When will banks start a war against bitcoin - page 45.

loading...

sr. member

Activity: 331

Merit: 250

Quote from: bitcoinmasterlord on August 13, 2017, 01:44:12 AM

Quote from: Akash1243 on August 13, 2017, 01:26:10 AM

I don't think so that there would be any conflict between banks and btc as banks gives car loans,housing loans and etc while btc can't give something like that so banks will not see btc as a threat but as a opportunity to expand i guess in future.But also btc are not legal in many countries and government are trying to control it ,so banks using Bitcoin for now may be hard and it also depends on government as some have legalised btc.

Yes first the governament need to make this currency legal after words the competition starts b/w banks vs. Bitcoin till that there is no problem for banks. But now the bank's revenue is reduced because of this Bitcoin. Once the govt allow people to use Bitcoin legally, then banks will start far against Bitcoin.

Yes, and they make sure that whenever they are doing, the goverments set to their mind that nothing will happen or nothing will affect in the bitcoin industry. They only help in other in a sense that having same vision, to take care of money and ofcourse to get interest if you didn't have any job for your money to be able to grow.

Kousei23

sr. member

Activity: 411

Merit: 335

Quote from: matjas on August 10, 2017, 10:55:08 AM

I know we are still at a start of cryptocurrencies, but bitcoin is growing with lightning speed right now and some banks already see it as a potential threat.
There has been a lot of accusations form banks, that bitcoin is perfect for money laundering and is used for supporting crime.
I think they can do a lot of harm to bitcoin market and they will eventually start with harsh campaign against it.
Do you think it will happen and when?

I don't think so because as we know and we saw some botcoin and bank are collaborating in a way that making people to withdraw there invested money. Many people ise banks today in order to cash out their money that is in bitcoin currency. Bitcoin and banks are very good in terms of relationship so I guess it will be no war against the two.

Lmaooo

full member

Activity: 694

Merit: 108

santacoin.io

Quote from: matjas on August 10, 2017, 10:55:08 AM

I know we are still at a start of cryptocurrencies, but bitcoin is growing with lightning speed right now and some banks already see it as a potential threat.
There has been a lot of accusations form banks, that bitcoin is perfect for money laundering and is used for supporting crime.
I think they can do a lot of harm to bitcoin market and they will eventually start with harsh campaign against it.
Do you think it will happen and when?

Banks doesn't like the idea of Bitcoin and never will because of that, whether we like it or not Banks are in war with bitcoin in one way or the other. Banks sees bitcoin as huge challenge so they can try any possible way to bring Bitcoin down which not going to happen. Cool

Vaskiy

legendary

Activity: 2646

Merit: 1106

DGbet.fun - Crypto Sportsbook

Quote from: Aamir1 on August 13, 2017, 02:11:49 AM

I don't see any thread for bitcoin from banks. They may think that bitcoin can be a competition for them but i don't think they can stop people from using bitcoins as they cannot control it nor they can ban it from internet. All they or the authorities can do is to prohibit people within the country to use bitcoin, but still if someone wants to do it they will do it avoiding the prohibition.

As mentioned bitcoin will serve as an competitor for the banking system. Just because of this I don't find there will be an war between the two. Bitcoin is different from conventional fiat in terms of the features it has got. Importantly in future bitcoin might get incorporated with banking systems.

pitiflin

hero member

Activity: 980

Merit: 507

Quote from: matjas on August 10, 2017, 10:55:08 AM

I know we are still at a start of cryptocurrencies, but bitcoin is growing with lightning speed right now and some banks already see it as a potential threat.
There has been a lot of accusations form banks, that bitcoin is perfect for money laundering and is used for supporting crime.
I think they can do a lot of harm to bitcoin market and they will eventually start with harsh campaign against it.
Do you think it will happen and when?

Quite possible.People can do anything and expecting only a harsh campaign is very less.Central Bank of a few countries have already released an article for not getting tricked by people who use bitcoin. But then why won't banks protest against bitcoin,banks are financial back bones of any country and if it gets replaced by crytpo currency then no one would be able the future of economies.

Daniel91

legendary

Activity: 3374

Merit: 1824

In my country bitcoin is not recognized as currency or financial assets, according to the official statement of central bank.
Still, when I exchange and withdraw my btc funds to my bank account, I have to report and pay income tax.
So, officially they don't recognize bitcoin but still we have to pay tax on earnings from bitcoin.
We don't have many btc users in the country and btc is still not the big issue now but we can't know what can happen later, in the future.
Right now, we don't have any problem with btc and if anything change later, first central bank will have to change opinion about bitcoin.

MAbtc

hero member

Activity: 826

Merit: 508

Quote from: Cassandre on August 12, 2017, 09:34:05 AM

They already did. From my memory, there is several major banks, including Central European Bank, which clearly said to people that it was dangerous to invest in Bitcoin, and that they should focus on their investment plans with ridiculously low yields.

There is a distinction to be made between central banks and commercial banks, isn't there? Commercial banks will provide financial services if there's demand and as long as they are government-sanctioned. For now, it looks like bitcoin is being sanctioned and regulated.

Central banks feel threatened because people are increasingly looking for good investment opportunities and places to store value -- outside of fiat currencies and a bubbling stock market. But I don't know what a "war" would look like, because it seems like governments are mostly approaching it favorably at this point.

bell70

member

Activity: 77

Merit: 10

actually some banks are happy to encourage people paying with bitcoin, bit should not be

viewed as a disruptive threat to banks,but rather as a potential complement to existing

services.

Aamir1

hero member

Activity: 756

Merit: 500

I don't see any thread for bitcoin from banks. They may think that bitcoin can be a competition for them but i don't think they can stop people from using bitcoins as they cannot control it nor they can ban it from internet. All they or the authorities can do is to prohibit people within the country to use bitcoin, but still if someone wants to do it they will do it avoiding the prohibition.

pecson134

sr. member

Activity: 630

Merit: 250

★Bitvest.io★ Play Plinko or Invest!

War is not the correct way to put it but competing is much a better wording. I think several banks already have started to have an eye on bitcoins and begins to compete with them. They won't keep silent if bitcoins were to dominate the world of currency so they started to compete them in various ways possible.

bitcoinmasterlord

legendary

Activity: 1148

Merit: 1006

Quote from: Akash1243 on August 13, 2017, 01:26:10 AM

I don't think so that there would be any conflict between banks and btc as banks gives car loans,housing loans and etc while btc can't give something like that so banks will not see btc as a threat but as a opportunity to expand i guess in future.But also btc are not legal in many countries and government are trying to control it ,so banks using Bitcoin for now may be hard and it also depends on government as some have legalised btc.

Yes first the governament need to make this currency legal after words the competition starts b/w banks vs. Bitcoin till that there is no problem for banks. But now the bank's revenue is reduced because of this Bitcoin. Once the govt allow people to use Bitcoin legally, then banks will start far against Bitcoin.

Kevondo

sr. member

Activity: 742

Merit: 251

Quote from: Cassandre on August 12, 2017, 09:34:05 AM

They already did. From my memory, there is several major banks, including Central European Bank, which clearly said to people that it was dangerous to invest in Bitcoin, and that they should focus on their investment plans with ridiculously low yields.

yeah, some banks do such things to make their customers still on the point that they must keep their savings in a bank so that bank will profited. You know what everybody wants to make their business continue, so for this reason they talk wrong about the factors which effects their business like bitcoin now is big threat for banks that is why banks started war.

franco123

full member

Activity: 252

Merit: 100

In my opinion, as Financial Management graduate who also studied banks, I think this is not the way that banks will take action about it. They will not start a"war". It will be costly. Trust me, banks will do their best to minimize the cost and maximize the profit.

Instead, they might even start to support Bitcoin. Because it is an opportunity for them to earn money from it. For example, they can offer on accepting Bitcoin tradings and Bitcoin account application with training. Then they might also be available for Bitcoin deposits, securing your Bitcoin from hackers.

There are other more opportunities for banks to earn from Bitcoin. Which is why I think they will not start a war, but instead start to support Bitcoin.

Akash1243

sr. member

Activity: 392

Merit: 257

I don't think so that there would be any conflict between banks and btc as banks gives car loans,housing loans and etc while btc can't give something like that so banks will not see btc as a threat but as a opportunity to expand i guess in future.But also btc are not legal in many countries and government are trying to control it ,so banks using Bitcoin for now may be hard and it also depends on government as some have legalised btc.

traderethereum

hero member

Activity: 2870

Merit: 574

Vave.com - Crypto Casino

i think the government will thinking twice to start a war with bitcoin because i am sure that they can see bitcoin have a big community and bitcoin have a new technology that they could applied with the banks. maybe the banks is already applied the blockchain system but they don't make explanation anything. its not good to start a war with something that giving many benefit for people especially for the citizen because the government should realize this and they need to learn more about bitcoin itself.

0t3p0t

sr. member

Activity: 1736

Merit: 357

Peace be with you!

Quote from: matjas on August 10, 2017, 10:55:08 AM

I know we are still at a start of cryptocurrencies, but bitcoin is growing with lightning speed right now and some banks already see it as a potential threat.
There has been a lot of accusations form banks, that bitcoin is perfect for money laundering and is used for supporting crime.
I think they can do a lot of harm to bitcoin market and they will eventually start with harsh campaign against it.
Do you think it will happen and when?

Well I think banks or even governments can't start a war against Bitcoin because since Bitcoin uses decentralized blockchain technology. The only thing they can do is to regulate some exchanges with KYC to track for people who are involved in money laundering or to those also supporting crimes. Bitcoin could be a threat to banks if the demand on fiat reduced since they produce it in high volume. People tend to hold Bitcoins than fiat. People feel they are safe if they invest their money into Bitcoin than fiat that in anytime may colapse due to crisis. I think it is just a rivalry or competence in business not a war.

GideonGono

hero member

Activity: 2086

Merit: 501

★Bitvest.io★ Play Plinko or Invest!

Quote from: matjas on August 10, 2017, 10:55:08 AM

I know we are still at a start of cryptocurrencies, but bitcoin is growing with lightning speed right now and some banks already see it as a potential threat.
There has been a lot of accusations form banks, that bitcoin is perfect for money laundering and is used for supporting crime.
I think they can do a lot of harm to bitcoin market and they will eventually start with harsh campaign against it.
Do you think it will happen and when?

In our country, banks don't really war with it but in fact partners with our leading local exchange which we can withdraw from their ATM machines. Also some remittance centers ehich we can easily claim our converted Bitcoin into fiat or by using kiosk machines. The war lies on the government since they are the ones who really produce the centralized fiat system and the one who craft the law and regulations whether to allow it or not.

Yaramrd

newbie

Activity: 37

Merit: 0

Quote from: bitcoinVPSD on August 13, 2017, 12:23:55 AM

The battle between the bank and bitcoin will not happen. I think so .. if that happens then many banks accepting bitcoin will now be chaotic. Governments of countries will accept bitcoin as Korea will how when when they encourage people to approach bitcoin?

I agree with you and I think many others banks will start accepting Bitcoins.

romani245

sr. member

Activity: 267

Merit: 255

Quote from: panju1 on August 13, 2017, 12:24:24 AM

Quote from: monocolor on August 13, 2017, 12:19:30 AM

I don't think banks will start a war against bitcoin. In fact they invested heavily in blockchain technologies and it makes their international money transfer very low cost.

There is a big difference between Bitcoin and blockchain. Using blockchain technology reduces costs a little bit, but not much.

It's not even clear to me how blockchain technology can reduce costs for banks. Decentralization would only make things less efficient, and since they are fully government-sanctioned, centralization is fine. They are better off using databases than blockchains...and that's basically what one-node or private blockchains are: centralized databases.

Realist247

full member

Activity: 154

Merit: 105

Quote from: manchester93 on August 13, 2017, 12:04:53 AM

Quote from: Umbrella Holdings on August 12, 2017, 09:16:40 PM

Banks will never start a war against Bitcoin. I think The banks will find a way to use Bitcoin in their favor. Banks love money, no matter where they come from.

Indeed, banks are filing blockchain patents left and right. They'll integrate bitcoin services in time because there will be demand for it; and they'll generate bitcoin revenue as a result. The ones who will be hurt in the end are the central banks, not the commercial banks.

Banks don't care about speculators...which are 95%+ of Bitcoin holders...unless the banks are doing the speculating. Don't forget that the central banks rule the commercial banks....who are usually the shareholders of the central banks. If the demand is coming from speculators and not ordinary depositors, BTC is in big trouble in the future. Central banks have found ways to drive down the prices of precious metals for years and drive away a large % of those who wanted to own them right after the financial crisis of 2007-2008. Don't think for a second that they cannot do the same to BTC speculators leaving the currency a depleted skeleton of what it was once (like now).

Topic: When will banks start a war against bitcoin - page 45. (Read 16230 times)