Are banks scared of crypto - page 2.

henmark

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Quote from: Little_king on August 27, 2019, 11:29:39 PM

There is no way banks will not be scared about crypto as they are taking their chances of getting the inflow from sending and receiving commission from customers , with a boarders breaking barrier which require swift code and large fees .

So taking away one mix of getting rich will definitely hurt them and I can see the crypto world is growing day by day.

I have still not seen the reason why the banks should be sacred of cryptocurrency for now, because the benefit they ill get is even more than those border transaction that they do make money from, with cryptocurrency, they will be able to even have more money in the bank because most people that puts money in crypto will still move into the fiat market which they will definitely use bank as the store, and banks has many source of making money, they use their clients money to give loan and then get money on the interest, so there will be more money for them now in the bank.

Blockchain tech is also developed to help them in facilitating banking procedures, so if they still see bitcoin as threat, then they must be some sort of greedy bank owners.

hatshepsut93

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Quote from: minersday on August 26, 2019, 12:46:53 PM

Terms of what cryptocurrency is and what blockchain is, Cryptocurrency is not blockchain but blockchain introduced cryptocurrency and there is no cryptocurrency without blockchain or blockchain without cryptocurrency. So in a simple way, both are some way connected to which other. There is no cryptocurrency without blockchain and no blockchain without cryptocurrency.

The banks are no scared of crypto but they are just scared of the idea of decentralization of the financial ecosystem.

You got it all wrong. Both blockchain and all cryptocurrency stem from one source - Bitcoin. And blockchain was just a part of Bitcoin's protocol, but then startups started hyping it like it's some miracle invention that can fix everything, and people became confused about blockchain and cryptocurrency, they think that blockchain is the most important part of cryptocurrency or that crypto and blockchain are sysnonymous

Quote from: minersday on August 26, 2019, 12:46:53 PM

There is no cryptocurrency without blockchain and no blockchain without cryptocurrency.

No, in fact many startups are trying to do blockchain without cryptocurrency. And this is the type of thing some banks are trying to do, they think that blockchain will somehow make them better.

Also, banks aren't scared of decentralization, because so far decentralization doesn't scale, even cutting-edge technology like Lightning Network wouldn't allow Bitcoin to replace banks.

Jorge158

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Of course, the Banks feared the market competition set by cryptocurrency and the Blockchain technology as it grants the people the power to take control over their own financial transactions. In view of this, some Banks have started adopting Blockchain and this is a clear indication that Banks are likely to adopt cryptocurrency services some years forthcoming.

Kriptos

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Quote from: Elchapo3455 on August 22, 2019, 03:41:38 PM

What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced

The Bank does not prohibit crypto and this news has long circulated. Until now cryptocurrencies are not banned and even the Bank is working with crypto. Cryptocurrency is a technology that must be continuously developed.

Perhaps we should continue to think positively, that cryptocurrencies have great potential that can still be developed. And the future of crypto will be more benefits. It may also have been a necessity every day people do crypto trading.

virasisog

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Quote from: crzy on August 22, 2019, 03:50:50 PM

They are already adopting blockchain technology, so I think they are embracing it because they feel the threat. They must be scared if they do nothing because crypto can really surpass them. If the banks banning your sale or freeze your crypto money, then that’s a normal procedure by AML, and the banks.

i guess its true,banks are scared about this reality ,they keep disrupting crypto activities
but in reality its the other way around. All they can do actually is just cooperate with the technology.

shoreno

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Quote from: Argoo on August 31, 2019, 01:47:08 AM

I do not think banks are afraid of cryptocurrency. They have nothing to fear because they are actually part of the state system

Part of the what ? No mate they arent . cryptos are independent and its only up to the banks if they will pick cryptos as one of thier assets . we dont know if what bank feels but some banks already support cryptos so we can assume that this banks are not afraid with cryptos .

Quote from: Argoo on August 31, 2019, 01:47:08 AM

This is if such a threat from the cryptocurrency

No its not . i dont see any threats here but i only see a good future if ever banks will support cryptos .

Argoo

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Quote from: Elchapo3455 on August 22, 2019, 03:41:38 PM

What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced

I do not think banks are afraid of cryptocurrency. They have nothing to fear because they are actually part of the state system and each state will necessarily protect the normal functioning of its banks. This is if such a threat from the cryptocurrency really existed. However, such a threat does not exist. Interstate bodies, including G-7 countries, have repeatedly assessed possible threats from the cryptocurrency and so far agree that for the world’s financial stability, this threat does not come from the cryptocurrency.

todiboa

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Reducing the number of deposits is a signal that people choose another way to get money. The crypto market is an excellent investment tool, and cryptocurrency allows you to do it safer, more profitable and p-2-p without third parties compared to banks. Yeah banks scared of crypto for sure

LUCKMCFLY

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Since the announcement of the launch of Libra this caused many to wake up, not only banks but nations like China, Brazil, Colombia. They do not fear for the cryptocurrency itself, but for the amount of Businesses that will be developed with Libra, which is nothing bad, especially for Bitcoin, which will achieve a large increase in the price once it has the expected impact.

Already in two months Telegram will launch its cryptocurrency or token that was paused in 2017, as its private investors do not want their money left there, they want to make a profit, now the world will be educated in a faster way of technology, this will bring many participants to the market, which is beneficial, and many investors who will not hesitate to acquire Bitcoin and if demand increases and supply decreases the price goes up, this is explained only in the simple Supply-Demand Law.

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Quote from: FlightyPouch on August 30, 2019, 06:16:41 PM

Quote from: bright4mech on August 30, 2019, 05:33:37 PM

The world is moving faster and blockchain transaction is transparent to every one, which bank we adopt cryptocurrency as well.

Instead of being scared, banks should just adopt the technology to develop or improve their technology or their system. I don't know why should banks be scared to it since there is nothing to be afraid of , people will still use and be dependent on banks. Loans to some of the online payment method, we still use our cards, and cards will still be a thing for a long time.

It will not really happen that banks will be replaced by crypto because majority of the people will not allow it to happen. Banks will just incorporate crypto into their own system so that crypto enthusiasts will still be using banks for their transactions. I think there are already banks today who are thinking to adopt crypto in their transactions and hopefully it will turned out to be a successful one.

FlightyPouch

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Quote from: bright4mech on August 30, 2019, 05:33:37 PM

The world is moving faster and blockchain transaction is transparent to every one, which bank we adopt cryptocurrency as well.

Instead of being scared, banks should just adopt the technology to develop or improve their technology or their system. I don't know why should banks be scared to it since there is nothing to be afraid of , people will still use and be dependent on banks. Loans to some of the online payment method, we still use our cards, and cards will still be a thing for a long time.

bright4mech

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The world is moving faster and blockchain transaction is transparent to every one, which bank we adopt cryptocurrency as well.

El_gato

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Banks and governments go hand in hand and they're afraid of things they can't control. Simple as that.

Some banks around Europe are banning transactions again to exchanges like coinbase, kraken and bitstamp for a month AFAIK.

More and more economists are noticing the value proposition of Bitcoin as a decentralized economy and we are seeing a reaction against it IMO.

It seems to me like powers know something we don't yet.

SquallLeonhart

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Quote from: The3max on August 27, 2019, 09:56:19 PM

For banks, they have always competed with each other in the same field. But now that the arrival of cryptocurrencies has worried them, cryptocurrencies are their biggest competitor. They fear that inflation, profit margins and transaction speeds will not be comparable to cryptocurrencies. For safety, however, I think safety is at the forefront because it has legal support.

There nothing that I see about bank that is safe at all, there has been cases where people have also stolen funds from the banks by hacking their own database and as bad as my country is, you could also be walking out of the bank now and then see an attacker that would steal the money but all these cannot be done through bitcoin even though I have heard of physical attackers, but cannot be as rampant as that of banks.

One main reason why cryptocurrency might not have even gotten legal support yet is because banks may be working underground to bribe their way into making sure that it never gets the legal support, but those banks doing that forgets that bitcoin is a global currency and while they are doing so, some government are implementing and legalizing it which will make the system to gradually spread till people themselves embrace it to the fullest.

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Quote from: Little_king on August 27, 2019, 11:29:39 PM

There is no way banks will not be scared about crypto as they are taking their chances of getting the inflow from sending and receiving commission from customers , with a boarders breaking barrier which require swift code and large fees .

So taking away one mix of getting rich will definitely hurt them and I can see the crypto world is growing day by day.

Crypto world is growing day by day, and the important thing for which banks always oppose is the loss of revenue experienced by the banks after cryptocurrencies came into existence. It is calculated in billions, and governments were pressured to take action of ban against cryptocurrency usage were mostly done by the banking sectors.

Little_king

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There is no way banks will not be scared about crypto as they are taking their chances of getting the inflow from sending and receiving commission from customers , with a boarders breaking barrier which require swift code and large fees .

So taking away one mix of getting rich will definitely hurt them and I can see the crypto world is growing day by day.

The3max

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For banks, they have always competed with each other in the same field. But now that the arrival of cryptocurrencies has worried them, cryptocurrencies are their biggest competitor. They fear that inflation, profit margins and transaction speeds will not be comparable to cryptocurrencies. For safety, however, I think safety is at the forefront because it has legal support.

tippytoes

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Quote from: Zemomtum on August 27, 2019, 12:09:07 PM

Their operations involve the third party while Bitcoin is Peer to Peer. You can be traced to your doorstep while Crypto shielded you and make you to remain anonymous even if the ledger is available publicly. With no central authority, no central power, no central control to send digital currency to and fro, they are indeed scared about the origination of digital currency. If you want to convert anything to fiat, do not just put any remark that related to crypto, the transaction will be banned, so indeed banks are really scared of crypto.

Your explanation seems valid. This is one of the reasons why even government is not also convince in crypto as they can't fully control what's going on. And with the transaction speed of crypto, banks will be left behind. And with the added anonymity feature makes it more beneficial to most users, which is being against the KYC norm in banks.

Emmycool

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Banks are not scared 😱 of crypto but they are only concerned about the unstable price of crypto currently and future generations to come up

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Quote from: Elchapo3455 on August 22, 2019, 03:41:38 PM

What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced

Absolutely introduction of cryptos has overwhelming effect on banking sector personally I will rather divide my portfolio into two half will be banked while the other half into buying of cryptos and securely kept in my wallet of course the whole fund would have been save in a bank without crypto and as more investors embraces cryptos the more banking sector will significantly be affected thus less patronage will be the order of the day.

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