Why many banks hate cryptocurrency ?

[Stonetium]

banks hate crypto, because they have no control on it.

And cause it's going to put them out of a job in 5 years lol

[Redhead5]

Because they can see that BTC will surely exceed them in the near future. We all know that cryptocurrency is the future and that's how the banks will lose all the control of the money, and thats why they hate crypto.

In addition people are in favor of investing bitcoin for the great probability to earn more profit quickly instead of putting their money to the banks with low interest rate. Thats why banks are afraid of the existence of bitcoin because they cant control people to get involved into it and they absolutely lost the control of money that give them profit in any form of transaction.

[patrickj]

Banks detest digital currency since they are being danger by the capability of cryptographic money together with the blockchain innovation to the advanced world, particularly in the business, saving money benefits in particular. Hence it isn't shocked that banks could cooperate to remain the conventional and money related innovation point of view of managing an account.

[iyan33]

many banks are banning bitcoins, what's the reason?according to the news I read many banks forbid because Ownership of virtual currency is very risky and full of speculation because there is no authority responsible, there is no official administrator, there is no underlying asset underlying virtual currency price and valuetrade is so volatile that it is vulnerable to bubble risks and prone to be used as a means of money laundering and financing of terrorism, thereby affecting the stability of the financial system and harming the public.

[liseff3]

many banks are banning bitcoins, what's the reason?

Yes, you are right!. In fact, not a few of them did not hesitate to launch a statement of hatred in several media both local and international.
To this day, they still assume, that:
Bitcoin makes the process of real trading transactions much more difficult,
Bitcoin inhibits economic growth for banks or countries,
Bitcoin, is filled with intrigue manipulation of greed,
Bitcoin, is a medium of financial experimentation,
Bitcoin, is not regulated by the authorities.

[mybtcasset]

the main reason banks hate cryptocurrency is that of decentralised nature no one can trace the transactions once it is done banks want to control crypto currencies also

[Bounty_Manager100]

One thing for sure they hate losing to something they know it's too big for them to beat,In the absence of a single authority, this digital currency is based entirely on math and consensus calculations; you can not prevent people from using bitcoins, can not cancel a transaction or refuse a bitcoin transaction because of its one-way nature.

[retnoanjani]

Not really hate though, but the 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 of nowadays.

Moreover, people tend to like transparent transactions. The existing centralized system began to be perceived ineffectiveness, resulting in a more just and transparent system of decentralization. Indeed banks are not necessarily frightened, because they are supported by the power of government.

[Chooroz]

Actually bank dose not hate cryptocurrency. They fear about it. In future cryptocurrency will replace in banking system. and their customer will gone crypto sector.

Well i agree with you that banks are threatened on cryptocurrency, because cryptocurrency now is having a lot of investor so i believe that in the future banks have a chance to eliminate and will be replaced by cryptocurrency because many people are starting to support cryptocurrency.

[darkphoenix2610]

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 can't control bitcoin or let say they can't manipulate it  and besides they afraid that no one can use bank because of the virtual currency specially they can't get tax on it, and they no power to stop this virtual currency.

[turkoglu23]

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.

[Merl02]

Many banks hate bitcoin because it has negative effect on their business since bitcoin is virtual currency and while bank is more on fiat base, if bitcoin continue to progress many banks will close since bank has no transaction using virtual currency like bitcoin.

[bentong talong]

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.

It's definitely about the control think. We all know that when we invest in Bitcoin, our money can be doubled unlike in bank, the interest is low. Thus, a lot of people go in Bitcoin than bank. And this is one of the reason why many banks hate cryptocurrency.

[Market-desi]

because the Central Bank is afraid. if many people will use the storage of money, the transaction using bitcoin. Automatically Bank will decrease consumer .

[lehuong]

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 ?

Some banks have cryptocurrency because they have not been able to control these virtual currencies and they are afraid they will make them more confused and lose control over them so they are afraid of cryptocurrency.

[Jundel2018]

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 ?

Some banks have cryptocurrency because they have not been able to control these virtual currencies and they are afraid they will make them more confused and lose control over them so they are afraid of cryptocurrency.

Some banks are afraid the cryptocurrency may bloom because they may lost consumers since its easy to access the cryptos. Unlike bank that you should visit there bank store while in bitcoin you just have to log in your phone with your address and private key and you can sell, trade and keep your digital money.

[todayin]

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 bitcoin lessens their investors. Many of them. Switched to investing in bitcoin and it lessens their profit as they make money using people's money to release loans and make profit from interest.

in fact they are competitors . more and more people are transnationally transferred through bitcoin . people no longer complete it through the bank . and it is fast and cheap , compared to banks .

[lonmobilio]

Many Banks hate Cryptocurency in the cause of many Bank Customers who withdraw their money from the Bank and invest in Cryptocurency so that the Bank's assets and profits are decreasing. Because Cryptocurency can not be regulated by the Bank, so the Bank considers Crypto is their competitor.

[dmty.0809]

Maybe in because they prefer real money in digital appeal, in because many hackers in this world, and to anticipate in order to avoid loss of customer money.

[Df9898]

only a few not the many and most banks hate bitcoin comes from develop countries.