Why many banks hate cryptocurrency ?

[Dark_raven007]

This is still forbidden, but they will not be in the near future. For them it will be profitable. Just still thinking about how to enter it all.

[1714022161]

1714022161

[1714022161]

1714022161

[1714022161]

1714022161

[1714022161]

1714022161

[gabmen]

Because banks are threatened by the cryptocurrency system wherein its features may suggest that we would no longer need banks in the future. If we will think about it, there are a lot of factors wherein we could actually consider not using banks anymore since we can store our tokens/money on line via crypto wallets. Plus it is more convenient compared to banks. So banks are rallying against crypto due to this reason.

Right. Banks have power while they're holding our money for us. They have control. With btc, it's giving back people control over their money. Think about it. Some banks won't allow you to buy bitcoin even through your debit card which, should be entirely up to you where you want to use it. They know that time will come when people will realize this.

[vnck25]

I guess many banks hate cryptocurrencies. But the fact of the matter is that many people don't know the power of cryptocurrencies as well as using electronics wallets, public and private keys, these are all jargon for general public. I believe that since cryptocurrencies do not have any sort of customer support many will still use banks. On top of that banks may come up with their own cryptocurrency ( which would be obviously centralized) added with customer support of their clients. The may negatively impact the actual use and principles of cryptocurrency.

[Jimbo Abu]

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 ?

so they do not want to be here because there are many who want to invest in bitcoin and use wallets that have them because their money is growing and they are not afraid to lose their money because they hold themselves.

[gaidarpop]

If you had a general store and  a new store opened up with unique features and then eat up your business. Will you love that new store ?

[ajuelnah akun]

Banks hate bitcoin because banks can not manage bitcoin, just like the government. They are also disappointed because they can not manage the taxes of every bitcoin user.
And in this case the bank does not get a profit unless there is exchange of bitcoin with fiat money.

[Turkish88]

by simple reason what the peoples can send money to any continent without banks.
If this transactoins will popular banks lost 90% of their customers

[greenvally]

The banks hate cryptocurrency because they are seeing that cryptos are becoming very famous gradually and can someday become more popular than traditional currency. Besides they face difficulties because of the inconsistent nature of bitcoin and this is may be the reason of their such hatred.

[cherryfer]

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 ?

Obviously they are loosing many assets, profit, wealth and most especially credibility if Bitcoin operated in the whole world, imagine Bitcoin is using only one person who manipulate their wealth without any representative to hold and sign bla!bla!bla... Bitcoin is Decentralized Digital Virtual Currency using new high technology method using only gadget such cellphone and Computer, Processing with a minute transaction has been done. that's the big difference between the Bank and Virtual Currency that's why bank are really hate Bitcoin.

[Roberttran]

bitcoin is a peer-to-peer protocol.  When trading exchanges are not through intermediaries.  that bank is the best intermediary.  If bitcoin is widely accepted then bitcoin will kill the traditional bank.

[poisonivy77]

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 a lot of reasons why bitcoins are not the official currency the banks uses. first and foremost is because bitcoin is not centralized some government do not accept this kind of currency thus it would be hard for many adapt to its changes.

[ajoygb]

Cryptocurrency is the easiest transactions you will made because where ever you are you can pay your purchase through internet transactions while in bank you must go to the banks inorder to withdraw cash for payments.

[wndrbr3d]

Banks lose their profit & income if people use cryptocurrencies (for sending money for example). But in some cases it is much convenient to use cryptocurrencies instead of using bank`s services (low fees + fast transactions).

[Jessica1234]

Bitcoin wallet is a big threat to banks because who needs a bank when you have an electronic wallet already? When all people will be using bitcoin wallet, many banks will declare bankruptcy. People will pay bills and shop online thru bitcoin wallet and not thru banks.

[wengden]

Yeah! Banks really hate bitcoin. Why?. Bitcoin is anti world bank. It is easy to save money in bitcoin than in banks.
If all people will save their money in bitcoin, all banks in the world will go down and will vanish.
As we all know, all income of banks come from us.

[bmirror83]

They actually afraid of being the focus of the governments. They have been charged for their actions. If governments cannot control the transactions, they will apply sanctions on banks.

[vakie1]

Banks and Cryptocurrency are used to exchange money...

[7Dyoknga5]

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 ?

Bitcoin serves as an Electronic currency which can be used to transact online. Some business establishment/stores have been accepting it as well thus making the banks profits lesser. Banks earn if their services is used tru debit card, credit card or simply depositing.

[olatslodi]

Banks hate cryptocurrency because they can not manage the taxes of every bitcoin user. Bitcoin is Decentralized Digital Virtual Currency using new high technology method using only gadget such cellphone and Computer, Processing with a minute transaction has been done. In some cases it is much convenient to use cryptocurrencies instead of using banks services with low fees and fast transactions.

[nhattori27]

As bitcoin is getting popular day by day, they think it would be a great threat to their business in future.