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Personally, I can say that cryptocurrency came into our life very unexpectedly and everyone is trying to understand how to act and take the right step towards positive results. And now the task of many banks is to change their financial system for the development of digital technologies. So that banks can also profit from cryptocurrency, as a large number of people are already investing in cryptocurrency. Than to invest your finances with interest in the bank. And from this it follows that investing in cryptocurrency becomes a profitable business than using banks where people received a percentage of the deposit.
There is no way most banks could support cryptocurrency. While of course, we have countries that will embrace what bitcoin brings, we can't forget that we are threatening the very system that many powerful people built their foundation upon. We can't expect them to go down with a fight.
It's almost laughable to hear banks say that cryptocurrency enables fraud and money laundering. They love to throw that around yet they neglect to mention how much of those same activities transpire within their 4 walls.
It's almost laughable to hear banks say that cryptocurrency enables fraud and money laundering. They love to throw that around yet they neglect to mention how much of those same activities transpire within their 4 walls.
Bankers are thieves who have been fleecing off the people for ages and today a better alternative than they offer is here, they are scared they won't be able to keep up with their extravagant lifestyle hence condemn crypto and fight it, Someone should educate them they have lost the war already. You can't stop a technological advancement.
Since with the adoption of crypto there is no room for a middleman, they don't like that idea so they will not accept it so easily but I don't think they are afraid, crypto gives freedom and anonymous which is the total opposite of banks, don't expect a friendly approach from them, they will always try to paint a negative picture before the public but only those who are determined regardless of what is published can discover the true nature of crypto and its benefits.
Besides, the vast majority still use the banks so I don't see what they should be scared of.
Besides, the vast majority still use the banks so I don't see what they should be scared of.
Why should banks be afraid? Cryptocurrency is not even a means of payment! And technology - this is how banks will use blockchain technologies instead of classical banking processing. So the blockchain did not really do anything to become a threat to fiat money and its distribution systems (banks)
That's just the point - objectively, cryptocurrencies, besides the fact that they are not yet as convenient as payments with usual cards, for example. Plus, have several problem areas, one of them, for example, the impossibility of returning or blocking an incorrect transaction. Well, and the status of a crypt at the state level - for now, one can only dream of the status of a means of payment equated to money.
BUT ! This is how an investment tool is - the ideal solution in the digital world!
I would guess that banks who are too late to participate in this will be getting results similar to being late to online banking as well. As we have all moved to using our mobile phones for most payments (at least in my nation) we are facing even less and less card payments, let alone cash payments and that will result with crypto getting closer.
As soon as there is a regulation saying banks could be used as crypto wallets, we will be able to spend our crypto anywhere all around the world thanks to our bank and that is the most important part. Any bank that will not do it will end up being left behind and that will result with them not being used a lot, and eventually people will leave to other places that does offer this chance. Let's see what happens but I do not agree that "afraid" is the right word, there are ones who care, and there are ones who do not care, the ones who do not care will end up losing a lot of money.
Is it really necessary for banks to be the ones who will be holding our cryptocurrency for us? A decentralized cryptocurrency like bitcoin doesn’t need a bank to hold it for us, you can hold it for yourself and don’t need banks to hold it for you. And I also don’t think that we need banks playing the exchanger role in the market or do we? As soon as there is a regulation saying banks could be used as crypto wallets, we will be able to spend our crypto anywhere all around the world thanks to our bank and that is the most important part. Any bank that will not do it will end up being left behind and that will result with them not being used a lot, and eventually people will leave to other places that does offer this chance. Let's see what happens but I do not agree that "afraid" is the right word, there are ones who care, and there are ones who do not care, the ones who do not care will end up losing a lot of money.
When I got to know about Bitcoin I never saw it as a competition for the fiat, I simply saw it as another option, which is better. I don’t know why a lot of people these days has changed what it is all about, and they are now making it seem like bitcoin was created to be a competition. If bank should start accepting cryptocurrency, I am not going to have my coins stored in a bank, I’d rather have it stored in a private wallet where I would have my private keys and be in control.
I would guess that banks who are too late to participate in this will be getting results similar to being late to online banking as well. As we have all moved to using our mobile phones for most payments (at least in my nation) we are facing even less and less card payments, let alone cash payments and that will result with crypto getting closer.
As soon as there is a regulation saying banks could be used as crypto wallets, we will be able to spend our crypto anywhere all around the world thanks to our bank and that is the most important part. Any bank that will not do it will end up being left behind and that will result with them not being used a lot, and eventually people will leave to other places that does offer this chance. Let's see what happens but I do not agree that "afraid" is the right word, there are ones who care, and there are ones who do not care, the ones who do not care will end up losing a lot of money.
Is it really necessary for banks to be the ones who will be holding our cryptocurrency for us? A decentralized cryptocurrency like bitcoin doesn’t need a bank to hold it for us, you can hold it for yourself and don’t need banks to hold it for you. And I also don’t think that we need banks playing the exchanger role in the market or do we? As soon as there is a regulation saying banks could be used as crypto wallets, we will be able to spend our crypto anywhere all around the world thanks to our bank and that is the most important part. Any bank that will not do it will end up being left behind and that will result with them not being used a lot, and eventually people will leave to other places that does offer this chance. Let's see what happens but I do not agree that "afraid" is the right word, there are ones who care, and there are ones who do not care, the ones who do not care will end up losing a lot of money.
When I got to know about Bitcoin I never saw it as a competition for the fiat, I simply saw it as another option, which is better. I don’t know why a lot of people these days has changed what it is all about, and they are now making it seem like bitcoin was created to be a competition. If bank should start accepting cryptocurrency, I am not going to have my coins stored in a bank, I’d rather have it stored in a private wallet where I would have my private keys and be in control.
Since with the adoption of crypto there is no room for a middleman, they don't like that idea so they will not accept it so easily but I don't think they are afraid, crypto gives freedom and anonymous which is the total opposite of banks, don't expect a friendly approach from them, they will always try to paint a negative picture before the public but only those who are determined regardless of what is published can discover the true nature of crypto and its benefits.
Besides, the vast majority still use the banks so I don't see what they should be scared of.
Besides, the vast majority still use the banks so I don't see what they should be scared of.
Why should banks be afraid? Cryptocurrency is not even a means of payment! And technology - this is how banks will use blockchain technologies instead of classical banking processing. So the blockchain did not really do anything to become a threat to fiat money and its distribution systems (banks)
No, cryptocurrency is not a means of payment. This is a kind of virtual means, with an absolutely artificial price, which is not allowed by the state to be used as a means of payment, and does not have the status of a currency or its equivalent. Sweets and shells can also be a means of calculation in a kindergarten children's group. I hope you understand the difference? Until states recognize cryptocurrency as a means of settlement, everything else is our common fantasies, while we ourselves are pumping this speculative entity from our wallets
Painting the picture with too broad a brush.
Are *some* banks afraid of Crypto? Yes.
The same way they were afraid of the internet and online banking and banks that had no physical branches so they could compete for the same customers without a lot of expenses.
Some banks are VERY friendly to crypto:
https://www.americanbanker.com/payments/news/signature-bank-raises-its-bet-on-cryptocurrency
Are some central banks afraid of Crypto? Yes.
The larger ones that can't adapt fast enough, or have certain rules or controls that force them to operate in a way that crypto makes more difficult if not impossible.
I would guess that banks who are too late to participate in this will be getting results similar to being late to online banking as well. As we have all moved to using our mobile phones for most payments (at least in my nation) we are facing even less and less card payments, let alone cash payments and that will result with crypto getting closer.Are *some* banks afraid of Crypto? Yes.
The same way they were afraid of the internet and online banking and banks that had no physical branches so they could compete for the same customers without a lot of expenses.
Some banks are VERY friendly to crypto:
https://www.americanbanker.com/payments/news/signature-bank-raises-its-bet-on-cryptocurrency
Are some central banks afraid of Crypto? Yes.
The larger ones that can't adapt fast enough, or have certain rules or controls that force them to operate in a way that crypto makes more difficult if not impossible.
As soon as there is a regulation saying banks could be used as crypto wallets, we will be able to spend our crypto anywhere all around the world thanks to our bank and that is the most important part. Any bank that will not do it will end up being left behind and that will result with them not being used a lot, and eventually people will leave to other places that does offer this chance. Let's see what happens but I do not agree that "afraid" is the right word, there are ones who care, and there are ones who do not care, the ones who do not care will end up losing a lot of money.
Painting the picture with too broad a brush.
Are *some* banks afraid of Crypto? Yes.
The same way they were afraid of the internet and online banking and banks that had no physical branches so they could compete for the same customers without a lot of expenses.
Some banks are VERY friendly to crypto:
https://www.americanbanker.com/payments/news/signature-bank-raises-its-bet-on-cryptocurrency
Are some central banks afraid of Crypto? Yes.
The larger ones that can't adapt fast enough, or have certain rules or controls that force them to operate in a way that crypto makes more difficult if not impossible.
Some other thoughts and comments:
2.5 trillion for you or me is a lot of money. For a world wide economic instrument it's not a lot.
The 1 CUSTOMER of a central bank is the government of that country. They are supposed to follow, more or less, what the government wants. In theory the government is supposed to be working for the good of the people, but that discussion is for another thread.
-Dave
Are *some* banks afraid of Crypto? Yes.
The same way they were afraid of the internet and online banking and banks that had no physical branches so they could compete for the same customers without a lot of expenses.
Some banks are VERY friendly to crypto:
https://www.americanbanker.com/payments/news/signature-bank-raises-its-bet-on-cryptocurrency
Are some central banks afraid of Crypto? Yes.
The larger ones that can't adapt fast enough, or have certain rules or controls that force them to operate in a way that crypto makes more difficult if not impossible.
Some other thoughts and comments:
Without data, do you doubt that over the past 2-3 years people have begun to invest and store cryptocurrencies more often? Do you think the 2.5 trillion contributed to the cryptocurrency industry are all speculators?
2.5 trillion for you or me is a lot of money. For a world wide economic instrument it's not a lot.
Since when did central banks care about their consumer base? If they were that virtuous, I would expect them to exercise a slight bit of financial responsibility ever now and then, but they seem immune from that. Traditional currencies are the biggest scam there is -- built in inflation rate and uncontrolled printing ensures that the value of one's funds decreases year over year.
The 1 CUSTOMER of a central bank is the government of that country. They are supposed to follow, more or less, what the government wants. In theory the government is supposed to be working for the good of the people, but that discussion is for another thread.
-Dave
Since with the adoption of crypto there is no room for a middleman, they don't like that idea so they will not accept it so easily but I don't think they are afraid, crypto gives freedom and anonymous which is the total opposite of banks, don't expect a friendly approach from them, they will always try to paint a negative picture before the public but only those who are determined regardless of what is published can discover the true nature of crypto and its benefits.
Besides, the vast majority still use the banks so I don't see what they should be scared of.
Besides, the vast majority still use the banks so I don't see what they should be scared of.
Why should banks be afraid? Cryptocurrency is not even a means of payment! And technology - this is how banks will use blockchain technologies instead of classical banking processing. So the blockchain did not really do anything to become a threat to fiat money and its distribution systems (banks)
The thing is, the government wants to be in absolute control, so with the growth and development of Bitcoin they ought to be worried/afraid, the Bitcoin network offers its users the right to be their own bank and control their funds themselves, of course the government do not like this, they want their citizens to solely use currencies printed, controlled and distributed by themselves, that's why the government will stop at nothing to discredit Bitcoin by spreading one propaganda or the other.
I would say that as long as they can handle the regulations then there would not be a problem for governments. I mean they can't feel out of control when all they have to do is write laws regarding crypto and how it could be used. Look at all the websites that asks you to fill out the KYC form, do you really think that exchanges want that? That is something that governments asked them to ask and they got all of our information that way. Coinbase literally gives all of our information on how much we traded and what we traded to IRS and SEC just to make sure that we are paying our taxes and not illegally making some money from somewhere. All in all I would say that governments should not worry about crypto at all, if you follow their rules then they are in control and if you do not follow their rule then they will put you in jail so it is quite simple really.
The banks might not be scared as we see here, they're are controlled by the government and the government make rules and regulations guiding what should be done and not done.
They have still got plans to do whatever they want with what goes in,out, and around them countries.
The funny part is that crypto currencies have come to stay banks should merge with them upgrade to crypto currencies terms and adapting to the current trend.
I think with this they can stay longer and people who are scared will want to invest and save more in cryptocurrency.
They have still got plans to do whatever they want with what goes in,out, and around them countries.
The funny part is that crypto currencies have come to stay banks should merge with them upgrade to crypto currencies terms and adapting to the current trend.
I think with this they can stay longer and people who are scared will want to invest and save more in cryptocurrency.
The thing is, the government wants to be in absolute control, so with the growth and development of Bitcoin they ought to be worried/afraid, the Bitcoin network offers its users the right to be their own bank and control their funds themselves, of course the government do not like this, they want their citizens to solely use currencies printed, controlled and distributed by themselves, that's why the government will stop at nothing to discredit Bitcoin by spreading one propaganda or the other. CDDC's were created in reaction to that fear and worry by the government, they want to provide their citizens an alternative digital currency to Bitcoin, and convince them to use it, but the thing is that central bank digital currencies are centralized and no better than fiat currencies controlled by the government. The government will definitely continue to fight to hinder the growth of Bitcoin, there will be more sanctions and regulations, but i am afraid the network is definitely heading for mass adoption as more and more people come to the realization of the benefits of being their own bank.
Since with the adoption of crypto there is no room for a middleman, they don't like that idea so they will not accept it so easily but I don't think they are afraid, crypto gives freedom and anonymous which is the total opposite of banks, don't expect a friendly approach from them, they will always try to paint a negative picture before the public but only those who are determined regardless of what is published can discover the true nature of crypto and its benefits.
Besides, the vast majority still use the banks so I don't see what they should be scared of.
Besides, the vast majority still use the banks so I don't see what they should be scared of.
Why should banks be afraid? Cryptocurrency is not even a means of payment! And technology - this is how banks will use blockchain technologies instead of classical banking processing. So the blockchain did not really do anything to become a threat to fiat money and its distribution systems (banks)
Since with the adoption of crypto there is no room for a middleman, they don't like that idea so they will not accept it so easily but I don't think they are afraid, crypto gives freedom and anonymous which is the total opposite of banks, don't expect a friendly approach from them, they will always try to paint a negative picture before the public but only those who are determined regardless of what is published can discover the true nature of crypto and its benefits.
Besides, the vast majority still use the banks so I don't see what they should be scared of.
Besides, the vast majority still use the banks so I don't see what they should be scared of.
Why should banks be afraid? Cryptocurrency is not even a means of payment! And technology - this is how banks will use blockchain technologies instead of classical banking processing. So the blockchain did not really do anything to become a threat to fiat money and its distribution systems (banks)
We have seen a lot of such activities as they have said, that we’re carried out and at the end the culprits were found within a short time. I don’t think that these criminals would even want to make use of cryptocurrency if they want to do such, they would prefer to make use of other methods that they have been using before cryptocurrency was introduced. And I know for sure that a lot of them are making use of banking method, and still yet they have not been caught at all.
If these people are making use of banks and not being caught, doesn’t that mean that the banks themselves are bad and contributing to all these things? Because a lot of cases of big scammers, and the methods that they used to pull their money was through banks.
If these people are making use of banks and not being caught, doesn’t that mean that the banks themselves are bad and contributing to all these things? Because a lot of cases of big scammers, and the methods that they used to pull their money was through banks.
The advancement of cryptocurrency can never be sway away from banks, that credit will surely goes to them but again I must say that they are afraid of the traction on how crypto is moving.
Do you know that the way crypto is been rush, if that adoption is static or continues, we will see crypto physical exchanges by 2030. It's very possible and then the use of banks will become absolute.
Banks should be dining with crypto hit regulations and government policy wouldn't allow them and by the time they do, I don't know if may be it night be late for them already.
Long live cryptocurrency.
Do you know that the way crypto is been rush, if that adoption is static or continues, we will see crypto physical exchanges by 2030. It's very possible and then the use of banks will become absolute.
Banks should be dining with crypto hit regulations and government policy wouldn't allow them and by the time they do, I don't know if may be it night be late for them already.
Long live cryptocurrency.
They may be worried about the rise of cryptocurrencies but certainly not afraid. They are still a highly trusted entity in the financial world and are still the go-to place when people need quick loans and safekeepers of money. Also, ultimately banks can adapt to changes and create their own digital currencies and market it heavily to the people, which I expect to be received fairly by the masses. In this day and age where a lot of people wanted to be 'free,' you'd be surprised by a lot of people still enslaved by the system without them knowing it.
This is a good reason why banks are afraid of crypto adoption in my opinion because they don't want to lose so many investors. Banks operate with their customers' money where they just manage all the customer's money in order to profit from it. Obviously they will be very scared when most of the customers want to withdraw their money from the bank just to invest in crypto and this is the reason why they dislike crypto adoption even though the government can assume that it will only disrupt the economy.
I watched some video where there were some anti-bank people explaining how banks work. That makes sense, I guess, but anyone who believes in banks doesn't seem to care about that. Banks offer security while crypto is very risky and this is the reason why some people trust banks over crypto.
I watched some video where there were some anti-bank people explaining how banks work. That makes sense, I guess, but anyone who believes in banks doesn't seem to care about that. Banks offer security while crypto is very risky and this is the reason why some people trust banks over crypto.
yep imo they are very scared of crypto...
Until now crypto is still a hot discussion in various countries, pros and cons occur everywhere, seeing the current situation, banks are afraid of people adopting crypto so that they lose the money they have been enjoying.
These are the central and public banks which benefit themselves from the precarious inflationary system of fiat currencies.Until now crypto is still a hot discussion in various countries, pros and cons occur everywhere, seeing the current situation, banks are afraid of people adopting crypto so that they lose the money they have been enjoying.
But not all banks think like that. I believe many private banks would like to adopt cryptocurrencies into their services platforms, also operating like exchanges, because it will mean an extra profit for them.
In the case of central and public banks it's not interesting because they are direct concurrents to cryptocurrencies. If investors move funds to bitcoin and altcoins it means the traditional investments which benefit the establishment will lose demand, and consequently value.
That is why USA Federal Reserve is so worried about attracting investors again through better interest rates.
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