Why many banks hate cryptocurrency ?

[soenaderecho10]

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.

I think bank hate in crypto currency because bank is scared to replace the own currecny because we know cryptocurrency is theres a big potencial to grow and replace the current currency and if the current currency will replace on crypto i think bank will down and the crypto will replace and continue to grow the price.

[german1080]

banks forbid it because they do not want to lose control of money, because bitcoin is a decentralized currency and is not under anyone's control

[bhabygrim]

Maybe they are scared that in the future people would stop using banks because of crypto currencies.
Crypto could be used by anyone and unlike banks it is decentralized and I think it is what everyone wants,Freedom.

[Choy13]

They want to ban the bitcoin because they see it as competitor. Because cryptocurrency has its own wallet to secure the bitcoin that they owned. When the time that bitcoin is well-known in worldwide and its benefits and advantages it will attracts more people to use cryptocurrency. They also scared about them to be forget by the people.

[doroshok]

Banks prohibit cryptocurrencies due to the fact that they can not use them themselves. The government is not legalizing the cryptocurrency, and therefore the tax on this is not taken, and the banks in this regard are unable to use it. Therefore against her.

[Linda toraja]

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 ?

Answer is very simple.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.

They fear nobody wants to use bank services as a place to transfer money or save money because using bitcoin and blockcain technology
makes all transactions safe, easy, transparent, fast and efficient. The cost used for the transaction is also cheaper than the conventional bank

[MUG1WARA]

every transaction through the bank will be charged for each person and accepted by the bank, so if the transaction from cryptocurrency is not accepted by the bank then the bank feels no advantage of it

[idex100]

The reason is simple really, bitcoin and the blockchain in general are far more efficient than the systems currently used by banks.The success of bitcoin will give people a viable alternative and less number of persons will subscribe to their extortion. That's why they hate bitcoins

[Th3developer]

banks are simply not interested in studying crypto currency. besides, it can destroy the already existing and established financial system.

[Rishabh riyz]

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 do hate bitcoins and want it to be banned because they fear that after examining bitcoins people would definitely shift to bitcoins and start using it , the advantages it offers to people is way more than enough for people to switch to bitcoins.
The privacy level is more , no one can see the amount we hold in our wallets, people won't need banks to handle their savings, now they won't need to follow the regulations of banks for keeping their earnings.

[ruski]

banks hate crypto currencies because they have many fears about them since the crypto are decentralized and people can own, store, and trade them without the use of banking services. banks prefer supporting fiat and local currencies since they are controlled and centralized.

[burakdat]

Banks could not accept bitcoin or any cryptocurrency because they are basing on a currency which centralized in form because most of their clients are using centralized currency. It could get confused if centralized and decentralized currency will be mixed up that could result to catastrophic issues on legalities. As we all know that decentralized currency has no stable value and that is really hard to determine and do the transaction if time to time bitcoin market price moves. And also banks are not digital wallet where you will store your bitcoins and ask the bank if it is still there or is it stolen by the hackers already. Banks will be in bad shape to accept bitoin.

[Black Angel]

The main reason banks hate cryptocurrency of course because banks worry if cryptocurrencies continue to grow then everyone will never save money in banks and more interested in storing in the cryptocurrencies that can make banks collapse.

[klebsiella]

Banks hate cryptocurrency because it is a threat to their existence. Cryptos has a potential to become a new currency, that is why they are afraid it would destroy them. Government and banks put limit to its potential like setting regulations on Initial Coin Offerings ang shutting down cryptocurrency exchages.

[bitcoin2048]

Bitcoin in some cases can possibly became a great thread for bank system, and they simplxy dont want to loose their money earnings.

[tambok]

Banks hate cryptocurrency because it is a threat to their existence. Cryptos has a potential to become a new currency, that is why they are afraid it would destroy them. Government and banks put limit to its potential like setting regulations on Initial Coin Offerings ang shutting down cryptocurrency exchages.

I don't think that banks still hates bitcoin since some are in favor with it already, because some banks and making ways for them to enter the crypto world just like here in our country and government are doing it as well to know more about bitcoin.

[SilverChromia]

Lot of banks thinks as of now that bitcoin can be an enemy to them or very very good competitor that can be a reason of their down fall in the future but in my country there are banks who accept crypto currencies and i know in the upcoming years those banks that hate crypto currencies will understand and will have an a idea on how they wil accept and have a good opportunity that can they used with these crypto currencies

[amaha cris]

Because people do not need banks to use crytocurrency. Banks fear that the use of cryptocurrency eventually make them useless.

[komisan]

Bitcoin - and other decentralised cryptocurrencies - allow people to trade directly with each other, cutting out the need for a middleman which, in traditional commerce, is a bank.

Banks generally charge fees for doing anything with money, even just holding on to it. That's because the banks have created a level of trust that transactions pass smoothly and everything is recorded and accounted for correctly.

But as the financial crisis of 2008 proved, banks are not above abusing trust to line their own pockets.

That's what led to the development of cryptocurrencies like Bitcoin in 2009.

So banks cannot be happy with cryptocurrency because they have been removed as middlemen.

[Kate_Ngubanga]

they probably hate it because of the reasons that concern income. NOT everywhere there is legalization in countries and they do not get a penny from it.