Why Banks are attacking Bitcoin ? - page 14.

ValerKat

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Quote from: ?? on ??

Everyone is able to transfer huge amounts to the other side of the world for free.

Not for free. Everyone who wants to transfer bitcoin pays fee. To blockchain. Banks are angry because they have nothing from thousands of operations and have no opportunity to control them.

Hannahanto

full member

Activity: 826

Merit: 111

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

I agree with you. Banks attack for not only the reason you drafted above, but it includes the following. Business competition is another main point to look at. Crypto currencies are most welcomed and looked upon in the currency market. Investors are towards bitcoin and other crypto currencies. There seems to be less sharps being into local currencies. This decreases fiats revenue than bitcoin.

onebtcforlife

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Activity: 420

Merit: 10

Quote from: golek upo on March 15, 2018, 06:58:19 PM

Quote from: Kramblerty on February 03, 2018, 04:56:33 PM

The main reason (why banks don't like btc and other cryptos) is the loss of profits.
Transactions made via blockchain kills transactions made via banks.

But the topic is essential! It should be upped!

Agree with your opinion, reduction the income of banks is the main reason underlying hatred of bitcoin. Just imagine if all the people have been using blockchain for the delivery of the money, then the banks of course the banks will experience a decline in income very drastically.

Their major problem with Bitcoin is without any intermediatory like Banks people are trading by themselves without any further commissions. This makes them more frustrating about the Bitcoin and sees without any government and banks involvement the price of bitcoin is kept increasing.

golek upo

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Quote from: Kramblerty on February 03, 2018, 04:56:33 PM

The main reason (why banks don't like btc and other cryptos) is the loss of profits.
Transactions made via blockchain kills transactions made via banks.

But the topic is essential! It should be upped!

Agree with your opinion, reduction the income of banks is the main reason underlying hatred of bitcoin. Just imagine if all the people have been using blockchain for the delivery of the money, then the banks of course the banks will experience a decline in income very drastically.

Johnyz

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Quote from: Sony.UK on March 15, 2018, 12:10:35 PM

It's a business marketing. As fiat being the competitor of crypto currencies, it aims to conquer the currency market. Fiat has loosen it's value compared to crypto currencies especially to bitcoin. As banks are being the backbone of a country, the authority makes rules forbidding bitcoin into its country.

and they keep saying negative things about cryptocurrency just to win the competition but again cryptocurrency is a great invention and in the future no one can stop on this even the government. So better not to focus on FUD news and start owning great crypto now, for you to enjoy a bigger profit years from now.

SixOfFive

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Banks are attacking Bitcoin because they know that a huge amount of people are shifting towards Bitcoin and in the near future it can replace the banking services. Some leaders of banking sector are shown the annoyance and exploitation of BTC and tried to create a negative environment for Bitcoin. After considering the present situation of BTC it is tricky to say that BTC will be legalized in the near future.

Sony.UK

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It's a business marketing. As fiat being the competitor of crypto currencies, it aims to conquer the currency market. Fiat has loosen it's value compared to crypto currencies especially to bitcoin. As banks are being the backbone of a country, the authority makes rules forbidding bitcoin into its country.

marcbitcoins

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Quote from: malbterxic on March 01, 2018, 10:07:06 AM

The fact is that banks are part of the public management system. National banks regulate the issue and turnover of national currency and bitcoin is an alternative to the banking structure and at the same time it is not under the control of the state!

This is the reason for the attacks

But after all of these aspects i wonder if all banks are in common stand against Bitcoin because here in our country our Central Banks are in full support of Bitcoin even due it is not yet legalize by our government. Many major banks here are in partnership with our major local exchange in which we could use the banks withdrawal facilities in order for us to easily to cash out our converted Bitcoins. So for me, not all banks are threaten of Bitcoin existence but only few of them i think.

Theb

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I can't say that majority of the central banks of different nations are directly shutting down Bitcoin. Only a few of them officially do not recognize Bitcoin as a mode of payment. Most of the central bank is doing are issuing warnings to their citizens about the common scams associated to Bitcoin and other cryptocurrencies. This are of course investment schemes such as HYIPs and cloud mining sites. What I can say about that is not a direct threat to Bitcoin but rather a notice to the greater welfare of their citizens.

amzad

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Big Banks want to destroy Bitcoin before it destroys them.
Bitcoin, the “people’s currency,” has the potential to become a new currency, free of the control of big governments and big banks.
That’s why they both want to limit this potential. Each one in their own way. Big governments by stepping up regulations of Initial Coin Offerings (ICOs) and by shutting down cryptocurrency exchanges, as the Chinese government has announced recently, crushing cryptocurrencies.

sindikat

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Quote from: enhu on March 14, 2018, 12:11:51 PM

Quote from: glowing10 on March 14, 2018, 12:06:35 PM

Quote from: shaheer001 on March 01, 2018, 10:40:43 PM

Actually bank controls your money(fiat currency) But Bitcoin is decentralized and every person who hold is the only controller and beneficial so Banks are afraid of Bitcoin due to its total control by its community and total profit is also goes to holder.

They want to control everything and thus as bitcoin cannot be regulated as such they are having issues with this. Also it is better to transfer money and with less fees thus banks lose out he money making opportunity as people have started using btc rather than official banking channels.

Its probably not surprising to us if banks are going to buy all the BTC to have the control over this craze. Its going to be unfortunate to them still because there are tons of altcions rising apart from bitcoin. They are currently trying to also have their own though, some are also trying XRP, I think they are going to dominate son when all is well with XRP. And when this happen I think the attack on BTC may stop.

How can banks buy all bitcoins? That isn't possible. In order to destroy bitcoin banks have to buy all the coins and put them on hold. Imagine how the price of bitcoins will rise in such a situation. The last coins will be sold for billions of dollars. After that, Satoshi Nakomoto 2 will appear and say that he created a more modern bitcoin. There's never gonna be one.

enhu

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Quote from: glowing10 on March 14, 2018, 12:06:35 PM

Quote from: shaheer001 on March 01, 2018, 10:40:43 PM

Actually bank controls your money(fiat currency) But Bitcoin is decentralized and every person who hold is the only controller and beneficial so Banks are afraid of Bitcoin due to its total control by its community and total profit is also goes to holder.

They want to control everything and thus as bitcoin cannot be regulated as such they are having issues with this. Also it is better to transfer money and with less fees thus banks lose out he money making opportunity as people have started using btc rather than official banking channels.

Its probably not surprising to us if banks are going to buy all the BTC to have the control over this craze. Its going to be unfortunate to them still because there are tons of altcions rising apart from bitcoin. They are currently trying to also have their own though, some are also trying XRP, I think they are going to dominate son when all is well with XRP. And when this happen I think the attack on BTC may stop.

glowing10

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Activity: 812

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Quote from: shaheer001 on March 01, 2018, 10:40:43 PM

Actually bank controls your money(fiat currency) But Bitcoin is decentralized and every person who hold is the only controller and beneficial so Banks are afraid of Bitcoin due to its total control by its community and total profit is also goes to holder.

They want to control everything and thus as bitcoin cannot be regulated as such they are having issues with this. Also it is better to transfer money and with less fees thus banks lose out he money making opportunity as people have started using btc rather than official banking channels.

Marcsymon

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Activity: 322

Merit: 10

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

Very true but banks are not united of this so-called stand against Bitcoin because here in our country, our banks are fully supporting Bitcoin in which most of the major banks are in partnership with our local exchanges that we could use their cash out facilities anytime and anywhere in the country. In addition, our central bank is in support to legalize bitcoin in our country so that it could be regulate. So therefore not all banks is not against Bitcoin.

Lieldoryn

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Quote from: goaldigger on March 04, 2018, 03:07:06 AM

I dont see anything wrong about bitcoin except it is a threat to banking system. All theories are contradictory to cryptocurrency. Banks have a centralized system while crypto is not. If banks accept bitcoin on their system, then all countries will make it legal. People would choose decentralize system with freedom rather than system full of rules. This is why more people choose crypto rather than banks , and banks didnt want it.

All people who use bitcoin do not give up Fiat money. Therefore, bitcoin is not a direct competitor for Fiat. But banks may lose their working capital. Why keep money in banks and fear that they will be blocked or will get under a press of tax. Banks are becoming an extra link. People do not need intermediaries that are very expensive.

DeadCoin

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★ Investor | Trader | Promoter

At the end its business. Fiats are the competitors of crypto currencies. If the government allows crypto currencies occupy the market, fiats will lose its value, When it loses value the economy of the country will be at toss. Hence the government is not allowing bitcoin or any other currencies into its country. Though they welcome bitcoin by creating their own crypto currencies, they do not accept bitcoin. This is the reason banks do not appreciate bitcoin to enter into the market.

goaldigger

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I dont see anything wrong about bitcoin except it is a threat to banking system. All theories are contradictory to cryptocurrency. Banks have a centralized system while crypto is not. If banks accept bitcoin on their system, then all countries will make it legal. People would choose decentralize system with freedom rather than system full of rules. This is why more people choose crypto rather than banks , and banks didnt want it.

Leyss

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Crypto currency completely violates the established by the centuries methods and rules of financial settlements between individuals and legal entities in any country. Being by nature very conservative, banks do not like anything new. In addition, they always worked with secured money. Crypto currency for banks is not only a completely new phenomenon, but also unacceptable according to existing rules and instructions.
However, the main reason why banks are attacking the crypto currency is that the crypto currency attracts more and more people and they stop using the services of banks and they lose their profits from this. Because of this, representatives of banks almost always criticize the crypto currency from their outdated position, often going into lies and ordering and spreading about the crypto currency of false negative information, as it was recently with the Polish bank, which for 30,000 dollars ordered the spreading of false negative information on social networks crypto currency.

Lampaster

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Quote from: Kambal2000 on March 02, 2018, 11:55:14 AM

Quote from: Oasisman on March 02, 2018, 12:41:55 AM

This topic has been discussed many times already, but in fairness to your research you made a very strong point. This is just few of the reasons why there are countries and banks who hates and ban Bitcoin. In my own point of view the MAIN reason why the central banks as well as the government hate Bitcoin and get rid of it as possible as they can, is because they are afraid that they cannot control every individual in a society financially.

They don't know how bitcoin affects their system and the economy, and if I were the bank also and don't know bitcoin yet I would suggest not to do crpto especially when I have seen that the number of investors in the stock market were decreasing I will conduct study first if the dump has something against cryptocurrency.

Why do you think they don't know the consequences? Bankers are not fools. They can count better than us all. Bitcoin is killing the traditional markets bankers. Now these volumes are not critical. So bankers can be better prepared for war. Bitcoin users are busy with their enrichment and do not see the approaching threat. I am very sorry that we are not United in the face of danger.

Lwtelencio

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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

Maybe some reason why bank are attacking bitcoin are the loss of their profits, it is because bitcoin is decentralized cryptocurrencies and allowing people to trade directly with each other without any papers agreement. The bank against bitcoin because they cannot collect a charge fees for doing anything with money or maybe they scared when the time comes, lot of people will divert their money deposit unto bitcoin.

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