Why many banks hate cryptocurrency ?

[altcoinanalyst1]

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 ?

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[dillpicklechips]

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 ?

Actually, banks wants to ban using bitcoin because they can see it as a competitor not a contributor. As time goes by bitcoin is slowly becoming popular worldwide because of its purpose, benefits and advantages that's why it attracts more users. And banks was threatened bybthis because they think if people starts to embrace this they wil slowly be forgotten by anyone and replace them.

[franky1]

banks dont hate crypto

banks themselves are actually making their own cryptocurrencies (research hyperledger). this will reduce their maintenance/auditing and scurity  internal costs.

for a bank. all they see is a crypto buyer has fiat. and transfers fiat into someone elses account so that the buyer can get crypto.
no fiat is destroyed/taken out of circulation. its just fiat movements between one account to another much like buying an apple iphone or doing grocery shopping. so it does not affect FIAT

banks are still covered by legal tender, minimum wage and tax laws and so fiat will still circulate. so again banks dont care about crypto being a threat.

the majority of "bans" are not about stopping banking customers. but are REMINDER memo''s from government for a bank themselves to not offer a in bankbranch teller counter for crypto, not offer a BTM in a bank branch. and to continue to just handle fiat. this is the same laws that have been around for decades and why you dont see a bank selling baked beans, teddybears and toilet role. because a banks job is fiat. a banks 'product' is fiat.

but this does not mean citizens cannot hold or use currencies from different countries/colonies/communities.

[bitfocus]

as crypto goes mainstream, banks are trying to get along with it - they will switch to their own crypto and blockchain very soon. Already banks like HSBC are already deep into blockchain.

[ajochems]

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 ?

Answer is very simple.They had a fear of bitcoin replace them.One of the base reason bitcoin creation is,to replace the bank .Now a days ,huge transaction is made with the help of bitcoin.To transfer huge FIAT of large distance take more time.But you can transfer equivalent bitcoin in 30 minutes maximum.

[SilentBeat]

bitcoin has been on demand and continuously emerging . and i think one of the reasons why is 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.

[CottonGuy]

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 ?

They don't hate cryptocurrency, there are just some people who doesn't believe in the technology because they know nothing about it.

[boakyei]

Bitcoins will replace them and take away their clients, because it is clear that the freedom and the advantages of bitcoins is far better than holding your finance with the banks. This fear is the reason banks don't want to adopt it as part of their services.

[Itty Bitty]

To be brutally honest, but not intentionally mean, most bankers don't have much tech background, and have probably never read a white paper in their lives, regardless of what fine institution they may have graduated from. They are in as far over their heads regarding bitcoin, as most tech-oriented bitcoiners are in over their heads in the ways of Wall Street. It will probably take quite a while for this mega-gap of background/knowledge to converge

[Crypdon]

Bitcoin gives you independence. You control your own finance and secure it yourself, this means banks will lose their popularity and bankers get less money to play with. You just need to familiarise yourself with the various ways of securing and backing up your bitcoin wallet to ensure it's as safe a a bank.

[cosmicart]

Why wouldn't banks hate bitcoin, when people do not keep their money in banks again, no money for them to do business with. people leave their money in bitcoin investments so they make profit

[Xester]

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 is made as a decentralized currency wherein it is design to make the unbanked people to have a bank.  But the bank that I am talking about is the bitcoin wallet itself. Bitcoin is a revolution against the unfair and unjust banking practices and the more people joining bitcoin the lesser the people who are going to banks. This is a sign that bitcoin is a threat to the banking system since bitcoin wants to replace the banks with bitcoin wallets.

[pekavcilar01]

Crypto money transfers are both fast and cheap.
Banks do not like the crypto exchange for this reason. We learned the blockchain system through the crypto stock exchange.
Many banks have begun to integrate the blockchain system into their systems. It's a big step for technology.

[Hinugh]

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 ?

Banks hate crytocurrency because they cannot control as this moment ,like the government cant control as well. All the banks cant make any program that will connect them to crytocurrency,as they need the approval from the government. So they think cryptocurrency as competitor.

[Bugcoin5]

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 ?

Because Decentralised applications will create waves and have their issues with governance inherent to their nature, but centralised crypto currency will be more exacting and business focussed and develop within and on the edge of the traditional realms of finance.As far as banks are concerned this is just another technology to implement and take advantage of. The use of blockchain tech inside banks with R3 or with Blythe Masters and her new start up will really only encourage efficiencies and allow for staff cuts to be made thinning out the mid and back offices.

[Fakhri1907]

Because if someone use bitcoin, it will be harder for banks to control the money, because that person can easily move his money through the blockchain.

[mersal]

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 ?

I think the main reason for that is the value if it continues it will change a lot of things in world economy if it goes against banks the banks will get into losses that's why they oppose bitcoin.

[Genamant]

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 ?

Because bitcoin lessens their investors. Many of them. Switched to investing in bitcoin and it lessens their profit as they make money using people's money to release loans and make profit from interest.

[dimonstration]

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 ?

Actually, banks wants to ban using bitcoin because they can see it as a competitor not a contributor. As time goes by bitcoin is slowly becoming popular worldwide because of its purpose, benefits and advantages that's why it attracts more users. And banks was threatened bybthis because they think if people starts to embrace this they wil slowly be forgotten by anyone and replace them.

true and bank dont want to let this happen that is why they hate bitcoin for , cause this is not a helpful thing for them to take on cause more and more people may have to take this currency that make support on it than in bank that look to be as an old style , of course a lot of people want to try something new just like this.

[Menawikitajodohkok]

if that's for sure. if we look at the presence of bitcoin some people prefer to keep their money in bitcoin rather than store in the Bank. they also prefer to make transactions using the bitcoin system rather than via the Bank .