Banks do not want bitcoin to become popular

[hZti]

From the inception of bitcoin Banks were never friendly with it particularly with it decentralized system

This is the whole point, why many banks that operate in a traditional way will never like bitcoin. Normal Banks lend out money that they do not have, because the laws allow them to do it. With bitcoin this is not possible. There is a fixed amount and you can not just send somebody bitcoins that you created on paper. At least if you do that people will see it instantly and will not accept them or want a discount.

[1715539877]

1715539877

[1715539877]

1715539877

[nullama]

~snip~
This is the whole point, why many banks that operate in a traditional way will never like bitcoin. Normal Banks lend out money that they do not have, because the laws allow them to do it. With bitcoin this is not possible. There is a fixed amount and you can not just send somebody bitcoins that you created on paper. At least if you do that people will see it instantly and will not accept them or want a discount.

There's simply no need for a traditional bank when dealing with Bitcoin.

It's just peer to peer, direct transfer of money, anywhere in the world, with low fees.

Why on earth would you need a bank for?

You don't need to ask permission to open an account, you don't need to ask permission to use your money, etc.

Bitcoin really is revolutionary, yet most people are so used to the legacy banking system that they don't see how much better Bitcoin is.

[Marcorey]

Bitcoin is the biggest bank rival at the moment, if Bitcoin becomes more popular and widely used for long-term asset investments, of course banks will experience financial difficulties. Currently, the Bank's income is almost entirely from customer saving, if one day the customer prioritizes saving money in the form of Bitcoin, of course the Bank will experience financial difficulties and will have a bad impact on the bank's financial condition in the future.

Until now there are still many countries that do not want Bitcoin as legal transaction, this can have bad impact on bank consistency if Bitcoin has become legal currency.

Banks and Bitcoin are in a competitive relationship, and Bitcoin is the biggest competitor of banks. Bitcoin is decentralized, there is no control over the assets, and now more and more people prefer cryptocurrencies and keep their money in their wallets instead of banks. Banks want to control the money, and the advent of Bitcoin took away the power of the banks over the people, and they gradually lost customers and revenue.

[solehdavid]

we all know that banks don't like cryptocurrencies and bitcoin, and they have started to feel that their throne is starting to shake. bitcoin is an unexpected competitor for them. they have always been familiar with interbank competition, but bitcoin fundamentally threatens the banking sector. of course there are people who make money from the banking sector, and these people want to maintain their status somehow. spreading unfounded speculation is one of their mechanisms to maintain their status. this is not something they can avoid anymore. no matter how big the storm is, it can only take dust from the rock

[nullama]

I'm not so sure about this sentiment.

For example, the BIS (Bank for International Settlements), which is basically the Central Bank of Central Banks, recently published a document stating that they will allow Central Banks to have up to 2% of their reserves in Bitcoin, starting from 2025.

The Bank for International Settlements' (BIS) Basel Committee on Banking Supervision has finalized a proposed policy that would place a 2% limit on banks' Tier 1 capital held in bitcoin.

Here you can read the official release directly from BIS: https://www.bis.org/bcbs/publ/d545.pdf

[Sokoloau]

Banks and Bitcoin have a competitive relationship. There are already some countries accepting Bitcoin, and more and more people are beginning to understand and use it. If bitcoin becomes more popular, banks worry that people will invest their money in bitcoin instead of depositing it in the bank. This will be detrimental to the development of their business and reduce their income.

[CryptSafe]

From the inception of bitcoin Banks were never friendly with it particularly with it decentralized system and control it rather give to the owner of the coin's as against how the banking system operates and this obviously has made them the owners of banks are on daily basis declining in profit as bitcoin is gaining more and more acceptance by many for financial transactions and investment. In my home country the banks nocturnally aided in misinforming the government about cryptocurrency which led to it's ban for many years now, but there are rumours that the government are planning of making some adjustments to the ban.
The banks are always there to credit statements and predictions to deter people from further investing in bitcoin and other cryptocurrencies, but for those that understands very well about the system this statement won't be taken into account cause the bear market won't be here forever.

The feud between the bank and bitcoin has heightened but in all, bitcoin does not feel perturbed as it is the people's choice. The bank knows in time to come, they would be off the track meaning that nobody would want to have anything much to do with them so they are going at any length and cost to discourage the people and government from dealing on bitcoin and crypto currency.  The competition is very high but I know for sure the massive adoption is gradually taking effect. People have started seeing the benefits of holding bitcoin, the importance attached to it as well. These they have seen would speak for itself giving bitcoin a good edge over the existence of bank. I am happy that the government are now eyes opened seeing the importance of bitcoin to the community or society as the case maybe. This would make the implementation and adoption of bitcoin scale through smoothly in their nation  as there would not be any challenges as it has already spoke and it is speaking for itself for now and generation to come.

[Sakanwa]

The reason why the banks are not allowing bitcoin anymore because they think bitcoin is like taking away there business and it trying to take control of the world business investment areas.
The bank see bitcoin as a source of people make twice of there investment income and twice of what the bank do give out when you invest in the bank. This has make big and great business men and women go into bitcoin because it double there investent income but bank don't, and the fine bitcoin as a very good platform of making investments and the banks don't want to lose there business so the best way for them is to stop bitcoin investment.

[uneng]

There are banks and banks. Some are fully against Bitcoin, while others may embrace it, and take advantage of the digital currency. Actually, I don't see a lot of rage from banks against Bitcoin anymore these days, like they used to be years ago. I think things are walking to a mutual path between banks and Bitcoin. They have only to win with BTC investments. So there is no reason they take this rivality ahead.

[BALIK]

~snip~
This is the whole point, why many banks that operate in a traditional way will never like bitcoin. Normal Banks lend out money that they do not have, because the laws allow them to do it. With bitcoin this is not possible. There is a fixed amount and you can not just send somebody bitcoins that you created on paper. At least if you do that people will see it instantly and will not accept them or want a discount.

There's simply no need for a traditional bank when dealing with Bitcoin.

It's just peer to peer, direct transfer of money, anywhere in the world, with low fees.

Why on earth would you need a bank for?

You don't need to ask permission to open an account, you don't need to ask permission to use your money, etc.

Bitcoin really is revolutionary, yet most people are so used to the legacy banking system that they don't see how much better Bitcoin is.

But unfortunately, you and I still live in a centralized world run by governments; fiat and banks still dominate the financial markets. You will still need a bank because all your daily spending is fiat, you need banks and exchanges to convert your bitcoins to fiat. Bitcoin is a revolution, it is very good, but it cannot replace or compare with banks, banks provide us with many services. Similarly, why do we still need exchanges today even though they are centralized like traditional banks? Both are necessary for us, I will be happy to see both coexist and support our life more perfectly.

[Merit.s]

Banks are anti-bitcoin because they are scared that bitcoin becomes popular,more people will be investing. Soon when everybody is using it, that fiat  will becomes useless and there will be no more manipulation of peoples funds,their jobs will be lost and they will have less right to use peoples funds for business. They are scared of bitcoin volatile nature,since it is a valuable assets like gold

Banks are like exchanges who are self centred and will lie to deceive the people that they are reliable and trusted to keep your funds. So they will tell the people stories that will panic them not to invest in bitcoin as if they are bitcoin experts.

[nullama]

~snip~
But unfortunately, you and I still live in a centralized world run by governments; fiat and banks still dominate the financial markets. You will still need a bank because all your daily spending is fiat, you need banks and exchanges to convert your bitcoins to fiat. Bitcoin is a revolution, it is very good, but it cannot replace or compare with banks, banks provide us with many services. Similarly, why do we still need exchanges today even though they are centralized like traditional banks? Both are necessary for us, I will be happy to see both coexist and support our life more perfectly.

It is possible to live in a Bitcoin only economy in certain countries that don't have Bitcoin as legal tender as El Salvador and Central African Republic already have.

For example, in Canada there's a service called bylls that receives your Bitcoin and with it you can pay bills. They take care of all the fiat conversions and payments. You only send Bitcoin to them. In Australia a similar service is called living room of Satoshi, and so on.

You can also anywhere get paid in Bitcoin directly, so if you combine those ideas, you can, admittedly in a limited way, live a full life with Bitcoin only.

For an even simpler way of living there are those pre-cards that use Bitcoin for funding payments, but that is basically having a bank and an exchange to your name so I'm not counting those here.

[n0ne]

~snip~
This is the whole point, why many banks that operate in a traditional way will never like bitcoin. Normal Banks lend out money that they do not have, because the laws allow them to do it. With bitcoin this is not possible. There is a fixed amount and you can not just send somebody bitcoins that you created on paper. At least if you do that people will see it instantly and will not accept them or want a discount.

There's simply no need for a traditional bank when dealing with Bitcoin.

It's just peer to peer, direct transfer of money, anywhere in the world, with low fees.

Why on earth would you need a bank for?

You don't need to ask permission to open an account, you don't need to ask permission to use your money, etc.

Bitcoin really is revolutionary, yet most people are so used to the legacy banking system that they don't see how much better Bitcoin is.

But unfortunately, you and I still live in a centralized world run by governments; fiat and banks still dominate the financial markets. You will still need a bank because all your daily spending is fiat, you need banks and exchanges to convert your bitcoins to fiat. Bitcoin is a revolution, it is very good, but it cannot replace or compare with banks, banks provide us with many services. Similarly, why do we still need exchanges today even though they are centralized like traditional banks? Both are necessary for us, I will be happy to see both coexist and support our life more perfectly.

Agreed, banks and cryptocurrencies to coexist is a good thing. The same won't happen easily, because the technology used by cryptocurrency isn't adopted by most of the banks. The traditional financial system doesn't want the transparency and for that reason very few banking service providers have begun to use the blockchain technology. Over time we can see the transition. For now it is the banks people depend on for every needs, and even now banks fear that cryptocurrencies were taking away the entire revenue.

[nullama]

~snip~
Agreed, banks and cryptocurrencies to coexist is a good thing. The same won't happen easily, because the technology used by cryptocurrency isn't adopted by most of the banks. The traditional financial system doesn't want the transparency and for that reason very few banking service providers have begun to use the blockchain technology. Over time we can see the transition. For now it is the banks people depend on for every needs, and even now banks fear that cryptocurrencies were taking away the entire revenue.

The banks want their cut, and what they are starting to do is to basically act as the exchange itself.

They offer you a card which you can use everywhere, and you give them your Bitcoin, they sell it as you spend the card in fiat.

That way they keep their business working as normal, and they sell you the idea that you're paying with Bitcoin.

In reality you are simply paying with fiat all the time, as usual, with all the problems it has, and you give them custody of your Bitcoin. It's not a great deal to be honest, but it seems to work for them.

[fuguebtc]

Maybe banks are not showing much interest in accepting bitcoins from people now.  But the time of Bitcoin will come when all the people will do their daily work and transactions through Bitcoin. Banks may not want to accept bitcoins from the public right now because the bitcoin market is not in a buoyant state right now. Bitcoin market is changing every time. So banks may not want to take the risk of accepting bitcoins from the public. But the time is coming very soon when people will do their transactions through Bitcoin and entire banks will accept it.

It is not a matter of risk, but because banks fear a decentralized asset like bitcoin will take their market share, taking over their customers because bitcoin has features that surpass them. Many people use bitcoin and then almost don't want to use the bank again for things like transferring or storing money, which would cost the bank a lot of revenue. Banks will never accept bitcoin because it is no different from their enemy and does not benefit them.

[Sebas.tian]

Who wants to reduce his power by giving opportunity to others? Actually government wants to handle financial sectors but Bitcoin is a threat for banking system. Banking system will not be used regularly and it is huge losses for this sector. There will be a good competition between banking system and Bitcoin. In this competition Bitcoin will survive as it has different use cases and benefits. That's why banks do not want Bitcoin to become popular which is not good sign for banks.

I agree with you, that is why banks are trying their possible best to discourage Bitcoin users so that they will value fiat investment than Bitcoin investment in the environment. But, no matter the bad information the banks are spreading about Bitcoin in this new year 2023, I think, it will be difficult for investors to listen to their information because they have seen the new pump of Bitcoin in this month of January that made them to believed that nothing can stop Bitcoin not to be popular in the whole world. Bitcoin still remain unpredictable that made it different from fiat money because is not control by the government.

[Sayeds56]

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin.  

Obviously, banks will never like Bitcoin to become popular which is quite natural & understandable, as it is a decentralized and not in their control. additionally, if it is massively adopted as method of payment, it can potentially reduce or may eliminate their role in the financial system.
There is another reason, why banks are hesitant to involve in Bitcoin, is lack of regulations in many countries for investing & trading in crypto, which restricts their ability to deal in crypto currencies.

[Gracejoy]

One can't pray for he's or her rival, decentralized finance  is a big  threat to our traditional banking system which Bitcoin is one them, many people are no longer saving their money in the bank but in Bitcoin at least I'm one of them. 
Our traditional banking system see cryptocurrency or Bitcoin as a rival in the same field financial Management don't expect them to promote cryptocurrency because is retiring them from their active services

[TalkativeCoin]

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin.  

Obviously, banks will never like Bitcoin to become popular which is quite natural & understandable, as it is a decentralized and not in their control. additionally, if it is massively adopted as method of payment, it can potentially reduce or may eliminate their role in the financial system.
There is another reason, why banks are hesitant to involve in Bitcoin, is lack of regulations in many countries for investing & trading in crypto, which restricts their ability to deal in crypto currencies.

I think they'll find a way to make a profit out of it, they'll "see the light" eventually, just as big energy (oil) companies embraced the fact that the EVs are here to stay and they started to buy out smaller EV charging operators and integrating them into the part of their business model. If it makes them $$$, they'll eventually do that shift.

[WatChe]

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin.  

Obviously, banks will never like Bitcoin to become popular which is quite natural & understandable, as it is a decentralized and not in their control. additionally, if it is massively adopted as method of payment, it can potentially reduce or may eliminate their role in the financial system.
There is another reason, why banks are hesitant to involve in Bitcoin, is lack of regulations in many countries for investing & trading in crypto, which restricts their ability to deal in crypto currencies.

Bitcoin is designed to break the monopoly of centralized financial institutes like Banks. So its very obvious that Banks wont like it. For centuries these Banks are controlling the global financial system via there centralized policies. Banks limit our access to our own money, while there is no check on how bank is using our money. Bitcoin gives us the liberty to use our money on our terms and conditions and I dont think centralized institutes will ever accept Bitcoin.