Topic: There is no currency that banks hate. - page 4. (Read 2737 times)
This probably never gonna happen because we already have debt slavery, and they are not scared at all, it's going to be worse. Bitcoin won't disturb this system, question is how they gona incorporate him in their bussines..?
Banks should really be scared of bank runs, if everyone took out their money at the same time. It would expose how they run on unsustainable fractional reserves and exorbitant fees. They are "good" at lending out that isn't even there.
If Bitcoin continues to vary so wildly in price I don't think a lot of people would be willing to close their bank accounts and invest everything they own in Bitcoin. Bitcoin is more used as a store of value. Personally I wouldn't invest my life savings in Bitcoin because there is a risk that the price may crash. Bitcoin preaches decentralization by design and I doubt that people would trust centralized banks to handle their Bitcoins in the first place. Bitcoin and banks just don't make the right match for each other.
Bitcoin as a store of value only would still be a huge thing if mainstream would adopt it as that.
As a safe haven or investment BTC could still gain to a high value if a majority of people would only put a small portion of their savings into it.
And as long as the volatility goes upwards, especially over the long term, I believe there will more than enough people to give it a try.
I agree theres no currency that banks hate, because they can have profit on it. I think they accept bitcoin to earn not to hate it. Hmmm by the way In other people that saying banks hate bitcoin what the reason why you said that? Because if i am a bank manager i dont accept bitcoin if this coin is not profitable And if bitcoin is just a headache to my work.
There is no currency that banks hate. Not if they can make money on it.
Once the regulatory and tax and volatility issues are settled out or predictable, they'll cheerfully accept bitcoin, or even denominate accounts in bitcoin. Of course the depositor won't have the keys to those accounts.
They'll even offer interest, provided it's slightly less than they can make by loaning those bitcoins out. And they'll loan it out by handing people (slips of paper that say they own) a particular amount of bitcoin. Which allows them to loan out more to debtors than they actually have from depositors.
In short they'll just treat it as one more currency. One that has its own slightly peculiar inter-bank settling channel.
Once the regulatory and tax and volatility issues are settled out or predictable, they'll cheerfully accept bitcoin, or even denominate accounts in bitcoin. Of course the depositor won't have the keys to those accounts.
They'll even offer interest, provided it's slightly less than they can make by loaning those bitcoins out. And they'll loan it out by handing people (slips of paper that say they own) a particular amount of bitcoin. Which allows them to loan out more to debtors than they actually have from depositors.
In short they'll just treat it as one more currency. One that has its own slightly peculiar inter-bank settling channel.
I agree banks is flexible to other currencies because by that they can earn profit if the transaction is being done in their bank branch, bank realy open for any other oppurtunity and they will go where they can earn adopt whats trend but for now they dont adopt bitcoin dont know what is the reason, but i really sure bank hate other currencies.
No. Trust me on this, I work security. People aside from a small minority never demand freedom. They demand convenience. They demand freedom if and only if not having it is inconvenient.
If you have ever had to wait 10 or 14 days for a check to clear, you know how convenient bank varification is. The difference is: Is this money real, vs Is this person good for this check. The way it works now seems like cave man shit, once you have been to the ( is this money real) fast bank.
It's not just the volatility issue, there are a few other kinks that need to be ironed out before banks will consider accepting Bitcoin but essentially you're right, they don't exactly hate Bitcoin or crypto. If there is money to be made and the risk involved is minimal, they're not gonna say no to Bitcoin. But there is a LOT of work needed before that happens.
There is no currency that banks hate. Not if they can make money on it.
Once the regulatory and tax and volatility issues are settled out or predictable, they'll cheerfully accept bitcoin, or even denominate accounts in bitcoin. Of course the depositor won't have the keys to those accounts.
They'll even offer interest, provided it's slightly less than they can make by loaning those bitcoins out. And they'll loan it out by handing people (slips of paper that say they own) a particular amount of bitcoin. Which allows them to loan out more to debtors than they actually have from depositors.
In short they'll just treat it as one more currency. One that has its own slightly peculiar inter-bank settling channel.
are you sure with that?i think not all banks friendly with other currency,you may right if you said that Once the regulatory and tax and volatility issues are settled out or predictable, they'll cheerfully accept bitcoin, or even denominate accounts in bitcoin. Of course the depositor won't have the keys to those accounts.
They'll even offer interest, provided it's slightly less than they can make by loaning those bitcoins out. And they'll loan it out by handing people (slips of paper that say they own) a particular amount of bitcoin. Which allows them to loan out more to debtors than they actually have from depositors.
In short they'll just treat it as one more currency. One that has its own slightly peculiar inter-bank settling channel.
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They'll even offer interest, provided it's slightly less than they can make by loaning those bitcoins out.
but lets see banks on poor country,thy getting hard to interest to bitcoin,they know its too risky for being accepted. 
Yeah truly banks won't hate any of the currency which has got value. Banks will try earn those and make good profit from those different currencies.
No. Trust me on this, I work security. People aside from a small minority never demand freedom. They demand convenience. They demand freedom if and only if not having it is inconvenient.
And banks are in the business of making it convenient for them to hold your money.
And banks are in the business of making it convenient for them to hold your money.
Banks will hate the coin. It has a power they cant allow. The power to verify the account without verifing the accounts owner. This is a huge advantage. Once people taste this freedom, they will demand it.
For banks, it would be suicide to adopt this change, and slow death not to.
For banks, it would be suicide to adopt this change, and slow death not to.
Yes, there is no need for banks to hate any currency.
well when it comes to bitcoin there are a lot of reasons why they should hate it, especially if it is on the rise as it makes people more interested in bitcoins rather than banksi think that if bitcoins do not hate it yet they will surely do in the near future because bitcoin is decentralized and banks will have no impact on the price and they wont be happy for sure
If Bitcoin continues to vary so wildly in price I don't think a lot of people would be willing to close their bank accounts and invest everything they own in Bitcoin. Bitcoin is more used as a store of value. Personally I wouldn't invest my life savings in Bitcoin because there is a risk that the price may crash. Bitcoin preaches decentralization by design and I doubt that people would trust centralized banks to handle their Bitcoins in the first place. Bitcoin and banks just don't make the right match for each other.
There is no need yet for banks to hate bitcoin, as it haven't take steam yet. Once it goes mainstream, the bitcoin can easily make a bank worthless, the bitcoin offers to users all of the services of the bank from the comfort of their home but for the moment it operates as an online banking only. I think in the future bitcoin can replace banks but for that there is still a whole whole lot of time if it will ever happen. I personally have quit using Paypal as online payment which I used to use often, thanks to bitcoin. This is a reason why banks have lost a customer, maybe like me there are a lot of other users.
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But bitcoin is decentralized. There is no need for a bank whatsoever.
There's truth on this ,but bitcoin is more than an online bank to me,we still need traditional bank for our offline needs,what I really love about bitcoin transacting is the very low fee compare to the other traditional online payment processor you will have no second thought using bitcoin on all your online transaction because of this ..
Sure, there's a need for banks. Maybe I don't need banks if I use bitcoin instead. But most people aren't computer security consultants who've written a hell of a lot of crypto code.
Homer Husband and Harriet Housewife do not have the ability to keep botnet hackers out of their windows boxes.
Nor do they have the wisdom and tech savvy to keep the coins secure while using them.
So they can hold them and have them stolen, or they can let the banks hold them.
Letting the banks hold them has a bunch of advantages. Use the charge card anywhere, use any ATM, not worry about theft because the banks are insured, and so on. Even if they get zero interest, they'd still rather let the banks worry about keeping the keys safe.
And the banks are completely ready to loan out more than they've got.
Homer Husband and Harriet Housewife do not have the ability to keep botnet hackers out of their windows boxes.
Nor do they have the wisdom and tech savvy to keep the coins secure while using them.
So they can hold them and have them stolen, or they can let the banks hold them.
Letting the banks hold them has a bunch of advantages. Use the charge card anywhere, use any ATM, not worry about theft because the banks are insured, and so on. Even if they get zero interest, they'd still rather let the banks worry about keeping the keys safe.
And the banks are completely ready to loan out more than they've got.
But bitcoin is decentralized. There is no need for a bank whatsoever.
Wanna earn interest on your coin? Sure, go ahead and loan it out P2P style. Or invest it. Bitcoin is basically saying that if you want interest on your coins, go for it, but the risks you have to deal with yourself.
A fractional reserve model would not work with bitcoin as its currency supply is limited and cannot be created on demand. So banks are basically not required and if they do business with BTC, they will probably have a bank run sooner or later.
Wanna earn interest on your coin? Sure, go ahead and loan it out P2P style. Or invest it. Bitcoin is basically saying that if you want interest on your coins, go for it, but the risks you have to deal with yourself.
A fractional reserve model would not work with bitcoin as its currency supply is limited and cannot be created on demand. So banks are basically not required and if they do business with BTC, they will probably have a bank run sooner or later.
I thought bitcoin is a currency too, if I'm right, then banks do hate bitcoin 
But bank hate bitcoins as it does not suit them
does not go all the way that involves all of the banks, such as china, they are developing their cryptocurrency inspired by bitcoin IIRC. that's how the ideas work.
While banks are not exactly anitibicoin force they see Bitcoin as major competitor. Mainly because Bitcoin has same properties that services that banks are offering people.
Bitcoin will eliminate need to have bank account, to keep money in a bank vault and to be able to send money wherever you want without 3rd party taking care of transaction.
Bitcoin will eliminate need to have bank account, to keep money in a bank vault and to be able to send money wherever you want without 3rd party taking care of transaction.
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