Do Banks fear cryptocurrency - page 80.

Raphal

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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!

Basically, Banks don't need to fear of Crypto Currencies but if crypto currencies are legalized, they, banks, will have a shorter income, not much but it still gives risks to them.

lucifochrome

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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!

It's not that they're afraid. Somehow banks do these kind of warning just so that people avoid it, reason for thay is because if people started to use crypto currencies banks will not be needed anymore and they will suffer a major loss. It is where their money comes from.

jubalix

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banks have a function in society, but its due for reformation and competition. They are too big to really grapple with the implications of BTC tech, which will largely overtake them and make large parts of their functions redundant. The settlement layer which is sort of the transmission/gearbox of the bank just dropped out.

Debt issuance fractional reserve is something BTC cannot do but, this is good as it will see the value of FIAT continually drop against BTC, to the level where there is nothing left to arbitrage in the efficiencies of the relative systems. On BTC end that will be the many alts coming out all the time.

sobsitesearch

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Quote from: Makka on July 23, 2017, 10:38:59 PM

They really are to a certain extent. Bitcoin as well as the rest of the cryptocurrencies are invented as a reaction against the banking system. And since people are beginning to trust bitcoin more, there is indeed a reason for them to be afraid a bit.

I think no, because it is also currency that bank able to adopt and it will not a threat for bank. Some banks are can be used to deposit and withdrawal our fund in bitcoin in the long run it will be full adopted then bitcoin will be part of bank system.

Makka

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They really are to a certain extent. Bitcoin as well as the rest of the cryptocurrencies are invented as a reaction against the banking system. And since people are beginning to trust bitcoin more, there is indeed a reason for them to be afraid a bit.

Osarman

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Quote from: orions.belt19 on July 22, 2017, 01:55:12 AM

I believe not. Cryptocurrency is far from taking over banks, and they are probably issuing warnings only for the security and safety of the general public. Banks are still known to be secure despite the high fees, and I believe that people still trust and prefer to use it. Banks, however, should keep up with the pace of the advancement of cryptocurrencies and provide opportunities to the users.

I totally disagree with you. Bitcoins are posing serious threat to the survival of banks. Banks do fear crypto currency especially bitcoins because now many people are turning towards bitcoins to save their money. Saving money in the form of bitcoins assures more safety and bigger reward than banks do. Soon bitcoins are going to replace banks by their increasing fame and usage.

investinator

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Quote from: JasonXG on July 22, 2017, 06:41:22 PM

I'm not so sure they fear it. Not yet anyway. They probably will when bitcoin is adopted to more mainstream use. Ita a threat to them because its simply better in every way. Anything a bank can do bitcoin can do better and cheaper and faster too. Its a losing battle for banks.

Not really, bitcoin can't offer reversible transactions if you get hacked. It can't offer loans to buy a house/car etc (though other users could in theory. That is just to mention a few services that real banks offer to users. At the end of the day it is easier to use a bank than it is to use bitcoin.

JasonXG

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I'm not so sure they fear it. Not yet anyway. They probably will when bitcoin is adopted to more mainstream use. Ita a threat to them because its simply better in every way. Anything a bank can do bitcoin can do better and cheaper and faster too. Its a losing battle for banks.

orions.belt19

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I believe not. Cryptocurrency is far from taking over banks, and they are probably issuing warnings only for the security and safety of the general public. Banks are still known to be secure despite the high fees, and I believe that people still trust and prefer to use it. Banks, however, should keep up with the pace of the advancement of cryptocurrencies and provide opportunities to the users.

Konthol Ngaceng

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It's no secret that cryptcocurrency is a threat to banks, they are trying to keep up cryptocurrency development because if they open a business that receives cryptocurrency then the customer will switch to cryptocurrency and leave the bank.

senin

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Banks are really afraid of the crypto currency, seeing it as a worthy opponent in the ordinary currency. At the same time, they realize that part of the market for crypto-currency services will still win and voluntarily yield, introducing new services for the purchase and sale of crypto-currencies.

flag39

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http://www.newsbtc.com/2017/07/21/kosovo-gets-first-bitcoin-atm-despite-opposition-central-bank/

Albania and Kosovo are two countries but the same nation, you know, tricks of history, but Kosovo is ahead when it comes to new innovations

alexsamudra

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Banks will be disturbed by crypto money, as they keep the state's money safe. Maybe crypto money will make the bank disappear, they will work together to achieve the planned goal.

shirazteam110

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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..
They will start accepting soon with in 2 or 5 year.. because bitcoin will make their work easy and quick

Pejoh Asu

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Clearly and definitely, when the role of the bank is replaced by bitcoin then this is the biggest threat to the bank, of course in many ways they will hinder the use of bitcoin.

javeed1

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Yes Ofcourse Bank must be feared on Cryptocurrency. It's a digital currency we will send our Btc to other wallet within a secounds like a email sending.
we don't want to Stand in Queue and not any procedure like a Bank.

Polar91

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Filipino Translator 🇵🇭

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 they do not fear of it. Banks being an establishment can be also wise as people can be. Being authorized and manage by humans, they will surely adopt their services that will suit consumers demands just like bitcoin have done. The rise of bitcoin will make banks offer the type of operational services that bitcoin have offered on people. Also they can possibly operate bitcoin service to make their clients grow in numbers.

masterchief001

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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!

Of course, that's the true nature of all passwords, but look, it's giving so many benefits to the user, it's becoming so popular, so the risks are minimized, they are worrying too much.

blakeh

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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!

A lot of banks simply don't care about cryptocurrencies probably. They underestimate its potential! They think they are too big to fail!

malikusama

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It is obvious that banks are afraid of the increasing popularity of bitcoin and other cryptocurrencies. In future banks will going to face serious challenges due to increase in the cryptocurrency users.

Topic: Do Banks fear cryptocurrency - page 80. (Read 17113 times)