Topic: Are banks scared of crypto - page 6. (Read 5385 times)
Banks are very afraid of crypto. Fewer people trust third parties. Fewer people choose trading instead of the usual deposit at the bank. Believe me, the banks are scared and understand that their end is near
Banks, for the most part, consider cryptocurrencies as direct competitors. On this side, it is logical that banks are afraid of cryptocurrencies.
What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced
There’re two versions of it one is that they’re indeed feeling the heat, and want to stop bitcoins before masses adopt to it. The second version is that their government have asked them to ban bitcoins, as it’s not considered as a legal tender yet.
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.
@crzy banks maybe adopting blockchain technology, but they’re yet not open to bitcoins but we never know if in future they may suddenly adopt bitcoins too.
Why wouldn't they be scared? If crypto currencies become the main stream currency, the banks will go out of business. If less people uses fiat currency, the banks will be making less profit. Again, with less people, they will be able to lend lesser amount of money to investors and thus causing a drastic financial loss. They are also aware that "becoming" a bank for crypto currencies like bitcoin is almost impossible since they know that the decentralization of bitcoin will be lost when a third party will be involved causing disappointment in people.
This is very old talk. Bank will be always a bank, they are totally against Bitcoin or any cryptocurrencies, you cannot change it anymore. The biggest enemy of banks are these cryptocurrencies especially the Bitcoin.
But I am also wondering that one day will come, banks will use blockchain technology and create their own cryptocurrencies, what will happen?
I think if this will happen, it is something like a new generation of banking, like from traditional paper and pencils to digital banking, like that?
But the fact is, if ever that will happen, they are still fully centralized, right?
But I am also wondering that one day will come, banks will use blockchain technology and create their own cryptocurrencies, what will happen?
I think if this will happen, it is something like a new generation of banking, like from traditional paper and pencils to digital banking, like that?
But the fact is, if ever that will happen, they are still fully centralized, right?
Sure! People cease to trust decentralized structures that have access to both personal data and money that are capable of doing manipulations. Bitcoin and crypto is a solution that eliminates the need for third parties that's why banks are afraid to become unnecessary
Not only Banks but almost all financial institutions and most of the Governments around the world fear Bitcoin and other cryptocurrencies as they do not have the power to control them.
Some financial institutions and banks have already hinted that they will be adopting to Blockchain tech but, I doubt it will work as for the Governments of few countries they are already planning to start their own cryptocurrency, but who will like to use a centralized cryptocurrency?
Some financial institutions and banks have already hinted that they will be adopting to Blockchain tech but, I doubt it will work as for the Governments of few countries they are already planning to start their own cryptocurrency, but who will like to use a centralized cryptocurrency?
They're considerably more scared of having their arses nailed to the wall dabbling in an area with uncertain regulation. Very few countries have delivered proper clarification and their willingness to wallop banks is getting more fervent by the day.
If I were running a bank I'd reject crypto business unless everything was set in stone and I knew for certain that I'd never have any comebacks for getting involved in it.
If I were running a bank I'd reject crypto business unless everything was set in stone and I knew for certain that I'd never have any comebacks for getting involved in it.
I'm not sure if they are that scared to do it, after all banks launder money for criminals and engage in fraud, because they just get a slap on the wrist when they get caught. The probably don't want to deal with crypto because it's simply not worth the risk - with the crimes that I've mentioned the payout can be huge, but with crypto there's so much uncertainty. Maybe it will start change soon, as crypto becomes more established though.
What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced
Perhaps. They could instead join the party, become an exchange, or keep people's money on their behalf. Only gotcha is they would have to operate with a full reserve, at least if they intend to handle wallets (ie. online wallet service). And then they could politely ask the client if they would like to use some of that money for lending, if yes, this money must not be available until the lending term is over, that is how full reserve banking works. They cannot continue the game of making money out of thin air, fractional reserve practices.
I think banks aren't really scared of crypto replacing their system. Correct me if I'm wrong, but as far as I know, banks are only mostly banning the buying of bitcoin and cryptocurrencies through credit cards, which ever so slightly makes sense for me. Banning the buying of crypto through debit cards though? I think it's the case that banks are scared that people would use the crypto to fund some terrorist/extremist group(as if the dollar doesn't do this).
Is this not a misguided assumption banks really are not against the cryptocurrency that why we can still withdraw our coins into fiat and sent to our bank accounts so except we start to use cryptocurrency to get stuff straight.
Bank system is still used and needed
It would never happen that banks will be afraid about cryptos because in fact, some of the banks today are already embracing cryptocurrency in their transactions. Banks will still function even if cryptocurrency will already be adopted as a real currency and i think banks are already preparing for it so they will never be outdated. Bank system is still used and needed
Banks are just doing adjustments to fully integrate Blockchain Technology into their Banks, They are not scared, people -apparently- will always use fiat, they are scared that they might get involved in Shady crypto coins and Transactions. Banks are regulated while Crypto Currencies are atill in talks and process of finalizing their Regulation.
Ban? what is your reference for this?
Anyway, here's coindesk article related to Crypto Ban : https://www.coindesk.com/reserve-bank-of-india-denies-
-in-draft-bill-to-ban-cryptocurrencies
Ban? what is your reference for this?
Anyway, here's coindesk article related to Crypto Ban : https://www.coindesk.com/reserve-bank-of-india-denies-
-in-draft-bill-to-ban-cryptocurrencies 
I think the bank scary with cryptocurrency because they are aren't get taxes from people funds, don't get funds for trade to pay their employees as well. Fiat money can't be replaced by crypto, but people can change payment method for daily use into crypto. They can pay anything with very low fee, you know how cheap the taxes send lot of money using altcoin compairing send money using bank account.
They're considerably more scared of having their arses nailed to the wall dabbling in an area with uncertain regulation. Very few countries have delivered proper clarification and their willingness to wallop banks is getting more fervent by the day.
If I were running a bank I'd reject crypto business unless everything was set in stone and I knew for certain that I'd never have any comebacks for getting involved in it.
If I were running a bank I'd reject crypto business unless everything was set in stone and I knew for certain that I'd never have any comebacks for getting involved in it.
What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced
Frankly speaking, cryptocurrency are the true means to have freedom and this has been the worries if the government that, if giving powers to the masses they will not be regulated and they will be free for the oppressors. They are definitely scared of cryptocurrency but willime to adopt to Blockchain, the freedom cryptocurrency has provided is what they are afraid of of.
Is this not a misguided assumption banks really are not against the cryptocurrency that why we can still withdraw our coins into fiat and sent to our bank accounts so except we start to use cryptocurrency to get stuff straight.
Bank system is still used and needed
Bank system is still used and needed
With the situation of things, I don't think crypto would be replacing banks anytime soon. Some financial institutions are already exploring into the usage of blockchain technology in the banking sector. I think crypto can help improve a lot of things in the sector.
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.
its hard for it to be replaced.
Some people do really believe that Bitcoin/crypto and blockchain are the same.A little more research would be needed for them to have the idea on what they are talking about.
Banks aren't scared with crypto but since they do abide on governments laws then they would always follow up the traditional path.
Obviously they are not, and it will take a lot more than new ATH and other positive comments about the price before banks get threatened by what crypto can do. They still offer far more services than crypto will ever do plus the fact that they are mandated, regulated and supported by the government. A banking entity is far more superior on what they do compared to a crypto, say bitcoin. Individual entities can issue bitcoin loans with interest etc but it will not be as butter-smooth as what banks do.
What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced
Please can you tell me how will they be replaced with crypto? Who will give loans? Who will take care of payments? Cmon man, banks are needed and they can't be replaced but the way banks function is very bad, this has to be changed.And who says they are afraid of crypto? In some countries banks offer crypto services which includes bitcoin buy/sell, send and etc. It's even good for banks to gain more profit, they aren't afraid of it.
What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced
Why would they be scared of crypto, the adoption is painfully slow, crypto doesn't have the technological capability to replace banks even if the people wanted it to happen. It's like saying that Microsoft is scared of Linux, or Google is scared of DuckDuckGo.
With the situation of things, I don't think crypto would be replacing banks anytime soon. Some financial institutions are already exploring into the usage of blockchain technology in the banking sector. I think crypto can help improve a lot of things in the sector.
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.
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