Banks against the crypto

[Caladonian]

Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?

Good example can be seen how JP morgan's act with this decentralization thing, knowing that the popularities are really emerging so instead of
competing they are now taking advantage keeping the business and allowing the system to work with them, taking away banking system can be
a tough job, replacing the actual finance system would be a long debates.

If they can live alongside there's no need thinking about replacement, better to learned and take the advantage from both venues.

[mich]

[markdario112616]

-SNIP

Just saw the JP Morgan, I couldn't help to think back what happen (I guess last year). In which JP morgan issue a statement that Bitcoin is a fraud which somehow affected the value of Bitcoin at the time. Though after the statement and the sudden fluctuated price, JP morgan took advantage of and bought Bitcoin. Hypocrisy at it's finest. Then now, JP Morgan is launching it's own coin, JPM Coin.


Generally speaking, Banks don't find Cryptos as investment. That's why they're against it, however, There's a much deeper reason to why they dislike it. Maybe Conflict of interest is a factor, who knows. Or maybe, They are not really against the cryptos itself but on the system. If crpytos are under centralized system then Banks won't have any issues with it.

[ajqjjj]

Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?

I think decentralisation is the good for currency economy, But we need some regulation of cryptocurrency then only it will legalised in many countries. I hope crypto will rule the banking industry and Bitcoin adoption also spread in entire world.

[shield132]

I can't say that banks are against crypto. They are trying to implement it in their services and manage our "decentralized" coin at some point. What are exchangers? They are banks at some point. Bitcoin should be dedicated from fiat in reality if we want 100% new and independent currency but still we value things on our national currencies which is fiat in every world.

[MakeMoneyBtc]

Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?

Do you really think everyone in this world would instantly change to bitcoin instead of using banks? Banks will remain at power for a very long time and it's very hard for cryptocurrencies to take lead or even compete with banks right now. So, banks will stay in the top because they are backed by the government and that's what most people are looking for.

[okala]

The presence of cryptocurrency will not hinder the bank from operating because their both plays different roles in the financial sector, while the bank is the traditional financial system. Cryptocurrency on the other hand is a digital currency in the financial system but run on the blockchain.

[el kaka22]

Banks should not be "against" crypto if they could just understand what crypto is. Crypto currencies are not going against banks, it is going against the inequality between rich and poor. A banks whole purpose is to serve people in financial manners and if a bank starts to accept bitcoin for example it could both have cheaper transactions and have way of holding as much bitcoin as possible while their customers money is stored in them and could use it to further their profits just like how they do it with fiat currencies.

On the other hand, banks would like to get richer off poor peoples poverty to enrich themselves which is a wrong approach to what a bank should be but that is how it is which is why they are "against" it, not because crypto hurts banks but because crypto hurts their inequality.

[gabmen]

Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?

Do you really think everyone in this world would instantly change to bitcoin instead of using banks? Banks will remain at power for a very long time and it's very hard for cryptocurrencies to take lead or even compete with banks right now. So, banks will stay in the top because they are backed by the government and that's what most people are looking for.

Well i don't think we should be talking about current situations since obviously, crypto hasn't held much ground as fiat so far. And many banks ate aware that in time, crypto can actually be a challenge. Why do you think people like jamie dimon are too eager to shut down bitcoin with negative statements?

[Hannahanto]

Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?

This has been a talk going on since crypto currencies came into place. Everything is just a business to each other. Number of investment and investors are slowly getting decreases towards the bank. But the other way round with crypto. This might be due to secured system crypto has? Lot more reasons behind.

[pekobites]

Banks have massive power, not only economic power but also political power, as their top executives have contacts with most Governments and political parties of the world

Being realistic I don't think crypto will destroy the banking system in its current form BUT if we start gaining momentum with mass adoption and people start saving with Crypto instead of a banking account, we can start to take away the unlimited power banks hold right now.

We need to mature as a market and a space to get more people to save in crypto and really start creating a more decentralized economy and society.

[South Park]

Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?

Banks will adjust, they are the most powerful institutions around the world and they are not going to accept their disappearance without a fight and when you take into account that most people do not really understand the economy, because if they did they would have never allow banks to grow that powerful, then it is possible that banks will deceive the public again and will remain in power by making people think that they need them when that is not the case anymore.

[Yamifoud]

Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?

Banks will adjust, they are the most powerful institutions around the world and they are not going to accept their disappearance without a fight and when you take into account that most people do not really understand the economy, because if they did they would have never allow banks to grow that powerful, then it is possible that banks will deceive the public again and will remain in power by making people think that they need them when that is not the case anymore.

They might be losing their capability to dominate if they neglect to accept crypto in the future same thing as we store our fiat money or being as a third party. Though the purpose of crypto is not replacing fiat but to give us some options of what we have to used in a certain transactions.
But I'm sure banks will still remain even there is a mass adoption of crypto cause it is getting more safe to stored our money in banks rather than it stay in online wallets, it happens that people will convert cryptos into fiat money and stored in the banks.

[mersal]

If banks accept the cryptocurrency there will be no problem here a lots of problem will solved very easily why some support are came for cryptocurrency field so I think it will be possible to accept cryptocurrency from the banks very easily but there government will not support this that's why the banks are also against to support Crypto.

[Oceat]

It is just too early to say that banks would have gone just because of the decentralization. I think the best possible scenario here is that banks might adjust to this unstoppable new technology that keeps rising from the bottom yet a lot of people and governments hate it because they can't do anything to put a stop to it. And all they can do is to make a new regulation that would let the people follow since this is the only thing they can do.

[whirlcoin]

Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?

still banks are not being against to the Bitcoin development but the acceptance is still be a trouble for them due to some economical changes because the government will not had the complete support for the Bitcoin development when the government legalizing it it will be the possibility for banks also accepting it.

[olohifie]

Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?

Nope. Come what may banks will always prevail. They can always adjust and continue to remain

[Duzter]

Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?

still banks are not being against to the Bitcoin development but the acceptance is still be a trouble for them due to some economical changes because the government will not had the complete support for the Bitcoin development when the government legalizing it it will be the possibility for banks also accepting it.

That's not true, the banks were the governing bodies of a country. Everything associated with the financial system happens through the banking industry as they are the primary financial institution. So when there is something progressive against banks governments stay in front to oppose it as an indirect face of banks. In this way very few governments have understood better about the need of cryptocurrency and have begun adopting it while majority are still on the sides of banks.

[voztata]

Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?

Banks can never be removed, cause they are being controlled by the government. If any country decides to starts making use of cryptocurrency, it will be issued out by their central banks. How it will start is that people will be asking to pay in the money they have into banks which will then be converted to cryptocurrency. That’s how I think it will work, but I’m not in support of that happening. I just prefer things as it is.

Generally speaking, Banks don't find Cryptos as investment. That's why they're against it, however, There's a much deeper reason to why they dislike it. Maybe Conflict of interest is a factor, who knows. Or maybe, They are not really against the cryptos itself but on the system. If crpytos are under centralized system then Banks won't have any issues with it.

How and where exactly did you guys get to learn that banks are afraid of Bitcoin? Lol this is funny. I don’t think that banks are afraid of it. And by the way, JP Morgan has its own cryptocurrency and I’m very sure that’s for their own benefit, it’s now a business and every big institutions wants to create cryptocurrency of their own and attract more investors with it. All they are doing is business.

[magneto]

Decentralization. Everyone is talking about it. Can cryptocurrency lead to the disappearance of banks. Or will banks be able to adjust and remain in power?

I feel like that you're missing the point here. It's not really as black and white as bitcoin vs banks. Banks are going to exist in the future regardless of whether bitcoin reaches mainstream adoption, and as a result, I don't think that the two are necessarily always in direct competition.

Yes, there will be instances where the interests of banks will be conflicting with the decentralisation and convenience that bitcoin offers, but it's extremely hard to see bitcoin "replacing" the traditional banking system soon.

Even if bitcoin does become the dominant global currency, it is imminent that there will still be demand for credit and savings that have to be conducted off chain. The third parties that conduct this will be banks, and I think that the likely scenario in that case would be that they would adopt their business models to simply accomodate for bitcoin as a unit of account, as opposed to fiat.