Why many banks hate cryptocurrency ?

[Pettuh4]

Most of the nbanks don't want competition and since they are being regulated by the central bank they would prefer an equal playing field with bitcoin for competition and since bitcoin is decentralized and that isn't possible they see it as a threat and are therefore fighting tooth and nail to oust it from the fiancial system.

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[Kelvinikke]

the only reason why banks don't like the technology of bitcoin and the whole blockchain technology is that it nullifies most of their operations. we all know transactions involving bitcoin does not need the work of central servers like banks. so i believe this is the reason why banks don't like bitcoin.

[klser]

I think banks hate cryptocurrencies, because they are afraid to lose  customers someday. Cryptocurrency has many advanges and people will start to use crypto insted of services of the banks.

[OrlandoLasso]

The Royal Bank of Canada has banned all of its clients from buying cryptocurrency.

[VeeraS]

I have seen many news about banks banning bitcoin from using. But I think bitcoin is a great technology and future assets, and its a great opportunity for banks also to use bitcoin as a contribution. My question is why does they ban it rather than use bitcoin ?

there are some things that make banks strictly forbid to engage in bitcoin let alone the current crypto industry. I think this is very natural, because banking is the basis of fiat currency. the problem is not to hate but to ban only. I think that's it

[Safebit.io]

For two reasons:

- They can't control it.
- Doing the legal paperword is a nightmare.

Both things will get solved one way or another, with time. The tech is too good to ignore.

[bitcoinman93]

Most of the nbanks don't want competition and since they are being regulated by the central bank they would prefer an equal playing field with bitcoin for competition and since bitcoin is decentralized and that isn't possible they see it as a threat and are therefore fighting tooth and nail to oust it from the fiancial system.

exactly. When that happens and equal playing field is set, bitcoin will easily speed through the banks leaving them miles in behind, that is why they're even more afraid I guess

[arnelandvik]

it is nothing more than the competition, though very difficult.

[jhache]

Most of the time the reason for banks banning crypto currency transactions is cause they say they don't know the source of the money and that it could have been an illegal transaction. Also crypto currency is something that threatens the monopoly of banks over money and banks would try to hinder the progress of crypto currencies as much as possible.

[raidarksword]

They hated bitcoin simply because they might afraid they lose customers, investors, and money as well. Bitcoin is the future currency and will replace banks soon and if that happen, then they cannot monopolize anymore and they lose huge profit and set backs.

[ericmalik]

in my opinion,they are scared. because digital currencies have been able to spoil the traditional financial system.

[tokenomics]

The only reason why I know on why banks hate cryptocurrency is the fact that they can't control the transactions. Also, there is no need of a middleman like banks who needs to be paid for the transaction to be completed. And ultimately, cryptocurrency process transactions within 10 minutes or less unlike banks.

[Escf4]

Many banks are haters of cryptocurrency because for them bitcoin is treat to their business, and government had no hold of bitcoin and banks consider cryptocurrency investments are competetor to their financial business.

[bitcoin31]

Bank hate bank because bitcoin using to send and recieve money. Because the bank user decrease because of the bitcoin many people use becayse it is easy where ever you are anytime and anytime. I don't know why other reason why bank hates cryptocurrency.

[Geljames28]

Banks hate cryptocurrency because of its possibility of bubbles and regulatory issues seen. They banned bitcoin because they are lack of understanding crypto and they don't have any desire to embrace the new market.

[Naughty Princess]

I have seen many news about banks banning bitcoin from using. But I think bitcoin is a great technology and future assets, and its a great opportunity for banks also to use bitcoin as a contribution. My question is why does they ban it rather than use bitcoin ?

a lot of news we see bitcoin as a means for crime, maybe that's the reason why many are rejecting bitcoin, while banks can not accept bitcoin because we also know bitcoin can do transaction without any tax and without any third party that is bank officially issued the legal and official currency as the transaction

Banks are afraid that they can lose and close in the future because there can be transactions made with less fee. They do not want to accept bitcoin because they do not know the process on it and do not see the profit can get but there is no reason for that because many of the investors want to put there savings on the bank for it to be more secure rather than placing it on online wallet.

[Denker]

They hated bitcoin simply because they might afraid they lose customers, investors, and money as well. Bitcoin is the future currency and will replace banks soon and if that happen, then they cannot monopolize anymore and they lose huge profit and set backs.

No Bitcoin or crypto in general will not replace the banks.
But it will some significant portion of their cake, that's for sure. And therefore banks will have to adjust their business models.
Furthermore Bitcoin will people educate how our actual financial system works and how banks are profiting from it in a huge way! Bitcoin offers an alternative to this system. It's the first time that people have a real choice! For instance save in Bitcoin and spend with fiat!

[dodz031718]

Many banks have begun to integrate the blockchain system into their systems. It's a big step for technology.Banks do not like the crypto exchange for this reason. We learned the blockchain system through the crypto stock exchange.This is a sign that bitcoin is a threat to the banking system since bitcoin wants to replace the banks with bitcoin wallets.

[doodle07]

Cryptocurrency is a big threat to banks because of the fact that it would lessen costumers and just because cryptocurrency is decentralized, banks are threatened. Its not they hate cryptocurrency but its the competition that occur. Now, many have switched to cryptocurrency because of the accessibility that banks could not offer. Banks should learn how to deal with cryptocurrency for them to survive because cryptocurrency will be and definitely be the currency of this era.

[jchav010101]

One of the reasons it's because more and more people are getting into bitcoin which shows bitcoin as a great competitor and banks banning bitcoin will make them still superior over bitcoin.Banks will lose their popularity and bankers get less money to play with.We just need to familiarise ourselves with the various ways on securing and backing up our bitcoin wallet to ensure it is safe in the bank.