Why many banks hate cryptocurrency ?

[jasydoggye]

Well, Bitcoin is a decentralized system. Bitcoin gives you the independence. If the clients of those banks start investing on Bitcoin, they fear that the clients will replace bitcoin with them. I think this is the reason of banning them.

[Korkorjkk]

Banks are afraid that Bitcoin will replace them. A lot of people are investing in Bitcoins hence they will not invest in banks. This will make them loose their profits

[yvuj101]

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.

Banks hate crypto currency in the reason they cannot be descentralized and curriencies now has faster growth  in terms of technology.

[Thogjold]

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 ?

Even though banks are feeling threatened by the world of Crypto and how fast its growing, most banks are thinking ahead, actually benefiting from the innovation as we see them creating their own Cryptocurrencies. Its something cheaper, faster and more reliable than their existing systems.

[dinar99]

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 ?

Why many banks hate crypto currency because I think  they can see it as a competitor not a contributor. The crypto is so popular and the future technology.

[cryptokingdom]

Their jobs and business will soon be extinct and they are trying to fight back. They know once Blockchain gets wider attention then banks will be folding one after another. The only saving grace is  for banks to employ blockchain in their system now.

You are absolutely right. Our traditional banking sector have only one option, they either join us or they die. From all observation bank will soon go to extinct. Blockchain technologist, programmers and developers will soon be wanted for employment all over world.

[3rrr angels]

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 ?

Crypto market is the new competitor of banks thats the reasom they hate crypto because people today did not save their money to banks, intead they use their money to buy crypto as investment.

[Olalomi]

One of the biggest threat to the banking system is blockchain technology and smart contract i.e decentralization and with the involvement of cryptocurrencies people are diverting their fiat to digital currencies where they can have a  direct access and control over them, usually Banking system is like a third party when sending or receiving a fiat but in the advent of cryptos they are no longer a requirement.

[_yoshi]

The most banks are scared from cryptocurrencies because they are decentralized and they can not be controlled from one company. The community is controlling them. So without the controll over the money, the banks will loose their power. Thats one thing they dont want and thats why they will be always against cryptocurrencies.

[aces777]

I would say more than 90% of the banks might be hating on crypto currency as it threatens their monopoly over money. They cant see people having any other means to send and receive money from around the world other than banks. And crypto currency directly targets their main source of earnings.

[Ocha1802]

I think Banks have been part of our society for so long that we forget what exactly they do. We regard it as a bastion of security and stability. They hate Bitcoin because of that inherent instability.

[vipaleks]

because this is a threat to the entire banking system and banks understand this

[Ray55]

Banks  not hate cryptocurrency  , they hate competitors.  Now in these days bitcoin  goes popular only for its profit and also for technology.  It have some profit  which  bank can't  given to the customer  . Infact  if some one make a deposit  , how many  price they can earn in one year?  But if they invest with bitcoin they can make more money  from  there expection.

[Epimetheus]

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.

In this time Bitcoin is a widely used cryptocurrency. It is the first crypto currency which going so far. Many banks  directly or indirectly affect by the progress of Bitcoin and their are some reason behind this. Cryptocurrency  provide its user an high-level security and privacy which some bank doesn't provide their users. Cryptocurrency  also provide an uninterrupted money transaction facility  which is untraceable too this thing attract more and more people to use cryptocurrency  transaction facility instead of bank. This thing ultimately affects an bank profit. Because ot this above reason many bank hate cryptocurrency

[Faxmate]

Well, Bitcoin is a decentralized system. Bitcoin gives you the independence. If the clients of those banks start investing on Bitcoin, they fear that the clients will replace bitcoin with them. I think this is the reason of banning them.

A lot of banks now hate bitcoin for this reason that almost every second person is now aware of bitcoin so they are agree to use bitcoin than putting money in banks uselessly, making profit with bitcoin is first priority of our upcoming generation so this way banks are not able to make money from people they have no longer huge costumers because people are adopting bitcoin now as they found it more beneficial than banks.

[dancingnancy]

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 are mainly worried they'll lose a major part of their main source of income I.e people. If laymen become aware about crypto and tend to convert fiat into crypto they might reduce their dealings with banks. Individually it doesn't cause a problem to banks but if people collectively stop investing into banks the banks will suffer.

[Souldream]

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 cryptocurrency because they charge fees for doing anything with money, even just holding the money, Because the banks have created a level of trust that transactions pass smoothly and everything is recorded and accounted for correctly, and financial crisis proved in 2008, banks now are not above abusing trust to line their own pockets. And it led to the development of bitcoin and other cryptocurrencies in 2009.

[esprit man]

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 all banks do not like bitcoin. Maybe some people who hate bitcoin Those who do not like it, they may think that they do not have any benefit in their bank if bitcoin transactions. They have to no pay any tax. Bitcoin gave freedom to everyone of their money. This could be some reason.

[seattlenonsmoker]

It is the banks that are the structure that will apply the decree, to convert the crypto currency into phiatic, that is, traditional money. This is the main business request, and on how this will be implemented, the freedom of business in this sphere will depend on practice, and not on paper.

[peymanrmi]

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.