The Real Reason Banks Don’t Like Bitcoin - page 2.

InwardContour

sr. member

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Quote from: keithers on July 22, 2014, 10:11:47 AM

The real reasons that banks dislike BTC is because it takes away some of their control over money, and cuts into their bottom line. BTC isn't big enough yet to cause any real alarm for them, but that day is coming

Bitcoin is growing day after day and the banks know its potential since its first year but they have no means to stop it.

Eotnak

member

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Banks are like newspaper companies were. IF Bitcoin is to become as disruptive as some believe, some banks will adapt, and most will crumble. I don't think banks will lift a single finger fighting Bitcoin. They're too busy fighting their competition and sucking their customers dry.

keithers

legendary

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This is the land of wolves now & you're not a wolf

The real reasons that banks dislike BTC is because it takes away some of their control over money, and cuts into their bottom line. BTC isn't big enough yet to cause any real alarm for them, but that day is coming

zlibz

newbie

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I agree with the notion that currently, the biggest problem banks face with Bitcoin is the amount of extra work involved.

I am in the camp of believing that the banks will jump on sooner or later & attempt to make their own digital currencies which can & probably will turn more attention to Bitcoin itself.

Interesting times lay ahead.

farlack

legendary

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"Turns out lots of Americans are paying for tickets but not watching the movie. According to Pew’s report, titled “Still Risky: An Update On The Safety And Transparency Of Checking Accounts,” Americans incurred $29.5 billion dollars in overdraft fees at the nation’s 12 largest banks and credit unions in 2011. That’s nearly $100 for every U.S. citizen, charged for overdrafting a checking account."

http://www.forbes.com/sites/chrisbarth/2012/06/08/losing-your-balance-bank-customers-lost-nearly-30-billion-to-overdraft-fees-last-year/

leex1528

hero member

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hmm

Quote from: keanbosch on July 22, 2014, 09:46:24 AM

Quote

More conspiratorial theories say bitcoin’s destiny is to replace banks, and banks fear the competition. The real answer, however, could be the more mundane one of regulatory risk.

So Bank fears of bitcoin takeover...

Hmmm this sounds like you didn't read the article? And your quote from the article makes me think you don't understand the quote?

I personally think the article is stating that Bitcoins cause extra work for the banks. They have to have higher security when purchasing/selling bitcoins that are attached to bank accounts. How can they tell if a transaction is fraud or not? Most banks are able to spot fraudulent purchases pretty easy based on what you purchase with your card, the amount you purchase and where you purchase it. When purchasing bitcoins it takes all of those out of the equation so they have to hire extra man power to get the job successfully done, which means they have to pay more people and they don't earn as much.

That is what I got from the article anyway..

Justine

full member

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Main reason is all banks need to comply with AML regulation or they get fined by the regulator.

keanbosch

member

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http://www.ahametals.com/real-reason-banks-dont-like-bitcoin/

Quote

More conspiratorial theories say bitcoin’s destiny is to replace banks, and banks fear the competition. The real answer, however, could be the more mundane one of regulatory risk.

So Bank fears of bitcoin takeover...

Topic: The Real Reason Banks Don’t Like Bitcoin - page 2. (Read 1998 times)