Topic: is it true that bitcoin is a disaster for local banks (Read 1198 times)
if it is said that disaster is certainly not yes, but it is more of a business competitor, maybe currently there are still few people who actively use bitcoin as a transaction tool, they mostly still use bitcoin as an investment tool, so it's less likely for bitcoin to take over the bank's current function, so it's not there is a disaster
I feel the existence of Bitcoin is not a disaster for a local Bank, because after all the local Bank is needed to withdraw money from the profit of Bitcoin transactions. The local bank will be undermined if Bitcoin can be used as a legal payment instrument in general and cash withdrawals without going through the Bank can be done 
This a real scenario happening now with me and with my friends. So I am really into investing on banks and stock market same as my friends. Then we discovered cryptocurrency we read articles about it and did some research and we learned that gaining money here is faster compare to investing on local banks. So now I am using banks for savings only.
That is how banks can survive and do not eliminate by bitcoin because it is more safer to save money that you won't invest. Bitcoin is good for earning in trading and any other way and hold on the account to wait for the price to get profit. Banks will remain and choose by people to put their money. Also no one can loan a bitcoin but work or buy to have it.
I think the banking industry are not afraid of bitcoin, they just don't like to use or accept virtual currencies that are decentralized or can't be controlled. Some international banks have alreardy using XRP, which said to be centralized virtual currency, for international payments so banks favor a coin if it a centralized one. Some big banks might also planning to issue their own virtual currency in the future to counterthe growing popularity of cryptocurrencies.
To me, I don't think it will be a disaster for them if the government starts to accept the use of BTC in our countries. If they don't take care and they still frown at it and people invest into it, they will start to withdraw their monies from the local banks which will then collapse them.
Not really a disaster.Most banks don't even care about bitcoin. while some say,Banks hate bitcoin and also don't want it to run because they know it very well that it popularity rate is increasing rapidly and it can be a great threat for banking business.
a Bank is a third party that only complicates the whole process of transferring or receiving money between people. While charging a significant fee for their services. It's clear that this banking institutions make themselves some profit. But with the advent of cryptocurrencies such commercial companies lose their value in the financial world. Who needs these inconveniences when transferring funds? Why complicate your life, pay extra money and wait for a long transfer time, if you can just solve everything with the help of digital currencies that use the Blockchain system? I think the report is clear.
I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks
Biggest obstacle for successful use cases is the fact that the whole system is designed around bank credit. Wait until the system breaks again and I am sure people will start utilizing crypto in ingenious ways to cope. “If you build it, they will come.”
I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks
Bitcoin problem for banks, or rather the problem for the central bank. Of course, if this is not the idea of the central bank itself, but rather the managers.why is bank feared? whereas banks and bitcoin are different functions? the use of bitcoin will not make, the existence of bank decrease right?
The proliferation of digital money is undesirable for banks, given their current problems they have been facing recently. This, first of all, is about the low demand for loans, lower profits due to reduced interest rates and fading hopes for deregulation.
I see a point here, but i think that is more of a problem between bank competitions. Bitcoin does not offer any loans, in fact owning bitcoins and keeping them in your wallet does not earn you interests, instead we are merely hopeful that the price will increase and that we hit the jackpot. Perhaps the only threat bitcoin pose as of now is the amount investors chose to put into bitcoin instead of the banks, but trust me, there are still many out there that views bank as better options rather than bitcoin.
The proliferation of digital money is undesirable for banks, given their current problems they have been facing recently. This, first of all, is about the low demand for loans, lower profits due to reduced interest rates and fading hopes for deregulation.
I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks
That's a false news, Bitcoin doesn't serve the function of a bank. You couldn't have had a $17,000 savings in your bank as of January this year and be told now that your savings has devalued to barely over $6,000 as at time of this post. That, literally is what a Bitcoin worth $17,000 at January is worth now. Of course it could have or could still worth more than the initial price of January and I'm not against buying of Bitcoins. The point I'm trying to buttress is that Bitcoin isn't regulated by a single body, its price is not fixed, neither can it be foretold and So, therefore can not serve as a bank.
Well the banks and the traditional financial institutions have seen bitcoin to be a disaster to them but the fact still remains that bitcoin and the blockchain technology entirely can not perform 100% without the banks because most transactions in the crytocurrency still need the collaboration of the financial institutions e.g bank credit cards and master card. But the bank have failed to understand this fact and have constantly seek ways to attack bitcoin because they view bitcoin as a threat.
I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks
based on negative news that continues to attack Bitcoin, actually, Bitcoin is not only a disaster to local banks but a disaster to all banks in the world. I keep abreast of the news when JP Morgan attacks Bitcoin, from their statement it can be concluded that they consider Bitcoin a disaster for their business. I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks
Banks need a constant arrival and departure of funds, but cryptocurrency does not imply a commodity equivalent, therefore there is only in electronic form. There is no real possibility to pass it through the Bank, so Yes, I think banks are absolutely against the existence of such a currency
I guessed it too long ago. Many of the local banks are owned by politicians and so that as they have political power to stop it, they will try their best to do it. Though it's not that very strong threat till today but it will be tomorrow. So I thing they already have started to think bitcoin as a threat to their banks and I think they are already on their way to make bitcoin weak or they are making a plan to make it weak.
Of course they affraid. They did not planned anything.
I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks
Bitcoin problem for banks, or rather the problem for the central bank. Of course, if this is not the idea of the central bank itself, but rather the managers.If the largest companies in the world switch to Bitcoin and by their actions pull other organizations along with them, then it makes sense to fear banks. When will it happen and will it ... Will the paper go away? How to take a loan to people? Bitcoin banks will appear. Let us return to what they left.
I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks
Bitcoin problem for banks, or rather the problem for the central bank. Of course, if this is not the idea of the central bank itself, but rather the managers.If the largest companies in the world switch to Bitcoin and by their actions pull other organizations along with them, then it makes sense to fear banks. When will it happen and will it ... Will the paper go away? How to take a loan to people? Bitcoin banks will appear. Let us return to what they left.
I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks
Bitcoin problem for banks, or rather the problem for the central bank. Of course, if this is not the idea of the central bank itself, but rather the managers. Jump to: