Topic: Why are banks against cryptocurrency? - page 5. (Read 1141 times)

Please correct me if I'm wrong. As far as I know, there are many private banks, but in order to operate, they must go through and be managed by the central bank, and the central bank is directly managed by the government. So it can be said that the person behind the bank is the government. To me, banks are one of many tools that governments use to maintain the economy and control their people.

Answering OP's question, I never thought that banks or governments were against bitcoin, the role of banks in the world economy is extremely important and no one can replace it, including bitcoins. We don't need to exaggerate bitcoin and there are always hostile thoughts about why banks and governments are against bitcoin. If governments and banks  against it, why are more and more countries legalizing bitcoin and bitcoin gradually becoming more popular?

Nonetheless the bank and the government are not the same. Understand the difference that the bank is not owned by the government. There are many private owner and they don’t have any personality in the government. However, the government under policies use the bank to do and get whatever they want. And that’s because banks follow policies which are set by the government. So government may use the bank as a tool but they are not one.

The question is s, who's the bank and who's the government? They are same set of people under the financial system and their interest, policies and objective are twined. The banks are more like an agents of the government through which the government can use to bar and frustrate any other rising financial system that tend to be of a treat to their power of control and bitcoin is one of  such with it's decentralized protocol. Which makes puts me in the right by referring the bank as a middle too.

I don’t think banks are the ones against Bitcoin. It should be the government that is against Bitcoin because they don’t have control over it. The banks actually report to the government and because Bitcoin isn’t doing the same, they don’t like it. Because starting from tax and other things they’d have implemented or rule they’d have set, they can’t. Bitcoin takes out the middle man and the government can’t do nothing about it, no matter much they dislike it.

banks cannot accept bitcoin as long as the country has not legalized it, so if the government legalizes bitcoin then banks can accept bitcoin, for example in my country bitcoin is not legal as a medium of exchange if a bank accepts bitcoin then the bank will be subject to legal sanctions.

banks cannot accept bitcoin as long as the country has not legalized it, so if the government legalizes bitcoin then banks can accept bitcoin, for example in my country bitcoin is not legal as a medium of exchange if a bank accepts bitcoin then the bank will be subject to legal sanctions.

It is wrong to say the bank is not against bitcoin because if you refer to what I experienced a few years ago when I worked at one of the private banks they clearly did not like the bitcoin scheme and indirectly provided a doctrine that there were indeed differences in understanding that were different between the bank system adopted by bitcoin which of course this made a competition because even though the purpose of bitcoin was not as a competitor to the bank but still there would be such an assumption.

No doubt I also previously hated bitcoin because I was part of the bank even though I was only a small worker there so it was wrong to say the bank did not like and oppose it, it's just that they also couldn't do anything about it because all regulations ultimately did not come from the bank but from the government and the bank could not take care of other problems such as bitcoin because in the end they also had their own duties.

In this case everything refers back to the government but why the government is silent without any more treatment because it goes back to the main problem where bitcoin is currently decentralized and forever like that so the government will not be able to interfere further except maybe stigmatizing and making some buzz so that bitcoin is considered bad but that also ultimately does not have a big impact on bitcoin.

don't say that but their people who are profiting from the banks, but I can only support you is that banks won't want to approve crypto currency to link up with them. Cause they know more of the profit will surely go to Bitcoin on the process and much customers will likes to trade with Bitcoin, one thing is that the government have already seen where it's heading and they're afraid that if they regulate crypto currency and approves it with the central banks. Their will be lose to them but for my opinion that's the more profitable the government will surely have, okay for an example if the banks are paying tax like 2.0% then definitely crypto currency will pay more than that because they have more source then the banks. Maybe they might be paying like 6.0% in this case the government are profiting from both but they are scared of fraud or scams, just because of their so much platforms and investors everywhere.
On addition...

Come to think that if people would be having that enough income or profits then there's no one would really be trying out to get those loans and amortizations on which banks offering, on which means that
it would be a less revenue or money making for them. Also, banks are institutions which are highly regulated by the government. If on what government hates, then they would definitely be hating it too.
Here in our country on which it is really that a bit shocking or surprising that there are banks offering or allowing crypto transactions or even allows incoming or outgoing transactions without questions asked
but just as expected on the moment that you would be able to hit up those threshold then you would really be that definitely be ending up on being asked on why it is really that too big.
Where it do came from? DANG, it was a trap then those funds are locked.

This is why its not really surprising that they would really be hating crypto that much. There's no way that they could control people about their funds and with having that full transparency
on which know that this is something that where crypto is really known for and been much supported. Government doesnt really like crypto no matter what
since it is really that against on what they do like on which on having that full control which it would be understandable.

So what I'm ultimately getting out here, is that crypto currency can't go in line with banks. What are your thoughts towards this?

Banks are against cryptocurrencies and Bitcoin adoption because if everybody switches to Bitcoin will the banks exist? Can you tell me that since the invention of Bitcoin that ain't there people who are no longer interested in keeping their money with the banks but rather prefer to use the money to buy Bitcoin and hold it instead of saving it with the bank.

I don’t think banks are the ones against Bitcoin. It should be the government that is against Bitcoin because they don’t have control over it. The banks actually report to the government and because Bitcoin isn’t doing the same, they don’t like it. Because starting from tax and other things they’d have implemented or rule they’d have set, they can’t. Bitcoin takes out the middle man and the government can’t do nothing about it, no matter much they dislike it.

Not only it can go in line with banks, as it's already happening at many banks around the world. Here in my country we can already invest in cryptocurrencies through our traditional banking apps, so the bank is a middleman between you and cryptocurrencies. The problem is that you can't cashout your crypto funds from the platform, so the bank has it on their hands the whole time, and as we know, not your keys, not your coins... It's definitely a big issue, although banks don't have any problems in offering this investment opportunity for their customers.

As said before, the main reason for the banks to hate Bitcoins is the decentralised nature of the coin. Due to the decentralised nature of the coin, the government neither the bank can keep a track of the transactions that is made for crypto. Due to this decentralised nature of the coin, the government is unable to impose tax on it, for which they are making Bitcoins illegal. Now the banks follow the government, hence if the government is not supporting the coin, then how can banks will do it. So if the Bitcoins are not legal in your country, then definitely banks will also not support you on Bitcoins or crypto transactions.