Why Banks Hates Bitcoin? - page 5. | Bitcointalksearch.org

harizen

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Quote from: katrimans on May 28, 2016, 10:31:30 PM

..and ofcourse botcoin wallets are better than banks

Hold your horses. "Better" is a big term so please use it appropriately.

I used both services, banks and bitcoin so I know in myself how I can benefit from using both.

And because Im in the situation of using them both I know their PROS and CONS

No way I can say that bitcoin is much better nor banks is.

The term "better" must have no CONS please keep that in mind.

katrimans

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Quote from: Cyaren on May 26, 2016, 03:16:52 AM

Quote from: bL4nkcode on April 26, 2016, 10:51:43 AM

Why banks hate bitcoin... And why we no longer need them...

What banks can do better than bitcoin. If bitcoin also have almost all features of banks. Only must have an internet and you can use bitcoin already.

And bitcoin has faster transactions than the bank and more secure I guess.

Banks hate bitcoin because they offer an alternative to the services they offer. But they no that bitcoin is going to replace the dollar sooner or later, it's just a matter of time. They're pretty scared. They don't want to get washed out. They want to continue scamming people under the fractional reserve standard.

They know that once bitcoin dominates as a currency, there will be no need for global money transfers. They were taking so much profit out of those. But now they are gone, because of bitcoin. That's because they hate it.

Currenctly very less options for cashout bitcoins.

BitcoinHodler

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HODLing is an art, not just a word...

the banks will always try to get their hands on bitcoin and get involved with it if they can and earn the profit by investing int it. but they show that they are not a fan of it and just want the blockchain to use for their own.

aakashsangwan

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We cannot get rid of banks so easily. There are still many things that banks can do and bitcoin don't. Banks have locker for securing your valuables. They easily provide you loan in fiat which is acceptable everywhere unlike bitcoin.

Red-Apple

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Quote from: jossiel on May 26, 2016, 03:32:32 AM

Quote from: goinmerry on May 26, 2016, 03:08:57 AM

Quote from: ngenko on May 25, 2016, 04:06:27 PM

Let's say you are a business owner, your business exists since centuries, and you make a lot of money out of thin air.
Someone comes with an innovation and demonstrate that your business will be soon useless: how would you react?

Good question. If I am that business owner then I would be wiser. I would rather approach this thing that is coming and let it in my business. I have connection that they dont have and I know they would want that.

Why would you believe someone that comes from nowhere and will tell you that your business will be soon useless? As it is used by many people and
you witnessed it, don't believe speculations of other people when it comes to business cause it might just they are your competitors

but it is going to be different for banks, because no matter what happens banks will be stay useful as long as fiat is being used and fiat is not going anywhere.

StoreBit

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I have no idea about that banks hats bitcoin. but if it is so may because it will effect their position. may be the people fell no need to use bank for legal currency when they are using online currency.

daringdiscovered

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Banks hates bitcoin because bitcoin is beating up their features.Bitcoins wallet and bitcoin itself have the features of a bank account.Difference is it's security and % of earnings.Bank accounts are more secured tham bitcoin wallets.And the difference in earnings is in bank they have a small % of interest per year,but bitcoins have no % in interest,your profit is base on bitcoins current price.And good thing in bitcoin is it can grow ny investing while holding your money.

n3o111

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Every major financial institution around the world is aware of Bitcoin and all of them are at least researching the technology. The smart ones are building prototype systems built on the tech. Some or many of them may never touch Bitcoin the crypto-currency, but they will all use the tech at some point. I believe many of them will actively hold and exchange Bitcoin at some point and a number of them very likely hold some BTC right now.

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Quote from: goinmerry on May 26, 2016, 03:08:57 AM

Quote from: ngenko on May 25, 2016, 04:06:27 PM

Let's say you are a business owner, your business exists since centuries, and you make a lot of money out of thin air.
Someone comes with an innovation and demonstrate that your business will be soon useless: how would you react?

Good question. If I am that business owner then I would be wiser. I would rather approach this thing that is coming and let it in my business. I have connection that they dont have and I know they would want that.

Why would you believe someone that comes from nowhere and will tell you that your business will be soon useless? As it is used by many people and
you witnessed it, don't believe speculations of other people when it comes to business cause it might just they are your competitors

Cyaren

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Quote from: bL4nkcode on April 26, 2016, 10:51:43 AM

Why banks hate bitcoin... And why we no longer need them...

What banks can do better than bitcoin. If bitcoin also have almost all features of banks. Only must have an internet and you can use bitcoin already.

And bitcoin has faster transactions than the bank and more secure I guess.

Banks hate bitcoin because they offer an alternative to the services they offer. But they no that bitcoin is going to replace the dollar sooner or later, it's just a matter of time. They're pretty scared. They don't want to get washed out. They want to continue scamming people under the fractional reserve standard.

They know that once bitcoin dominates as a currency, there will be no need for global money transfers. They were taking so much profit out of those. But now they are gone, because of bitcoin. That's because they hate it.

goinmerry

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Quote from: ngenko on May 25, 2016, 04:06:27 PM

Let's say you are a business owner, your business exists since centuries, and you make a lot of money out of thin air.
Someone comes with an innovation and demonstrate that your business will be soon useless: how would you react?

Good question. If I am that business owner then I would be wiser. I would rather approach this thing that is coming and let it in my business. I have connection that they dont have and I know they would want that.

Superways

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Quote from: cluit on May 16, 2016, 11:37:40 AM

Quote from: upsidedown75 on May 13, 2016, 11:07:01 AM

Quote from: jossiel on May 12, 2016, 02:07:02 AM

Quote from: DimensionZ on May 11, 2016, 04:59:38 AM

The big banks don't like Bitcoin because it offers more benefits to end users than traditional checking bank accounts. That's one of the many reasons why some people are closing their bank accounts and flocking to Bitcoin instead. Also Bitcoin can be used as a savings account if you are brave enough to buy and hold coins for the long-term investment value and the interest rate will be much higher. That's why the Blockchain technology is sought-after by fiat financial institutions.

And putting up a bitcoin wallet, doesn't need a money or maintaining balance for opening it. Unlike opening a savings account to the bank, you need to have money for the fees and you need to deposit to have a maintaining balance.

Yes this kind of lot of advantages, people can enjoy with bitcoins system where in the traditional bank system is really sucking money from us. These are very few reasons why people are converting into bitcoins system from bank.

Yes that is why banks are getting fear about losing their customers and becoming hating bitcoins system now a days. But only the more beneficial and advantages thing will survive in the competition between bank and bitcoin. But now itself we can predict the survivor would be bitcoin.

Both bank and bitcoin can survive together if banks and government start to adopt and use bitcoin, the banks should have to device some rules and mechanisms through which they have to start regulate and maintain bitcoin for the people. With that bitcoin will also get a strong support and banks will also find a new way to earn profit.

ngenko

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Let's say you are a business owner, your business exists since centuries, and you make a lot of money out of thin air.
Someone comes with an innovation and demonstrate that your business will be soon useless: how would you react?

umaOuma

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Quote from: katrimans on May 25, 2016, 01:12:58 PM

Quote from: btc-facebook on May 16, 2016, 11:50:46 AM

Quote from: amiryaqot on May 16, 2016, 11:44:05 AM

Bitcoin has more advanced financial system and providing more fast services than any traditional baking system, it has very low transaction fee as compare with international funds which takes a lot of days and charges very big fee these days people are using this method for fast transaction around the world and that is why banks are worry with this situation.

I think bank and bitcoin are different thing.

Bitcoin is a currency meanwhile bank is a place for keep your money.
I do not find any connection between them

NO, you should correct your information, because i and most of the members in bitcointalk that don't think that bank hate the bitcoin, both have a do different work. bank save the money, and bitcoin is already money.

There is no doubt that bitcoin is a currency and money too, but the fact is banks knows the potential of bitcoin and they are very well aware that it can be threat to them in future.

katrimans

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Quote from: btc-facebook on May 16, 2016, 11:50:46 AM

Quote from: amiryaqot on May 16, 2016, 11:44:05 AM

Bitcoin has more advanced financial system and providing more fast services than any traditional baking system, it has very low transaction fee as compare with international funds which takes a lot of days and charges very big fee these days people are using this method for fast transaction around the world and that is why banks are worry with this situation.

I think bank and bitcoin are different thing.

Bitcoin is a currency meanwhile bank is a place for keep your money.
I do not find any connection between them

NO, you should correct your information, because i and most of the members in bitcointalk that don't think that bank hate the bitcoin, both have a do different work. bank save the money, and bitcoin is already money.

katrimans

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Bitcoins also dont like banks as both of them are different from each other.

DarianOtoole

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Many has the thought that bank is not really looking closer to the bitcoin structure and sooner will join the system, but I think, they already know how good the structure is and their ego don't allow them to give it away, so they are developing a better system, with the basics of bitcoin and reducing the cons in this system, and may put a new term for the whole thing. Cool

I like the bitcoin idea and even lot of business support the same. There is nothing illegal and many has yet to understand that. Even many merchant account providers are now providing services to bitcoin products & services. The number is also increasing and soon the whole world will accept the bitcoin system.

jossiel

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Quote from: Superways on May 19, 2016, 07:13:43 AM

Quote from: jdmorgan on May 16, 2016, 04:32:26 PM

It easy: banks hate Bitcoin because Bitcoin don't need any banks. With Bitcoin you are the bank of yourself

But I thik in the future bitcoin start to feel the need of banks as because of scammers, people cannot pay directly to a person for any purchase of anything and so they will need a most reliable third party. In the current time escrow is also a type of banks, escrow work as a third party between two or more dealers in their business etc. So in the future I think banks will adopt the function of escrow for bitcoin transactions.

I think it will happen also that banks will try to adopt bitcoin as another source of payment and service for their clients. But, that would happen
for a very long time or if Im wrong that will never happen.

Superways

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Quote from: jdmorgan on May 16, 2016, 04:32:26 PM

It easy: banks hate Bitcoin because Bitcoin don't need any banks. With Bitcoin you are the bank of yourself

But I thik in the future bitcoin start to feel the need of banks as because of scammers, people cannot pay directly to a person for any purchase of anything and so they will need a most reliable third party. In the current time escrow is also a type of banks, escrow work as a third party between two or more dealers in their business etc. So in the future I think banks will adopt the function of escrow for bitcoin transactions.

ajun96

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Quote from: jdmorgan on May 16, 2016, 04:32:26 PM

It easy: banks hate Bitcoin because Bitcoin don't need any banks. With Bitcoin you are the bank of yourself

yeah maybe for this time only requires a bitcoin wallet. then bitcoin does not require any bank but if you think that the bank will accept bitcoin as a deposit option. then it will provide benefits for both?
after all, both are also no disadvantage to this ?

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