Why many banks hate cryptocurrency ?

[Chrystora123]

of course due to Business competition...currently, banks that use paper-based systems feel threatened by the advent of Blockchain technology, Blockchain automatically reduces their power to control the customer's funds...

[doublecoins]

banks don't like decentralized nature of people owning money or else asset so they will shower their hate on cryptocurrency but sooner or later we should realize banks are also dependent on cryptocurrencies

[blueman8331]

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 people instead of holding money in banks, would prefer to hold their capital in Bitcoin.
Similarly, people prefer using bitcoin instead of transferring money through banks.

[PlatinumCryptoServices]

I think a lot of banks are embracing it to be honest, regulations are coming in, and im not going to shill anything, but there are a few promising projects which are gearing up towards introducing institutional money, investment operations and banks will go along with that ethos.

[abiola1]

Decentralised cryptocurrencies such as Bitcoin, which work using blockchain technology, allow users to trade directly with each other without the need for a middleman. In today’s modern day commercial bank usually takes on the role of the middleman.

[Geemy]

Because these currencies are quick in the transfer and also a very small commission compared to the bank and also safe and now there are some sites safer than ever and the main idea in the speed

[Chaki]

One thing for sure they hate losing to something they know it's too big for them to beat, some think only that cryptocurrency is just about the competition that they can't see the real significance of this matter that it can help them with the more faster transaction.

[icomap24]

The banks are like a telegraph office or a telephone exchange in the 20th century.  In order to transmit an urgent message it was necessary to go to the telegraph office or a post office. It was necessary to go to a telephone exchange to make long-distance or international calls.

[EGOR EXACT]

I think that over time some banks will take as an experiment a crypto currency, but it will take a long time.

[pitiflin]

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 cannot ban bitcoin,what the hell are you talking about. Hell even countries can't ban bitcoin,they can ban the services that use bitcoin,they can ban the exchanges and other crypto-related firms from operating in a specific country. Everyone,stop misleading the dumb-nuts here. As if they are already smart Banks may hate crypto,why the fuck do you care? Its none of your business. Just fucking accept it and move on. You dumb-nut.

[tylerderden]

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 many reasons why bank hate cryptocurrency. And because of negative effect of cryptocurrency on banks  many government ban it in their country . Cryptocurrency directly affect an country own central bank by affect their country own currency value at international market. Cryptocurrency provide its user uninterrupted money transaction facility with maximum user privacy policy and also charge low transaction fee. Due to this many people using cryptocurrency for their money transaction instead of bank and this thing ultimately affects an bank profit.  

[Skieleton]

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 ?

In the agreement with the bank for keeping the account, there is no record on the prohibition of cryptocurrency trading. In addition, it is not unlawful to own or sell cryptocurrencies. The law in no way refers to this variety of money.

From this point of view, cryptocurrency should be treated by the bank in the same way as carrot trade, postage stamps or anything else that can be traded under the law. If it were different, it would mean that we have a kind of "banking self-censorship". Very dangerous, because it means that banks can make an appointment and de facto "de-legalize" a service by saying bills to people who use this service.

[dificanovi]

banks forbid bitcoin because bitcoin can affect everyone to save their money in bitcoin purses. if more and more people know about bitcoin then they will save their money in bitcoin wallet by buying bitcoin or altcoin.

[Kelampok ijo]

Why many banks hate cryptocurrency? Due to its democratic nature without centralized, portable and anonymous banks it implies a threat to the power of the state bank and government against the monetary transactions of its citizens. This system takes central bank control over inflation or deflation by manipulating supplies. In the absence of a single authority, this digital currency is based entirely on math and consensus calculations; you can not prevent people from using bitcoins, can not cancel a transaction or refuse a bitcoin transaction because of its one-way nature.

[hhk1045]

The reason why many banks hate cryptocurrencies is Satoshi's purpose to creat bitcoin. Bitcoin is against Banks and Government, and it wants to replace Banks

[Mofazzal840]

I have seen many banks don't like cryptocurrency.Actually the banks fear it.because they don't believe cryptocurrency technology system. Actually the banks should believe that crypto is true. Morever,it is transfered both fast and cheap.Already some banks use cryptocurrency.

[marmeladko]

They are afraid of blockchain and decentralization. Just imagine that you can send $ 1 mln and pay fees nearly $ 3-10 per transaction (Eth, LTC, BTC network). But bank system won't make the same. Also if everything will be transparent, banks must transform or die.

[jhuliacrysty]

Yes, because with the bitcoin as a digital currency and also a very valuable asset this is a big threat to the bank, because the interest of people to save their money in the bank diminished because of the opportunity look bitcoin very profitable and one more advantage of the bitcoin that we can transfers to all countries without any hassles, it is very easy to send and receive with a very fast time.
I think if someday the bank gets knocked out by bitcoin so banks are very critical of bitcoin because they know bitcoin can easily get rid of them.

[virarara]

Because the bank is afraid of being rivaled by a crypto currency that no one can control, so local banks hate the crypto currency. And they (the bank) fear not being used by local people because the crypto currency is much better the day.

[mel1978]

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 lots of banks hate crypto this is because they can no longer make money or earn money from people or they can no longer have costumers because  when people adopting bitcoins they will never go to the bank in order to deposit their money instead they will just stay at home and monitor their money with bitcoins. Bitcoins really helps people and make people rich that is why a lots of people will invest bitcoins rather than depositing their money to banks that only give them a very little interest.