Do Banks fear cryptocurrency - page 70.

dunfida

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Quote from: Tumanggor on October 24, 2017, 02:44:42 PM

Quote from: CARrency on July 15, 2017, 02:05:16 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!

If I own a bank, I will be issuing the same warning. It is obvious because crypto currencies or digital currencies that we know of don't need banks, we can save them without their help. When you think of it, if bitcoin, for example become stable, they will be using it for sure, so the money that is entering the banks will stop because as I said, digital currencies can be saved without banks.

the Bank currently only serves as a place of withdrawal of our funds, we exchange the Bitcoin that we can on the exchange site,
what they get is very little so they are worried that their role in controlling our economy is reduced..

When talking about the cash flow then it would really be mainly affected since cryptocurrency would really took the place between people and the government this is why they do really make such announcement to public that it isn't safe at all but the real thing that they do really afraid for people to discover the possibilities on having the control of their funds without the involvement of government on it.Knowing that we do really have the freedom on our holdings even those government people cant able to track us on what we are doing into our funds.

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Quote from: CARrency on July 15, 2017, 02:05:16 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!

If I own a bank, I will be issuing the same warning. It is obvious because crypto currencies or digital currencies that we know of don't need banks, we can save them without their help. When you think of it, if bitcoin, for example become stable, they will be using it for sure, so the money that is entering the banks will stop because as I said, digital currencies can be saved without banks.

the Bank currently only serves as a place of withdrawal of our funds, we exchange the Bitcoin that we can on the exchange site,
what they get is very little so they are worried that their role in controlling our economy is reduced..

Marucya

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Crypto currency not only takes away from banks their profits and takes away their clients. It undermines the centuries-old foundations of financial relations between banks and people. With the advent of crypto currency, banks become unnecessary. This is the whole innovation of the banks are afraid of panic. However, if they see that they can not change the situation and return it to the old channel, they will use it again to gain profit. Only then will they begin to cooperate with the crypto currency and introduce it into their banking system.

ramsdaj28

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اللعنة

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!

Nothing to worry about that. That's the problem of the banks. They are afraid of cryptocurrency because of its potentials. Imagine what might happened to bank if all people shifted to cryptocurrency instead of using bank accounts/credit cards. They are calling the attention of people not because of people's safety, but because of the possibility that they will go bankrupt. They earn from their clients' investments. If these investors opted to invest in cryptocurrency, then these banks might be facing the worst thing they will ever have.

Cindy1983

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I think they will be cause when cryptocurrency legalized in any country people will prefre investing in cryptocurrency to sending their money to bank to receive monthly interest cause the profit they get from cryptocurrency is surely better than the interest they receive from the bank so when any country legalize Bitcoin it'll be a big problem for Banks in here and it's not easy to handle.

sheamus10

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like this is already often the case, for those who are beginners in bitcoin world will surely panic. But for people who have long known bitcoin, things like this are normal and will return as before.

Core.BUSTER

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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 banks have been there for years and who said that financial institutions and crypto currency have to compete to each other? What I want to happen in the future is that even banks will adapt to crypto currency. Every innovation creates opportunity and knowing the banks, they love pursuing opportunities.

Eternu

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Banks are very strong companies and I see no reason why would they fear Bitcoin or any other cryptocurrency. Maybe in far future banks will need to do somethung about it, but for now... What is more likely to happen is that banks adopt Bitcoin into their system of trading. That way they won't have to fear anything.

Phoenixpple

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This is the way banks do it in order to protect their own interests. We should be happy. Because bitcoin is relatively fair. And de centralization. It's easy for banks to concentrate their wealth.

RavenHood

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For me some banks are feared at cryptocurrency, because the price of the bitcoin is increasing, some transactions are directed to the seller and buyer through the help of cryptocurrency and some company are willing and accepting bitcoin as a payment. But the cryptocurrency is just combination of codes, later on some banks will embrace cryptocurrency and will connect to your bank accounts.

kutongcoin

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Maybe it yes,banks fear cryptocurrency because it will lead to ripples across the financial sector.It will create new winners and losers and it will likely decentralize banking services and create micro markets to an extent not seen since the advances of the barter economy and the market economy combined.

shawn995

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i think yes bank is fear from crypto currency the reason is that crypto currency has no physical existence but the most strongest reason is that bitcoin is now legalize still in any countries so bank are rules followers of country and they are unable to accept a currency which are not legal in a country.

serjent05

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I think banks feels threatened but I do not think they fear cryptocurrency. Remember cryptocurrency is just a code and anytime this bank institution wants, they can create one and adopt the technology. People are the one managing banks, these people are briliant and capable plus they have the budget. Probably they just don't feel the need to change the current finance system since the still feel secure about it.

musharaf

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Yes banks fear about cryptocurrencies because it’s has not physical existence and the other reason is that it is not legally allowed in the countries so that’s why banks are not ready to accept it easily but when a currency become popular and accepted in countries as for payment etc. then banks develop a trust over cryptocurrencies and that’s why now a days banks accepted bitcoin easily

OracionSeis

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Quote from: asebaby on October 18, 2017, 10:43:54 AM

Quote from: zilions on July 15, 2017, 07:04:10 PM

Sure, cryptos do pose some threat as the market cap is continuously growing. I think some major banks have stopped worrying and instead are now trying to compete. The whole "scare" tactic thing didn't work, so now they probably have to improvise and adopt it instead, otherwise, it'll be another "Kodak" movement.,

this wil also depend on the country polices on the cryptocurrency,if the counrty polcies parment banks to involve in cryptocurreny transactions maybe at there own risk ,they may take the option of investing

Of course, they have invested into the cryptocurrency market. But in someday, when they completed the currency used Blockchain technology, I do not think they still invest into this market, that is the time transfer capital to new currency.

ice18

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I think yes because Im sure there are some instance where a depositor withdraws his savings and invest in cryptocurrency like bitcoins this will cause some banks to collapse if majority of bank investors withdraws their money.

thend1949

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Quote from: Theb on October 20, 2017, 12:48:57 AM

A mere "warning" does not automatically mean they are scared on something as also they are the central bank of Albania meaning they are controlled by the government issuing a warning to its citizens is normal protocol in controlling the losses they will take on scams and similar activities, additionally it is different from prohibiting the cryptocurrency to be use by its citizens. Banks have the ability to adapt and they can adapt quickly and take it as their advantage.

I agree, that's why they are controlling the cryptocurrency because they really are into fears of losing their fiat investors. Unlike with what's happening in the country which I lived right now, the online wallet is now connected to the central bank which is the main controller of the country's currency. The thing about Albania really disappoints those people who are part of the cryptocurrency growth, their freedom was hinder because of that. I don't think prohibitions is a good impact of the society despite most of the banks now, not only in my country but most of the banks worldwide are using electronic money transfers and online payments.

Theb

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A mere "warning" does not automatically mean they are scared on something as also they are the central bank of Albania meaning they are controlled by the government issuing a warning to its citizens is normal protocol in controlling the losses they will take on scams and similar activities, additionally it is different from prohibiting the cryptocurrency to be use by its citizens. Banks have the ability to adapt and they can adapt quickly and take it as their advantage.

rarkenin

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Quote from: Isabella09 on October 19, 2017, 11:59:48 PM

Volatility of crypto currency price makes every one fear.

Volatility is expectable in cryptoworld. Banks will do their best in order to prevent cryptocoins to get accepted as regular payment method.Blockchain technology is improving everyday and banks dont want to watch it.

Reid

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Quote from: E-shipper on October 19, 2017, 11:58:57 PM

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!

That any bank understands that the influence of the crypto currency can affect them significantly, reducing their capital, lowering the price of the major currencies in the bank. But if it is legalized, it will only strengthen the banks and they will coexist together.

They might have been feeling the low amount of people that have been investing with them. Or could their statistics be telling that there have been a lot of withdrawal of money?
It is possible. Bitcoin is a threat. It is a free currency which is now being used as an asset.
Their investors might have been switching now.

Topic: Do Banks fear cryptocurrency - page 70. (Read 17113 times)