Topic: Are banks scared of crypto - page 4. (Read 5385 times)
Rather than getting scared, banks were adopting the technology. In recent days I've seen more banks partnering with some of the blockchain enterprises. Moreover some banks have started there services relative to cryptocurrency. By this time more common people too getting into cryptocurrency which is the main reason for banks to adopt the technology, because now banks were successful just because of the common people who have been using banking services.
Yes, banks are scared of the potential that cryptocurrency snd blockchain technology hold. IT threatens a complete overhaul of financial systems as we know it- banks, insurance and the like. Smart contracts will make it easier to utilize platforms that offer such services without the need for lawyers, while completely eliminating the need for banks to effect money transfers and lending.
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 want or prohibit cryptocurrency transactions not because of fear, in my opinion because there is no government regulation yet. Banks must obey government regulations, and I think banks have hundreds of years of experience in the monetary sector so I don't think cryptocurrency will interfere with their operations and business
The number of deposits opened with large banks has significantly decreased over the past few years. This suggests that people are finding other ways to invest. The best example of a successful and profitable investment is the crypto market
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$. Would you still prefer to be paid in crypto or fiat?
Imagine how would it be for you to be paid in crypto, this month you receive 1000$ and next month 500$. Would you still prefer to be paid in crypto or fiat?
Banks don't have the power to ban the sale of cryptocurrency in totality's, but can just withdraw the support for crypto transactions through their channels and that is because they are afraid of the capacity of the blockchain technology replacing they traditional banking system.
Well at the moment they still have quite a lot of power to prevent you from using crypto properly. For example,,, in India all the bank accounts of crypto exchanges were blocked and it is still more than half a year since those accounts were frozen until the exchanges have to go to court.
If you ban all accounts related to crypto how will you ever buy or sell crypto?
When BTC first came out (or crypto in general), I feel like they were more hesitant, as it was competative technology.
But since crypto has come to be (for many banks) an asset (they're creating their own crypto, creating ETFs for crypto, etc), I'm sure they are probably more welcoming to it now than back in 2013/2014.
Damn, I remember the days bank accounts were being closed/frozen for interacting w/ exchanges. I'm sure it still happens, but I don't hear nearly as many stories as I used to.
But since crypto has come to be (for many banks) an asset (they're creating their own crypto, creating ETFs for crypto, etc), I'm sure they are probably more welcoming to it now than back in 2013/2014.
Damn, I remember the days bank accounts were being closed/frozen for interacting w/ exchanges. I'm sure it still happens, but I don't hear nearly as many stories as I used to.
Just like in a business, banks would see cryptocurrency as a threat but I don't think they're scared of it. Since most people still trust banks and doesn't know crypto. But they could also adopt on crypto for innovation.
Its a threat to the model but not to themselves. Of course with Bitcoin, banks are optional. In theory it always was with fiat, but in hyperinflation no bed is big enough to hold the amount of banknotes needed for a day (if you manage to get them...)
They just need to adapt. Go full reserve instead of fractional, and optionally join the exchange and online wallet business. With full reserve banking central banks are no longer required, and as people switch to Bitcoin, fiat too is no longer required.
Nothing to fear at all. The banks have loss already, and they have no choice than supporting the hedge cutting technology, many banks are even now discussing blockchain support, even though they claim to still be studying cryptocurrency.
Ofcourse they are and if they weren't scared of the cryptocurrencies then they wouldn't ever stop the trading of the cryptocurrencies using the bank accounts , they are usually connected with the central government therefore the government doesn't want problems in the future regarding the investments since people now prefer using the money and invest them in cryptocurrencies instead of banks .
They are and they should be scared of cryptocurrencies.
They are and they should be scared of cryptocurrencies.
Just like in a business, banks would see cryptocurrency as a threat but I don't think they're scared of it. Since most people still trust banks and doesn't know crypto.
At the beginning maybe they see this thing, but sooner they realize that they can't stop crypto, it will only continue to be develop and the adoption is increasing. So, instead of treating it as a competition, they just adopt on it because in the long run, this crypto market that people want to serve for privacy that is why it's decentralized will slowly turn to become centralize, why? why simple answer, it's the regulation that will make it centralized.But they could also adopt on crypto for innovation.
They already did, slowly, and it's proven as there are already banks that are using the blockhain system.
Looking at the present situations of things, it is a possibility for CryptoCurrencies to surpass other financial institutions, but it does not seem to happen anytime soon.
Banks have their roots dug up deep into our social system, and Cryptos still have to catch the wind with the people in order to become the mainstream.
Also, many financial institutions are now adopting the blockchain technology in the financial sector. So it is hard to say if they are scared of Cryptos, but we can surely say that banks are preparing for the imminent threat that CryptoCurrency is.
Banks have their roots dug up deep into our social system, and Cryptos still have to catch the wind with the people in order to become the mainstream.
Also, many financial institutions are now adopting the blockchain technology in the financial sector. So it is hard to say if they are scared of Cryptos, but we can surely say that banks are preparing for the imminent threat that CryptoCurrency is.
What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced
Before banks hate bitcoin and that's a trending from the crypto community, but now specially herein my country banks and crypto have an good relationship the proof is i can convert my bitcoin into fiat money through bank and if I am not wrong not only herein my coutry a lot of bank in different country are now understand well about the crypto importance ysing blockchain some of the bank are already using blockchan.
What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced
Banks aren't afraid in crypto in fact banks do accept payments through crypto but they only accept the legit one and that is bitcoin. Stop thinking that banks are afraid of it although most other countries are afraid or don't like the idea of using crypto as a way of payments through services online. It might be that their government doesn't fully understand the real essence of crypto and it is an innovation.
I don't think they are afraid of it since there is no way that the government will be legalizing and make it their national currency, right? Instead of being scared to it, I guess they can use it to improve, to develop the technology they had.
I don't think banks are banning the sales of crypto
they can only ban if its within their range but they dont control crypto transactions outside thier network. Quote
but the only thing that is clear is that they do not support the trading. Eg in my country, the CBN has warned so many time that citizens should be careful of crypto and other related ponzi schemes.
its normal for them to give a warning like that . not only them but all sectors are giving a warning about investments . some banks still support crypto trades banks arent scared of crypto but they are only following to the guidlines of the government . if its allowed then they will decide if they will support cryptos or not .
We could say that the government has a big influence, having their support will help for fast crypto adoption and possible to see banks will fully adapt in the years coming.
I don't think banks are banning the sales of crypto
they can only ban if its within their range but they dont control crypto transactions outside thier network. Quote
but the only thing that is clear is that they do not support the trading. Eg in my country, the CBN has warned so many time that citizens should be careful of crypto and other related ponzi schemes.
its normal for them to give a warning like that . not only them but all sectors are giving a warning about investments . some banks still support crypto trades banks arent scared of crypto but they are only following to the guidlines of the government . if its allowed then they will decide if they will support cryptos or not .
I don't think banks are banning the sales of crypto but the only thing that is clear is that they do not support the trading. Eg in my country, the CBN has warned so many time that citizens should be careful of crypto and other related ponzi schemes. However, people exchange crypto to Fiat through third party that pays directly to the sellers bank account. Even though bank might not support crypto, there is high possibility that we continue to see high usage of block chain technology in banking industry
Banks not afraid rather they are just vigilant to observe the wave of this new era business that can access almost every aspect of payment. Some adopting crypto ecosystem but others still on the process. It is possible that crypto will in banks everywhere once the wave change to people's power to embrace crypto.
Crypto replacing the fiat shouldn't be a scaring movie for the banks 
The fiat I don't think will be replaced by crypto. There are very minor transactions that fiat take care of that the fees can't be taken care of by crypto.
The fiat I don't think will be replaced by crypto. There are very minor transactions that fiat take care of that the fees can't be taken care of by crypto. Jump to: