Topic: Why many banks hate cryptocurrency ? - page 22. (Read 1949 times)
Hello everybody. I would not say here about hatred. Crypto currency has become, in recent years, a serious competition to banks. There was an outflow of investments from the banking sector. I think that this outflow will only increase. Even without deep understanding in the crypto currency, many understand that the percentage of the profitability of the crypto-currency market is phenomenal. If you follow certain actions, the security of investing in a digital coin is not inferior to banking services. The banking sector will have to rebuild - the crypto currency market is a very serious competitor.
I have seen many news about banks banning bitcoin from using. But I think bitcoin is a great technology and future assets, and its a great opportunity for banks also to use bitcoin as a contribution. My question is why does they ban it rather than use bitcoin ?
They knew that the price of bitcoins will grow even more in the future and they also sense that people prefer to invest on cryptocurrency more than placing their money on the banks and because of that banks are afraid of cryptocurrency.
Some banks are afraid of losing customers and lower their high profits. However, there are already banks that have noticed that the crypto market is promising and instead of fighting against it, they are starting a movement to negotiate cryptos
I have seen many news about banks banning bitcoin from using. But I think bitcoin is a great technology and future assets, and its a great opportunity for banks also to use bitcoin as a contribution. My question is why does they ban it rather than use bitcoin ?
Actually, banks wants to ban using bitcoin because they can see it as a competitor not a contributor. As time goes by bitcoin is slowly becoming popular worldwide because of its purpose, benefits and advantages that's why it attracts more users. And banks was threatened bybthis because they think if people starts to embrace this they wil slowly be forgotten by anyone and replace them.
Back in 2014, for the first time, they said that blockchain technology could destroy the banking system. This technology eliminates the need for an intermediary between the payer and the recipient of funds, that is, banks. And if banks do not take measures and do not integrate into the modern economy, they may not be necessary
They had a fear of bitcoin replace them.
One of the base reason bitcoin creation is,to replace the bank .
Now a days ,huge transaction is made with the help of bitcoin.
To transfer huge FIAT of large distance take more time.
But you can transfer equivalent bitcoin in 30 minutes maximum.
One of the base reason bitcoin creation is,to replace the bank .
Now a days ,huge transaction is made with the help of bitcoin.
To transfer huge FIAT of large distance take more time.
But you can transfer equivalent bitcoin in 30 minutes maximum.
It is the banks that are the structure that will apply the decree, to convert the crypto currency into phiatic, that is, traditional money. This is the main business request, and on how this will be implemented, the freedom of business in this sphere will depend on practice, and not on paper.
I have seen many news about banks banning bitcoin from using. But I think bitcoin is a great technology and future assets, and its a great opportunity for banks also to use bitcoin as a contribution. My question is why does they ban it rather than use bitcoin ?
I think all banks do not like bitcoin. Maybe some people who hate bitcoin Those who do not like it, they may think that they do not have any benefit in their bank if bitcoin transactions. They have to no pay any tax. Bitcoin gave freedom to everyone of their money. This could be some reason.
I have seen many news about banks banning bitcoin from using. But I think bitcoin is a great technology and future assets, and its a great opportunity for banks also to use bitcoin as a contribution. My question is why does they ban it rather than use bitcoin ?
Banks hate cryptocurrency because they charge fees for doing anything with money, even just holding the money, Because the banks have created a level of trust that transactions pass smoothly and everything is recorded and accounted for correctly, and financial crisis proved in 2008, banks now are not above abusing trust to line their own pockets. And it led to the development of bitcoin and other cryptocurrencies in 2009.
I have seen many news about banks banning bitcoin from using. But I think bitcoin is a great technology and future assets, and its a great opportunity for banks also to use bitcoin as a contribution. My question is why does they ban it rather than use bitcoin ?
Banks are mainly worried they'll lose a major part of their main source of income I.e people. If laymen become aware about crypto and tend to convert fiat into crypto they might reduce their dealings with banks. Individually it doesn't cause a problem to banks but if people collectively stop investing into banks the banks will suffer. Well, Bitcoin is a decentralized system. Bitcoin gives you the independence. If the clients of those banks start investing on Bitcoin, they fear that the clients will replace bitcoin with them. I think this is the reason of banning them.
A lot of banks now hate bitcoin for this reason that almost every second person is now aware of bitcoin so they are agree to use bitcoin than putting money in banks uselessly, making profit with bitcoin is first priority of our upcoming generation so this way banks are not able to make money from people they have no longer huge costumers because people are adopting bitcoin now as they found it more beneficial than banks. bitcoin has been on demand and continuously emerging . and i think one of the reasons why is because more and more people are getting into bitcoin which shows bitcoin as a great competitor and banks banning bitcoin will make them still superior over bitcoin.
In this time Bitcoin is a widely used cryptocurrency. It is the first crypto currency which going so far. Many banks directly or indirectly affect by the progress of Bitcoin and their are some reason behind this. Cryptocurrency provide its user an high-level security and privacy which some bank doesn't provide their users. Cryptocurrency also provide an uninterrupted money transaction facility which is untraceable too this thing attract more and more people to use cryptocurrency transaction facility instead of bank. This thing ultimately affects an bank profit. Because ot this above reason many bank hate cryptocurrency
Banks not hate cryptocurrency , they hate competitors. Now in these days bitcoin goes popular only for its profit and also for technology. It have some profit which bank can't given to the customer . Infact if some one make a deposit , how many price they can earn in one year? But if they invest with bitcoin they can make more money from there expection.
because this is a threat to the entire banking system and banks understand this 
I think Banks have been part of our society for so long that we forget what exactly they do. We regard it as a bastion of security and stability. They hate Bitcoin because of that inherent instability.
I would say more than 90% of the banks might be hating on crypto currency as it threatens their monopoly over money. They cant see people having any other means to send and receive money from around the world other than banks. And crypto currency directly targets their main source of earnings.
The most banks are scared from cryptocurrencies because they are decentralized and they can not be controlled from one company. The community is controlling them. So without the controll over the money, the banks will loose their power. Thats one thing they dont want and thats why they will be always against cryptocurrencies.
One of the biggest threat to the banking system is blockchain technology and smart contract i.e decentralization and with the involvement of cryptocurrencies people are diverting their fiat to digital currencies where they can have a direct access and control over them, usually Banking system is like a third party when sending or receiving a fiat but in the advent of cryptos they are no longer a requirement.
I have seen many news about banks banning bitcoin from using. But I think bitcoin is a great technology and future assets, and its a great opportunity for banks also to use bitcoin as a contribution. My question is why does they ban it rather than use bitcoin ?
Crypto market is the new competitor of banks thats the reasom they hate crypto because people today did not save their money to banks, intead they use their money to buy crypto as investment.
Their jobs and business will soon be extinct and they are trying to fight back. They know once Blockchain gets wider attention then banks will be folding one after another. The only saving grace is for banks to employ blockchain in their system now.
You are absolutely right. Our traditional banking sector have only one option, they either join us or they die. From all observation bank will soon go to extinct. Blockchain technologist, programmers and developers will soon be wanted for employment all over world.
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