is it true that bitcoin is a disaster for local banks

[club45]

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 ...

In my own opinion a Bitcoin is not a disaster, it's a treat for all banks. Coz we are living in a world of technology,

[andieoke]

Bitcoin comes as a new breakthrough in digital transaction devices or Bitcoin as digital currencies. And this is not a disaster for local banks. there are still many people who need Fiat as a transaction tool, and of course those who use Fiat are still in contact with the Bank. Bitcoin will not kill local banks.

[edzleochico6]

I think is not disaster for local banks,there is nothing stopping banks from adopting bitcoin and offer the same fiat services they offer now for bitcoin and increase their revenue,banks are just service providers for currencies. and bitcoin is just a new currency.

[CryptoCClendon]

Haha they should be afraid of the revolution of blockchain

[isllander]

I agree bitcoin is digital gold, creating new opportunities for anonymous and decentralized storage of its assets. For banks this has to be considered

[moonami]

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

I agree that banks are afraid because bitcoin can replace them and they may lost many investors because many investors are now investing in bitcoin. Bitcoin can also replace the currency. That's how powerful bitcoin is.

[IndigoRed]

I agree that it’s NOT a disaster. I presume banks are threatened and are kept on their toes. We all know that the banks follow a centralized chain and so technically, they can’t be in favor of digital currencies. Give it time. I think banks at some point, will see the relevance of bitcoin and the beauty of its underlying technology.

[r32godzilla]

Banks have been enjoying their dominance for centuries just before the invention of bitcoin.They were able to easily loot public in the name of transaction fee and people had no choice other than those banks.

[Ms.Anna]

Bankers are people who chase only money. If banks start working with crypto-currencies, then bankers will receive less profit. I think that they are not afraid of anyone, because they have great power.

[giantrobot]

That's why banks and governments hate Bitcoin, even banning it. Bitcoin is a new currency with advantages over traditional currencies, but the advantages of fast, cross-country and anonymous transactions affect banks and governments.

[jmvzlfyg]

The banking industry should have changed a long time ago. The industry has become a tool of the government. I think banks should devote more energy to serving customers.

[memyselfandi]

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

Yeah those local banks are really afraid and frightened in bitcoin or cryptocurrency because, it is really a thread to them. Because they are predicting that for the next few years, the number of people who are entering money to them will decrease little by little because those people will trust more on crypto instead to them.

In fact it can happen, because nowadays many people prefer to do transactions using bitcoin or cryptocurrency, indeed for the next few years there will be more people who will know bitcoin, and local banks can be said to be worried and can feel threatened about the existence of bitcoin, and What will be done later with the bank?

Yeah right, a lot of people are trusted crypto more than banks because it is more reliable and easy to make some transactions. When that time will happen, maybe the banks will find something malicious in crypto so that crypto will have trust issue to the people and those people will come back to them.

[LeetPoolsOP]

Bitcoin is not a threat to banks. I'm sure that they can work with crypto currency. But as a result of this work, bankers will receive much less income and there will be fewer options for deceiving people.

[Fundalini]

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

Not exactly troublesome for most banks; bitcoin replacing them is not remotely possible now as it is not yet capable of instant payment. Which is why banks could rest easy with that fact and thus sustain enough users of their services.

[rachellee]

Yes, that is very much true! Bitcoin is a big threat to banks and other financial institutions nowadays, as many people are embracing the rise of interest in it. Since popular fuss in virtual currencies has taken off already, many were awaken by the fact that transaction using it is much cheaper, faster and secured. As a result, many of their clients resorted to do their businesses adopting it. This zoom-in on the cryptoworld of businessmen largely and negatively affects banks' earnings. With the continuous mass adoption of bitcoin, banks will soon lose control over currency. Thus and thus, we see a lot of financial institutions today, together with the government, rallying against bitcoin.

[sari_]

if bitcoin is said to be a disaster for a local bank, I never believe it, bro. precisely bitcoin and local banks can go hand in hand with bro.

[dutchkay]

Bitcoin can become bad news for banks is widely accepted and if it goes global. Imagine having to handle all of your transactions without issues and faster than any banks can offer you. Now let's look at remittance. Western Union and the rest charges much and they also have delays. Bitcoin have none of these and thanks to lighting network it's transaction fees have reduced. This s why the banks have always been skeptical about bitcoin. True it is volatile but aside that let's look at the good sides. If given a chance it will disrupt the banking industry.

[ngusmin]

I don't think so, even though bitcoin was created as a cryptocurrency, but bitcoin is more used as an investment than used as a currency.

[Behind]

One of the major impacts that will be faced by banks when Blockchain is fully adapted by many banks, is disruption in a number of jobs, especially in the back office.

"The Bank is aware that Blockchain is challenging their traditional business model," said Senior Associate at Norton Rose Fullbright Johanessburg, Nerushka Bowan.

According to him, the bank's function in terms of fund exchange brokers is no longer needed when Blockchain appears and develops. That is why it is important to pay attention to regulators around the world, which according to Bowan are still fumbling on Blockchain technology because they don't really understand.

[*kimcil*]

bitcoin doesn't have to be a disaster for the bank at all because the bank first works with fiat and fiat doesn't go anywhere. it will remain forever and bitcoin isn't here to replace it too.