Topic: Are The Banks Scared of Bitcoin? - page 9. (Read 1137 times)
Banking industry is working on this earth from hundreds of years. People have strong faith in their banks. For many villages, small towns banks are the only economic activity centers. banks not only collect deposits, they also have personal loans and provide fiancé to industries, government projects. Banks are the main coordinator in the smooth flow of fiat currency. Bitcoin is still a young currency. It has long way to go to establish itself. Due to its features its scope is limited to restricted area. Banks are not scared of bitcoin, but worried a little bit. Banks need to take a review about their services and also about the service charges.
There was several stories of these guys making big profits, the bank BNP Parisbas closed their bank account after big transactions were made.
The guy was asked plenty of evidences of his investments, which he provided, but the bank closed his account anyway, at its sole discretion.
Read it here https://www.reddit.com/r/CryptoCurrency/comments/77sjk4/bnpparibas_is_closing_all_my_bank_accounts/ just happened a few week ago actually.
They will always suspect money laundering. But what's funny is that Singapore is friendly towards Bitcoin, and this is a dictatorship, while France is a democracy (on paper). Go figure.
The guy was asked plenty of evidences of his investments, which he provided, but the bank closed his account anyway, at its sole discretion.
Read it here https://www.reddit.com/r/CryptoCurrency/comments/77sjk4/bnpparibas_is_closing_all_my_bank_accounts/ just happened a few week ago actually.
They will always suspect money laundering. But what's funny is that Singapore is friendly towards Bitcoin, and this is a dictatorship, while France is a democracy (on paper). Go figure.
Banks should be scared because with Bitcoin you will be operating at a full cashless society and transactions will no longer be centralized.
The banking industry is certainly not welcome bitcoin, because bitcoin and banking is just the opposite, the bank is centralized, bitcoin is centralized, bitcoin will divert a large portion of the original bank funds. I think so.
I wouldn't say scared, but they are watching bitcoin carefully because it might force banks to adapt their business models due to cryptocurrencies.
As long as banks are able to adapt and embrace the technology which many of them are then they don't have too much to fear in terms of becoming irrelevant.
They will have to fear bitcoin as a competitor, I think both can exist in the same space.
They will have to fear bitcoin as a competitor, I think both can exist in the same space.
No, banks are not scared of Bitcoin because they are also useful in terms of saving a money. Banks are secured no one can easily hack your account and if you caught stealing a money in the back, you will go to jail. You can change your Bitcoin into real money and put it in a bank.
Whilst it may seem that BTC is a threat, in reality it is not. Banks are embracing Blockchain based technology and solutions and are actively positioning themselves to be a part of this new emerging industry. I believe that it is only a matter of time before central banks start minting their own currencies in order to remain relevant and keep with the status who.
in my opinion this bitcoin is very good for all the private person or institution other institution including bank, better bank can use bitcoin to add system performance bank about finance, it will be better.
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.
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.
do they have sources to back up the claim that it takes THAT much power for a single bitcoin transaction?
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?
"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?
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