Topic: Why Banks are attacking Bitcoin ? - page 13. (Read 9124 times)

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 use cryptocurrency and transfer their wealth to it, the lesser customer the banks would have which would mean less profit. Even if there are no applicable rules to cryptocurrency, some banks already restrict some account holders to discouraged others to be involved with it.

Well it doesn't happen at my place because my bank's governor already declare that bitcoin is forbidden and only fiat is valid for daily transaction.

Simply because cryptos are the biggest competitors of the banks in so many ways. And what they are threatened more would might be the bank big investors will change of heart to rather invest in bitcoin and withdraw their assets from the bank. In that case lots of bank will be gone and declared bankruptcy and that scares them even more.

In fact, the banks are afraid of Bitcoin's ad, so Bitcoin is worth 15,000 or $ 1,500 does not matter. But when Bitcoin goes up to $ 20,000, everyone is talking more about Bitcoin, and the flow of money flows towards Bitcoin.

Simply because cryptos are the biggest competitors of the banks in so many ways. And what they are threatened more would might be the bank big investors will change of heart to rather invest in bitcoin and withdraw their assets from the bank. In that case lots of bank will be gone and declared bankruptcy and that scares them even more.

Adding another point into it. Cryptos and bitcoin are actually unregulated which means there is no centralized authority which can affect its price or supply directly. So this makes these banks worried as they will now not be able to control the money supply and demand in bad times. Governments will not be able to trace you out and collect taxes from you. So this is why banks are attacking bitcoins.

I think the problem is not in the price. when bitcoin becomes popular certainly many people will see the existing facilities on bitcoin and many people see that saving money in bitcoin will give absolute freedom to transact and save money. without any control and intervention from anyone and that's a stark contrast with the bank. I think that's what the bank is afraid of

In fact, the banks are afraid of Bitcoin's ad, so Bitcoin is worth 15,000 or $ 1,500 does not matter. But when Bitcoin goes up to $ 20,000, everyone is talking more about Bitcoin, and the flow of money flows towards Bitcoin.

In fact, the banks are afraid of Bitcoin's ad, so Bitcoin is worth 15,000 or $ 1,500 does not matter. But when Bitcoin goes up to $ 20,000, everyone is talking more about Bitcoin, and the flow of money flows towards Bitcoin.

When in fact it is the truth, the true existence of bitcoin is to make the world becomes cash less to make changes in the whole world, so  far we can see right now that it is too far to happen, let us see what will happen in the future, but so far banks are attacking bitcoin as they know what could happen in the Economy in the future.

Banks don't like bitcoin because they think it's a threat to the fiat. In my opinion i think it's the influence of countries since they think their currencies are at risk, becaue the banks accept crypto as part of their system. Also banks are cheating and getting money from us so they'll fight against any form of financial freedom

Banks are attacking bitcoin due to competition. If bitcoin enters the value of fiat will lose its value, this the main reason banks are not accepting bitcoin. If they accept bitcoin their country economy will go down. So banks are afraid to accept bitcoin.

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.

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Banks attacked Bitcoin because the bank did not want its position replaced with Bitcoin. Banks just want the whole community to use real money instead of Bitcoin. The bank must feel rivaled by Bitcoin.