is it true that bitcoin is a disaster for local banks

[Snaic]

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

Crypto currency is a direct competitor of banks, but banks should not be afraid of it. Crypto currency can only take away from bankers some customers and they will lose some of their profits. However, in general, there is no threat to the banking system of the crypto currency. The banking system does not affect the banking system and will exist in parallel with it. If the crypto currency somehow tries to do this, then the state will immediately become the bank's defense, since banks are actually part of the state.

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[betty12]

Bitcoin is here to complement the bank and even help them make more money. They will not completely go out of business, they will still stay relevance. What they need do is to set aside fund for blockchain development and plan to integrate it to their system.

[melkola]

I think bitcoin is a disaster for the government. And for any Bank bitcoin is just a tool. The government does not yet know how and what to do with bitcoin to receive taxes from it and from us. These greedy monsters pursue only one goal, to take away the last from people. I hope bitcoin will remain beyond the control of any government. It will be the same independent and convertible.

[malbterxic]

Шn the kinky dreams of anarchists it can be true, but in fact, banks have nothing to fear, because bitcoin is estimated in dollars and without their security it does not represent value, banks release and control the dollar, so they have nothing to fear they keep everything under control.

[nagasaking]

Bitcoin can be bad news for banks widely accepted and if that happens globally. Imagine having to deal with all your transactions without problems and faster than any bank can offer. This is why banks are always skeptical about bitcoin. That's right, it's volatile, but besides that, let's look at the good side. If given the opportunity it will disrupt the banking industry.

[Ahimoth]

I do not think so. The function of banks and bitcoins are not the same either. But, what's the same is the circulation of money. You invest in banks as well as in Bitcoin, you earn money in banks as well as in bitcoin but it doesn't guarantee that bitcoin causes disaster to banks. I think, when you are going to look at it in a different angle, much people now invests in bitcoin than in banks. Apart from the fact that it is decentralized in bitcoins, more people nowadays prefer to handle their own money. In the contrary, people who wants to have their own business actually goes through bank to bank when you talk about the financial legalities. Therefore, it really depends on the people.

I beg to disagree but this is a big no for me because I see it in a different way. Well what I'm saying is that bitcoin is a huge help for the community. Local banks should not be worried about the existence of bitcoin instead they must support it. If they really want to make a better living then they should accept the fact that bitcoin is beneficial.

[KimmyF]

For my own opinion, Bitcoin seems like a disaster to several local banks. Why? Because people tend to put their money or investments only in banks in the past years, but now, the people have another option which is to store their money and investments in the Bitcoin or crypto currency community, most especially now that the popularity and name of Bitcoin is keep on a progressive positive status.

[Kotone]

For my own opinion, Bitcoin seems like a disaster to several local banks. Why? Because people tend to put their money or investments only in banks in the past years, but now, the people have another option which is to store their money and investments in the Bitcoin or crypto currency community, most especially now that the popularity and name of Bitcoin is keep on a progressive positive status.

i don't think that the bitcoin is a disaster for the local banks. maybe for the others who treat the bitcoin as an enemy.but in my country,they support the bitcoin and as exchange, they regulate it. but for the benefits, they gain each other because banks puts some tax in exchanging an coins and they earned,while in other side the bitcoin will flow in my country freely

[charlotte04]

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

It could be, but they can also collaborate with it and help it to improve for them and for all people that will use it in the future. Trying new things and trying to adapt that would certainly end up in a good way.

[maksimukr1989]

Banks should not be afraid but rather use new technologies in their activities.These technologies will inevitably come into our lives.They will have to be taken sooner or later

[billionaireSHS]

Yes I heard some issue like this, you know why bitcoin is considered a disaster to any banks?? Because of popularity of bitcoin many investors are influenced to invest with bitcoin, and because of that scenario the investors who invest in bank are become lessen that's why bank considered bitcoin as a disaster.

[rodskee]

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

This thread is old news and so many discussions about this since i start to join herein forum
Afraid   because bank insecure in bitcoin to replace fiat money as currency
That's a simple explanation why banks afraid for bitcoin and banks call bitcoin as disaster

[ganlianshifu1]

Bitcoin and other digital currencies are a further complement to existing banking services!
Because the current liquidity of BTC's existing market is low, there is no threat to the bank!
Banks can now study the technology of blockchain and cryptocurrency to better serve humans!

[pathapoddo]

Yes, local banks are afraid that bitcoin are danger for them. Because people are now want to invest in btc because of this high rate price. And they should be afraid.

[jarojak]

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 don't think bank afraid to bitcoin.  There are so many benefit of bank, for example when you transfer to the other account at the same bank it's free and take no time.

[Catch-22]

Please stop thinking that bitcoin is a threat to anything. Bankers would incorporate bitcoin in their portfolio of products and services offered. Bitcoin can coexist with just about anything.

[mekie]

No, Bitcoin is not a disaster for local or any bank for the simple reason that it will never replace fiat. Just as credit and debit cards have not replaced cash despite being around since 1958 (sixty years). Maybe in another 60 years we will see crypto accepted to the same extent as debit and credit cards are now.

[Omela44]

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 do not see any danger for banks. They will start using bitcoins as well and everything stays as it was before. I somehow do not see how normal banks should be endangered.

[BitcoinPanther]

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

My apologies bilygarrison, but your topic is quite vague so to say. First, kindly expound why banks are afraid of bitcoin? As we all know that a large portion of the existing banks right now are studying the possibility of bridging their centralized authority with the beneficial offering of blockchain technology.

And what do you mean that excess of bitcoin is much compared to local banks?  Are you talking about the number of coins in circulation? Or you mean to say the value of bitcoin as it exceeds expectations?

Please be more specific so we can discuss better.

[jenongs]

what is feared by a local bank may be if all banking transactions are carried out by bitcoin, even though people use it only for investment and then the results are converted into money.