Why many banks hate cryptocurrency ?

[mobnepal]

Banks hate bitcoin because it is their competitor and can even replace them if bank will ignore the current increasing demand for bitcoin/crypto. In last few years they were putting lots of pressure on government to put several restrictions on bitcoin transactions and trading so that people will fed up with bitcoin and stop thinking about being involved with bitcoin.

They failed on this one and now they are adopting blockchain tech and making their own crypto currency (not decentralized like bitcoin) based on blockchain but backed with nothing just like paper money and with unlimited supply to fool their customers and promote their network as secure as bitcoin itself.  

Bank now adopting blockchain tech while limiting their support for bitcoin related activity.

[careCentre]

I don't think banks hate cryptocurrency. They do buy the idea of decentralization of cryptocurrencies, a system where no one controls the rate at which cryptocurrencies can be used. In addition to this, they see the decentralized system as a threat to their corrupt centralized system.

[pinkpanther03]

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 some of the banks now think Bitcoin is a threat for them while to other banks is not instead they simply adapted it actually like Unionbank,

and now PNB is planning to adapt the system of cryptocurrency for what unionbank did.

[stil55]

Banks are centralized, monopoly institutions and they are afraid that if people use cryptocurrency in everyday life, then banks will lose their functions as financial enterprises and they lose multi billion profits because there will not be a need to use the services of banks.

[yohan09]

In my own understanding, banks hate cryptocurrency because Instead people tend to deposit their money to banks as an asset, some people are making wiser move to invest in crypto's to multiply its money for just a short span of time, It is already proven and tested by majority but not all are successful, In terms of transactions, bitcoins is much faster to process rather than bank transaction, In just a click, transaction takes place rapidly.

[cidov]

I was reading an article related to bitcoin, According to Techriation.com, Bitcoin BTC and other cryptocurrencies banned in Pakistan – Notice by State Bank of Pakistan.

[3philong]

I think because they fear bitcoin can directly affect their profitability

[ASHLIUSZ]

Bitcoin along with the different cryptocurrencies has fulfilled the need of people which were not met by the banking system. In this way lot of transactions have happened through bitcoin and the same has lead to drastic drop in the usage of banking by certain group of people. This has caused a massive loss and more and more people moving towards cryptocurrency makes them hate it.

[tegarp90]

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 ?

Becuase bitcoin or any cryptocurrency is a threat fro banks.
Imagine if people store all their money into digital assets such as bitcoin, and no one will save their money in banks.
All banks will be bankrupt i think.

[Kocret02]

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 ?

Becuase bitcoin or any cryptocurrency is a threat fro banks.
Imagine if people store all their money into digital assets such as bitcoin, and no one will save their money in banks.
All banks will be bankrupt i think.

I think that's the main factor why banks hate crypto, if many people save in crypto I think the money coming into the bank will be a bit and bank income will decrease drastically. it causes banks to be less developed in terms of income.

[Leomarco]

the possibility is that banks are afraid of their customers switching their money into crypto currency. and this will make the bank bankrupt. but now I see some banks have started to come into the world of crypto.

[notyours]

Maybe one of the reasons is the loss of the person's interest to use the Bank if the bitcoins will be legal. This is one of the big problems of the bank today as their investors are losing because they are moving in crypto.

But why do not they use bitcoins?
This is a great deal because they are getting bigger, and many people will invest in their bank.

[bitcoinVPSD]

I think banks hate bitcoin because they fear bitcoin will threaten the existence of banks. With bitcoin  profitability bring  to investors, it is thought that bitcoin will be more likely to leap higher than  and bring more returns than sent saving   into the  bank . So, people would use  money of  they to buy  bitcoin. This will affect the bank's  source profit

[1020kingz]

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 not the banks hated cryptocurrency, because even banks have their own crypto token. However governments are the ones whose responsible for banning crypto currency because they can’t taxed cryptocurrencies transactions that is why they ban it and trying to regulate the cryptocurrency.

[napi]

it's possible the banks are frightened by the existence of cryptocurrency like bitcoin because I see bitcoin has a very good development and has a transparent and convenient delivery technology.

[Edraket31]

Well we are seeing bank in different ways for us who are members of this forum sees this as an opportunity while in banks they are seeing it as a threat and rival that instead people will invest in banks they would rather invest in cryptocurrency.

[zngit]

Banks does not want cryptocurrency because there is a possibility that fiat money will wash away and they are not yet ready to engage with that situation. Also cryptocurrency money is untaxable. That's one I guess the problem why they don't like crypto. Not all banks are the same opinion there are some like crypto.

[crypto002]

Main reason is banks are afraid they will lose there customers.People will not put money in banks instead they will invest in crypto currency . This main reason banks are stopping crypto.

[JacobLiam12]

Cryptos runs over the decentralized technology. Whereas banks run under manual and central authority. So cryptos usage will reduce the urgency of bank that might make the people of bank unemployed. And I this the reason of hating crypto by banks.

[alroys]

maybe this bank think Cryptocurrency is their rival. Cryptocurrency is decentralized, while the Bank's job is to set or as a place if we want to send or transfer money, which is not in need by Cryptocurrency. if everyone switches to Cryptocurrency, then the Bank will be quiet because it is not in use anymore.