization and hence the rise of BTC,

That would even be the worst mistake ever, considering the history of ripple. Decentralization is here to stay, sure there would be some monopoly here and there which we are already seeing in the market, but the idea of decentralization makes it worth it a lot and the fact that the banks are losing out on the centralization power makes it even more appealing.

They would end up begging us to give them job and save no matter how little when the time comes.

Fears of banks is pretty obvious they have always been scared and know the implication of that for me. Come to think of it, my bank has been giving me some good interest on my savings recently, which has not really been something I have seen much from the past, and also, I keep getting the message of doing international transactions and getting some benefits. It seems they are really beginning to see how the power is leaving their hands.

Big big thanks to Satoshi.

[pelipurlara]

they should be afraid of the threat of cryptocurrency that could make the bank less desirable. but instead of taking shelter under such fears, some of the world's banks decided to adopt cryptocurrency into the banking system so that they did not miss the digital transaction technology created by cryptocurrency. Similar things happen to online public transport that is currently marked. The public transport riders inevitably have to collaborate with the online system if they want to keep bringing in passengers.

A Government Bank may block someone's account if they do not have access to person information about the transaction. Because the blockchain technology we can do anything we want in the world of crypto.that makes crypto feared by the bank and my government that the problem of privacy and anonymity. Because the creation of a crypto wallet requires little or no personal information about yourself.

[Bustart]

They cant beat BTC so they find a way in Ripple. But most people now understands the power of decentralization and hence the rise of BTC,

That would even be the worst mistake ever, considering the history of ripple. Decentralization is here to stay, sure there would be some monopoly here and there which we are already seeing in the market, but the idea of decentralization makes it worth it a lot and the fact that the banks are losing out on the centralization power makes it even more appealing.

They would end up begging us to give them job and save no matter how little when the time comes.

Fears of banks is pretty obvious they have always been scared and know the implication of that for me. Come to think of it, my bank has been giving me some good interest on my savings recently, which has not really been something I have seen much from the past, and also, I keep getting the message of doing international transactions and getting some benefits. It seems they are really beginning to see how the power is leaving their hands.

Big big thanks to Satoshi.

Bitcoin has now become a threat to banks and other sectors, despite its decentralization it also provides a lot of pros. It does not consume time as you don't need to visit banks to check balances and can access accounts readily and easily from anywhere and anytime by the use of internet.

[Hell-raiser]

Of course they are scared! As someone stated, "Bitcoin will do to the banks what e-mail did to the post industry. It will disrupt the whole system and it is just a matter of time!!!"

Yeah, some banks won't make it to the finish line. But still, email may have affected the post industry to a degree, though the telephone did the same or even more than that long before it. Neither killed this industry. We still have to use the post services to receive orders from online shops or whatever. Cryptocurrencies will compete with the banking industry, but personally, I don't think they will kill it just like Visa and Mastercard didn't kill it either. Loans in crypto are not very popular and widespread given the present levels of volatility, and that's unlikely to change in the near future. Thus, banks will stick around for some time.

[Delivey]

If your adversaries are stronger than you, it is better to join their side. Banks are trying to take over cryptocurrency.

[awawo]

Well this is an old story, but at that it is very obvious that the bank and the government will be against bitcoin and other cryptocurrencies because the bank and the government sees bitcoin at a threat to they existence because the role that bitcoin is playing in the life of the people is far more advance then the role the bank and government plays in our life. e.g bitcoin offer us full authority over our financial life.

[Aikidoka]

They do not only fear BTC, they also fear all the other cryptocurrency because once bitcoin is replaced by another crypto, it surely will be threat to the banks, followed by the economy, then the country. That is why many countries are banning the use of cyrptocurrency. I really respect these people who are against the corrupted governments. They always try to find a way to make a living on their own because their governments was not fair to them.

[carlfebz2]

Of course they are scared! As someone stated, "Bitcoin will do to the banks what e-mail did to the post industry. It will disrupt the whole system and it is just a matter of time!!!"

Yeah, some banks won't make it to the finish line. But still, email may have affected the post industry to a degree, though the telephone did the same or even more than that long before it. Neither killed this industry. We still have to use the post services to receive orders from online shops or whatever. Cryptocurrencies will compete with the banking industry, but personally, I don't think they will kill it just like Visa and Mastercard didn't kill it either. Loans in crypto are not very popular and widespread given the present levels of volatility, and that's unlikely to change in the near future. Thus, banks will stick around for some time.

Not would just stick for sometime but they would retain on their places on forever and as long theres a government it wont be easily derailed and lots of people do still believe on these institutions when it comes on money security, traditional transactions that most people do know and the convenience that it gives.We all know adoption isn't still at full extent when it comes to bitcoin and if coming to a point on where all people is already aware on bitcoins existence then we cant say on what would totally happen.