Topic: Why Big Banks are so Nervous About Bitcoin ? Why ? - page 27. (Read 5220 times)
I think they are nervous because they can't control anymore the bitcoin once it has been the official currency since bitcoin is decentralized. Fiat money is being controlled by banks therefore its centralized. When bitcoin becomes popular around the world, banks will be forgotten that's why bank owners are nervous about bitcoin.
Banks are afraid of the idea of on-line wallets which featured stuff same as banks offered to its client, in bitcoin you have the power over your money you can invest it and earn so much you can withdraw it anytime you want, there are also debit card that can use to purchase things in any malls. Bitcoin offers a lot of things whick may kills banking institutions.
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
They didn't care at first because it had no value. It's an egg-chicken/chicken-egg problem. They look at things from the perspective of huge moguls. Why would they have bothered when BTC marketcap was worth a couple millions?
It took them for BTC to be worth several billions to even register on their radar, and JP Morgan just said he will not talk about Bitcoin anymore because it has no importance. But I don't believe anymore that they aren't paying attention. Other big banks are already planning getting in, like Goldman Sachs.
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.
well explained. i agree to you. big bank is so afraid to bitcoin or rather blockchain technology simply because this technology are clearly changing the world. blockchains carry the promise of a more universally accessible world, wherein each community participants and even common people get an equal opportunity to participate and share in the value that they create. meaning to say bitcoin or the blockchain technology creates an ideas that surpass the systems of the banks. it can transfer all our assets to another country at the cheaper price that wire transfer or any transactions that bank do. and just like we say banks is just like a middle man that helps us to carry our chunks of money but with the help of blockchain technology and bitcoin the virtual currency we do not need the middle man or the bank. bitcoin want to destroy our so called old financial system so that we can make a new or better one
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.
because bitcoin will destroy our financial system. bitcoin dont need wire transfer or middleman (broker) like bank to transfer money from country to country, bitcoin has cheaper fee than wire transfer or payment online. bitcoin has limited amount of supply and destroy inflation. while us dollar losing the purchasing power or money value. bitcoin overtime increasing the purchasing power or the values. big banks dont want to accept the change that bitcoin giving to the society because they will lose plenty of gains.
Banks have a definite reason to worry about bitcoin and other cryptos. Just looks at the numbers first. The market cap of the entire crypto currency market is 171 billion USD out of which bitcoin owns 55% of it close to 94 billion at this moment. This amount of money would have been channelize through the banking system but bitcoin didn't exist. But banks have no control over these funds since bitcoin is there. SO they are loosing a big chunk of their business. That is the reason to worry. That's why they are trying to discourage us saying bitcoin is scam. But when the positive vibes are so high around the world, who cares about the banks!
Why not? Bitcoin slowly shutting down they’re relevance in the society, most people or huge bulk of it are now sending through exchanges rather than going in the bank. As this day that 5800$ worth per bitcoin how many have withdrawn there savings from bank to buy and invest in bitcoin. It is now taking there profit little by little and I’m happy with this.
It is very obvious that bank will indeed be nervous as regards the increasing global acceptability of bitcoin.
Bitcoin being a virtual currency that does not requires a third party for it's transactions means a lot to bankers, at this end bankers are going to lose their jobs in few years to come. (No tax to be paid).
Moreso, bitcoin being a decentralized currency cannot be recapitalized by the so called central banks is another setback to the bankers.
Bitcoin being a virtual currency that does not requires a third party for it's transactions means a lot to bankers, at this end bankers are going to lose their jobs in few years to come. (No tax to be paid).
Moreso, bitcoin being a decentralized currency cannot be recapitalized by the so called central banks is another setback to the bankers.
Not really that they are nervous about bitcoin, they are worried that bitcoin is decentralized and people wants that service. While bitcoin is being supported by John McAfee that keeps on saying that they will never be able to control bitcoin. But they shouldn't be nervous at all as many people never know about bitcoin and they are still depending on the banking service but the potential of bitcoin is great.
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
Bitcoin rise rapidly, at first they do not see it as a threat now bitcoin is becoming more popular and gain support from people. They fell that they will be left out, people can now do transaction without the help bank.
Because the paper money is being conerting into virtual currency. People prefer to buy and hold bitcoins and also for shopping purposes,no one wants that someone should know about his wealth,if its in bitcoin so its only you who knows howmuch momey you got. People want bitcoins because its price is damn volatile,chances of profit in bitcoin is more then in just keeping money in banks.
Yes true bro.If you keep your investment in bank for a year means,you will get only 4-5 % of Money you inverse.That also in private banks.But in BTC,you will get n th % of the invested money.By seeing this ,many start to inverse in bitcoin rather of saving in Bank.So the bank get fear of what will happen to them in future,by seeing the growth of BTC.
I hope they become useless or at least try to give better services in the interest of normal people and not getting rich with huge interests on the back of the small.
For example I have a mortgage for the house and they get more than 15k in profits and for what? For giving me a virtual number they generate in a PC? Mah
Because the paper money is being conerting into virtual currency. People prefer to buy and hold bitcoins and also for shopping purposes,no one wants that someone should know about his wealth,if its in bitcoin so its only you who knows howmuch momey you got. People want bitcoins because its price is damn volatile,chances of profit in bitcoin is more then in just keeping money in banks.
Yes true bro.If you keep your investment in bank for a year means,you will get only 4-5 % of Money you inverse.That also in private banks.But in BTC,you will get n th % of the invested money.By seeing this ,many start to inverse in bitcoin rather of saving in Bank.So the bank get fear of what will happen to them in future,by seeing the growth of BTC.
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 paper money is being conerting into virtual currency. People prefer to buy and hold bitcoins and also for shopping purposes,no one wants that someone should know about his wealth,if its in bitcoin so its only you who knows howmuch momey you got. People want bitcoins because its price is damn volatile,chances of profit in bitcoin is more then in just keeping money in banks.
Yes true bro.If you keep your investment in bank for a year means,you will get only 4-5 % of Money you inverse.That also in private banks.But in BTC,you will get n th % of the invested money.By seeing this ,many start to inverse in bitcoin rather of saving in Bank.So the bank get fear of what will happen to them in future,by seeing the growth of BTC.
Banks especially the big ones are afraid and panicking about bitcoin and blockchain technology because this system is going to take their Jobs in future. Without governments support bitcoin has out perform others illiquid assets including all financial assets in 2017. We expect to see more attack on bitcoin from banker and other elites that has been using Bitcoins system to enslaved humanity. I have been transferred money without bankers knowledge and I have been comfortable using this system than banking system.
The growing technology of bitcoin and crypto currencies make it easy for many people to do transactions without going to the banks or having an on-line banking system, the wallets used for bitcoin can provide services same as banks do and the best part is that it offers investment with a very high returns in just few months or even a week these features make banks feel nervous because time will come they are no longer needed in the economy.
After Blockchain technology is no longer attached to Bitcoin transactions, as it can be used for many things including banking. One of the big impact banks will encounter when Blockchain is completely adapted by many banks, is disruption in a number of jobs, especially in the back office.
"The bank is aware that Blockchain is challenging their traditional business model," said Senior Assosiate at Norton Rose Fullbright Johanessburg, Nerushka Bowan.
According to him, the bank's function in terms of money exchange intermediaries becomes unnecessary when Blockchain emerges and develops.that's why it is necessary to note the regulators around the world, which I think is still groping Blockchain technology because it is not too understood.
"The bank is aware that Blockchain is challenging their traditional business model," said Senior Assosiate at Norton Rose Fullbright Johanessburg, Nerushka Bowan.
According to him, the bank's function in terms of money exchange intermediaries becomes unnecessary when Blockchain emerges and develops.that's why it is necessary to note the regulators around the world, which I think is still groping Blockchain technology because it is not too understood.
All those periods that bitcoin was not on the radar, the banks knew about it but because of their over confidence, they believe "its one of those thing that would soon outlived its popularity" and this was their mistake because if they had acted then maybe their oligarchy would not be as this threatened but unfortunately for them, that cannot be undone.
When I saw top executives of banks like the issue of Jamie, who made a statement, it shows that they are feeling the heat that their existence for the next century is very much in threat couple with another statement credit to the IMF President among other notable personalities in the financial world.
The way out I see for banks is to find a way to key into the technology of the future as the only option outside that is time fazing out gradually.
When I saw top executives of banks like the issue of Jamie, who made a statement, it shows that they are feeling the heat that their existence for the next century is very much in threat couple with another statement credit to the IMF President among other notable personalities in the financial world.
The way out I see for banks is to find a way to key into the technology of the future as the only option outside that is time fazing out gradually.
Big banks are scared of bitcoin and cryptocurrency in general because they fully know that there is a strong future with virtual money and they don't want another competitor, they're already fighting within themselves.
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