Why many banks hate cryptocurrency ?

[tidus_13]

Back in 2014, for the first time, they said that blockchain technology could destroy the banking system. This technology eliminates the need for an intermediary between the payer and the recipient of funds, that is, banks. And if banks do not take measures and do not integrate into the modern economy, they may not be necessary

[v0rtecxz]

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.

yes, I agree with your opinion, the possibility of banks want to ban the use of bitcoin because it can threaten their existence, see how bitcoin grows and is adopted by many people, so they are afraid people will switch to bitcoin and they will be abandoned by the users, so the more people go on the bitcoin, so the profits they will get will decrease further

[Ascredo]

Some banks are afraid of losing customers and lower their high profits. However, there are already banks that have noticed that the crypto market is promising and instead of fighting against it, they are starting a movement to negotiate cryptos

[LuciferEveningStar]

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 knew that the price of bitcoins will grow even more in the future and they also sense that people prefer to invest on cryptocurrency more than placing their money on the banks and because of that banks are afraid of cryptocurrency.

[online73]

Hello everybody. I would not say here about hatred. Crypto currency has become, in recent years, a serious competition to banks. There was an outflow of investments from the banking sector. I think that this outflow will only increase. Even without deep understanding in the crypto currency, many understand that the percentage of the profitability of the crypto-currency market is phenomenal. If you follow certain actions, the security of investing in a digital coin is not inferior to banking services. The banking sector will have to rebuild - the crypto currency market is a very serious competitor.

[valentinen39]

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 do not really hate cryptocurrency but there are a lot of investors in the market who prefer cryptocurrency more than fiat because people know that the profit is much better if they will place their money on bitcoins rather than on banks.

[DAVETUN]

Bitcoin is a digital currency developed few year ago and more valuable than several fiat that has been in existed for several decade,Banks can not comprhend where the value of  BTC comes from,therefore they see it as an illegal currency, since it has not been officially approved by most government globally.

[KingScorpio]

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 hate cryptocurrencies, the way apex predetors hate other apex predator,

cryptocurrencies take money earning cattle or power away from them.

but many cryptocurrencies dont understand the pandora box they are opening, weakening the banking cartels will lead also to a much more criminal violent world. and people will support others losing their wealth, because they dont trust where he got that from.

[Kuchiyose]

That's exactly what must happen because the Bank will never compete with the development of Bitcoin until whenever.

[molenracing]

Cryptocurrency is decentralized and does not require a third party to make transactions, of course this will be very contrary to the function of the Bank. if Cryptoxurrency is growing and growing, and if many people are using Cryptocurrency of course this will reduce the Bank's Customers, and bank customers will be reduced. automatic bank income will decrease as well. and this will hurt the bank, this may be the reason why banks hate Cryptocurrency.

[cetald]

Banks do not like cryptocurrency only temporarily. So long as they do not understand them and have not prepared the infrastructure for working with the crypto.

[Paul Pogba]

Bitcoin is certainly the most serious competitor for the banks, if it continues to be left then one day bitcoin transactions are more dominant than banks and this is certainly threatening the banks and can make banks disappear.

[Considered]

Banks are threatened by the more existence of crypto,as Crypto exposes their weakness and improves on the services they offer to the general public, 
with cryptocurrency the transaction speed are relatively faster than what the banks can necessarily offer, the slag in the Banks cant be compared to the rapid movements in the crypto world. With crypto there is no external influence on investment and no tax applies, these are factors attracting the masses to crypto and away  from Banks

[Chaelbrin]

To be ruthlessly legit, however not purposefully mean, most investors don't have much tech foundation, and have presumably never perused a white paper in their lives, paying little heed to what fine organization they may have moved on from. They are in as far finished their heads with respect to bitcoin, as most tech-arranged bitcoiners are in a tough situation in the methods for Money Road. It will most likely take a long time for this super hole of foundation/learning to meet.

[Sergio444]

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 fact, the CEO of these banks are the ones that are against the use of bitcoins but the individual personnel that works in these banks are not against it because they see the potential in the coin. it has totally cut down the issue of centralization that these banks imposes on us. They have come to realize the most of their customers are running into crypto investment. This should even tell them how interesting it is and the profit that comes along with investing into bitcoin. In my country, you can invest millions of money with the banks but at the end of the year you gain nothing. absolutely nothing. Whiles day trading in crypto alone can pay my fees.

[BLTC]

Currently, bitcoin or crypto related platfrom is handling small transactions like bill payments, money transfer and some is small purchases for groceries and others. This just shows that cryptocurrency/bitcoin will soon dominate what the banking industry is currently doing. Time will come that banking industry need to adjust and work in harmony with the current technology in order for them to survive.

[Finestream]

Currently, bitcoin or crypto related platfrom is handling small transactions like bill payments, money transfer and some is small purchases for groceries and others. This just shows that cryptocurrency/bitcoin will soon dominate what the banking industry is currently doing. Time will come that banking industry need to adjust and work in harmony with the current technology in order for them to survive.

Right.Instead of seeing bitcoin as a competitor for banks,why not see them as a helper to make bank's transactions become faster and more efficient for the people?Yes the fear of banks for bitcoin is already there but i don't think the government will permit bitcoin to replace banks even most of the people see bitcoin as more convenient in making transactions than still going to a bank to transact with limited money to withraw.

[sukma2013]

The government has not yet acknowledged the existence of bitcoin as a valid payment instrument for trading transactions. the government does not want to take risks, because bitcoin does not have central or state authority regulating bitcoin, so this virtual currency can be used for illegal funding and crime, such as money laundering, terrorism financing.

[cryptowonders@20]

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 ?

for this to be accepted it has to be legalized by the government also have to be accepted as means of transaction nation wide where each an everyone can start using cryptocurrencies as a means of payment. with all this bank will never see as threat to them.

[jhonvir666]

bitcoin gives us freedom. We control our own finances and secure ourselves, this means that banks will lose their popularity and bankers will be able to earn less money to play no matter what you just need to familiarize yourself with various ways of securing and backing up your own bitcoin wallet to make sure it is a safe deposit banks.