Topic: Why Big Banks are so Nervous About Bitcoin ? Why ? - page 28. (Read 5221 times)
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.
At first people don't think about it and just ignore it, as much as i do at first too, although the banks are already aware about the existence of bitcoin in the society they still continue to ignore it and just let it pass, and as we can see now that they are already being worried about it and they see it now as a great threat to their existence, correct me if i am wrong.
It is not the same as before where Bitcoin was under no one's radar, Bitcoin now has become so famous that bitcoin now has become a major attraction as a way of earning money or using it secretively without leaving behind shreds of evidence of the users. Bitcoin's growing value and the increase in the number of people using bitcoin has made Banks nervous. This nervousness is only because of the fear that one day Bitcoin would take over real money in terms of usage and Banks or the governments won't have control over the money that is being used in their country and another reason would be the amount of taxes that they were able to take out from us won't be possible now.
Banks owners and officials are well-known in greedy profiteering. They heard, they read, they know what bitcoin is, but the only mistakes they made is they don’t trust bitcoins capability to be on its place right now. I would say they “underestimate” the future of bitcoin and cryptocurrency.
But now they’re threatened and affected by they’re over confidence towards government support but Blockchain technology is now taking the path of no stopping.
But now they’re threatened and affected by they’re over confidence towards government support but Blockchain technology is now taking the path of no stopping.
Banks is for tangible money and currencies while for bitcoin is for intangible. But if bitcoin will be use worldwide, banks might fear this. Due to people can directly invest, buy and sell and earn without using any method. Just in a click, you can do this with any hassle of fill up forms and transporting in banks.
there would be less depositors because some are investing to the world of bitcoin..it has a big value and somewhat promising and many people like business minded would choose to buy bitcoins because of the opportunity to earn more.
These are the three things they got nervous as they were not anticipated the boom of these "big 3" in this crytpocurency world.
1. Bitcoin - it i volatile but its it s profit and inflation rate is skyrocketed and now it reaches to 5k USD ATH
2. Blockchain - the backbone of any cryptocurrency as popularized by the bitcoin creator Satoshi Nakamoto, blockchain the decentralized platform of networks and it is unstoppable and even government can' take control of it.
3. Smart contracts- popularized by the Ethereum inventor Vitalik Buterin, the anti-middlemen transactions.
With all these innovations they might fear that some of their biggest depositors are losing interest in depositing their money to the bank if the inflation is quite low whereas putting money in crypto currency and bitcoins had a potential of high gain but the high risk is also the big factor of cryptocurrency as it is volatile and unpredictable.
1. Bitcoin - it i volatile but its it s profit and inflation rate is skyrocketed and now it reaches to 5k USD ATH
2. Blockchain - the backbone of any cryptocurrency as popularized by the bitcoin creator Satoshi Nakamoto, blockchain the decentralized platform of networks and it is unstoppable and even government can' take control of it.
3. Smart contracts- popularized by the Ethereum inventor Vitalik Buterin, the anti-middlemen transactions.
With all these innovations they might fear that some of their biggest depositors are losing interest in depositing their money to the bank if the inflation is quite low whereas putting money in crypto currency and bitcoins had a potential of high gain but the high risk is also the big factor of cryptocurrency as it is volatile and unpredictable.
Big Banks are so nervous about Bitcoin because BTC came about to disintermediate third parties. Banks are definitely unnecessary when making transactions person to person, especially across borders.
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
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.
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
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