Why many banks hate cryptocurrency ?

[Bowly88]

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 will be useless when it comes doing transaction. Actually, not only bitcoin but also, the other digital currency. It makes our lives easier but i think banks will be useless if bitcoin will be legal.

[wasaisisisi]

Because many banks do not want to compete with bitcoin. They know that bitcoin is better than them and eventually they hate bitcoin.

[dillpicklechips]

People use bitcoin for investment, saving money, transaction and payment that is usually the role of the central banks. People choose to use bitcoin because it is less hassle and it is more convenient, faster, easier and affordable than banks. That's why banks hate cryptocurrency because of its benefits that can give to the people they are afraid to be forgotten and replace by cryptocurrency.

[Dilladupak]

I think banks will lose their profits, so for them-they would rather keep the money in bitcoin than keep it in the bank. because profit in the bank is very low, compared to what we store in bitcoin more profit.

[Wish 107.5]

I don't what is exactly reason why they are hate crypto currency. Maybe they know crypto currency are volatile that could possible lose their funds or lose their customers if they struggle some problem about their stocks and distributing the funds or exchanging from crypto to real money.

I think one of the reasons why banks hate Bitcoin is because they have no control over it and as of now a lot of people are prefer to invest in cryptocurrency than to put their money in bank.

[stimliall]

The development of cryptocurrencies affects the profits of banks!
Cryptocurrencies have a great advantage over banks in transfer and payment systems!
The rapid growth of cryptocurrency has the potential to subvert the existing financial system, which makes many banks feel very fearful

[Dr.Nina]

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 ?

The banks consider the Bitcoin as their business opponent. They think the BTC as a threat of banking system. They now ban BTC or Crypto, But in long run either they accept bitcoin or they have to introduce another crypto currency. without this they fall in difficulties in future.

[needtor22]

 because people who invest in banks are getting away from before, because the bitcoin is easy to use they save money, so they will take advantage of bitcoin rather than banks

[sundy399]

I think that it robs the interests of the bank. Bank is unnecessary for DEX.
Banks have learned that "they hold and manage funds safely" and "lend funds", but many Japanese banks hesitate to "lend money" because they are unlikely to be collected. I think that the role of banks is to move money, but they will not do it. Then, is there a necessity for a bank to manage money?

The time has come for banks to change, but I think that only banks that have the potential to change about that change remain.

[mico]

easy to understand, the people can use crypto for international transaction instead of banking system. So, they have to encourage goverment ban cryptocurrency.

[a_t_e_e_b]

Most of the banks hate crypto as it takes away a lot of power from them which to have a control over their clients and most pf the banks are not happy with this fact although this technology is mich better and secure than traditional currency and trading but still many banks choose to go the old fashioned way as it helps them to exercise more control

[Fathurrahman27]

The answer is simple, I think banks forbid it because of a competition where they don't want anyone to beat it.

[airdnasxela]

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 banks hate bitcoin for the reason that they see bitcoin as a competitor rather than its original purpose which is to be a helper. Nowadays,  people are understanding how helpful bitcoin is because of what it can do and many people are engaging in bitcoin business.  Banks do not want bitcoin to interfere the minds of people on where to invest that is why they hate bitcoin.

[Panjulaza]

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 hate it, but afraid of it, they are afraid crypto will change or kill them function, because people can manage, save, do transaction own money for business without they intervention, and it will make they useless and get lower-income

[judyphillips]

Banks think cryptocurrency is a emerging technology and also a competitor of banks so thats why they think it can be replace them. And its a big fear is that people are trusted on cryptocurrency because its a secure payment solution and never trace-able.

[Gen-8]

All I know is that Bitcoin is slowly aiming to get all the people of this world to be more self-sufficient in maintaining their personal finances, so that people in this world no longer rely on their finances to any bank. Of the Bank of course this as their competitors who will destroy their business. But I also look forward to the future from the Bitcoin and the Bank can work together in their respective business for technological advancement and the changing times, hopefully all of these can run together and have a good purpose for continuity lives all human beings on this earth.

[Tugsukana]

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

[alvinmtp]

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 banks are threatened by the cryptocurrency system wherein its features may suggest that we would no longer need banks in the future. If we will think about it, there are a lot of factors wherein we could actually consider not using banks anymore since we can store our tokens/money on line via crypto wallets. Plus it is more convenient compared to banks. So banks are rallying against crypto due to this reason.

[teklang01]

For me, I think why banks hated bitcoin is because it is a threat to them. In bitcoin people became their own bank, they can manage their own money and can send and receive it anywhere in the world. Their is no holding fee and any charges. That's why lots of people are transferring their wealth from banks to bitcoin.

[Jamjamz30]

I think they don't ban Bitcoin, just avoid it and just don't do transactions with it. Bitcoin in the current system is volatile and goes up and down unpredictable. Banks can't handle that kind of situations because banks handle money on flow, banks need to keep money flowing and not for holding. If prices of currency can change drastically in a short amount of time that would be major problem for banks. Bitcoin is stored online and I think banks are just useless for digital currency.