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Topic: is it true that bitcoin is a disaster for local banks - page 10. (Read 1198 times)

hero member
Activity: 952
Merit: 515
Depends on the local regulations mostly. But if a bank is smart it should be able to turn it in to another way to make money offering financial services for Bitcoin. There's demand for it I think, since people have issues securing it themselves.
I don't think that it is a disaster to a local banks they are just thinking that bitcoin is their big rival, they don't even thinking first how they are going to make bitcoin or other crypto added to their business, but they think that crypto was a big scam, they are not yet changing the fact that we are now in a new era.
brand new
Activity: 0
Merit: 0
The whole idea of the blockchain system and open financial system threatens banks unless they embrace the idea and grow with the technology
sr. member
Activity: 490
Merit: 280
Depends on the local regulations mostly. But if a bank is smart it should be able to turn it in to another way to make money offering financial services for Bitcoin. There's demand for it I think, since people have issues securing it themselves.
member
Activity: 180
Merit: 10
bitcoin doesn't have to be a disaster for the bank at all because the bank first works with fiat and fiat doesn't go anywhere. it will remain forever and bitcoin isn't here to replace it too.
newbie
Activity: 75
Merit: 0
One of the major impacts that will be faced by banks when Blockchain is fully adapted by many banks, is disruption in a number of jobs, especially in the back office.

"The Bank is aware that Blockchain is challenging their traditional business model," said Senior Associate at Norton Rose Fullbright Johanessburg, Nerushka Bowan.

According to him, the bank's function in terms of fund exchange brokers is no longer needed when Blockchain appears and develops. That is why it is important to pay attention to regulators around the world, which according to Bowan are still fumbling on Blockchain technology because they don't really understand.
copper member
Activity: 497
Merit: 0
I don't think so, even though bitcoin was created as a cryptocurrency, but bitcoin is more used as an investment than used as a currency.
full member
Activity: 434
Merit: 100
Bitcoin can become bad news for banks is widely accepted and if it goes global. Imagine having to handle all of your transactions without issues and faster than any banks can offer you. Now let's look at remittance. Western Union and the rest charges much and they also have delays. Bitcoin have none of these and thanks to lighting network it's transaction fees have reduced. This s why the banks have always been skeptical about bitcoin. True it is volatile but aside that let's look at the good sides. If given a chance it will disrupt the banking industry.
jr. member
Activity: 230
Merit: 1
if bitcoin is said to be a disaster for a local bank, I never believe it, bro. precisely bitcoin and local banks can go hand in hand with bro.
member
Activity: 504
Merit: 10
Yes, that is very much true! Bitcoin is a big threat to banks and other financial institutions nowadays, as many people are embracing the rise of interest in it. Since popular fuss in virtual currencies has taken off already, many were awaken by the fact that transaction using it is much cheaper, faster and secured. As a result, many of their clients resorted to do their businesses adopting it. This zoom-in on the cryptoworld of businessmen largely and negatively affects banks' earnings. With the continuous mass adoption of bitcoin, banks will soon lose control over currency. Thus and thus, we see a lot of financial institutions today, together with the government, rallying against bitcoin.
full member
Activity: 644
Merit: 103
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
Not exactly troublesome for most banks; bitcoin replacing them is not remotely possible now as it is not yet capable of instant payment. Which is why banks could rest easy with that fact and thus sustain enough users of their services.
full member
Activity: 507
Merit: 100
Bitcoin is not a threat to banks. I'm sure that they can work with crypto currency. But as a result of this work, bankers will receive much less income and there will be fewer options for deceiving people.
full member
Activity: 573
Merit: 100
Futurov
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
Yeah those local banks are really afraid and frightened in bitcoin or cryptocurrency because, it is really a thread to them. Because they are predicting that for the next few years, the number of people who are entering money to them will decrease little by little because those people will trust more on crypto instead to them.
In fact it can happen, because nowadays many people prefer to do transactions using bitcoin or cryptocurrency, indeed for the next few years there will be more people who will know bitcoin, and local banks can be said to be worried and can feel threatened about the existence of bitcoin, and What will be done later with the bank?
Yeah right, a lot of people are trusted crypto more than banks because it is more reliable and easy to make some transactions. When that time will happen, maybe the banks will find something malicious in crypto so that crypto will have trust issue to the people and those people will come back to them.
newbie
Activity: 174
Merit: 0
The banking industry should have changed a long time ago. The industry has become a tool of the government. I think banks should devote more energy to serving customers.
full member
Activity: 564
Merit: 100
That's why banks and governments hate Bitcoin, even banning it. Bitcoin is a new currency with advantages over traditional currencies, but the advantages of fast, cross-country and anonymous transactions affect banks and governments.
newbie
Activity: 113
Merit: 0
Bankers are people who chase only money. If banks start working with crypto-currencies, then bankers will receive less profit. I think that they are not afraid of anyone, because they have great power.
hero member
Activity: 1361
Merit: 506
Banks have been enjoying their dominance for centuries just before the invention of bitcoin.They were able to easily loot public in the name of transaction fee and people had no choice other than those banks.
jr. member
Activity: 196
Merit: 1
I agree that it’s NOT a disaster. I presume banks are threatened and are kept on their toes. We all know that the banks follow a centralized chain and so technically, they can’t be in favor of digital currencies. Give it time. I think banks at some point, will see the relevance of bitcoin and the beauty of its underlying technology.
member
Activity: 171
Merit: 37
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

I agree that banks are afraid because bitcoin can replace them and they may lost many investors because many investors are now investing in bitcoin. Bitcoin can also replace the currency. That's how powerful bitcoin is.
newbie
Activity: 76
Merit: 0
I agree bitcoin is digital gold, creating new opportunities for anonymous and decentralized storage of its assets. For banks this has to be considered
newbie
Activity: 53
Merit: 0
Haha they should be afraid of the revolution of blockchain
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