Why many banks hate cryptocurrency ?

[Gynjorn24]

banks hate bitcoin since it'll someday overtake them. just like what the email did to post offices. the new replaces the old. the old would do everything in its power to remain at the top. unfortunately for them, change is inevitable. crypto will replace banks and its bound to happen no matter what they do.

[mdyeatul]

In fact, bank thinks cryptocurrency as their rival. They think if the use of cryptocurrency increases, the banks will be damaged. People will be more interested in the cryptocurrency. Human beings will use more cryptocurrency than banks for their daily activities. Therefore, banks can not accept cryptocurrency.

[Duogembrot]

many bankers hate bitcoin because of the possibility they envy bitcoin and fear if bitcoin keeps many bank customers out and turns to the bitcoin world that proves to be safer and more comfortable than the bank. with bitcoin you can also benefit very much.

[P60]

One of the reasons why banks hate cryptocurrency because cryptocurrency offers more than banks. Your money could be highly increased  in just a short period of time than banks. Thus, you can have a better investment if you will put your money into digital cryptocurrency.

[reverseflash]

Use of cryptocurrencies means that the bank loses a part of the profit. Haven't used the credit card - the bank hasn't got profit.

[Prodigan786]

The main reason as far i seen is Crypto currency or bitcoin is effecting their remittance industry . It is the major part of their revenue taking by crypto currency . Another one is tradign platforms or exchanges . In traditional trading platforms banks were charging fees here it is alsot heir not getting . More over peoples money going from bank to crypto currency.

[bigblackdeck45]

Banks and the government hates bitcoin because it is decentralized resulting into banks can't make any money out of bitcoin transactions. The government also cannot control bitcoin and every transactions made with bitcoin because it is anonymous making it hard for them to monitor and they will lose tax money.

[BagzMM]

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 my own opinion, why many banks hate or ban bitcoin maybe because it offers any possibilities with conventional, particular condition banking system.

[tranthetai]

Banks like to pretend that they're so much more established and secure than the world of cryptocurrencies, but as anybody who pays close attention to the headlines would know...that's just not the case...

[HelenS]

Cause they feel that blockchain can easily replace them. And they will not be able to control any transactions.

[MNtrio]

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 know that they cant compete with blockchain technology and there is a possibility that bitcoin can surpass banks.

[hafeezbaloch]

mey b they don't have facilities to exchange it..

[Missterio]

Because this is their competitor who can replace them for that they are afraid

[PIR]

in my opinion they are afraid to loss their customer, because cryptocurrency is easy way to earn money, unlike banks have small interest per year,, but cryptocurrency is defends how investor react,, so better to watch the market before you invest to cryptocurrency.

[DoublerHunter]

A lot of the banks are hating cryptocurrency because they don't want to lose its customers and users and they are trying their best to come up with some better offers than before so their current users or customers will get attracted and stay with their service but for me it is not working because sooner than later the cryptocurrency will revolutionize the world.

[Powerpuff]

Central bankers generally agree with one another that privately issued cryptocurrencies such as Bitcoin and Ethereum aren’t set to replace traditional currencies. This consensus was well-summarized in the recent IMF “Global Financial Stability Report,” which noted how cryptocurrencies are still far from fulfilling the three textbook functions of money. Of course, we are still far from the moment when one of the world’s largest central banks chooses to adopt a digital currency.

[cahgantenx]

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 ?

may indeed be many banks around the world bitcoin transactions because they are worried about bitcoin transactions so that transactions through banks will be replaced. But many banks around the world use the blockchain system

[shata]

I think banks do not really hate bitcoin or even the cryptocurrency as a whole. Let us not be too generalistic when thinking. Some banking might take different perspective about it, some take it negative to their part which they consider bitcoin and cryptocurrency as a threat  to banking industry or they take it as positive and gives them competitive advantage, but how? Simple, what cryptocurrency is used, they might adapt it at some ways. Cryptocurrency is backed up by blockchain technology, thus making it possible that they might intervene it to their system.

[EEEian]

Remember the time governments had to pay for all the banks after they speculated with money they didn't have and suddenly the housing bubble popped? Yeah, if banks fuck up again governments will probably end banks. So banks try to not get dragged into another speculation bubble to make sure they still exist in a few years. And governments make sure that they don't have to pay for such a shit show again.

You losing money you had, no problem. Banks won't stop you and the government won't stop you. buy bitcoins - but not with a credit card. A few million people losing tons of money they don't have might end really bad, So i am kinda glad that governments stop that.

[winterblues]

It's control thing. As long as banks have control on money flows they have control on government's agendas. They can directly influence where money gonna go - so they can directly influence where the whole country gonna go. With cryptocurrency they're losing it.