Topic: Do Banks fear cryptocurrency - page 9. (Read 17113 times)

Bitcoin are reversed from the bank. Bitcoin are decentralized while banks, are centralized. The Bank is very scared if she's replaced by bitcoin.

Banks are not fearing crypto currency but i would like to make it clear that banks are believing the and dealing the paper money while the virtual money like bitcoin Ethereum and many other coins need it's separate banking system to give a strength to this currency while the crypto market is very good and through this way we have to be in the crypto currency and banks are using their own procedures and polices that's why they do not want to start bitcoin engagement.

we can say as  long as bitcoin is not going in mainstrean they will keep issuing warning in my opinion as of now bank are not just sure
 

It is not entirely true that banks are afraid of cryptocurrency. The fact is banks even make money from cryptocurrencies since most exchanges accept deposite and withdrawal via swift through banks; and consequently banks make money from the services they provide.

I recently read this news, but I do not think we should be afraid


"Banks and financial organizations continue to think about how to react to crypto-currencies. Many are afraid of a new financial instrument, calling bitcoin and other digital tokens among the risk factors for their business.

This rhetoric is followed, for example, by JPMorgan Chase. Recently, the financial holding has published an annual report, where it recognizes that crypto currencies can become a competitive player that will force banks to fight for their place in the market, reports Fortune.

The bank argues that financial institutions face the risk that payment processing and other services can be changed by crypto-currencies that do not require intermediation. In PMorgan Chase believe that the number of crypto-currency start-ups will only grow, and therefore, in order to attract new customers and retain existing ones, it is necessary to make concessions.

The organization has already been forced to invest in adapting or modifying its own products, but current or growing competition may further put downward pressure on prices and commissions in products and services and cause the loss of JPMorgan Chase's share in the market, the authors of the report write.

Bank of America last week also acknowledged that the crypto-currencies put the bank's competitiveness at risk. This week, Goldman Sachs joined him, calling crypto-currencies one of the potential risks for his business.

However, in Goldman Sachs believe that crypto-currencies, issued by central banks, can prove their "utmost usefulness."

"Is there room for a digital currency, possibly sponsored by one of the major central banks, for example the Federal Reserve? Yes. Can it prove to be extremely useful? Can it reduce transaction costs? Yes. But this does not apply to existing models, "explained Sharmin Mossavar-Rahmani, head of investment at private equity management at Goldman Sachs.

The top manager also suggested that the possible collapse of the crypto currency market will have a minor impact on the economy as a whole. "There can be some kind of influence. In this sector, various exchanges, infrastructure, hedge funds are created, so, of course, they will suffer. But this is a very small part of world GDP, "- concluded a representative of Goldman Sachs."

banks are afraid because banks are more familiar with and create currency than cryptocurrency. if the bank first knew what it is crypto and the benefits of cryptocurrency of course banks will not be afraid to use it.

As long as we have confidence in cryptocurrency we will never be afraid of it.
I think it's just the government's fear of cryptocurrency that can threaten the existence of the central bank, so the government is spreading the risk issues of using cryptocurrency to the public.

What fear? they think how to make money on this excitement

Bitcoin actually didn't disturb banking business, they steal away the main function of banks which could make  banks becoming useless. You can compare Bitcoin as new things and banks are old stufss, classical way.

Of course its the banks who need to be afraid of cryptocurrencies as its their monopoly of money over world which cryptocurrencies threaten. Banks are centralized system but crypto currencies are decentralized with no single point of working.

Some banks do fear cryptocurrency. This is because now more and more people prefer bitcoins over banks as it is much more convenient.

I think banks are not bitcoin friendly because they are afraid of being replaced by it since it is a more advanced technology

I do not think that banks should fear crypto, but they should become more adapted to the modern trends.

I think Banks are really afraid of the crypto currency because the crypto world is eating out their customer base.  Cheesy

I like the idea of putting the bank as devil who is ready to eat crypto currency of government given them chance to do so. But that’s not possible because it’s big market and now many big investor have invested in it in great amounts. If they loose money then it will affect the national economy in indirect mode which no governing body will want to happen. So surely crypto currencies make the banks think twice about it.

I think it's just the fear that's being distributed,
cryptocurrency does not require a third party, because that's the third party who is worried about its existence is threatened.

I think, so many banks fear from crypto currencies, because they know that they are booming at the moment & most of the online people using crypto currencys to make transactions nowadays

I talk to a whole lot of bankers everyday, and I've yet to really come across a Bank/Banker that fears Bitcoin.

Most of the bankers are oblivious about Bitcoin and how as they put it the whole Bitcoin economy works. Scanty knowledge is prevalent amongst bankers. Very few really understand how the Blockchain works and what it means for bankers.

Fear would be a wrong word. I think they don't view it as a threat so much (do remember, there is much more to banking than just what exists in the US), there are 220 countries and territories that have banks. Cumulative popular opinion is that bitcoin, at present is not a threat. It might be interesting, but not a threat, and nothing to fear.

I feel, complacency is the right word.

Of course , they fear crypto. It is cutting out their fees and banks are loosing a lot of business because of this. There was a thread here which mentioned that how banks are pushing news in media against bitcoins.

Yes, its possible that banks are scared of cryptocurrency. Because it will threaten their business if people would know that its more profitable to invest on bitcoin than putting your money on banks. Where banks used it for their own benefit.  We should remember that its our money they used for different things, they developed a system where they held your money and they circulate your money by investing it on other businesses too like real estates and housing projects. etc..
Have you ever wonder how you cant take your money back whenever you like it or anytime you want?. How come you cant take whats righfully yours in the first place?.. If people would only realized that its what banks do to their money..

 it's true mate. The banks only keep afe their country's currency. because by seeing at the phenomenon bitcoin some countries will feel worried about the currency. It's the reason.