Why many banks hate cryptocurrency ?

[jaskiratsingh]

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 certainly do. If bitcoin can pass through its tests and if its price stabilizes, we except more merchants accepting it for payments and it can take banks out of business.

[muneeb.zain]

Banks hates the cryptocurrency or the bitcoin as a person who is  investing in bitcoin is aware of its investment and hold his money as long as he can while he can,t put his money in the bank account so that bank has less resources to do the business and due to less business bank has to pay the employers.That is one of the major reason that banks hates the bitcoin and don,t want that bitcoin the part of there banks.

[pat231]

Actually cryptocurrency is a great technology of this era it made life much more easier and bring big revolution in financial activities.Cryptocurrency is an independent and no need of third party to make transaction you can make globally transaction with safety and quickly.Bank have threat that banks will loose value because bank transactions are too late and hurdle of paper work and people loosing interest in traditional banking system.

[samiul12]

In banks they have the threads that they can controll the regular trades and currency. But in digital business trade bank don't have the right to control the user and keep their blance. And cryptocurrency don't have the stability that bank can provide and for cryptocurrency bank loses a large number of customers. That's why many banks hate cryptocurrency.

[Robertqueen2]

Many central and major banks around the globe are banning using Bitcoin because they still don't have vital strategies to dominate bitcoin. Another reason is that some banks assume that the notion of 'decentralization' threatens the trust between banks and their customers.

[Sonajin_Coin]

Most of the reasons have been covered here. It's quite simple, and a good thing because it means that the banks foresee cryptocurrency as being a true challenge and threat to the status quo.  Cryptocurrency could eventually replace the banks altogether so it's no wonder they hate their biggest competitor.  We have to remember that our modern banking systems has taken hundreds of years to establish by the elite.  Do you think they will let go of it so easily and without a fight?

[rose9696]

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 ?

This is because banks can not cooperate with Crypto or have a small profit margin. This is a common psychology and we should understand them.
Banks will rely on transaction fees for their development. Now Crypto has taken over market share in the money transfer sector and banks have to adopt new policies to attract customers. = profit is lower when fighting with Crypto.

[digroske]

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 used to controlling and letting all financial flows through themselves and this is all under the control of the state. The state bank of the country will always issue such regulatory rules, in which only banks need to be in profit. Bitcoin does not fit into this scheme. It gives anonymity and freedom, which contradicts banking and public policy.

[digroske]

I think the reason is none other than the blockchain system that controls cryptocurrency that is considered better than the system of bribery. This makes the crypto world the main rival of the bank system.

A large transaction is known that has occurred anonymously in the network of bitcoins. It is 180 million dollars. Imagine, absolutely anonymous people, sent such a huge amount of money, without the permission of the state and banks. The loss of such profits and control from banks, of course, will cause bitcoin rejection. This is a war for the sphere of influence.

[TomUyamot]

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 they are like the opposite magnet poles. The growth of Bitcoin spells the weakening of the banks. The more Bitcoin is appreciated, the more the banks are being reduced to the sidelines. The success and victory of Bitcoin might mean the death and rendering of the banks useless. That is why the banks are really dead afraid that Bitcoin is going to conquer the world.

[Skarga94]

Let's call a spade a spade — traditional banks hate crypto. But this hatred arises from a lack of understanding, fear of uncertainty and laziness, not anger. Why don't banks understand your problems? First, they already have a large and understandable business, and they are not interested in new and small. Secondly, imagine a specialist of the Department of control over compliance with the law. He is 40/50 years old, he is not paid much, he does not have any career prospects.

[Rubble898zaitO]

Well I think what they are thinking is that Bitcoin is here to replace them, who would want something you know that will replace you, no one. Something that they need to realize is it is not about them, it is about improving our financial systems, better future for everyone. The demand of Bitcoin by the people may be a wake up call for them already to improve their systems and how they are dealing with people and money, it should be for the better and not just a selfish intention.

[solopay669]

I know only a few of these banks, and it's smart on their part, while others have outdated views, that's their problem.

[castellodocet]

I would say that banks have some lack of trust about cryptos, rather than they "hate" them. It's known that with cryptos anybody can do shady things, and that it's their primary point where they focus onto. The real reason may be that they're scared about cryptos freedom and we all know that bankers and people that own a large power among the others, doesn't like freedom and equality that much

[worldsuccess01]

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.

Many banks hate cryptocurrency because the banks managed her business do not know the correct processing of crypto according to the law.

[Dfinest]

Hate maybe a strong word for this phenomenon, but they afraid of cryptos, because they see them as competitors and they have every reason to think like that. Investors are putting their money into cryptos instead of banks and that hurts banks more and more. But i think some banks are heavily involved in cryptos secretly as the possible profits are too tempting.

[Saldom12]

Because bitcoin can give us freedom. We can manage our own finances and secure our own finances through wallets like blockchain. Maybe banks hate cryptocurrency, for fear of losing to compete.

[redhorsebeer1980]

Bankd threat that will loose value because bank transactions are too late and hurdle of paper work and people loosing interest in traditional banking system.Bitcoin industry is a threat for the banks with regards on financial matter.If cryptocurrency system was introduced to the citizens by the government itself and gets boom financial institutes like banks might get much less customers which may gradually lessen their transactions and might end up for cryptcurrency to replace them which is hopefully not.

[Spontebob]

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.

I totally agree. Knowing that using bitcoin as a method of payment doesn't need middlemen and allowing people to pay without anyone involved, banks will not be needed anymore (since they have fee charges), they will probably lose to bitcoin.

[Layonk]

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 they are like the opposite magnet poles. The growth of Bitcoin spells the weakening of the banks. The more Bitcoin is appreciated, the more the banks are being reduced to the sidelines. The success and victory of Bitcoin might mean the death and rendering of the banks useless. That is why the banks are really dead afraid that Bitcoin is going to conquer the world.

They have no good information about crypto and it might be the reason. They have new competitor like bitcoin. If they see the benefit of bitcoin then I'm sure it will be supported on all sides of its excess. For this moment it's still a matter of concern or has certain considerations related to certain risks.