Why many banks hate cryptocurrency ? - page 23.

dinar99

newbie

Activity: 88

Merit: 0

Quote from: altcoinanalyst1 on May 19, 2018, 05:25:54 AM

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 ?

Why many banks hate crypto currency because I think they can see it as a competitor not a contributor. The crypto is so popular and the future technology.

Thogjold

newbie

Activity: 13

Merit: 0

Quote from: altcoinanalyst1 on May 19, 2018, 05:25:54 AM

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 ?

Even though banks are feeling threatened by the world of Crypto and how fast its growing, most banks are thinking ahead, actually benefiting from the innovation as we see them creating their own Cryptocurrencies. Its something cheaper, faster and more reliable than their existing systems.

yvuj101

newbie

Activity: 84

Merit: 0

Quote from: dimonstration on May 19, 2018, 02:28:28 PM

Quote from: dillpicklechips on May 19, 2018, 05:42:59 AM

Quote from: altcoinanalyst1 on May 19, 2018, 05:25:54 AM

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.

true and bank dont want to let this happen that is why they hate bitcoin for , cause this is not a helpful thing for them to take on cause more and more people may have to take this currency that make support on it than in bank that look to be as an old style , of course a lot of people want to try something new just like this.

Banks hate crypto currency in the reason they cannot be descentralized and curriencies now has faster growth in terms of technology.

Korkorjkk

member

Activity: 546

Merit: 11

Banks are afraid that Bitcoin will replace them. A lot of people are investing in Bitcoins hence they will not invest in banks. This will make them loose their profits

jasydoggye

newbie

Activity: 294

Merit: 0

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.

jchav010101

newbie

Activity: 84

Merit: 0

One of the reasons it's 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.Banks will lose their popularity and bankers get less money to play with.We just need to familiarise ourselves with the various ways on securing and backing up our bitcoin wallet to ensure it is safe in the bank.

doodle07

member

Activity: 311

Merit: 10

Cryptocurrency is a big threat to banks because of the fact that it would lessen costumers and just because cryptocurrency is decentralized, banks are threatened. Its not they hate cryptocurrency but its the competition that occur. Now, many have switched to cryptocurrency because of the accessibility that banks could not offer. Banks should learn how to deal with cryptocurrency for them to survive because cryptocurrency will be and definitely be the currency of this era.

dodz031718

newbie

Activity: 112

Merit: 0

Many banks have begun to integrate the blockchain system into their systems. It's a big step for technology.Banks do not like the crypto exchange for this reason. We learned the blockchain system through the crypto stock exchange.This is a sign that bitcoin is a threat to the banking system since bitcoin wants to replace the banks with bitcoin wallets.

Denker

legendary

Activity: 1442

Merit: 1016

Quote from: raidarksword on May 21, 2018, 05:05:12 AM

They hated bitcoin simply because they might afraid they lose customers, investors, and money as well. Bitcoin is the future currency and will replace banks soon and if that happen, then they cannot monopolize anymore and they lose huge profit and set backs.

No Bitcoin or crypto in general will not replace the banks.
But it will some significant portion of their cake, that's for sure. And therefore banks will have to adjust their business models.
Furthermore Bitcoin will people educate how our actual financial system works and how banks are profiting from it in a huge way! Bitcoin offers an alternative to this system. It's the first time that people have a real choice! For instance save in Bitcoin and spend with fiat!

Naughty Princess

full member

Activity: 952

Merit: 107

Quote from: fndsr on May 21, 2018, 03:38:51 AM

Quote from: altcoinanalyst1 on May 19, 2018, 05:25:54 AM

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 ?

a lot of news we see bitcoin as a means for crime, maybe that's the reason why many are rejecting bitcoin, while banks can not accept bitcoin because we also know bitcoin can do transaction without any tax and without any third party that is bank officially issued the legal and official currency as the transaction

Banks are afraid that they can lose and close in the future because there can be transactions made with less fee. They do not want to accept bitcoin because they do not know the process on it and do not see the profit can get but there is no reason for that because many of the investors want to put there savings on the bank for it to be more secure rather than placing it on online wallet.

Geljames28

jr. member

Activity: 238

Merit: 1

Banks hate cryptocurrency because of its possibility of bubbles and regulatory issues seen. They banned bitcoin because they are lack of understanding crypto and they don't have any desire to embrace the new market.

bitcoin31

hero member

Activity: 1834

Merit: 523

Bank hate bank because bitcoin using to send and recieve money. Because the bank user decrease because of the bitcoin many people use becayse it is easy where ever you are anytime and anytime. I don't know why other reason why bank hates cryptocurrency.

Escf4

jr. member

Activity: 364

Merit: 3

GIGZI - INDEPENDENT WEALTH MANAGEMENT

Many banks are haters of cryptocurrency because for them bitcoin is treat to their business, and government had no hold of bitcoin and banks consider cryptocurrency investments are competetor to their financial business.

tokenomics

newbie

Activity: 56

Merit: 0

The only reason why I know on why banks hate cryptocurrency is the fact that they can't control the transactions. Also, there is no need of a middleman like banks who needs to be paid for the transaction to be completed. And ultimately, cryptocurrency process transactions within 10 minutes or less unlike banks.

ericmalik

newbie

Activity: 92

Merit: 0

in my opinion,they are scared. because digital currencies have been able to spoil the traditional financial system.

raidarksword

member

Activity: 2044

Merit: 16

They hated bitcoin simply because they might afraid they lose customers, investors, and money as well. Bitcoin is the future currency and will replace banks soon and if that happen, then they cannot monopolize anymore and they lose huge profit and set backs.

jhache

full member

Activity: 518

Merit: 100

Most of the time the reason for banks banning crypto currency transactions is cause they say they don't know the source of the money and that it could have been an illegal transaction. Also crypto currency is something that threatens the monopoly of banks over money and banks would try to hinder the progress of crypto currencies as much as possible.

arnelandvik

newbie

Activity: 40

Merit: 0

it is nothing more than the competition, though very difficult.

bitcoinman93

newbie

Activity: 280

Merit: 0

Quote from: Pettuh4 on May 21, 2018, 03:51:24 AM

Most of the nbanks don't want competition and since they are being regulated by the central bank they would prefer an equal playing field with bitcoin for competition and since bitcoin is decentralized and that isn't possible they see it as a threat and are therefore fighting tooth and nail to oust it from the fiancial system.

exactly. When that happens and equal playing field is set, bitcoin will easily speed through the banks leaving them miles in behind, that is why they're even more afraid I guess

Safebit.io

jr. member

Activity: 50

Merit: 9

For two reasons:

- They can't control it.
- Doing the legal paperword is a nightmare.

Both things will get solved one way or another, with time. The tech is too good to ignore.

Topic: Why many banks hate cryptocurrency ? - page 23. (Read 1949 times)