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Author Topic: is it true that bitcoin is a disaster for local banks  (Read 354 times)
billygarrison
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August 08, 2018, 04:37:23 AM
 #1

I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks

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August 08, 2018, 04:39:15 AM
 #2

I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks

Nope, it´s just a disaster.

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August 08, 2018, 04:44:06 AM
 #3

I never thought of bitcoin like that. I use it as an investment. Definitely, if the market is stable, i convert to bitcoin and send to a wallet that instantly turns to usd and fastly.

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Gabah56
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August 08, 2018, 04:49:35 AM
 #4

if disaster is also not bro. because bitcoin is a good business and investment place not created to destroy a company or other things. but I'm sure bitcoin and the Bank can go hand in hand together bro ..

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August 08, 2018, 04:55:22 AM
 #5

Not actually a disaster... But surely, bitcoin is a big threat for local banks, that's why they are against cryptocurrencies. Bitcoin's existence will surely affect local bank's financial circulation. And this will surely hit them hard.

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August 08, 2018, 05:02:55 AM
 #6

Banks hate bitcoin and also don't want it to run because they know it very well that it popularity rate is increasing rapidly and it can be a great threat for banking business.
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August 08, 2018, 05:16:27 AM
 #7

Nope, it´s just a disaster.

SO you're saying that Bitcoin is a disaster? If so, why are you here?

Banks hate bitcoin and also don't want it to run because they know it very well that it popularity rate is increasing rapidly and it can be a great threat for banking business.

Most banks or bankers don't care about bitcoin. They don't see it as a threat at all.

And the reality is that bitcoin isn't a disaster for banks. Banks offer something different than Bitcoin. Banks offer financing, lending. That's their primary role. That's where their value is...because they don't offer value from investments or interest earned on savings.

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August 08, 2018, 05:24:07 AM
 #8

I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks
no no, bitcoin is an investment asset.
don't see bitcoin as money, but look at bitcoin as digital gold and a very promising investment asset.

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August 08, 2018, 05:30:43 AM
 #9

I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks
No it isn't in fact it is the opposite because local exchanges needs a third party to collect the payment for their investors and will going to credit the amount in order for their investors to exchange their fiat to crypto. Since third party is need those local exchange has offering a bank transfer for them to pay which relatively will get also a transaction fee on every money being transferred out from the investors using the bank and to the local exchange.

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August 08, 2018, 05:37:06 AM
 #10

It comes down to market share. Banks had no real competition for many years and then Bitcoin came on the scene to be the alternative/competition for these Banks. In many countries people were limited by the availability of Banking services. <Example : If Bank X was the only Bank in town, then everyone used that Bank, because they had no choice.>

Suddenly the new kid on the block, gave people a alternative method to store value and to handle payments and they are slowly but surely taking a share of the total dominance that Banks had. This is why Banks hate Bitcoin.  Roll Eyes

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August 08, 2018, 05:45:59 AM
 #11

Most banks or bankers don't care about bitcoin. They don't see it as a threat at all. because they do not offer the value of the investment or interest earned from savings. Bitcoin is an investment asset. don't see bitcoin as money, but look at bitcoin as digital gold and a very promising investment asset.

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August 08, 2018, 05:50:29 AM
 #12

bitcoin doesn't have to be a disaster for banks at all because first of all banks are working with fiat and fiat doesn't go anywhere. it will stay around forever and bitcoin is not here to replace it either. and if you really think about it, banks are just service providers for currencies. and bitcoin is just a new currency. there is nothing stopping banks from adopting bitcoin and offer the same fiat services they offer now for bitcoin and increase their revenue.

Nope, it´s just a disaster.
SO you're saying that Bitcoin is a disaster? If so, why are you here?

a very good question ...

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August 08, 2018, 08:52:17 AM
 #13

I can say that this is possible but not unavoidable, so my country banks are totally ignoring the fact of cryptocurrency existing and they think that it would pop as a bubble, sooner or later.

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August 08, 2018, 09:03:21 AM
 #14

I am not sure if banks are afraid of bitcoins. If at all, they are not threatened by it because people are used to the current currency they are using, plus, not everyone in the world knows about digital currencies yet. Perhaps when crypto gets even more popular then banks will feel threatened by it but it may not be possible for now.
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August 08, 2018, 09:06:07 AM
 #15

When holding Bitcoin you don't let the goverment to steal money from you by inflation caused by money printing. It's also a big problem for local banks because they don't get any money for transfers. Question is will they or even can they do something about it.

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August 08, 2018, 09:07:26 AM
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Many banks are researching using XRP to transfer money, which proves that the bank is looking to investigate and disclose other Bitcoin as well as Blockchain technology, there will be no threat here.

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August 08, 2018, 09:10:08 AM
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bankers don't care about bitcoin. They don't see it as a threat at all. because they do not offer the investment value or interest earned from savings. Bitcoin is an investment asset. don't see bitcoin as money, but look at bitcoin as digital gold and investment assets.

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August 08, 2018, 09:37:35 AM
 #18

Is it so? I have hardly come across local bankers that think so. Of course they are discussing and monitoring it. Many of them just sort of disregard it with the conviction that it will fizzle out like a bubble. I am of the opinion that they are completely wrong. In spite of this, it is highly unlikely that Bitcoin is a threat to the flat currency. And it really doesn't need to threaten local banks. Bitcoin market right now does not possess that much influence.
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August 08, 2018, 09:50:15 AM
 #19

Not just the local bank also the international bank they all afraid of bitcoin and crypto.  It because of the high demand iand high interestn bitcoin when you hold your saving into it. Bank only low interest and low demand

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August 08, 2018, 09:56:10 AM
 #20

Yes, it can be a disaster while bitcoin can't replace banks fully. There's a lot of things banks can do while bitcoin can't and vice-versa. Short-term, people will see bitcoin as an excellent investment tool while banks are slowly losing deposits from people, keeping their (banks) profits at the minimum. However, knowing how a government largely depends on banks to help them stimukate the economy, it is a no-brainer that despite bitcoin's valiant effort to overthrow an obsolete system, people will still use it. A short disaster for banks but over time, when banks and bitcoin, along with other crypto co-exist, the interest division would not hurt the banks at all.

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