I think banks are really nervous with the trend by which bitcoin is coming in society. There is no time less when bitcoin will capture the economy. Bitcoin has so many advantages, like easy transaction, no fees is demanded like banks do. There is no time taken no lack of time.
Bitcoin has caused a sense of fear of extinction in banks. As bitcoins offers more freedom and equality compare to banks. Bitcoin in a very less time has become more popular and valuable in comparison to gold.
Bitcoin is a crypto currency but it has become a hug investment also. Big companies and names are coming forward for taking the Bitcoins and accepting bitcoins. Bitcoin is a new talk of the town. Bitcoin gives a variety of advantages and is globally accepted where as bank is run on one currency. I think this is the reason why bitcoin are created fear among banks.
Topic: Why Big Banks are so Nervous About Bitcoin ? Why ? - page 25. (Read 5208 times)
Because of the fact that the bank has% of income, in bitcoin, as statistics show, the rate only grows and brings not 10-20%, but 100% +
There was a time where Bitcoin was not even on the radar, it was a novel idea that was primarily used by thieves and drug dealers on the dark web. Nothing to be afraid of in terms of holding a monopoly on money.
However, that same little upstart is now disrupting the system of things; from Bitcoin and other cryptocurrencies, ICOs and the ever impressive Blockchain technology. This is now a legitimate threat on traditional banks.
Banks have existed unchallenged for hundreds of years, and that is the key issue here; Bitcoin, backed by a solid platform such as Blockchain technology, is a ghost that is incredibly hard to control due to its decentralized nature.
The power and control of money is being ripped away from traditional institutions, which can also be seen on Wall Street. Some of these traditional investors are siding with what could be the future, while others vehemently denounce it.
Individuals can now enter into direct peer-to-peer trusted exchanges with strangers. They no longer need a central institution to vouch for the other party.
Just like the fax machine, the library, even metered taxis, new technologies have come along and made others obsolete. Banks are now in the sights of Bitcoin and are in their death throws, as they lash out with the power of states behind them.
However, there’s no stopping progress, and even with state-backed regulations trying to wrestle the money of the people under control, banks have every reason to be nervous.
Full news https://www.cointelegraph.com/news/why-big-banks-are-so-nervous-about-bitcoin
Because the banks see now that bitcoin is a threat to their business in which some investors are now pouring their investments to bitcoin not to the bank, most people are now saving thru bitcoin not in the bank and most people now are using bitcoin to purchase instead of fiat in which banks assets to stay alive.Therefore banks will do anything to make the people away from bitcoin so that it will reduce the nervous.
PNC Bank Threatens to Close Customer's Account for Buying Bitcoin
The only proper way to respond to this, is that you tell them to go ahead and close it. I have experienced something very similar, where I was forced to either stop using my bank account to buy and sell Bitcoin with, or they would immediately close my bank account and cut all ties with me as customer. I left that bank and I am happy that I did so. Never will I let a bank tell me how to use my own money, never. I am glad that I didn't have anything other than a simple bank account there, but if I needed to move my mortgage over to a different bank just because of this, I would do so too. I would even advice people around me to close their bank accounts there, just to make that rubbish bank feel that they can't mess around with their customers. They shouldn't forget that without their customers, they are nothing.
Ask I see on our economy, Big Banks are scared in bitcoin in many aspects, first and foremost banks know that paper money can turn to currency, because as of now many companies in world has accepting bitcoin in exchange for their products and works, not only that, they know that the investors on bitcoin will get bunch of money than they give, because price of bitcoin was surprisingly increasing week by week,and also it is more easier for investor to invest than banks, because there is no much requirements needed, and lastly Banks Manager knows that bitcoin power was slowly spreading in entire World like Japan first did.
Banks are nervous because bitcoin is in another dimension. Bitcoin now offers more favorable conditions to attract capital. Banks have nothing to do with it can't they understand that soon they will begin to experience a lack of deposits. To attract bitcoins they can't because they don't know how to apply them in the real economy.
I think bitcoin has sophisticated system. Many people join and invest in bitcoin. Many people believe that invest in bitcoin has many more profit than invest in bank. So big bank are so nervous and scaried about bitcoin 
Banks are in operations from last hundreds of years.
Banks have reached almost every part of the world.
Banks work like backbones for many economies.
Banks not only issue currencies but also do lot of other activities required for people in general.
Bitcoins get introduced in 2009, with many popular features which banks never implemented even after gaining monopoly in currency business. Bitcoin is a decentralised , autonomous currency, banks have always controlled/ manipulated economies on the instructions of the governments.
There is heavy difference on the return on the investments of banks and bitcoins. Banks took heavy transaction charges from their customers, transaction charges of cryptocurrencies are negligible as compared to banks.
Banks have really shaken by the popularity of bitcoin.
If they have to survive they must change their traditional ways of doing businesses.
Banks have reached almost every part of the world.
Banks work like backbones for many economies.
Banks not only issue currencies but also do lot of other activities required for people in general.
Bitcoins get introduced in 2009, with many popular features which banks never implemented even after gaining monopoly in currency business. Bitcoin is a decentralised , autonomous currency, banks have always controlled/ manipulated economies on the instructions of the governments.
There is heavy difference on the return on the investments of banks and bitcoins. Banks took heavy transaction charges from their customers, transaction charges of cryptocurrencies are negligible as compared to banks.
Banks have really shaken by the popularity of bitcoin.
If they have to survive they must change their traditional ways of doing businesses.
Yes banks are nervous about bitcoin, as bitcoin price increases banks nervousness is also increases
recently news PNC Bank Threatens to Close Customer's Account for Buying Bitcoin
Central bank of India wants to regulate bitcoin in india
Bitcoin Businesses Face Bank Account Closures in Singapore
This shows that banks are afraid from bitcoins.
recently news PNC Bank Threatens to Close Customer's Account for Buying Bitcoin
Central bank of India wants to regulate bitcoin in india
Bitcoin Businesses Face Bank Account Closures in Singapore
This shows that banks are afraid from bitcoins.
Bitcoin has challenged the entire banking system itself which has been built successfully over centuries.Banks consider bitcoin as their rival.It was first feared that bitcoin would affect banking transaction volumes since it offers transactions at very low fees.Now,it has almost come true.
Also,banks could face another serious issue in future.People may stop depositing huge amounts of money in banks as they just offer very low interest rates.Instead,they would start to invest in bitcoins which could give even ten folds more than invested money even in one year.
So,its true that bitcoin has become the worst nightmare of bankers.
Also,banks could face another serious issue in future.People may stop depositing huge amounts of money in banks as they just offer very low interest rates.Instead,they would start to invest in bitcoins which could give even ten folds more than invested money even in one year.
So,its true that bitcoin has become the worst nightmare of bankers.
One sure thing that will happen is that there is a future. That future is what a lot of businesses are skeptical about and not only banks. In the future, there will hardly be need for anyone to visit the bank because virtually everything you need to do will be done via your internet enabled gadgets and in as much that will mean low costs to the banks in terms of operating costs it is also going to boost confidence for users to adopt alternative means.
If I don't have the need to go to the bank, I therefore can do things alternatively which would be solely done by the banks and that is what bitcoin is giving to users in the present which therefore means that bitcoin is already where banks wants to be and that is what they are nervous about.
If I don't have the need to go to the bank, I therefore can do things alternatively which would be solely done by the banks and that is what bitcoin is giving to users in the present which therefore means that bitcoin is already where banks wants to be and that is what they are nervous about.
It's because bitcoin is attracting more investors as it increases its value. Bitcoin is very volatile at secured as well. There is much high potential for your investment to rise within a short time. Since bank uses paper money and other physical things that has no value, they might be afraid of paper money phasing out because of digital currency.
I think you are completely wrong here. First of all, Banks are nervous about Bitcoin due to its rising demand and popularity, due to which they might need to face a decline in their profits because people are directly transferring money from one place to another without the need of any mediator like Banks. If Bitcoin becomes highly popular it can reduce the usage of Banks to greater extent, this is the main reason why Banks are getting nervous. Second, paper money have a their own importance in the system you simply can’t eradicate them from the state and consider them having no value. And lastly, Banks are afraid of Bitcoin and crypto currencies which are decentralized in nature and not Digital currency. Bitcoin is a part of digital currency, moreover banks have already introduced digital currencies but they centralized system.
The major reason why banks find it difficult to deal with the bitcoin technology is that it is open and decentralized. Banks have always find themselves hand in gloves with not so legal activities due to their secretive nature of operations. Banking sector has been developed by People who wanted to take control, manipulate general populous with control over money. Bitcoin is so revolutionary in a sense that its vehicle which moves bitcoin from one end to other is based on blockchain. Banks find this blockchain very fascinating and revolutionary. In fact they are working on getting their own blockchain based technology for their own use. However bitcoin is simply threat to the biggest loot these banks are doing with their ability to exploit the loopholes in money transfer.
Banks don't find it difficult to deal with Bitcoin technology; they don't want to. They fear that people might not need banks, once bitcoin becomes well established. You could have a situation where they don't get deposits, because people are holding their wealth in the form of bitcoins on their own computers.
It's because bitcoin is attracting more investors as it increases its value. Bitcoin is very volatile at secured as well. There is much high potential for your investment to rise within a short time. Since bank uses paper money and other physical things that has no value, they might be afraid of paper money phasing out because of digital currency.
There was a time where Bitcoin was not even on the radar, it was a novel idea that was primarily used by thieves and drug dealers on the dark web. Nothing to be afraid of in terms of holding a monopoly on money.
However, that same little upstart is now disrupting the system of things; from Bitcoin and other cryptocurrencies, ICOs and the ever impressive Blockchain technology. This is now a legitimate threat on traditional banks.
Banks have existed unchallenged for hundreds of years, and that is the key issue here; Bitcoin, backed by a solid platform such as Blockchain technology, is a ghost that is incredibly hard to control due to its decentralized nature.
The power and control of money is being ripped away from traditional institutions, which can also be seen on Wall Street. Some of these traditional investors are siding with what could be the future, while others vehemently denounce it.
Individuals can now enter into direct peer-to-peer trusted exchanges with strangers. They no longer need a central institution to vouch for the other party.
Just like the fax machine, the library, even metered taxis, new technologies have come along and made others obsolete. Banks are now in the sights of Bitcoin and are in their death throws, as they lash out with the power of states behind them.
However, there’s no stopping progress, and even with state-backed regulations trying to wrestle the money of the people under control, banks have every reason to be nervous.
Full news https://www.cointelegraph.com/news/why-big-banks-are-so-nervous-about-bitcoin
But here after the bitcoin success they are getting less investment in bank account , most of the people have dream.with the bitcoin and other cryptocurrency like system and moving also toward the cryptocurrency , so here bank system are worried about this thing and are now against the cryptocurrency .
Here I think those bank industries should understand well about the cryptocurrency and also they should enter in this field Because they can do more better in this with new new concept .
Here a recent news telling that the bank of India ( sbi ) is looking to use the blockchain technology for fiat currency , so we can understand how much they are interested in bitcoin .
The major reason why banks find it difficult to deal with the bitcoin technology is that it is open and decentralized. Banks have always find themselves hand in gloves with not so legal activities due to their secretive nature of operations. Banking sector has been developed by People who wanted to take control, manipulate general populous with control over money. Bitcoin is so revolutionary in a sense that its vehicle which moves bitcoin from one end to other is based on blockchain. Banks find this blockchain very fascinating and revolutionary. In fact they are working on getting their own blockchain based technology for their own use. However bitcoin is simply threat to the biggest loot these banks are doing with their ability to exploit the loopholes in money transfer.
it is so simple it is not because they are getting deficit by it but because they are investing on it most of their money are in the cryptocurrency bitcoin, if bitcoin will get lost for sure they will be bankedcrupt in the mean time.
Because some traits and potentials of the bitcoin currency and blockchain technology that behinds this currency are the opposite of central banking and it has already taking popularity through different countries all over the world. If the bitcoin succeeded to its original goal to eliminate the middle man or central control of the money, they have no choice whether to adapt their system to blockchain technology or refuse into it staying on the traditional banking where they are the one who manage to the money.
Banks are threatened by the existence of bitcoin because bitcoin offers a better service than banks. In terms of investing bitcoin can give people a much higher profit compare to banks, transacltions are free of charge and no hassle. I think banks as early aa today are finding its way to survive amidst the popularity and wide acceptance of people to bitcoin because if not they might be defeated by bitcoin.
It's fairly simple in my eyes: banks are not necessary in a world where Bitcoin is adopted by the masses. Everyone would be responsible for their money, and banks won't be able to charge for services they should be providing for free anyway. I'm sure they will find a way to survive, but they would be nowhere near as powerful or profitable.
Bitcoin is itself a bank it takes investment and one can use at their own as mode of payment there is also no need of banks like that. Who needs banks to put their money when they have an golden opportunity to get high profit and as well as more eases as compare to banks, bitcoin is versatile and it blesses everyone that’s why banks are having some serious concerns to it. Jump to: