Why Banks are attacking Bitcoin ? - page 11.

sunsilk

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The main profit of banks is huge fees, including fees for transfers.

It's one of their service when there are remittances that comes from offshore.

Not only it takes a lot of time before receiving the money but you'll also need to pay them with the service that you use although you have an account to them.

Creating your bitcoin wallet = free.

Creating your bank account = with fee.

Transferring bitcoin = free

Transferring money with bank = with fee.

jahn_quid

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Quote from: Greenkarki on April 25, 2018, 03:11:23 PM

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I'm sure banks are now trying to play catch up as well - it's pretty clear now that people are finding many banking fees just completely unreasonable.

The tipping point will probably come once banks figure out how to significantly profit without relying on the fees. Only then will they relent to the processing superiority of blockchain tech for banking.

The main reason behind banks attack bitcoin is local currencies loosing the currency market. All other reasons mentioned in OP would be part of it. Loosing the market is loosing the value. When the value is lost, the local currency will soon disappear. The banks and the authorities do not want this happen. This is the reason countries do ban bitcoin and crypto exchanges. This deny may keep their currency value at least stable instead of loosing much. I am sure this fight is going to be in place until crypto exist.

But banks aren't directly attacking crypto.

Sure, there is tension as crypto is a threat to bankings' main source of revenue. And there are public cases like Jamie Dimon of JP Morgran talking trash. But behind the scenes, all banks have been making moves into crypto - in trading or in technology.

It's clear that crypto is more than just a flash in the pan trend. And banks are filled with smart and opportunistic people. They definitely don' see this as a bank vs. crypto situation. You'll slowly start seeing centralization and institutionalizing creep into crypto for sure.

Snaic

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Banks are now attacking bitcoin and generally crypto currency, because the crypto currency is a very serious competitor of banks. People have already had time to appreciate the advantages of the crypto currency and are increasingly turning to its use without resorting to banks. From this, banks suffer losses, they simply reduce their profits. Therefore, they are trying to defame the crypto currency so that as few people as possible turn to crypto currency. They send letters with a warning that investing in bitcoin contains a lot of risk, or they just pay for the emergence of various negative news about the crypto currency, sometimes even fictional, in the media or social networks. Banks will stop doing this when the states legalize the crypto currency, then the banks will have to adapt to the new situation and cooperate with the crypto currency.

Greenkarki

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I'm sure banks are now trying to play catch up as well - it's pretty clear now that people are finding many banking fees just completely unreasonable.

The tipping point will probably come once banks figure out how to significantly profit without relying on the fees. Only then will they relent to the processing superiority of blockchain tech for banking.

The main reason behind banks attack bitcoin is local currencies loosing the currency market. All other reasons mentioned in OP would be part of it. Loosing the market is loosing the value. When the value is lost, the local currency will soon disappear. The banks and the authorities do not want this happen. This is the reason countries do ban bitcoin and crypto exchanges. This deny may keep their currency value at least stable instead of loosing much. I am sure this fight is going to be in place until crypto exist.

MCVXYZ

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Quote from: cryptojac17 on April 20, 2018, 04:39:34 AM

Quote from: Kambal2000 on April 19, 2018, 12:13:21 PM

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Banks attack the crypto currency because they see it as a competitor, which can simply displace them from this business!
And if this happens, the money (which we all know) will turn into ordinary pieces of paper and will begin to depreciate (with rublem it just happens)!

They are just attacking bitcoin because they are just concern with the citizen of the country, and with their company, if a certain person finds it more profitable to invest in bitcoin so tendency is that they will going to switch their investment with it.

Because first of all banking system and crypto currency is in contrast with its other because banking system is managed by few individual that uses your money to their profits they giving assurance to their depositors small amount of interest and also small amount of insurance policies in case of bankruptcy. While bitcoin and the cryptocurrency currency no body control it except you and the technology.

additionally,Governments regulate traditional banks in various ways,For example minimum reserve requirements or money management methods that banks can use, and what about exchanges, bitcoin exchanges(or holders/consumers) are not regulated as banks or another financial sectors are,so when we hold bitcoin its more comfortable,why? because of,for example 'proof of reserve'.despite the facts,there are another moments,that I have already mentioned in my previous post,In particular,Now banks are starting to use cryptocurrencies and especially bitcoin for their business purposes,They know how profitable it is,therefore they are creating their own exchanges and crypto wallets on consumers account,Which I think is not as 'cool as it seems.

siti25

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because bitcoin began to threaten the banking system, because bitcoin has contributed greatly to the global technology world. Bitcoin attacks bank control because of the movements in the amount of money that continues to circulate. Bitcoin is growing rapidly and can soon stand with financial assets like gold, and this can not be ignored.

cryptojac17

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Quote from: Kambal2000 on April 19, 2018, 12:13:21 PM

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Banks attack the crypto currency because they see it as a competitor, which can simply displace them from this business!
And if this happens, the money (which we all know) will turn into ordinary pieces of paper and will begin to depreciate (with rublem it just happens)!

They are just attacking bitcoin because they are just concern with the citizen of the country, and with their company, if a certain person finds it more profitable to invest in bitcoin so tendency is that they will going to switch their investment with it.

Because first of all banking system and crypto currency is in contrast with its other because banking system is managed by few individual that uses your money to their profits they giving assurance to their depositors small amount of interest and also small amount of insurance policies in case of bankruptcy. While bitcoin and the cryptocurrency currency no body control it except you and the technology.

Kambal2000

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Banks attack the crypto currency because they see it as a competitor, which can simply displace them from this business!
And if this happens, the money (which we all know) will turn into ordinary pieces of paper and will begin to depreciate (with rublem it just happens)!

They are just attacking bitcoin because they are just concern with the citizen of the country, and with their company, if a certain person finds it more profitable to invest in bitcoin so tendency is that they will going to switch their investment with it.

Snarks

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Looks like they were just trying to slow down adoption while filing patents and developing applications. You didn't expect them to be like sitting ducks while the world moves on with crypto, did you?

Vektrum

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Crypto currency for banks is a strong and worthy opponent in the field of financial relations. Banks have always enjoyed the support of the state, since they are practically an integral part of it. Therefore, until now, real banks have not had any real competitors. Crypto currency is a strong competitor for banks, and due to the fact that it is decentralized, banks can not pressure the crypto currency by an administrative method, as they used to do earlier. Considering that many people stopped using the services of banks and the same operations began to be carried out independently in the crypto currency without the participation of banks, banks began to lose their profits. Banks have nothing to do either to compromise the crypto currency or by warning that it is a very risky investment of funds, or to organize the appearance of false negative information about the crypto currency in the media, as it was recently observed with one of the banks in Poland.

t2yax

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Banks have their own purposes, I think, banks want bitcoin, they know what bitcoin will be in the future. Banks know that crypto can be one of their problem. Bitcoins can compete to banks, eventually, banks have their own interest rates, but the interest of it is so small. Instead investing to banks, invest your money to bitcoin, and see what will be your future

budz0425

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Quote from: Edraket31 on April 13, 2018, 02:27:34 PM

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Bitcoin, the “ people's currency,” has the potential to become a new currency, free of the control of big governments and big banks. Banks don't like bitcoin because it is a threat to their business. They are seeing it as competition to their business because the more people who would used it the more their business go down.

But for now, banks are getting stable and it seems that they are making a consideration to having a cryptocurrency, they know that no matter what negative news they will gonna spread, no matter how much they will tell people that it is risky they will never stop people to have it.

Banks are still hitting bitcoin by making some noise in social media and all over the internet, as they don't want to have bitcoin in their life, so for me, it is fine because I don't see people taking those negative feedback in a negative way, in fact they are still in touched more in bitcoin now.

Edraket31

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Bitcoin, the “ people's currency,” has the potential to become a new currency, free of the control of big governments and big banks. Banks don't like bitcoin because it is a threat to their business. They are seeing it as competition to their business because the more people who would used it the more their business go down.

But for now, banks are getting stable and it seems that they are making a consideration to having a cryptocurrency, they know that no matter what negative news they will gonna spread, no matter how much they will tell people that it is risky they will never stop people to have it.

zarados

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Quote from: Greenkarki on April 12, 2018, 05:20:55 AM

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It is quite understandable that banks will lose profits. Banks are extremely profitable from the collection of fees. Bitcoin uses faster technology so the fees are much cheaper than banks

The main reason behind this is once bitcoin accepted by the country it will dominate the local fiat. There is no value for local currency. People only use the bitcoin not local currency. Because the value of bitcoin is more than that of fiat. And another thing is tax problem still there is no tax for bitcoin. So it will affect the country's economy. That's why banks are not allow bitcoin.

it would be great if something is not the purpose of creating bitcoin to be a real thing. Bitcoin will dominate the local currency? While bitcoin is only a protocol aimed at changing the way people transact between people, between cities and even between countries without any difference in cost. It is not easy to change the means of payment in a country, it will have an impact on the local and global economy.

Hannahanto

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Cause bitcoin steals their money. Metaphorically, of course, but it is true

Banks are attacking bitcoin due to afraid of bitcoin growth. Day by day bitcoin users are increasing all over the world. If bank accepts bitcoin it will affect the economy's growth of the country. Bitcoin will dominate loacl fiat and people use only bitcoin for their transaction. It would leads banks a grear loss. Banks profits are reduced and tax problem will occur. Due to this reason banks are not accepting bitcoin.

Greenkarki

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It is quite understandable that banks will lose profits. Banks are extremely profitable from the collection of fees. Bitcoin uses faster technology so the fees are much cheaper than banks

The main reason behind this is once bitcoin accepted by the country it will dominate the local fiat. There is no value for local currency. People only use the bitcoin not local currency. Because the value of bitcoin is more than that of fiat. And another thing is tax problem still there is no tax for bitcoin. So it will affect the country's economy. That's why banks are not allow bitcoin.

nebuch

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Bitcoin is the storage of virtual currency. It is decentralized not own by government. Not bounded by rules that implemented by the government. While bank is the storage of fiat and opposite to bitcoin.
It goes normal that banks will against btc for it is all about money matter.
While there is money banks will go for it to have some benefits. Especially bitcoin is not just a single penny to collect but it could be a huge amount to claim.

Ailmand

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Quote from: cryptorampage on February 01, 2018, 04:27:22 PM

Day by day we are getting news like , this country reject bitcoin that country accept Bitcoin. Technically it stands a contrast perspective with the Central Bank and the economy of the country. But as I love BITCOIN , I pray Every single country will accept BITCOIN one day.

No Liabilities or debt with BITCOIN:

Bitcoin is a conveyor machine, meaning that there are no liabilities or debts associated with it. You can't get loan from it , or you can't get profit through interest. If you hold it, it’s yours. And as such, there can be no run on a “bitcoin bank.” It's Independent.

Bitcoin is considered as Fiat Currency :
Of course you can assume, holding bitcoin superior in many ways to holding fiat currency in a deposit account. Here Fiat currency are those which can not be backed by commodities . It has all the benefits without the risk of capital controls. Because of this, the growth of bitcoin is sucking value out of national currencies. The higher capital will rise the higher value it will get.

The Capital is really HUGE
I think there is now more than $70B worth of bitcoin sitting in bitcoin wallets.One thing to consider here , the asset is not under any management. So we can call it AUP (Asset Under Management ) , but we can call it Assets Under Protection (AUP). And here is where the risk to traditional banking resides. What does a world look like when a simple bitcoin wallet is indirectly protecting as much money as big giant companies , organizations like Bank of America or Fargo etc.

Wallet Becomes Bank
At that point that wallet becomes a bank, Haha , a newer form of bank with decentralized function, with different rules, operations, and monetization policy.

The Last Reason- PEOPLES LOVE BITCOIN
The real reason that banks should worry about People loves BITCOIN. People always love easy process, better stability and full control. All things are available in this case. Bitcoin actually threatens the bedrock policy and business model of Banks. That's why Banks are attacking Bitcoin.

I am trying to write good article and trying to research more to build good article. Really dreaming to get first MERIT. Thanks you guys. (Forgive me for any mistake) Cheesy

Good read mate. However, I think that instead of "attacking", I think that banks are just protecting or safeguarding their assets from something that can potentially be market-altering. The cryptocurrency market is a new market so-to-speak, and at the moment it is showing so many negative things that might scare away any probable investor, and since it involves business and money, which in turn, where banks get their bread and butter. They are just trying to protect themselves from the backlash if this market rises. However, I think, in the future, they would also delve into this market because it's a legit market nonetheless.

Spaffin

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It is necessary to get used to the fact that the banks are not unfriendly, but even with a certain hostility they refer to the crypto currency. And this is absolutely logical. The Crypto-currency takes away from the banks their clients, and together with them also takes away the profit. Therefore, often banks act as customers in spreading false negative information about the crypto currency in social networks and mass media so that less people pay attention to the crypto currency and take a great interest in it in order to conduct financial calculations.

jhongzjhong

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Quote from: Bagaji on April 10, 2018, 02:23:47 PM

It is all our hope that country world over will accept or adopt Bitcoin as as the means of exchange for goods and services. Banks see Bitcoin and crypto currency in general as an alternative to the services they render and that Bitcoin and other altcoins are accepted by their government they may loose the position they are currently occupying in the financial sector.

And that matter some banks attacking bitcoin because they think that bitcoin is their big competitor near in the future.
If this bitcoin will expand more population the banks will lesson investors because people want to invest in the easiest way and they have a right to hold their money. In this aspect banks now in some countries are taking actions regarding cryptocurrencies trying to manipulate bitcoin and we hope that someday banks and crypto are one.

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