Are banks scared of crypto - page 3.

moonhub

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Quote from: seoincorporation on August 27, 2019, 09:03:34 AM

Of course they are afraid and not only that, they have panic about cryptos, and we can see that on the way they are acting vs Libra, they understand how they are losing control and power, and they don't want that, banks will do almost the impossible to give bad reputation to cryptos, that's a fact. Because now they see them as a public enemy.

You're right. I also see banks shaking from the word cryptocurrency. Previously, they didn’t even think that someone could compete with them. And here is an alternative way that might work just fine.

It seems to me that you are exaggerating a little. Yes, banks are undoubtedly cautious about cryptocurrencies, but they are not afraid of them. Or am I still mistaken and do not see the whole picture?

Zemomtum

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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.

seoincorporation

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Of course they are afraid and not only that, they have panic about cryptos, and we can see that on the way they are acting vs Libra, they understand how they are losing control and power, and they don't want that, banks will do almost the impossible to give bad reputation to cryptos, that's a fact. Because now they see them as a public enemy.

Capt00

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Quote from: nayan_suvo on August 27, 2019, 08:25:48 AM

But now they already adopting blockchain technology, so it might be prove that, the bank are feel the threat.

It is not the threat for them, they actually adopting it just because the system had change and a lot of people are considering crypto. Banks will have to understand the situation that they are facing now, accepting the deal with crypto is one way to give additional service to their clients.
Good for the banks to adopt crypto rather than to see them hated with. The same thing that it will help to promote crypto and not leaving behind with the old technology.

nayan_suvo

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provably the bank scary with cryptocurrency, because cryptocurrency is already a popular method for transition, with low fees. and the bank aren't get taxes fro;m us they don't get funds for to pay their employees as well.

But now they already adopting blockchain technology, so it might be prove that, the bank are feel the threat.

maxreish

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Honestly at first Banks think Bitcoin's concept is a threat to them. It is because they are opposite, bitcoin is decentralized while banks are centralized. But now as you can see, there are Banks who are open for that and have Bitcoin ATMs already. There are also banks which we can buy btc with them.
Here are the Banks which are Crypto Friendly

moonhub

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It seems to me that they are not afraid, but cautious, but so far cryptography is not a full-fledged competitor to banks because of its volatility. But I could be wrong.

akeda

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The year 2017 is an excellent year for crypto. There are many who can get rich in just a few minutes by trading crypto coins. After that Crypto is getting popular and more and more people are struggling to make a profit on crypto.

Even many people who say crypto is more profitable than we save money in the Bank. But in my opinion, the bank is not afraid to replace it with crypto and crypto can not change the bank's system work. We all know the Bank has customer confidence and that's no doubt.

lixer

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Quote from: killat on August 26, 2019, 12:57:35 AM

Banks are not and won't be scared of crypto as long as the volatility will remain very high in this domain.

Imagine how would it be for you to be paid in crypto, this month you receive 1000$ and next month 500$. Would you still prefer to be paid in crypto or fiat?

Initially at your comment, I was wondering what the relationship between banks and volatility is, but when I think of it deeply, you are actually right, I think that is why bank will want volatility to remain.

I was explaining the process of bitcoin payment to someone yesterday, and he was quite interested, but also threw this question to me, and I told him because of volatility, he could wake up and see that his money received had double by two and at the same time, he could see that the money had also decreased by two, and he has to wait for long to get it back which discouraged him a little bit about the payment part but was really interested in making it as an investment, but we still have to consider stable coins, that is why they will be necessary for such payment, and a time is coming also that bitcoin too will become a stable coin, so whatever volatility that is giving banks the courage will disappear one day.

qweqwe2121

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Today, post offices now function more as inter-goods service providers, rather than mail service intermediaries. Similar developments have also taken place in the world of financial services. To be able to transfer from A to B, someone needs a financial institution, such as a bank as an intermediary. But beyond that there is Blockchain as an alternative, and they already have the technology. I think there is no reason to be afraid.

taufik0911

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Quote from: jakoylantern on August 26, 2019, 01:07:05 PM

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

Banks will never be scared to cryptos because banks can and will adopt the cryptos. There are now some banks accept cryptos/bitcoin to make it easier to them because the demand of using a digital currency is very massive and I have read some article about it that you can use your bank to buy you a bitcoin and vice versa in exchanging your bitcoin to money.

yes it is true that banks are not afraid of cryptocurrency
what they fear is not the cryptocurrency but the blockchains system which is very transparent, opensource and is not controlled by anyone
do you know that the bank is controlled by several people to make a nonstop profit

samcrypto

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Quote from: killat on August 26, 2019, 12:57:35 AM

Banks are not and won't be scared of crypto as long as the volatility will remain very high in this domain.

Imagine how would it be for you to be paid in crypto, this month you receive 1000$ and next month 500$. Would you still prefer to be paid in crypto or fiat?

On this point banks might be confident about it but of course they still know the threat since the cryptospace are growing a lot and if they don’t adopt they will also lose. Banks are vulnerable they are not that strong in terms of the financial system unlike cryptocurrency. We will see a more advance technology in the future, its either banks or crypto to lead the market.

Artemis3

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Quote from: killat on August 26, 2019, 12:57:35 AM

Banks are not and won't be scared of crypto as long as the volatility will remain very high in this domain.

Imagine how would it be for you to be paid in crypto, this month you receive 1000$ and next month 500$. Would you still prefer to be paid in crypto or fiat?

And a year later that "500$" would be worth 2000$ if you kept it instead of using it all. Its a deflationary coin, people will learn that keeping it as long as they can is for their best benefit.

This will take time, as people have been brainwashed by the dominant economists that spending and getting in debt is better than saving for the future...

Bitcoin is not volatile, its value has been growing steady over a decade. Zoom out that chart and take a look, think how much it might get the next 10 years. I think something in-between 10k and 50k. It has to (and is) slow(ing) down, but it will never go flat, because fiat is losing value by human choice.

The fluctuation is a natural result of the free market, but in the end it always finds its true price. Again, zoom out. Its impressive that a bitcoin is already worth 10k USD, so much for "imaginary" money... But why the markets trust it? The answers are in this forum...

leftgirly

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The banks don't want crypto to replace fiat simply because they understand fiat better crypto hence they can easily exploit their customers. Cryptocurrencies are essentially based on blockchain technology which is very transparent so scams or cheats by banks can be detected with ease. Some financial institutions are not comfortable with crypto since blockchain technology is still new to many sectors of human life.

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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

What makes you think that banks are afraid of crypto?

The banks and the government are trying to prevent something if they see any anomalies that are being used with cryptocurrency. Such misinformation could change the perspective of the people about how Bitcoin was being used as a tool in a shady scheme.

Fiat and cryptocurrency should stay together there's no trying to replace it since there would be a massive conflict that will going to happen everywhere.

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Banks have a very established business, they lend money at high interest rates and have many established customers. Which means that they have no reason to be afraid of crypto. cryptos are highly volatile and are not yet legalized. but I wonder the following:

why are you thinking banks are scared of cryptos?

Banks lend money and make big profits by doing so.

Cryptos are risky investments because they are very volatile, so there is a high risk of losing money

So how do you want to compare 2 very different things (cryptos and banks)?

jakoylantern

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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

Banks will never be scared to cryptos because banks can and will adopt the cryptos. There are now some banks accept cryptos/bitcoin to make it easier to them because the demand of using a digital currency is very massive and I have read some article about it that you can use your bank to buy you a bitcoin and vice versa in exchanging your bitcoin to money.

minersday

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Quote from: hatshepsut93 on August 22, 2019, 04:53:32 PM

Crypto is not blockchain, blockchain is not crypto. Stop mixing these terms, you only create more confusion. Cryptocurrencies are decentralized payment networks, blockchain that those companies are planning to use is a centralized technology for managing databases.

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.

jostorres

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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

How can bank ban the sale of crypto when they don’t have the power to do so, banks are just into business just like every other business men and women are also into crypto and if the owner of the money says this is how he wants his money, then what right do they have over it, they can only implement government’s policy, maybe government sends circulation that banks should not get involved in any transaction that has to do with crypto.

I don’t think many transactions that we have been doing has nothing to do with banks except maybe all these local exchangers that would have to get fiat to pay who ever request to change cryptocurrency to fiat through them. Banks would only end up shooting themselves in the leg if they fight crypto more than they can.

rezakurnia66

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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

By looking at the development of Crypto until now that has undergone a very good development. Banks will not be afraid of crypto because it has large customers. People will also not leave the bank because the customer believes in a system that is in the Bank.

And with the development of Crypto now, perhaps the Bank will cooperate with Crypto. In addition, Crypto is now very popular, so in cooperation will be mutually beneficial.

Topic: Are banks scared of crypto - page 3. (Read 5385 times)