Do Banks fear cryptocurrency - page 18.

biascoin

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Quote from: joan26 on March 15, 2018, 05:08:43 PM

Banks fear bitcoin, because they see its potential. Many banks have looked into the blockchain technology and are trying to replicate it...purely because the technology is so powerful and out-does all banks by people preference by far. The only reason bitcoin has not taken over yet, is because of the peoples unawareness of it.

Banks do not fear Bitcoin, anyone can do a cryptocurrency in a week or clone Bitcoin. And Bitcoin has NO potential whatsoever as it stands. It is just a gambling scheme.

joan26

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Banks fear bitcoin, because they see its potential. Many banks have looked into the blockchain technology and are trying to replicate it...purely because the technology is so powerful and out-does all banks by people preference by far. The only reason bitcoin has not taken over yet, is because of the peoples unawareness of it.

biascoin

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Quote from: flag39 on July 15, 2017, 01:59:50 AM

Yesterday the Central Bank of Albania issued a warning about the uncertain and unsafe nature of cryptocurrencies
They called on people not to get involved. Should we be afraid or the banks are!

They are not afraid. BTCubblecoin is not solving any problem, and if a currency has to "defeat" banks I doubt Bitcoin would be that one.

It is just gambling, everyone is calculating how much a bitcoin is worth it (this hour) IN DOLLARS. People is just spreading FOMO so they can pump the coin, get rich fast if they can and keep doing the same.

rollingstorm45

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Quote from: flag39 on July 15, 2017, 01:59:50 AM

Yesterday the Central Bank of Albania issued a warning about the uncertain and unsafe nature of cryptocurrencies
They called on people not to get involved. Should we be afraid or the banks are!

actually I am confused, what is feared by the bank?
does cryptocurrency compete in the banking sector?
is not it better to work together?

lrr

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Quote from: flag39 on July 15, 2017, 01:59:50 AM

Yesterday the Central Bank of Albania issued a warning about the uncertain and unsafe nature of cryptocurrencies
They called on people not to get involved. Should we be afraid or the banks are!

I think the banks are still too powerful to be afraid of cryptocurrencies, however I think that if they see potential in them they will work together.

Ripple is a prime example that the banks are looking for opportunities to work together.

FLoving

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Quote from: Jannatul Shefa on March 15, 2018, 01:06:30 PM

In some respect I think yes. Because if cryptocurrency spread all over the world. Surely bank will have nothing to do.
Other reason can be they don't fear but they just want keep their country save.

Actually there is no any harm to the banks they only do not know about the cryptocurrencies that is why they are feeling a harm to themselves from these coins if they will study about bitcoin and they will start working in this field then they will not face any harm from these coins and they will be more beneficial with the use of cryptocoins.

Sumo

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Bitcoin can completely change the world, and therefore the familiar concept of the banking system. If bitcoin will also develop dynamically, as now, we really do not need banks.

fattyforhire

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It is not surprising that banks are afraid of cryptocurrencies, as their complete dominance will make banks unnecessary for modern society.

niteroy

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Quote from: flag39 on July 15, 2017, 01:59:50 AM

Yesterday the Central Bank of Albania issued a warning about the uncertain and unsafe nature of cryptocurrencies
They called on people not to get involved. Should we be afraid or the banks are!

The Central Bank is the Bank that heads the country's credit system, which has the monopoly right to issue banknotes and carries out monetary policy in the interests of the national economy, so this is a natural reaction to the emergence of cryptocurrencies that replaced the banking system, which deprive the Central Banks of the monopoly of issue of money supply and regulation of financial activities. We will see banks try to blacken cryptocurrencies and discourage people from interested in them, but all this is meaningless, because the evolution of money can not be stopped and cryptocurrencies will become more popular every day.

Jannatul Shefa

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In some respect I think yes. Because if cryptocurrency spread all over the world. Surely bank will have nothing to do.
Other reason can be they don't fear but they just want keep their country save.

jeldzrey16

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Nop. They are trying to protect the countrys currency. Bank is also the way to waithdraw our money, so i think they are not afraid, but they just protected their own cuurency.

Sowik

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No, they don't but they can't control it yet so they are banning it for now. They will have the chance to control it with the Lighting Network tho, research this matter.
Banks are the ones destroying bitcoin even at the moment.

idgaf007

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Yes, they fear that they will be replaced in the future plus the risk of possible use of cryptocurrency in illegal acts like money laundering. I also think they consider cryptocurrency as a threat to the schemes they have which gives only a maximum of 5% a year.

Rubble898zaitO

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I think it is more of being worried and threatened because the rise of Crypto currencies could mean that it can hurt or have negative effects on their businesses. Technically the banks or financial institutions control the flow of fiat money, all the transactions go through them like sending and receiving, even trading, investing, storing and all financial transactions but now the people has options, another way wherein they are empowered to do it on their own in a more effiecient way. So I cannot blame them for feeling that way, but I think if they will look at it holistically, they may be able to learn something from the block chain technology and level up their systems and their games this way they can be able to still prove that they are still a good option in doing financial transactions and we will all be happy. Anyways cryptos are not here to end the banks but to ensure that we have better way of our financial lives.

RiskySanchez

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Quote from: hakertajniak on March 14, 2018, 11:16:08 AM

Quote from: flag39 on July 15, 2017, 01:59:50 AM

Yesterday the Central Bank of Albania issued a warning about the uncertain and unsafe nature of cryptocurrencies
They called on people not to get involved. Should we be afraid or the banks are!

The bank system will be disrupted by the existence of cryptocurrencies. Bank systems are centralized and controlled,
but the cryptocurrency is decentralized. They cannot control cryptocurrency, and they don't want this.
Instead, they suggest peoples not to use cryptocurrency, even they banned it!

yes it will be difficult for a bank to manage the crypto currency that has dominated in the digital world even to the real world, it would be better if the Bank is integrated with a crypto currency that may be able to implement as one of the nation's economic technology

hakertajniak

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YOUC | John McAfee Supports

Quote from: flag39 on July 15, 2017, 01:59:50 AM

Yesterday the Central Bank of Albania issued a warning about the uncertain and unsafe nature of cryptocurrencies
They called on people not to get involved. Should we be afraid or the banks are!

The bank system will be disrupted by the existence of cryptocurrencies. Bank systems are centralized and controlled,
but the cryptocurrency is decentralized. They cannot control cryptocurrency, and they don't want this.
Instead, they suggest peoples not to use cryptocurrency, even they banned it!

EdfuJihad

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Yes, because they experience threat because of how good crytocurrency is. The cryptocurrency offers an easy and very reliable ways such as making accounts etc. For your savings or money. Because of it is in the internet, less hassle and very time friendly to the people. As it offers good services and assurance someday it will be recognized by the government, it will be shared it public and many will join the cryptocurrency, banks may experience bankrupt.

klebsiella

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Banks fear bitcoin and othe cryptocurrency because they think it might be a threat to established banking institutions. It has a certain attractiveness given the shortfall of transparency in the banking system. In crypto transactions, there is no need for a driver's license to open an account or pay for account fees. The blockchain technology cannot be hacked unlike the bank accounts. Bacause of these, banks are afraid that their services will no longer be needed.

12tribes

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They should have fear for the emerging and growing crypto currency markets. J.P.Morgan attested to the threat the crypto world was becoming. Rather than consider the crypto world as an enemy, what banks should do is ride on the emerging trend, lest they find that they've lost their market.
Remember, Nokia didn't do anything wrong other than failing to go with the trend..... The rest is history.

flying_bit

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maybe before they are not keen on the idea to the point that they are opposing it but banks are now utilizing blockchains to their advantage and I will not be surprise if bank will soon release their own cryptocurrency.
Hey, don't forget that nasdaq is planning to list bitcoin future and if wallstreet bit by bit accepting bitcoin so are the banks and soon the government.

Topic: Do Banks fear cryptocurrency - page 18. (Read 17113 times)