Are The Banks Scared of Bitcoin? - page 2.

traderethereum

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Quote from: Disclaimert on January 08, 2018, 10:49:42 PM

should the bank be able to accept bitcoin for the progress of transactions at the bank, because by using bitcoin or other currency crypto will make the bank more interested to save coffers of crypto coins owned by the community

they need to prepare many things before they are able to accept bitcoin for their transactions and I think they start right now or in the last year. I think if they see that the cryptocurrency now become famous, I am sure that they will study about cryptocurrency and I think if they can take benefits from cryptocurrency, soon they will accept cryptocurrency especially bitcoin and they will integrate their system with blockchain technology. they realize that cryptocurrency is something new that is far away from them and this is why they need to learn cryptocurrency before they make any of decision.

legok

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may not have many banks that put the trust in bitcoin .. because bitcoin one of the digital money .. so many banks are afraid of bitcoin ..

Disclaimert

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should the bank be able to accept bitcoin for the progress of transactions at the bank, because by using bitcoin or other currency crypto will make the bank more interested to save coffers of crypto coins owned by the community

ashfer

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Well the traditional banking system will continue to stay in the world and i don't understand from where you got the statement that banks are scared of bitcoins as bitcoins and banks play different roles . cryptos cannot replace banking system. It is true that mining takes too much electricity but i don't think that people who does mining are so foolish to spend on electric power without any benefits so incase even if they spend one months electric power for a day they might be getting more benefits so its not a big deal for the miners.

TheGodFather

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Quote from: Cyberczar on November 27, 2017, 01:42:26 AM

I read an article on Business Insider, Inc. and couldn't help thinking many banks would like to see the end of Bitcoin.

"Miners are turning to more powerful computers to complete these tasks and earn bitcoin. As a result, mining (and on the flipside, bitcoin transactions) are sucking up greater and greater amounts of electricity. Bitcoin transactions now use so much energy that the electricity used for a single trade could power a home for almost a whole month, according to Dutch bank ING"
- Businessinsider@ businessinsider.com

What do you think would be the impact of the anti Bitcoin sentiment of the bank knowing they wield a lot of influence with the governments?

Is Bitcoin really an identifiable threat to banking?

What measures must traditional banking adopt so as not to miss out if Bitcoin would dominate the future?

Not that they’re scared I think its just that they are wary of the implications that a digitized currency can do or just on the economh hut on how payments and mo ey and finances of the world is done and that is what makes them wary and careful for this.

danielcansil

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Quote from: Cyberczar on November 27, 2017, 01:42:26 AM

I read an article on Business Insider, Inc. and couldn't help thinking many banks would like to see the end of Bitcoin.

"Miners are turning to more powerful computers to complete these tasks and earn bitcoin. As a result, mining (and on the flipside, bitcoin transactions) are sucking up greater and greater amounts of electricity. Bitcoin transactions now use so much energy that the electricity used for a single trade could power a home for almost a whole month, according to Dutch bank ING"
- Businessinsider@ businessinsider.com

What do you think would be the impact of the anti Bitcoin sentiment of the bank knowing they wield a lot of influence with the governments?

Is Bitcoin really an identifiable threat to banking?

What measures must traditional banking adopt so as not to miss out if Bitcoin would dominate the future?

i believe banks are being effected badly by bitcoin currency, and banks are giving more attentions to bitcoin, and affraid bitcoin will defeat banks oneday in the future, so many years recently banks are changing and evolving themself to become much better like now, such as applying digital payments through countries with less fee, and more faster to against bitcoin.

Xanxus024

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I don't think that the banks are scared of bitcoin this new type of technology are adopting by the other bank because some bank are accepting bitcoin if you want to convert it to paper money and I know most of the people will prefer bank because not all the people know the existence of bitcoin or crypto currencies.

mharz

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Quote from: shoreno on January 08, 2018, 09:29:48 PM

yes. banks are indeed scared and thretheaned by bitcoin because majority of the population now are going and investing on bitcoin instead of banks because bitcoin is much profitable in terms of investing , not only in investing but also in other forms like trading , mining , working for bitcoins by doing a small task online , etc. overall bitcoin is a heck more profitable and can give you a greater returns for your capital when compared to putting your cash in a bank.

Most of the banks in my country was partnered by the bitcoin, so they don't know to scared in bitcoin. Even though many people are joining in bitcoin community it not means that crypto currency was surpass bank.

Otherwise if the crypto currency become legal in all country circulation of digital money and offline currency will become much easier. I believe that bank have no need to scared in crypto currency

pratik009

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Yes all banks are scared of the bitcoin.nowdays the popularity of bitcoin increaseing very rapidly and it's price also increaseing too much high.therfore all people want to invest into the bitcoin.Many of people invest in bitcoin by their banks money.Before somedays when bitcoin crossed the 20000$ at that time all banks share went down that means many people invested into bitcoin.And bitcoin is more safe and secure than other banks beacause the blockchain technology use into the bitcoin.i hope in future all bank wil use blockchain technology for more security.

shoreno

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yes. banks are indeed scared and thretheaned by bitcoin because majority of the population now are going and investing on bitcoin instead of banks because bitcoin is much profitable in terms of investing , not only in investing but also in other forms like trading , mining , working for bitcoins by doing a small task online , etc. overall bitcoin is a heck more profitable and can give you a greater returns for your capital when compared to putting your cash in a bank.

Geoll29

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They banks may be alarmed by the fast growth of bitcoin. But this is already happening years ago because it's not only the bitcoin that threatens the bank industry. There are lots of online players which are appealing to the people. So banks are continuously innovating so that they can stay with the competition.

Ranly123

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Quote from: Cyberczar on November 27, 2017, 01:42:26 AM

I read an article on Business Insider, Inc. and couldn't help thinking many banks would like to see the end of Bitcoin.

"Miners are turning to more powerful computers to complete these tasks and earn bitcoin. As a result, mining (and on the flipside, bitcoin transactions) are sucking up greater and greater amounts of electricity. Bitcoin transactions now use so much energy that the electricity used for a single trade could power a home for almost a whole month, according to Dutch bank ING"
- Businessinsider@ businessinsider.com

What do you think would be the impact of the anti Bitcoin sentiment of the bank knowing they wield a lot of influence with the governments?

Is Bitcoin really an identifiable threat to banking?

What measures must traditional banking adopt so as not to miss out if Bitcoin would dominate the future?

Maybe banks are a little bit of scared about bitcoin's existence but it does not mean they are on a panic mode. Like some other counties, bitcoin is already recognized and regulated by the central banks to have control over bitcoin users and not be used in crimes.

gigatux

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What I see is the banks are not scared of Bitcoin. The banking system is already an establish institution even in the ancient times. But what I see is they will try to co-exist with each other as part of their survival. There are advantages on these two that is beneficial to us and to the economy. It also helps a lot if the government creates a law that states Bitcoin as a decentralized form of money.

hoodi

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Yes they are, their pants are full of s..t already. They know what might happen if it goes out of their control.

Arleman

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i think Bitcoin is setting the debt slaves free and the banks don't like that. banks want every soul under their control.

bitzzz

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Some banks want to incorporate bitcoin to their product. However, what they find is the dramatic fluctuation of btc is out of their control. I think yes they are scared of bitcoin. One thing is that they don't have enough technology to handle the big changes brought by bitcoin.

sucix

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Quote from: davis196 on November 27, 2017, 02:17:58 AM

The text that you quoted has nothing to do with your question.
Anyway,the banks can`t be scared by bitcoin.The banks and the banking system will continue to exist for centuries and the governments will continue to support it.The banks could easily take control over bitcoin by buying huge amounts of it,and they can take control over the blockchain by adopting it.
Producing electricity becomes more clean and efficient than before.The argument about the big electrcity consumption from the miners won`t be relevant during the next few years.

I think you are right. Banks will not scare because of bitcoin because they more powerfull than bitcoin itself. They can take control over bitcoin with very easy.
Regarding the blockchain, our big bank in our country have adopted the blockchain for their system.

reymartH

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Banks never had a powerful contender for centuries and that has changed with Bitcoin. Bitcoin has eliminated the need for a central institution to facilitate the exchange. With Bitcoin, the control of money is sliding from institutions like banks and governments.

goaldigger

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I dont think banks are afraid of bitcoin because banks have different function. Banks focuses merely on their clients for deposits and invest it for earnings. Bitcoin is a currency. If they were become rivals, i think it is because banks offers investments too but not investing in crypto currency.

Harrisonimo

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Quote from: Cyberczar on November 27, 2017, 01:42:26 AM

I read an article on Business Insider, Inc. and couldn't help thinking many banks would like to see the end of Bitcoin.

"Miners are turning to more powerful computers to complete these tasks and earn bitcoin. As a result, mining (and on the flipside, bitcoin transactions) are sucking up greater and greater amounts of electricity. Bitcoin transactions now use so much energy that the electricity used for a single trade could power a home for almost a whole month, according to Dutch bank ING"
- Businessinsider@ businessinsider.com

What do you think would be the impact of the anti Bitcoin sentiment of the bank knowing they wield a lot of influence with the governments?

Is Bitcoin really an identifiable threat to banking?

What measures must traditional banking adopt so as not to miss out if Bitcoin would dominate the future?

I do have a friend that has resigned from the banking system into full Cryptocurrency trading business; main reason is that the future of the banking system is bleak and that bank operations can be carried out on the blockchain when fully imbibed. The banks are both operated by government and the private sectors and the earlier they start adopting the use of the blockchain technology in their operations. They did start the adoption or be taken over by Cryptocurrency.

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