Do Banks fear cryptocurrency - page 78.

carlisle1

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Quote from: ReLieD on August 25, 2017, 06:15:35 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!

No-one will completely convert their money into crypto currency so obviously banks will always be necessary. The only thing that will happen is that they might get few customer

that's right if more people learn about crypto's and how this system will works along other currency they will think about trying it and if they enjoy their earnings they will invest more and the banks will be having some problem with that If their customers start withdrawing their money and start converting to cryptos.

SvenBomvolen

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Quote from: King Sastro on August 24, 2017, 10:03:42 PM

Yes of course, cryptocurrency becomes a serious threat from the bank, when many people divert transactions to cryptocurrency of course this becomes a bad omen. They will not want to go to the bank and the bank will disappear.

I'm disagree. I don't see nothing alike between banks and crypto-currencies and how one can replace the other. So, by my opinion there is no reason to banks afraid crypto-currencies. I see that the era of banking is passing. Everything has it's peak and fall after that. So, I see that banks are cutting their activity and some new option come for people's use.

darthmaul

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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 don't think so we should be afraid of crypto involvement. It varies country to country and if Albania issues the warning later then it doesn't really impact other nations or states.

Crypto currencies might just get accepted as secondary currency of the world, and a back up asset for recession after gold. People's choice is governments or financial institutions first option to choose for their future development and currently bitcoin is that option. They know very well that crypto currencies are currently most valuable asset and if they go against it then they may face big crisis problems and revolts may be.

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i think maybe banks fear of crypto currency because crypto currency can give customer a free way to manage their own money and they can spend without any taxes or high fee. beside that, i think banks is learn something of crypto currency and in future, maybe banks will launch their own coins and offering to their customer as investment but the basic idea, they used crypto currency base idea.

adzino

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Bitcoin = total financial freedom.
Bank = lack of financial freedom with the banks being able to control your funds as they wish.
Which one do you think people will choose? What happens to the other option which people decides not to support. Think for yourself and you will know who is threat to whom.

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I think that banks are afraid of crypto currency and will put such a condition that it is legalized and it existed in the banking system at the level of ordinary money.

ReLieD

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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!

No-one will completely convert their money into crypto currency so obviously banks will always be necessary. The only thing that will happen is that they might get few customer

Pablo1881

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I don't think it's like that, since banks (although used to store money, offer different terms than bitcoin, mainly in the aspect of providing interest -stable or not- on invested amounts, while bitcoins stored offer a rise of value sometimes, but it's not like interest given almost stably mainly as a result of trading and investing the deposited money through bank professionals.

salihno71

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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 banks still do not fully understand cryptocurrencies. Cryptos have a potential to completely change the way how value is exchanged between two entities. Most of the "official" financial institutions are still perceiving cryptos as a novelty.

robeast007

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As far as i concern yes absolutely yes bank has a fear of these cyrptocurrency due to them bank channel are being totally closed the one who needs to take the help of bank to tranfer funds now with bitcoin n such more currency third party ruled out totally.

faceoff97

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The central bank's duty is to regulate and control the countries wealth and currency. Thus if world bank issued warning they possibly seeing a threat to its countries flow of money. Another threat to them is the moving of their users to cryptocurrencies, they are afraid to see that people are realizinh that they cam have the financial freedom. They see it as a threat because more and more are using bitcoin, so this may be their way of controlling and regulating.

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Quote from: YOYOY on July 15, 2017, 06:05:32 AM

Yes they really are afraid of cryptocurrencies because unlike bank they have higher fees and it have some lots of requirements it needed, whereas in bitcoin and other cryptocurrencies it is fast and it has lower fees so if the cryptocurrency will boom they will not be needed that's why they fear it. But here in the Philippines some banks are involve in bitcoin transactions and I find it good.

Exactly right said. I agree with you. Personally taught some bankers. The said to me, At present world Banks fear to Cryptocurrency. Because Every bank has some rule regulations. But Bitcoin has nothing. Cryptocurrency is faster than Bank system. And it's fees is also lower any other Banks. That's why they thing that one-day cryptocurrency will defeat Bank.

nexus99

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Of course banks fear the possibility of people getting involved with cryptocurrencies. People may actually take this involvement to the next level and place all of their funds in cryptocurrencies. This is the worst case scenario for banks as they will lose a great number of clients.

DoublerHunter

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Banks fear about the cryptocurrency because they can lose a lot of users and if the people will realized the importance of cryptocurrency then they will move to it. Banks are centralized and the money that in that bank is controllable by the banks while cryptocurrency is decentralized or means freedom and that is why people want for their money and that is also why banks are very afraid for cryptocurrency to get noticed by the people.

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Quote from: dynospytan on August 25, 2017, 12:12:47 AM

I don't think that banks fear cryptocurrency. The real currency of each country is more in demand becausec people uses money to buy stuff for their daily needs. And not all the people doesnt know what cryptocurrency and how they will earn it.

Okay, but what about ten or twenty years out? At the rate that cryptocurrencies are growing, they could be mainstream in most of the world by then. I think central banks fear cryptocurrencies, not necessarily because of what they are, but because people are losing faith in their national currencies. As investment money continues to move into BTC and other cryptos (and away from assets tied to stagnating national economies), this will become more apparent.

I think commercial banks could do fine in this environment, as long as they are adaptive enough to offer cryptocurrency services.

dynospytan

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I don't think that banks fear cryptocurrency. The real currency of each country is more in demand becausec people uses money to buy stuff for their daily needs. And not all the people doesnt know what cryptocurrency and how they will earn it.

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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!

No doubt that they fear if the majority of people in that country using cryptocurrency rather than their official currency it will be bad for them. They will lose their source income we all know that bank makes money from our money. They make money on the interest they charge on, from saving, transaction, loan, ATM, etc. That's why bank hates cryptocurrency since we don't need bank anymore, well the question is do we still need banks? yes, we need it at least for now, everything would change once all the things in this world could pay with Bitcoin directly.

rockyboy

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No, although bitcoin now is a very good choice of investment that will bring you a good profit but still i am in favor of banks because in bitcoin there is a possibility of loosing all my bitcoin when somebody will access my account wherein banks i do have a details of my savings like passbook.

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Quote from: ajmapalo22 on August 24, 2017, 10:31:09 PM

I don't think so because cryptocurrency has lot's of limitation which banks doesn't have meaning it cannot replace banks. In addition banks has stable position in the economy and I don't think it can be dissolve through the use of crypto currency.

Mamy were not interested on getting involved in crypto for they fear to get scammed, whom they can appeal if they got scammed in crypto,none! So mostly they will just stack in banks and believes that it's the safer thing to do which is not. So banks will not lose many will still support them for security and assurance purposes.

ajmapalo22

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I don't think so because cryptocurrency has lot's of limitation which banks doesn't have meaning it cannot replace banks. In addition banks has stable position in the economy and I don't think it can be dissolve through the use of crypto currency.

Topic: Do Banks fear cryptocurrency - page 78. (Read 17113 times)