Banks do not want bitcoin to become popular

Abiky

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Quote from: S A KHAIR on January 20, 2023, 11:33:18 AM

Even if you use P2P binance, you still need to use a bank if you want to use fiat. Banking will never go away, it's very important to us. It should be remembered that banking has existed for hundreds of years and still exists today. Without a bank we would be in trouble, but without bitcoin, we would still have a normal life. Many people still live normally and are even rich without bitcoin.

That's certainly true, mate. Banks will never go away simply because they're "too big to fail". Governments need them for the issuance and circulation of money, so such financial institutions will be relevant in the future even with crypto/Blockchain tech in play. What they will do is create digital currencies of their own to avoid being left behind in the dust.

The real reason why Banks hate Bitcoin it's because of its decentralized and censorship-resistant design. Not because it threatens the existence of Fiat. Bitcoin is freedom, while Fiat is slavery. Banks want you to play by their rules by being enslaved to a centralized monetary system that can easily be debased. The more people use Bitcoin, the more furious banks will get. This is will be a never-ending battle between crypto and Fiat. At least, we know Bitcoin won't be going anywhere soon. Who knows if it lives alongside Fiat for generations? Just my thoughts Grin

nullama

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Quote from: coolcoinz on January 20, 2023, 02:12:42 PM

CNBC is a paid shill for whoever gives them more money and up to now these were bankers, but recently it might be the WEF. You can find videos of their management being invited as guests to Davos. How can anyone expect them to be unbiased about all of this if Klaus Schwab is paying for their expensive hotels and meals?
There's also a recent video where Jamie Dimon attacks bitcoin in Davos, comparing it to a ponzi scheme, when his bank, JP Morgan, was providing funds for SBF to run his scam.

Fuck this so called global elite. All they are is a bunch of corrupt crooks and liars.

Mainstream media usually just sends the message that certain people want to be sent.

It's not real news, it's not real in the sense that it is filtered, and with an opinion bias.

It's really hard to find any kind of truly independent news or media, because they just don't get any funds from anywhere.

coolcoinz

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CNBC is a paid shill for whoever gives them more money and up to now these were bankers, but recently it might be the WEF. You can find videos of their management being invited as guests to Davos. How can anyone expect them to be unbiased about all of this if Klaus Schwab is paying for their expensive hotels and meals?
There's also a recent video where Jamie Dimon attacks bitcoin in Davos, comparing it to a ponzi scheme, when his bank, JP Morgan, was providing funds for SBF to run his scam.

Fuck this so called global elite. All they are is a bunch of corrupt crooks and liars.

ancafe

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Who cares about news like that, isn't the ban from the government also affiliated with regulations that are continuously being issued, negative news is not only produced by banks, but many other agencies independently or in groups that make news like that.

Then how can bitcoin develop and not be driven away by any negative causes that are accommodated or massive.

Quote from: noormcs5 on December 08, 2022, 11:46:16 AM

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin. Sad

The panic that occurs in people is caused because they do not understand the journey of bitcoin, and I can say agree that the Bank does not want bitcoin to become more popular, that's why they are trying to develop CBDCs as an option for prevention, the existence of crypto is the background for Banks to create CBDCs even though the function of bitcoin is very different or crypto with the CBDC.

They just seem too coy to compete, so regulation is just an excuse to cover up their distaste for the growth of crypto in general and bitcoin in particular.

S A KHAIR

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Quote from: Oneandpure on January 20, 2023, 06:04:03 AM

I don't know about Bank hate and not want Bitcoin become popular due still use and withdraw my Bitcoin assets through local exchange market used Bank, I am really need Bank right now although have option for withdrawing cryptocurrency assets trough P2P exchange market Binance, but withdrawing directly to the Bank more easy and have huge limit withdrawing daily day in my local exchange.

I don't want one day later Bank stop working with local exchange market and not possibility withdrawing our cryptocurrency assets to the Bank, will be difficult when selling stable coins assets trough P2P Binance exchange.

Even if you use P2P binance, you still need to use a bank if you want to use fiat. Banking will never go away, it's very important to us. It should be remembered that banking has existed for hundreds of years and still exists today. Without a bank we would be in trouble, but without bitcoin, we would still have a normal life. Many people still live normally and are even rich without bitcoin.

Getmon

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Despite this, how many times have these banks failed? They really did not show any appreciation for bitcoin at first. Despite the fact that these banks and their high-ranking officials have failed with their fuds for many years, some have already begun to support it. They cannot stop bitcoin from growing. Individuals like us became more aware of the flaws in our monetary system run by banks and governments. The more they spread lies and nonsense, the more our curiosity arises. Therefore, these banks will either join the bitcoin revolution or be left behind.

Oneandpure

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I don't know about Bank hate and not want Bitcoin become popular due still use and withdraw my Bitcoin assets through local exchange market used Bank, I am really need Bank right now although have option for withdrawing cryptocurrency assets trough P2P exchange market Binance, but withdrawing directly to the Bank more easy and have huge limit withdrawing daily day in my local exchange.

I don't want one day later Bank stop working with local exchange market and not possibility withdrawing our cryptocurrency assets to the Bank, will be difficult when selling stable coins assets trough P2P Binance exchange.

Abiky

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Quote from: noormcs5 on December 08, 2022, 11:46:16 AM

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin. Sad

Of course banks hate Bitcoin. After all, it's decentralized money they can't control. The few banks you see supporting Bitcoin are only doing it for the profits. Not because they're ditching Fiat altogether. We have to admit that traditional Fiat currencies won't be going anywhere as banks won't let that happen. They're still too powerful even with crypto/Blockchain tech in play. What they will do in the end is adopt Bitcoin's revolutionary technology to create digital currencies of their own. After that, they'll be truly unstoppable. Unless people start trusting BTC more than Fiat (which is very unlikely to happen anytime soon), banks will be with us for a very long time.

At least we know Bitcoin will survive no matter what banks or governments do against it. That's because the BTC blockchain is decentralized and censorship-resistant. I hope it stays that way for the good of humanity. Who knows if BTC lives alongside Fiat for generations? Just my thoughts Grin

nullama

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Quote from: HajiBagi on January 19, 2023, 05:26:27 AM

No matter how the bank speaks about bitcoin and plans to stop it, it will still improve because I'm very sure that everyday bitcoin is still popular and well-known as a good investment to many countries and some society because it has made many people change from zero to hero and even the rich people people more than people that we imagine and they relayed on it that after buying bitcoin they sell it for profit, so bitcoin still remain bitcoin.

There's no need for a bank for Bitcoin, so of course they will talk bad about it. It makes sense.

Whenever they speak good about Bitcoin is when they're offering some kind of custodial service, or a card attached to Bitcoin, or something like that.

Their opinion is always attached to how much money they can make with Bitcoin.

If it's independent of them, then it's bad, if they can make some money with it, it's good.

HajiBagi

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No matter how the bank speaks about bitcoin and plans to stop it, it will still improve because I'm very sure that everyday bitcoin is still popular and well-known as a good investment to many countries and some society because it has made many people change from zero to hero and even the rich people people more than people that we imagine and they relayed on it that after buying bitcoin they sell it for profit, so bitcoin still remain bitcoin.

Crypto-Ivan

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Banks have always been against cryptocurrencies, and they see Bitcoin as a competitor. The decentralized nature of Bitcoin prevents payments and banks from controlling people's money. The successful popularity and widespread adoption of Bitcoin has reduced banking operations to the detriment of their interest income.

WatChe

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Quote from: Sayeds56 on January 15, 2023, 11:08:37 PM

Quote from: noormcs5 on December 08, 2022, 11:46:16 AM

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin. Sad

Obviously, banks will never like Bitcoin to become popular which is quite natural & understandable, as it is a decentralized and not in their control. additionally, if it is massively adopted as method of payment, it can potentially reduce or may eliminate their role in the financial system.
There is another reason, why banks are hesitant to involve in Bitcoin, is lack of regulations in many countries for investing & trading in crypto, which restricts their ability to deal in crypto currencies.

Bitcoin is designed to break the monopoly of centralized financial institutes like Banks. So its very obvious that Banks wont like it. For centuries these Banks are controlling the global financial system via there centralized policies. Banks limit our access to our own money, while there is no check on how bank is using our money. Bitcoin gives us the liberty to use our money on our terms and conditions and I dont think centralized institutes will ever accept Bitcoin.

TalkativeCoin

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Quote from: Sayeds56 on January 15, 2023, 11:08:37 PM

Quote from: noormcs5 on December 08, 2022, 11:46:16 AM

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin. Sad

Obviously, banks will never like Bitcoin to become popular which is quite natural & understandable, as it is a decentralized and not in their control. additionally, if it is massively adopted as method of payment, it can potentially reduce or may eliminate their role in the financial system.
There is another reason, why banks are hesitant to involve in Bitcoin, is lack of regulations in many countries for investing & trading in crypto, which restricts their ability to deal in crypto currencies.

I think they'll find a way to make a profit out of it, they'll "see the light" eventually, just as big energy (oil) companies embraced the fact that the EVs are here to stay and they started to buy out smaller EV charging operators and integrating them into the part of their business model. If it makes them $$$, they'll eventually do that shift.

Gracejoy

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One can't pray for he's or her rival, decentralized finance is a big threat to our traditional banking system which Bitcoin is one them, many people are no longer saving their money in the bank but in Bitcoin at least I'm one of them.
Our traditional banking system see cryptocurrency or Bitcoin as a rival in the same field financial Management don't expect them to promote cryptocurrency because is retiring them from their active services

Sayeds56

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Quote from: noormcs5 on December 08, 2022, 11:46:16 AM

I came across this news on CNBC where standard chartered bank claims that bitcoin will reach 5000$. Being a bank, this can be their wish and not a reality. Banks do not want bitcoin to become popular and therefore they spread this negative information so people panic sell and do not adopt bitcoin. Sad

Obviously, banks will never like Bitcoin to become popular which is quite natural & understandable, as it is a decentralized and not in their control. additionally, if it is massively adopted as method of payment, it can potentially reduce or may eliminate their role in the financial system.
There is another reason, why banks are hesitant to involve in Bitcoin, is lack of regulations in many countries for investing & trading in crypto, which restricts their ability to deal in crypto currencies.

Sebas.tian

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Quote from: Rana590

Who wants to reduce his power by giving opportunity to others? Actually government wants to handle financial sectors but Bitcoin is a threat for banking system. Banking system will not be used regularly and it is huge losses for this sector. There will be a good competition between banking system and Bitcoin. In this competition Bitcoin will survive as it has different use cases and benefits. That's why banks do not want Bitcoin to become popular which is not good sign for banks.

I agree with you, that is why banks are trying their possible best to discourage Bitcoin users so that they will value fiat investment than Bitcoin investment in the environment. But, no matter the bad information the banks are spreading about Bitcoin in this new year 2023, I think, it will be difficult for investors to listen to their information because they have seen the new pump of Bitcoin in this month of January that made them to believed that nothing can stop Bitcoin not to be popular in the whole world. Bitcoin still remain unpredictable that made it different from fiat money because is not control by the government.

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Quote from: ?? on ??

Maybe banks are not showing much interest in accepting bitcoins from people now. But the time of Bitcoin will come when all the people will do their daily work and transactions through Bitcoin. Banks may not want to accept bitcoins from the public right now because the bitcoin market is not in a buoyant state right now. Bitcoin market is changing every time. So banks may not want to take the risk of accepting bitcoins from the public. But the time is coming very soon when people will do their transactions through Bitcoin and entire banks will accept it.

It is not a matter of risk, but because banks fear a decentralized asset like bitcoin will take their market share, taking over their customers because bitcoin has features that surpass them. Many people use bitcoin and then almost don't want to use the bank again for things like transferring or storing money, which would cost the bank a lot of revenue. Banks will never accept bitcoin because it is no different from their enemy and does not benefit them.

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Quote from: n0ne on January 15, 2023, 06:03:01 PM

~snip~
Agreed, banks and cryptocurrencies to coexist is a good thing. The same won't happen easily, because the technology used by cryptocurrency isn't adopted by most of the banks. The traditional financial system doesn't want the transparency and for that reason very few banking service providers have begun to use the blockchain technology. Over time we can see the transition. For now it is the banks people depend on for every needs, and even now banks fear that cryptocurrencies were taking away the entire revenue.

The banks want their cut, and what they are starting to do is to basically act as the exchange itself.

They offer you a card which you can use everywhere, and you give them your Bitcoin, they sell it as you spend the card in fiat.

That way they keep their business working as normal, and they sell you the idea that you're paying with Bitcoin.

In reality you are simply paying with fiat all the time, as usual, with all the problems it has, and you give them custody of your Bitcoin. It's not a great deal to be honest, but it seems to work for them.

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Quote from: BALIK on January 15, 2023, 01:10:20 AM

Quote from: nullama on December 12, 2022, 09:58:56 PM

Quote from: hZti on December 12, 2022, 02:42:25 PM

~snip~
This is the whole point, why many banks that operate in a traditional way will never like bitcoin. Normal Banks lend out money that they do not have, because the laws allow them to do it. With bitcoin this is not possible. There is a fixed amount and you can not just send somebody bitcoins that you created on paper. At least if you do that people will see it instantly and will not accept them or want a discount.

There's simply no need for a traditional bank when dealing with Bitcoin.

It's just peer to peer, direct transfer of money, anywhere in the world, with low fees.

Why on earth would you need a bank for?

You don't need to ask permission to open an account, you don't need to ask permission to use your money, etc.

Bitcoin really is revolutionary, yet most people are so used to the legacy banking system that they don't see how much better Bitcoin is.

But unfortunately, you and I still live in a centralized world run by governments; fiat and banks still dominate the financial markets. You will still need a bank because all your daily spending is fiat, you need banks and exchanges to convert your bitcoins to fiat. Bitcoin is a revolution, it is very good, but it cannot replace or compare with banks, banks provide us with many services. Similarly, why do we still need exchanges today even though they are centralized like traditional banks? Both are necessary for us, I will be happy to see both coexist and support our life more perfectly.

Agreed, banks and cryptocurrencies to coexist is a good thing. The same won't happen easily, because the technology used by cryptocurrency isn't adopted by most of the banks. The traditional financial system doesn't want the transparency and for that reason very few banking service providers have begun to use the blockchain technology. Over time we can see the transition. For now it is the banks people depend on for every needs, and even now banks fear that cryptocurrencies were taking away the entire revenue.

nullama

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Quote from: BALIK on January 15, 2023, 01:10:20 AM

~snip~
But unfortunately, you and I still live in a centralized world run by governments; fiat and banks still dominate the financial markets. You will still need a bank because all your daily spending is fiat, you need banks and exchanges to convert your bitcoins to fiat. Bitcoin is a revolution, it is very good, but it cannot replace or compare with banks, banks provide us with many services. Similarly, why do we still need exchanges today even though they are centralized like traditional banks? Both are necessary for us, I will be happy to see both coexist and support our life more perfectly.

It is possible to live in a Bitcoin only economy in certain countries that don't have Bitcoin as legal tender as El Salvador and Central African Republic already have.

For example, in Canada there's a service called bylls that receives your Bitcoin and with it you can pay bills. They take care of all the fiat conversions and payments. You only send Bitcoin to them. In Australia a similar service is called living room of Satoshi, and so on.

You can also anywhere get paid in Bitcoin directly, so if you combine those ideas, you can, admittedly in a limited way, live a full life with Bitcoin only.

For an even simpler way of living there are those pre-cards that use Bitcoin for funding payments, but that is basically having a bank and an exchange to your name so I'm not counting those here.

Topic: Banks do not want bitcoin to become popular (Read 997 times)