Does bitcoin pose a threat to banks? - page 27.

Lorence.xD

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Quote from: jamids on January 26, 2018, 10:51:09 PM

Of course it is a threat to banks that's why they are thinking of ways to make people think that investing in bitcoin is bad idea and their money will be worthless in the future. As you can observed, most of those people who appeared in news are those bankers who will say their opinion about cryptocurrencies and it would definitely be a negative opinion to convince others to continue to trust them and not pull out the funds of those who are already diversifying their investments. Since banks are big source of tax as well then they have a power to influence the decision of government and then make up some stories so that government would ban cryptos because they are afraid of it.

Bitcoin does not need middleman or 'banks' in having their transactions. This is the reason why bitcoin impose a big threat to governments specifically the banks. If all people turn out to be using bitcoin, then it will be a disaster for them, they will be useless if this event will happen. But of course, not all the people can afford or has the ability to join because of personal excuses so that banks are still in function. Its just the function of banks will be lesser than what they are in the past.

player514

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Quote from: tlkchain on January 26, 2018, 10:22:53 PM

Just as the digital era, the photographic industry witnessed the bankruptcy of Kodak, the rise of online music, the disc has also been quickly eliminated, after the advent of bitcoin, the financial industry may also need to carry out major rectification. Will the bank disappear?

I'm pretty sure that crypto currency, if it gets big enough, would be able to bring some damage to banks because the returns could end up being stronger than what banks can offer. Also, banks offer centralization. If decentralization is the future, then it makes sense that banks are would be fearful.

However, I don't think Bitcoin or any crypto is at that point yet. Maybe in a few decades, but too few people accept it and only a few people are using it in comparison to the world population.

dashchain

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Quote from: allthingsluxury on January 26, 2018, 10:34:26 PM

Of course it does. The majority of power that a government possesses comes from their ability to endlessly print money out of thin air. Obviously BTC and other Cryptos compete with this and therefore you can expect heavy resistance.

Such conflicts must be faced. For example, in China, Bitcoin has seriously affected the country's financial order and has made it difficult to trace the difficulty of regulation of banks and some payment activities. Therefore, China completely forbids the transaction of bitcoin in its own country and the prohibition of bit Currency and legal currency their own currency exchange

criticoflife

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if banks were fast to adapt they could issue there own cryptos and integrate with this system instead of resisting. the thing is there is always some way to turn any situation into a positive for all involved so i just hope banks do take that path instead of attacking crypto every chance they get. My bank recently froze my acct because i changed too much crypto into fiat in one go now i have to jump through a lot of hurdles just to get at my own money.

Davidbugs2

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Quote from: tlkchain on January 26, 2018, 10:22:53 PM

Just as the digital era, the photographic industry witnessed the bankruptcy of Kodak, the rise of online music, the disc has also been quickly eliminated, after the advent of bitcoin, the financial industry may also need to carry out major rectification. Will the bank disappear?

I dont think banks will disppear but I am sure they will change by times and demands the way they operate and modernize them.

TepungBeras

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Bitcoin will not eliminate the bank, because even if there is bitcoin we still need to use fiat money, and the bank is an intermediary between bitcoin to make fiat money.

jamids

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Of course it is a threat to banks that's why they are thinking of ways to make people think that investing in bitcoin is bad idea and their money will be worthless in the future. As you can observed, most of those people who appeared in news are those bankers who will say their opinion about cryptocurrencies and it would definitely be a negative opinion to convince others to continue to trust them and not pull out the funds of those who are already diversifying their investments. Since banks are big source of tax as well then they have a power to influence the decision of government and then make up some stories so that government would ban cryptos because they are afraid of it.

noonc

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I think it's hard, at least for government-backed banks, because banks have a lot of business, like loans, savings, and of course, savings are the most used. The price of bitcoin fluctuates, making it impossible for those who do not believe bitcoin to switch to bitcoin. And private banks, which may receive the impact of bitcoin, as will not collapse, who knows.

squatz1

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Yes, and a massive threat. Cause it's not only bitcoin which threatens them, its the idea that currency doesn't have to be centralized and that with the right code, approach, community, and dev team a decentralized coin can not only work but it can thrive and be accepted by people.

If you were to tell people this was going to happen 25 years ago, they would have LAUGHED at you and called the money monopoly money. So this idea alongside bitcoin the banks are going to have to change their ways (IF BITCOIN GOES MAINSTREAM) which is something that no bank wants to do, as they'd rather justmake massive amounts of money and not be subject to change at all.

Furtivecoin41

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Actually it does, that is why almost all of the Banks CEO are trying to make statements about the Bitcoins Bubble. Defaming bitcoin, indirectly and directly attacking its reputation.

allthingsluxury

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Of course it does. The majority of power that a government possesses comes from their ability to endlessly print money out of thin air. Obviously BTC and other Cryptos compete with this and therefore you can expect heavy resistance.

tlkchain

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Just as the digital era, the photographic industry witnessed the bankruptcy of Kodak, the rise of online music, the disc has also been quickly eliminated, after the advent of bitcoin, the financial industry may also need to carry out major rectification. Will the bank disappear?

Topic: Does bitcoin pose a threat to banks? - page 27. (Read 1931 times)