Why are banks against cryptocurrency?

[isabellajones]

As the first cryptocurrency, Bitcoin has also faced some criticism, especially from the centralized financial sector.

Centralized financial institutions may be unhappy with the concept of decentralization because it challenges their long-standing monopoly. They may worry about losing control over financial transactions and having difficulty profiting from a decentralized system. This is one of the reasons why they may express opposition to cryptocurrencies.

However, as time goes by and technology advances, we may see the centralized financial sector begin to accept and adopt blockchain technology. In fact, some banks and financial institutions have begun to explore the use of blockchain to improve their business processes and provide more efficient services. This shows that despite the existence of competition and opposing forces, innovation and change are inevitable.

In this competitive market, we expect to see a variety of different choices and perspectives, and to drive the development of the industry through transparent, open and equal competition. This will help improve the efficiency and reliability of the entire financial system and provide users with better choices and services.

[Baki202]

What do you expect in a competitive market? In as much as bitcoin is important, fast and easy to use with the potential of volatility, people will still criticized it. Expecially those other centralised financial sector . Whenever something is the opposite side or version of the first one,  it becomes an opposing force. just like the two name are the opposite meaning of each other which are "centralized" & "decentralized" you wouldn't expect centralised financial sector like bank to be happy about decentralized when they know that Bitcoin or crypto is what they never emergined to have existed. Though if crypto would be in their control and they can make profit from it they will have accepted it and used it as ann alternative to there centralised system. But since the blockchain technology doesn't support to be controlled by some entity, it becomes difficult to accept and they Start fighting against it to be an anti centralised.

The finance network is becoming more competitive than we expected and the banks always want to be number one in the finance chain, Banks have failed to update the systems they don't have anything to offer other than to help you save money and there will be monthly charges for maintenance and many more. but aside from the bitcoin network, it is an investment that, whenever it increases, it increases alongside your money, Investing there might be risky but it is better than leaving your money dormant. you will gradually profit from your money invested without stress or even anyone knowing what you are doing with it. and Bitcoin being decentralized makes it overly interesting. your privacy is secured.  and they are not happy with the inception of Bitcoin the fact is that Bitcoin offers more than what banks can offer, and people already see Bitcoin as legal tender, and Bitcoin has been recognized as a payment method in some parts of the world some people still don't want bitcoin but that is their problem people that want will continue investing.

[mvdheuvel1983]

I don’t think banks are the ones against Bitcoin. It should be the government that is against Bitcoin because they don’t have control over it. The banks actually report to the government and because Bitcoin isn’t doing the same, they don’t like it. Because starting from tax and other things they’d have implemented or rule they’d have set, they can’t. Bitcoin takes out the middle man and the government can’t do nothing about it, no matter much they dislike it.

Banks may not be directly against Bitcoin but they are surely indirectly against Bitcoin because they are directly working with the government and they review and reveal every information that is requested from the government by them since they are always scared of the politicians who are in government working with them to launder money here and there. The government has never been in support of the invention of cryptocurrency because it is transparent and the informations are private and users are usually in control of their funds and transactions unlike banks where the funds of the citizens and their transactions are controlled by banks and can be traced by the government whwn they need, banks csn not support Bitcoin because they see Bitcoin as a threat to the existing fiat and people may likely stop visiting the bank if bitcoin transactions is accepted for payment of goods and services all over the world.

[dezoel]

Bank are afraid of cryptocurrency, especially Bitcoin precisely, because Bitcoin has been created with a specific number of 21,000,000 total supply, and transparent in every transaction and trade being made, in which our local bank's are not specific and transparent to give actual account and local money keep printing more money, but Bitcoin is not printing/creating more Bitcoin. But rather is maintain the specific figure and that is the major reason why Bank are afraid of cryptocurrency and is highly demand.

That might be few of the reasons and they are not only limited to that. The good news is that many banks have now embraced BTC. It's either they realized that there is nothing to be scared about it or they are only riding the hype train. I'm not an expert in BTC but AFAIK BTC had some anonymity.

There is also a process called mining which enables new BTC to circulate in the market. Banks or fiat money is different from cryptos like BTC. So, we should not question if that is how they work and also, they don't just print and print more money because that is not good for the currency. It can only lose its value overtime, making it a worthless currency.

[chigo]

Banks have been a place where rich people have tasted customers' money for many years and the existence of Bitcoin is a big threat to the continuity of their business because anyone, anytime and anywhere can send large amounts of money directly without any other party being involved. which is disturbing and this is the mission of creating Bitcoin by Satoshi.

If banks are smart then they have to cooperate with Bitcoin, not just go against it.

[Minor Miner]

So what I'm ultimately getting out here, is that crypto currency can't go in line with banks. What are your thoughts towards this?

If the Bank is completely against bitcoin then we cannot convert bitcoin to fiat currency through the Bank's services. I think the Bank is not really opposing it but rather limiting it because they are worried that bitcoin will become a competitor and it is not the Bank that is opposing bitcoin but rather the government with its laws. I don't know how it is in your country but we have banking services to convert bitcoin to fiat and even taxes are regulated in such a way.

Every system that has been built will always be maintained by the government, in this case the bank as an institution providing money will think about how this system does not collapse. Banks are controlled by the government, while Bitcoin does not have anyone's control, so the government is worried about the development of adoption that will occur.

I agree with you, if banks really hate bitcoin and oppose bitcoin, we will no longer have the opportunity to use bank accounts to buy bitcoin. Just because they warn about bitcoin doesn't mean they hate it, they just want to protect their customers and they are following the law because bitcoin is still not legal in many countries.

Banks conduct their business through customers' money but when customers invest their money in Bitcoin with the help of banks, the bank will lose assets and their business will be affected. and because Bitcoin is still largely illegal, banks may be against it.  But all in all, if the banks were getting good profit from Bitcoin then they would be right to support Bitcoin instead of against it.

Many people are unnecessarily exaggerating about bitcoin saying that banks and governments are afraid of bitcoin. Think how bad things would be if the government actually cracked down on bitcoin, and the clearest example is the Nigerian government banning centralized, p2p exchanges, just those small bans have caused many traders to Investment faces many difficulties. If they really hate bitcoin and punish it more harshly, I think bitcoin's popularity will soon disappear. Don't underestimate the power of government.

Banks and governments fear Bitcoin because the high volatility of Bitcoin will always destabilize a country's economy if every country uses Bitcoin as FIAT money and if the government keeps Bitcoin as a reserve currency.  And if the bank supports bitcoin then the bank will lose their wealth because the customers will be more inclined towards bitcoin which is more profit from bitcoin than the bank. And even if the bank's money is under the bank's authority, Bitcoin is completely under its own control

It is true that bitcoin can bring higher returns than bank deposits but not everyone invests in it even if it is legal, not everyone likes the volatility of bitcoin. Just like until now, why do many people still choose to invest in gold and real estate instead of bitcoin even though it brings higher profits? So far, what percentage of the population has abandoned banks to invest 100% in bitcoin? According to the data I know, less than 5% of the world's population invests in bitcoin, do you think that affects and makes banks worried?

Even yourself, would you invest 100% of your money in a risky and volatile asset like bitcoin? I bet you wouldn't dare take such a risk either. So don't think that banks are afraid of bitcoin, they are afraid of users leaving them, that will never happen even if bitcoin becomes more popular.

[Ojinga]

What do you expect in a competitive market? In as much as bitcoin is important, fast and easy to use with the potential of volatility, people will still criticized it. Expecially those other centralised financial sector . Whenever something is the opposite side or version of the first one,  it becomes an opposing force. just like the two name are the opposite meaning of each other which are "centralized" & "decentralized" you wouldn't expect centralised financial sector like bank to be happy about decentralized when they know that Bitcoin or crypto is what they never emergined to have existed. Though if crypto would be in their control and they can make profit from it they will have accepted it and used it as ann alternative to there centralised system. But since the blockchain technology doesn't support to be controlled by some entity, it becomes difficult to accept and they Start fighting against it to be an anti centralised.

but at this point for me they're all targeting the same way, Centralized & Decentralized it's just for two to accept each other's even if the Bitcoin are more of coins. But with them working and collaborate with the central banks don't you think it'll still be more profitable to Central banks itself, all I know is that the government are the one's making it seems or
look difficult for the both to work together as one. Cause through central banks Bitcoin can be more easier to convert coin and withdrawal the money more faster. And we all know that Bitcoin is more important and mostly in the future Bitcoin will soon take over the market, it doesn't care if the government are trying to make them hidden not making them become Centralized Bitcoin is the best even if they're working with the banks.

[Fiasem20]

I don’t think banks are the ones against Bitcoin. It should be the government that is against Bitcoin because they don’t have control over it. The banks actually report to the government and because Bitcoin isn’t doing the same, they don’t like it. Because starting from tax and other things they’d have implemented or rule they’d have set, they can’t. Bitcoin takes out the middle man and the government can’t do nothing about it, no matter much they dislike it.

Both banks and governments are against bitcoin,the bank is government,the government works with the bank as well.Therefore,prohibiting bitcoin from operating freely is highly a setback to bitcoin.The government would always want to promote whatever they're In charge of,so if it doesn't work to thier expectations and how they should operate then it becomes a problem to them.
Bitcoin is not backed by government,bitcoin only operates as a peer 2 peer network system,thereby fixing the issues that fait seems difficult to handle.
The transformation that bitcoins adoption has created has laid traces and lasting changes in financial technology.

Exactly both parties are against Bitcoin and cryptocurrency.Before banks will give strict restrictions on Bitcoin transaction they might have received informations from the government,they work hand in hand to regulate Bitcoin and cryptocurrency transactions.Bitcoin doesn't have the form of a traditional currency so it can't be controlled by centralized entities.Bitcoin can't abide to the terms and conditions of banks,just like eliminating transparency in the Blockchain network,the network has always been transparent and what makes you think that if the network is controlled by centralized entities it will be transparent,they are definitely gonna eliminate transparency which is impossible.

[Sakanwa]

FIRST WHAT'S CRYPTO CURRENCY? A digital currency in which transaction are verified and records maintained by a decentralized system Using cryptography, rather then by a centralized authority. The crypto currency are not centralized authority, so banks don't allowed them. Which are characters
in 6 ways.

 (1) SO WHY BANKS ARE REALLY AGAINST CRYPTOCURRENCY? Cause the volatility of cryptocurrency markets are concerns over security and regulations. They've made many banks cautious about involvement in the crypto space. Some banks have even banned the use of cridit cards for purchasing cryptocurrency, reflecting their hesistancy to embrace the emerging technology full. If only the cryptocurrency are ready to make a good terms with the banks.

(2) AND WHY DOES CRYPTO CURRENCY DISRUPT BANKING AS WELL? First from the Centralized to Decentralized finance. The cryptocurrency operates on Blockchains, distributed ledger that records transactions across a vest network of computer. This erases the need for central authorities , creating a more open and transparent financial system. And this also causes the risks for banks.

(3) CRYPTOCURRENCY RISKS FOR BANKS?  Risk of fraud and scams among crypto-asset sector participants. Legal uncertainties related to custody practice, redemption, and ownership rights, some of which are currently the subject of legal processes and proceedings. And this lead to why they aren't accepted in banks.

(4) WHY IS CRYPTO NOT ACCEPTED IN BANKS? The main reason banks do not accepted Bitcoins as legal tender, is because they aren't backed by a central authority. Such as a government or central bank, unlike traditional currencies, Bitcoin is not regulated or guaranteed by any third party. And this will also make the banks to get scared of linking up with crypto currency.

(5) THE REASON WHY BANKS ARE SCARED OF BITCOIN? Perhaps the most existential threat Bitcoin poses to banks, is because the potential to render traditional banking systems obsolete. As more Individuals and businesses adopt Bitcoin and the cryptocurrencies for their financial transactions, the need for traditional banking services could diminish. And it gonna affect the banks increases accessibility.

(6) HOW DOES CRYPTOCURRENCY AFFECT THE BANKS?  In my own opinion, cryptocurrency have had a profound impact on traditional banking. By challenging the status quo and disrupting long-est abolish systems, their decentralized nature, cost advantages, and increased accessibility have implications for both individuals and financial institutions.

In December 2022, the Basel committee on Banking Supervision (BCBS) announced a new standard for banks which sets a limit of 2% on crypto reserves, defines how to classify cryptocurrencies and makes provision to minimize the risks associated with cryptocurrency exposure.

https://www.google.com/search?client=ms-opera-mini-android&sca_esv=8ffd5b3fe64f0225&channel=new&q=Cryptocurrency+risks+for+banks+2021&sa=X&ved=2ahUKEwjdqoux45-GAxXrgf0HHc92BmwQ1QJ6BAgEEAY.
Click on the link to no know.

So what I'm ultimately getting out here, is that crypto currency can't go in line with banks. What are your thoughts towards this?

the banks are not the one against cryptocurrency it's the government, if the government can regulate crypto currency in our country than that means cryptocurrency will be centralized and once cryptocurrency is centralized. Then they can go inline together and work together as one, the government feels that crypto currency are not reliable or they're scared of fraud meanwhile crypto currency are legit. The banks don't have any issues working with Bitcoin but we all know that the banks are government, so definitely the  government have seen that if Bitcoin and the central banks works together their profile won't be much anymore. And things will be more easier for cryptocurrency in the global cause it'll be easily to convert our coins to fait money, so the government have think about all this things that's why they don't won't Bitcoin to be centralized. And they've noticed the rate of people who into Bitcoin are much and if they get to regulate crypto currency and making it Centralized that means, Bitcoin will take over the central banks.

[Sakanwa]

Banks have been a place where rich people have tasted customers' money for many years and the existence of Bitcoin is a big threat to the continuity of their business because anyone, anytime and anywhere can send large amounts of money directly without any other party being involved. which is disturbing and this is the mission of creating Bitcoin by Satoshi.

If banks are smart then they have to cooperate with Bitcoin, not just go against it.

you know the banks are government so just refer it as the government. You're right if they're smart they have to cooperate with Bitcoin and with this they'll also have more customers and more profitable to them, but the government don't like them to cooperate together because they know if they do Bitcoin will take over the central banks. That's their fear so central banks are the government meanwhile cryptocurrency only needs to get Centralized that's what will need right now.

[Fara Chan]

Exactly both parties are against Bitcoin and cryptocurrency.Before banks will give strict restrictions on Bitcoin transaction they might have received informations from the government,they work hand in hand to regulate Bitcoin and cryptocurrency transactions.Bitcoin doesn't have the form of a traditional currency so it can't be controlled by centralized entities.Bitcoin can't abide to the terms and conditions of banks,just like eliminating transparency in the Blockchain network,the network has always been transparent and what makes you think that if the network is controlled by centralized entities it will be transparent,they are definitely gonna eliminate transparency which is impossible.

Banks who oppose Bitcoin and other cryptocurrencies certainly have reasons for this because they are actually very afraid that many of their customers will run away from them and no longer keep money in the bank. Moreover, if some people advise not to save money in the bank, if we want better profits from saving the money then there will be many people who will switch to saving something else rather than just saving money in the bank. And the choice itself could of course be Bitcoin and other cryptocurrencies or other important assets whose value often experiences spikes every year.

[Adams0001]

Exactly both parties are against Bitcoin and cryptocurrency.Before banks will give strict restrictions on Bitcoin transaction they might have received informations from the government,they work hand in hand to regulate Bitcoin and cryptocurrency transactions.Bitcoin doesn't have the form of a traditional currency so it can't be controlled by centralized entities.Bitcoin can't abide to the terms and conditions of banks,just like eliminating transparency in the Blockchain network,the network has always been transparent and what makes you think that if the network is controlled by centralized entities it will be transparent,they are definitely gonna eliminate transparency which is impossible.

Banks who oppose Bitcoin and other cryptocurrencies certainly have reasons for this because they are actually very afraid that many of their customers will run away from them and no longer keep money in the bank. Moreover, if some people advise not to save money in the bank, if we want better profits from saving the money then there will be many people who will switch to saving something else rather than just saving money in the bank. And the choice itself could of course be Bitcoin and other cryptocurrencies or other important assets whose value often experiences spikes every year.

You are correct, and I am sure that is the main reason why banks and governments in many countries refuse to accept bitcoin as a medium of exchange, because even in our country, where we are struggling, the government does not want us to conduct transactions through cryptocurrency and is attempting to block some accounts that reference cryptocurrency. If the government accepts bitcoin, I am confident that things will run smoothly, stress will be reduced, and everything will be OK. One of the reasons why governments in some countries ban cryptocurrency is that they do not have access to it and cannot manage it, which is why I prefer bitcoin. Nobody can control that and that make it moving smoothly without any fault.

Banks can't do anything to stop people investing and making transactions with it; they have another alternative to run their transactions because many people are in love with bitcoin and making profit with it, and nothing will stop them from doing so, and I am sure that if the country that stops bitcoin transactions and the government approves they should be used, you will see that the country's economy will be going great because everyone can make a transaction with the currency he have.

[Sakanwa]

As the first cryptocurrency, Bitcoin has also faced some criticism, especially from the centralized financial sector.

Centralized financial institutions may be unhappy with the concept of decentralization because it challenges their long-standing monopoly. They may worry about losing control over financial transactions and having difficulty profiting from a decentralized system. This is one of the reasons why they may express opposition to cryptocurrencies.

However, as time goes by and technology advances, we may see the centralized financial sector begin to accept and adopt blockchain technology. In fact, some banks and financial institutions have begun to explore the use of blockchain to improve their business processes and provide more efficient services. This shows that despite the existence of competition and opposing forces, innovation and change are inevitable.

In this competitive market, we expect to see a variety of different choices and perspectives, and to drive the development of the industry through transparent, open and equal competition. This will help improve the efficiency and reliability of the entire financial system and provide users with better choices and services.

I don't doubt you on this but I hope you're aware that the central banks are the government itself, the competition wasn't about the market but just that government don't want to see Bitcoin grows more than the central banks. They know if they make cryptocurrency become Centralized they might lose profit from the central banks, why because right now some countries their bank's are working Blockchains meanwhile the government have noticed that if Bitcoin and bank cooperation people will focus more on cryptocurrency cause of the profit bitcoin have in the market sectors, and they are also scard of fraud but what i believe is that they're trying to use the fraud aspect as an excuse to the society. Meanwhile bitcoin it reliable and trustworthy, legitimate in any ways. And if the government accepts cryptocurrency to operate with the banks then things will be more easier for Bitcoin mostly when it comes to convert your coins to fait money.

[Clark Anderson]

Are banks really against crypto currency?

I think banks are drawn to the efficiency and speed offered by blockchain technology, which can facilitate faster and cheaper transactions.That is why most countries are now adopting and making digital versions of their fiat currency.

I do feel that banks are wary of the regulatory uncertainty surrounding cryptocurrency, as well as the risks associated with its volatility and potential for fraud.

Despite these concerns, many banks are exploring ways to incorporate cryptocurrency into their services, such as custody and trading.

[nullama]

Are banks really against crypto currency?

I think banks are drawn to the efficiency and speed offered by blockchain technology, which can facilitate faster and cheaper transactions.That is why most countries are now adopting and making digital versions of their fiat currency.

I do feel that banks are wary of the regulatory uncertainty surrounding cryptocurrency, as well as the risks associated with its volatility and potential for fraud.

Despite these concerns, many banks are exploring ways to incorporate cryptocurrency into their services, such as custody and trading.

Blockchain is not fast and efficient. It is censorship resistant.

A centralized solution provides way more efficient processing times.

That's why you don't see blockchain adopted in other realms, because you can do it better in a centralized way, as long as you don't need to be censorship resistant.

[Sakanwa]

What do you expect in a competitive market? In as much as bitcoin is important, fast and easy to use with the potential of volatility, people will still criticized it. Expecially those other centralised financial sector . Whenever something is the opposite side or version of the first one,  it becomes an opposing force. just like the two name are the opposite meaning of each other which are "centralized" & "decentralized" you wouldn't expect centralised financial sector like bank to be happy about decentralized when they know that Bitcoin or crypto is what they never emergined to have existed. Though if crypto would be in their control and they can make profit from it they will have accepted it and used it as ann alternative to there centralised system. But since the blockchain technology doesn't support to be controlled by some entity, it becomes difficult to accept and they Start fighting against it to be an anti centralised.

The finance network is becoming more competitive than we expected and the banks always want to be number one in the finance chain, Banks have failed to update the systems they don't have anything to offer other than to help you save money and there will be monthly charges for maintenance and many more. but aside from the bitcoin network, it is an investment that, whenever it increases, it increases alongside your money, Investing there might be risky but it is better than leaving your money dormant. you will gradually profit from your money invested without stress or even anyone knowing what you are doing with it. and Bitcoin being decentralized makes it overly interesting. your privacy is secured.  and they are not happy with the inception of Bitcoin the fact is that Bitcoin offers more than what banks can offer, and people already see Bitcoin as legal tender, and Bitcoin has been recognized as a payment method in some parts of the world some people still don't want bitcoin but that is their problem people that want will continue investing.
 

that's one thing that Bitcoin are much more better than the banks, first the charges from banks are too much but if the government agrees to cooperate with the Bitcoin i think the charge will be more lesser for the customers as well. i believe you are aware that the banks are the government and you know the government don't really wants cryptocurrency to be Centralized, why because for me they're scared of losing the central banks in their control but the central banks wants to cooperate with the crypto currency.

[Marvell1]

...

... Bitcoin offers more than what banks can offer, and people already see Bitcoin as legal tender, and Bitcoin has been recognized as a payment method in some parts of the world some people still don't want bitcoin but that is their problem people that want will continue investing.

What does Bitcoin offer more than banks? I really don't understand what you are trying to say here, and what I see is that bitcoin and banking are two different fields so I don't think that banking is against bitcoin.

If you think people will leave banks and invest in bitcoin, that makes banks hate bitcoin. So does the fact that many people invest in real estate and stocks make banks hate real estate and stocks? In addition, the bank also provides us with many services, especially mortgage loans, this is the bank's strength. Does Bitcoin provide that service?

By the way, besides El Salvador, which other country considers bitcoin as legal tender and allows people to use it as legal currency?

[Abiky]

Banks have been a place where rich people have tasted customers' money for many years and the existence of Bitcoin is a big threat to the continuity of their business because anyone, anytime and anywhere can send large amounts of money directly without any other party being involved. which is disturbing and this is the mission of creating Bitcoin by Satoshi.

If banks are smart then they have to cooperate with Bitcoin, not just go against it.

The existence of Bitcoin WAS a big threat to banks. But not anymore. Especially when many people are treating BTC as Gold. Not digital cash. With "Wall Street" in the game, banks have won. They can now manipulate Bitcoin's market prices by investing in spot ETFs. Institutional investment companies now hold all of the cards. Is this what Satoshi wanted? I guess not. Bitcoin's original purpose was to eliminate the middleman. NOT embrace it. We're moving one step backwards.

Given the fact that most people are only into crypto to make a lot of money, we should expect BTC (and similar coins) to remain an alternative to Fiat. Banks will only get bigger and stronger than ever with the introduction of CBDCs. Let's move on, shall we?

[tranthidung]

The existence of Bitcoin WAS a big threat to banks. But not anymore. Especially when many people are treating BTC as Gold. Not digital cash. With "Wall Street" in the game, banks have won. They can now manipulate Bitcoin's market prices by investing in spot ETFs. Institutional investment companies now hold all of the cards. Is this what Satoshi wanted? I guess not. Bitcoin's original purpose was to eliminate the middleman. NOT embrace it. We're moving one step backwards.

Bitcoin has many advantages against banks, fiat currency and digital currency from governments and banks. It has advantages against physical gold too and with many advantages, Bitcoin is a reasonable option for investors, intelligent investors to store their money and wealth.

The bullish case for Bitcoin has many insights and I learned from it years ago when I was a newbie and curious why I should invest in Bitcoin.

Given the fact that most people are only into crypto to make a lot of money, we should expect BTC (and similar coins) to remain an alternative to Fiat. Banks will only get bigger and stronger than ever with the introduction of CBDCs. Let's move on, shall we?

Bitcoin won't kill banks, we must be realistic with this but banks surely feel threats from Bitcoin. Even so, fear of banks, governments don't mean Bitcoin is here to eliminate banks, fiat currencies in many formats from physical, digital to CBDCs.

[Churchillvv]

Given the fact that most people are only into crypto to make a lot of money, we should expect BTC (and similar coins) to remain an alternative to Fiat. Banks will only get bigger and stronger than ever with the introduction of CBDCs. Let's move on, shall we?

Bitcoin won't kill banks, we must be realistic with this but banks surely feel threats from Bitcoin. Even so, fear of banks, governments don't mean Bitcoin is here to eliminate banks, fiat currencies in many formats from physical, digital to CBDCs.

Some times ago I would agree that it seemed like a threat to them but now I believe they are beginning to see reasons why they don't have to be against but use cryptocurrency (CDBC) as a tool to still remain in control of peoples wealth and how we operate our financial life's which is one reason why Satoshi created bitcoin to remove the third parties like banks in our day to day financial activities.

Governments are using the banks, infact the banks are governments outlets of control which they use as an agent or tool to have people still round themselves with the depemding on governments for their life's. personally I hate control especially by the governments (group of cartels that don't want the ordinary man to be successful), or reach the next social status.

But truth is bitcoin is not interested in eliminating banks nor fiat but only here as an alternative payment method that will secure our privacy not to be intruded by the governments using the bank as spies