Why many banks hate cryptocurrency ?

[cryptolord5]

Because they sees it as threat to fiat money

[ninjaeth]

Because several banks will give free transactions in their particular country but this cryptocurrency can be used to transaction freely in all over the world without any restrictions also many of bitcoin users are using this cryptocurrency banking as their own privacy banking.

[bitcoinskyrocket09]

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 answer is very simple because they had that fear that bitcoin might replace them. One of the main reason is the creation of bitcoin. It is to replace the banks. And nowadays, a huge transaction was already made with the help of bitcoin in transferring a huge fiat of large distance in a more east way. And transferring the equivalent bitcoin in just a short period of time.

[NotAtOld]

Many banks hate cryptocurrency because bitcoin is a decentralized system its gives you the independence. If the clients of those banks start investing on bitcoin, they fear that the clients will replace bitcoin with them .So they barnned bitcoin .Moreover they can not  contol it and can not take advantage of bitcoin.

[Zachwolf]

if that's for sure. if we look at the presence of bitcoin some people prefer to keep their money in bitcoin rather than store in the Bank. they also prefer to make transactions using the bitcoin system rather than via the Bank .

I think it can cause their business low due to many people choice to invest in crypto currency rather than in the bank. In crypto currency people can get big profit compare in banking even though their is an hassle during transaction.

[amsiran_irene]

Because crypto currency is decentralized unlike traditional financial systems. Banks are under the influence of elite people, super power countries, as we can see what crypto currency can offer to society the future of banks is uncertain

[jessequick]

Using blockchain, where all the transactions are safely linked together and are verifiable, open or available to everyone which makes it more immune than centralized banks. So this makes banks and other financial institutions totally unnecessary. This is the obvious reason that why banks hate cryptocurrency.

[Khalp1]

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 Government was losing out on income. Governments HATE to lose out on tax income. The same goes for buying and selling, such transactions would not be taxable or even traceable.  but when it comes to people, it all comes down to education. If they understand what Bitcoin is, what decentralization means, and the freedom that comes with it, they eventually will change their way of thinking,

[justicesquadron]

Because the crypto currency is invented in order to exclude the role of banks in our world. At the moment, any transaction passes through the bank (for which you pay a commission), the crypto currency is directly passed from person to person.

[samiul12]

No bank can control cryptoworld and the exchanges of cryptocurrency. They don't get any profit out of this. People can't keep their cryptic currencies in bank so they don't know how much worth he has. Also there is no way that the banks can know that it is coming from abroad or inside the country. Also have so many more reasons that banks hate cryptocurrency.

[Escan0r]

Because banks do not want to compete with crypto currency. Banks already know that the crypto currency has a better advantage over their appeal.

[Bit-Tech]

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.

[efxtrader]

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 ?

As we know, Central banks and banks always hate cryptocurrency because they can not control it. Right now, they control fiat money supply without proper audit and thats why inflation always increasing year by years.
They hate bitcoin because they can not control bitcoin supply and i am believe if they can control the supply, they will like bitcoin

[Pixmartz]

some reason why banks and economic actors not like crypto/bitcoin
1. bitcoin is an experiment interesting.
2. bitcoin full of intrigue manipulation of greed
3. bitcoin inhibit the growth
4. bitcoin make the process of trade much more difficult

[Cash BTC]

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

[kb24mvp]

We know that the popularity of the cryptocurrency is skyrocketing, and this is a threat to them (the bank). I heard the news that the world cup will involve Bitcoin in the ticket payment method and the other, bitcoin is getting popular and lots of its users. So, surely they hate Bitcoin.

[ardibimbim]

Because it has no formal basis and regulatory authority, bitcoin is prone to be misused for illegal transactions, money laundering, and financing of terrorism. There it is affirmed, all transactions conducted by the official currency of that country. The circulation of bitcoin is also illegal because it is not reachable by the Central Bank.

This has the potential to cause bubble. Therefore, the transaction of the speculative virtual currency values. Not only harm the society, such transactions can also disrupt the stability of the financial system.

Bitcoin virtual wallet security system is considered almost perfect, but that does not mean not have a gap. When opening an account, users will get a special line of code as a secret key. This can be stored in a digital wallet that can be accessed via smartphone, PC, or laptop.

But if this digital wallet is lost, hacked, or hit by a malware attack, all the bitcoins you have will be lost forever, without allowing restoration.

That's how some people judge bitcoin only from its shortcomings, but they do not know much of the bitcoin possessions.

[cacakuswaya]

because banks are afraid of losing their customers. and invest in cryptocurrency, therefore many banks fear and hate against crypto.

[Oto3]

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

[almtu]

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 ?

Most probably because the banks are not yet ready to engage into the crypto world of digital system. Maybe banks are afraid to lose their profit about crypto as they are not yet prepared to accept crypto management. Then also I think the main reason is government does not like crypto yet.