Topic: What do banks think about bitcoin? (Read 153 times)
the bank will do everything possible to prevent the cryptocurrency from entering the global market because if it happens to be able to kill the banking cycle, the use of cryptocurrency is very contrary to the way bank business works and the application of cryptocurrency can replace the workings of the bank's business. unless the bank is willing to cooperate with cryptocurrency in terms of distribution and use as a middle ground.
both bitcoin as a digital currency and banks are good in saving but still there's a lot of difference between bitcoin and banks like bitcoin is good in low fee transaction than any kinds of banks all around the world and in bitcoin we can use it to save in our own place not like bank so of course bitcoin is good by that but still the problem here is the volatile price of it and that's good also because we can earn by that not like bank so if you manage bank of course this is threat but still we need to use bank for more secure that's all
Banks regard bitcoin as a threat, so many banks are now learning blockchain technology and hope to introduce blockchain technology so that they will not be defeated by Bitcoin.
Of course they really do not like it and want to ban it unless the price drop dip enough for them to buy as much as they want. Then they will start to accept it because they can manipulate the price to make them even more great fortune!
The bank's attitude to cryptocurrency is not good, because the cryptocurrency has always had code to be breached and at times of risk.
Large world banks, including Bank of America, Goldman Sachs, JPMorgan and Morgan Stanley are likely to be very afraid of Bitcoin. Cryptocurrencies such as Bitcoin were created as a solution to the problems created by banks. The normal banking procedure requires that a transaction goes through a central authority such as a bank which verifies and validates it before the transaction can be successful. This process sometimes can take a couple of days and in the process, charges are deducted. Cryptocurrencies sought to completely remove the role of banks as intermediaries in the transaction process, allowing someone to conduct transactions online without the need for a bank. Transactions can be validated by the millions of users of the decentralized peer-to-peer network that cryptocurrency uses. As such, the role of the bank is completely eliminated and with this elimination comes the elimination of services charges, which play an important role in the budget of some banks.
In a country still very much in favor of paying more, such as Germany, its central bank, the Bundesbank, has been very worried about the arrival of bitcoins as well as other virtual currencies.
Bitcoin here in the Philippines is much better to have fund from taxes, but they don't know how to regulate it they don't know how to make a legal option or to make a good regulation for good security for every user so that until now Central Bank here in the Philippines is not accepting BITCOIN for being LEGAL.
The convenient and quick transfer of bitcoins directly affects the profits of Banks!
Many Banks hate BTC because BTC robbed many Banks!
Many Banks hate BTC because BTC robbed many Banks!
At present, the banking system does not recognize that bitcoin and forked coins are coming out too fast and not careful enough, which will have a negative impact on consumers and may also have an impact on financial stability, monetary policy, and financial transmission. Therefore, we need to consider the overall situation and the overall situation.
In a country still very much in favor of paying more, such as Germany, its central bank, the Bundesbank, has been very worried about the arrival of bitcoins as well as other virtual currencies.
They are afraid of losing their business, Bitcoin and blockchain could knock banks out of the game. If they won't get involve in the leveraging cruptocurrencies then they will surely be left out in the dust. Sooner or later old banking will meet it's demise and hope the crooks go under with them eternally.
The convenient and quick transfer of bitcoins directly affects the profits of Banks!
Many Banks hate BTC because BTC robbed many Banks!
Many Banks hate BTC because BTC robbed many Banks!
I think what would happen is that banks will either adopt and latch on to block chain technology and incorporated into their current operations, their current systems and processes that they have in place, they will essentially bring block chain into the overall architecture of their system, of their banks and they would incorporate it into that system to where they would make that system much more efficient.
In a country still very much in favor of paying more, such as Germany, its central bank, the Bundesbank, has been very worried about the arrival of bitcoins as well as other virtual currencies.
That is probably the case not just of the German banks but also of the rest of the banks in the different countries around the world. The Wall Street is also shaking with the rise of Bitcoin and other cryptocurrencies. The major banks in the United States of America are also experiencing the same level of anxiety. But on the positive side, I think the banks have started to accept the fact that the crypto age is coming. I suppose the J.P. Morgans have already tried discrediting the crypto innovation, spreading FUDs, and they have succeeded a little but since they simply cannot kill crypto, they should have concluded that it is the future and it is possible for the two to reach a better deal somehow.
For the time being, Bitcoin can only be used as an investment and it cannot become a currency. However, banks still worry that Bitcoin will replace them. They worry that it is not unreasonable. When Bitcoin is circulated all over the world, the role of the currency will be reduced. The role of the bank has become smaller.
Many banks recognize blockchain technology, but they think that Bitcoin will affect their operations. Bitcoin may replace the legal currency and pose a threat to their existence. Therefore, banks are very vigilant about bit
Banks sees the bitcoin as an opportunity to get a lot of profit. Here in the philippines some of our banks are being partnered with our only bitcoin platform Coins.ph. The platform uses these banks to exchange btc to philippine money with additional fees.
When everyone says Bitcoin is a bubble. I say it is the future
Banks are the institutions that regulate the economy, and bitcoins are decentralized and not well controlled. Moreover, bitcoin transactions do not need to be banked as a medium, so banks should be afraid that bitcoin will make the economic market out of control.
I think they see it as a minor threat only since Bitcoin has different purpose compared to banks. It will only eliminate some of the banks processes. They don't see it as a major problem to the company that needs urgent solutions.
i think any bank in any country would be wise to be at least a little bit worried about bitcoin. bitcoin is a potential competition after all. but also bitcoin can be a very good opportunity for everyone including the banks. for example so far the biggest usage of bitcoin has been to invest in it and that means a lot of money transactions to and from banks so that people can buy/sell bitcoin on exchanges. not to mention that in the future banks can offer same savings accounts and other services they have with fiat, for bitcoin too.
In general, most of the people strongly trust bank more than bitcoins. Off course banks will be a bit worried about the arrival of bitcoins but they know that it is not easy to replace them.
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