Topic: Why Banks are attacking Bitcoin ? - page 9. (Read 9110 times)
Not all banks are against bitcoin, few of them even support it. It is also depend on what country you are residing. Bitcoin-friendly banks can be found mostly in many wealthy nations like Japan and Germany. Many banks in Third world countries are against the use of cryptocurrencies or their central bank did not approve it. One reason why some banks did not accept funds from bitcoin because it might come from illegal source like scams and money laundering.
Most banks attack Bitcoin because the bank feels that Bitcoin is taking advantage that the bank should accept. Yes, for example, many people prefer to switch to Bitcoin instead of using a bank. Surely this will greatly affect the development of banks getting worse. But I hope that one day the bank can fully accept Bitcoin. Then between banks and crypto can work together. It will be better.
There is a billion-dollar outflow of capital from banks and stock markets to the crypto currency. This is very hitting the banking system of the world's largest banks.
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. 
IMO they are different things and can't be compare.
Why ?
Bank is a place so safe fiat , bitcoin is digital money !
Bank accept bitcoin ? It's impossible because every country have their own policy about how to consider their currency into legal fiat !
Why ?
Bank is a place so safe fiat , bitcoin is digital money !
Bank accept bitcoin ? It's impossible because every country have their own policy about how to consider their currency into legal fiat !
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.
I guess you were meaning to say that the commercial banks par se are really not the ones afraid and attacking Bitcoin, because they're after all business ventures very much interested in ways to maximize profit. Their hands however are tied by their masters - authorities, who are might be tempted to clamp on their license for none compliance. That makes the authorities, as represented by central banks, the banks attacking Bitcoin.Bitcoin is wonderful one. No one can replace the bitcoin price. Now bitcoin is reach the all country. So bitcoin is help to people growth. Bitcoin is support the people life growth. Bitcoin help to people future saving people any time to use and any where to use. No rules and regulation.
But bank not for people growth. It affect the people future saving. Now most of the people wait for the bitcoin. If accept the country legal way. Most of the people use the bitcoin. Bank will go down. Bank is not give the more information of the banking rules and regulation. Bitcoin is give more information. Now bank is fear. So attacking Bitcoin
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.
I guess you were meaning to say that the commercial banks par se are really not the ones afraid and attacking Bitcoin, because they're after all business ventures very much interested in ways to maximize profit. Their hands however are tied by their masters - authorities, who are might be tempted to clamp on their license for none compliance. That makes the authorities, as represented by central banks, the banks attacking 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.
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)
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)
All the listed reasons are enough for the banks to be alarmed about bitcoin because it is absolutely true. Can we imagine how scared they are that one day they will wake up without investors left? Ofcourse will choose to have their savings in their own wallet and not being controlled by anyone else but itself only. Keeping our investment on our own and just waiting for the huge profits to come compared to the banks that only gives a little bit of interest whatever how big amount we deposited from them.
I wouldn't say all banks hate it. Some banks like it a lot.
But I think the main reason why most banks don't like Bitcoin much is that they can't make money of it because of legal or technical reasons.
But I think the main reason why most banks don't like Bitcoin much is that they can't make money of it because of legal or technical reasons.
The main reason is loss the profits. people not use the bank transactions. Bank will be go down and bank not get profit. Bank is affect the all country people saving and future growth. So people wait for the new transaction process. Bitcoin is good transaction process. So it change the people life and people get more profit. It change the life style. Bitcoin is never affect the people growth and saving. But banking process is not give the rule and regulating for the banking process. But bitcoin will be give all information and it easy way to use. It easy to transaction but banking will be get the transaction charges from the banking account. But bitcoin will not get charges for any transaction. It good future growth. So hold the bitcoin.
I mean the only thing with significance I have seen lately is some banks have banned cryptocurrency purchases on their customer's credit card, and for me that is understandable. Their customers buying a risky asset on a credit will mean bad business for them. So I totally understand why they want to be on the safe side of business, even that kind of move made by a bank does not show a direct attack to Bitcoin.
YES banks forbid purchase of cryptocurrency on their proceeds of credit. But there is a real situation when at the person of the bankrupt arrest accounts, apartments, cars and cryptocurrency. Cryptocurrency is considered by bank risky, but the court quietly takes away cryptocurrency for debts and doesn't consider her risky. There are many questions to bank at once.
I mean the only thing with significance I have seen lately is some banks have banned cryptocurrency purchases on their customer's credit card, and for me that is understandable. Their customers buying a risky asset on a credit will mean bad business for them. So I totally understand why they want to be on the safe side of business, even that kind of move made by a bank does not show a direct attack to Bitcoin.
Finally, another reasonable response!
Again, this isn't a support of big banks - they obviously have had and engage in questionable practices that aren't in the best interest of consumers. I think it's just better that we all take honest appraisals of the situations.
One day banks will learn to cooperate with crypto currencies, there is no other wally to them besides to become friends to their enemies. Banks are loosing clients because of crypto, but they have no power to forbid people to use crypto, so there is nothing more to them besides to add crypto in to their exchanging lists and the next step is going to be crypto storage.
Bitcoin captures the imagination of many people because bitcoin holds the promise to democratize finances. Bitcoin can operate entirely independently without government, regulatory or bank support, but it is still trusted by many people.
In other words, bitcoin is present to overcome the financial monopoly done by the bank. therefore, banks consider bitcoin as a system that can threaten the existence of the banking system.
In other words, bitcoin is present to overcome the financial monopoly done by the bank. therefore, banks consider bitcoin as a system that can threaten the existence of the banking system.
I'm very curious as to why people here think banks hate crypto?
If anything, it's more clear that they're interested in and trying to find a place in this space today (there definitely will be a place as they have so many resources and as regulation grows they'll have more lobbying power to change things in their favors).
I'm not in support of banks, for sure there are some bad practices that need to be changed which blockchain and crypto bring. However, there's definitely a feeling on the boards here that banks want to kill crypto. And it's clear that that's simply not true (Goldman opening up a crypto desk, JP Morgan setting up an entire blockchain division, financial services firms like the Big 4 all opening ICO practices, etc.).
The road is being setup to institutionalize crypto. Accordingly, it's more that the banks will try to own as much crypto as possible (as long as it's worth something)!
If anything, it's more clear that they're interested in and trying to find a place in this space today (there definitely will be a place as they have so many resources and as regulation grows they'll have more lobbying power to change things in their favors).
I'm not in support of banks, for sure there are some bad practices that need to be changed which blockchain and crypto bring. However, there's definitely a feeling on the boards here that banks want to kill crypto. And it's clear that that's simply not true (Goldman opening up a crypto desk, JP Morgan setting up an entire blockchain division, financial services firms like the Big 4 all opening ICO practices, etc.).
The road is being setup to institutionalize crypto. Accordingly, it's more that the banks will try to own as much crypto as possible (as long as it's worth something)!
Bitcoin is the competitor to local fiats. When you invest in banks the interest should be low and you have to wait for long time to see the profit. But that profit is also not high, but if you invest in bitcoin you could see the profit in short term itself. The profit is also very high when compared to lacal fiat's banks interest. Another main reason is tax problem for bitcoin money we no need to pay tax this is not applicable in banks transaction. People use bitcoin only for their transactions when it is accepted by banks. The local currency has no value and it will disappear in future.
Indeed, all ideas were in exact phase of how banks really been intimidated with cryptocurrency bitcoin or so called digital currency. In general understanding the banks was threatened by bitcoin's economy, so they're trying to pull down the reputation of bitcoin because of those reasons behind their frustrations to get more investors who diverted their funds to bitcoin investments. Now as a bitcoiner who has huge amount of investments, would you believe that they're responsible for the spreading FUD and fake news? Well, then the possibility is certain due to rivalry between fiat economy and cryptocurrency.
Bitcoin is the competitor to local fiats. When you invest in banks the interest should be low and you have to wait for long time to see the profit. But that profit is also not high, but if you invest in bitcoin you could see the profit in short term itself. The profit is also very high when compared to lacal fiat's banks interest. Another main reason is tax problem for bitcoin money we no need to pay tax this is not applicable in banks transaction. People use bitcoin only for their transactions when it is accepted by banks. The local currency has no value and it will disappear in future.
actually the bank may not attack bitcoin, they just do not understand and know about bitcoin and blockchain system applied bitcoin. everything has changed, including the current bank system and payment system, throughout the history of the world all being changed for the better, the banks must be able to adjust to the current state of affairs, not only fixated on the ancient system they currently use
Because banks are afraid to defeat them, they are afraid to spread this to worldwide because they're know that people might choose it to use than them yet it has no tax problem.
Because banks are afraid of cryptocurrencies growth, if crypto enters it will dominate the local fiats. It's just a competition between banks and crypto. Crypto value is more when compared to local fiats. People using only crypto they forget to use local fiats. Investors are turned to invest only on crypto not on banks. There is no tax problem for bitcoin this is also the main reason banks not accepting bitcoin. No one deposit the amount in the bank, people stored their bitcoins in their wallets and used it once the value reached high they sell their coins and earn more profits.
Bitcoin and the banks are like the opponent teams in a match with each eager to win at the end of the day. Both operate on a different principle which opposes or disrupts the other. With Bitcoin, the people get to be the master of their own finances without any authoritative third party to control and decide when to transact and how to do it. With this, the power is giving back to the people and the banks see this as a major disruptive move to their operations.
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