Why many banks hate cryptocurrency ? - page 24.

VeeraS

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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 ?

there are some things that make banks strictly forbid to engage in bitcoin let alone the current crypto industry. I think this is very natural, because banking is the basis of fiat currency. the problem is not to hate but to ban only. I think that's it

OrlandoLasso

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The Royal Bank of Canada has banned all of its clients from buying cryptocurrency.

klser

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I think banks hate cryptocurrencies, because they are afraid to lose customers someday. Cryptocurrency has many advanges and people will start to use crypto insted of services of the banks.

Kelvinikke

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A Blockchain Mobile Operator With Token Rewards

the only reason why banks don't like the technology of bitcoin and the whole blockchain technology is that it nullifies most of their operations. we all know transactions involving bitcoin does not need the work of central servers like banks. so i believe this is the reason why banks don't like bitcoin.

Pettuh4

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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.

oceantiger

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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.

jemarleon

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Silence

Because Cryptocurrency can beat up banks easily, because you can do all things in crypto like what you do in banks such as paying bills etc. with lower fee's and aside from that cryptocurrency is decentralized thats why people love it.

Pan Troglodytes

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I don't think that they do hate crypto. They watch it closely to assess the potential to boost their earnings with the use of it, and to avoid loosing their marketshare. Yesterday I read the account on FED Governor sharing that currently, FED doesn't see the need to produce their own crypto currency, but they monitor it very closely to act in the future. As (I think) you know FED is owned by private banks. And see the wording: currently.

I think that there are some bank experts in the field of cryptocurrency who are very knowledgable.

fndsr

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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

sainaselalisa

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I think they banned cause they are afraid. They fear that the independence and advantages given by Bitcoin would make their clients want to replace the banks with Bitcoin.

croptodic

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Bitcoin is one of the leading crypto currency in the world so this has future value and people accept this one because of its benefits but this crypto currency doesn’t want to accept many banks because they will loss their extra profit and investment based on this many banks invest on gold it will b problematic for them so they don’t wants to support.

Saraquiel

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Since banks are so opposed to the peer to peer transactions with BTC, is there going to come a point where governments start to create their own currency and ban the use of BTC in the country so that they can go back to charging us for imaginary fees that you can't even opt out of? Just attempting to control us in one way or another against the use of Crypto

albantani

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Obviously they forbid it, because if bitcoin is legal all over the world and the world is already using it then there is no need for any more bank in this world, bitcoin is already systematic no need someone to control it again. so essentially they fear that their services (banks) can not be used again.

ghost424

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They do not actually hate cryptocurrency but does not see the relevance of cryptocurrency with Banks. Cryptocurrency is based on the internet while banks are used in the real world to save up money. Banks are not yet integrated with Blockchain Technology and they still want to continue the process that they have been following from the start.

coinriver

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The impact of the development of cryptocurrency on banks is great. If you are a banker, can you keep calm?

Usafstar

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Banks who are not allowing bitcoin for the operations is not open to the world and because of the digital nature they did not sure about the value of this in the future because the future of crypto is uncertain and they have no physical existence that's why they fear of dealing in crypto.

upisdown

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In my own understanding, banks hate cryptocurrency because Instead people tend to deposit their money to banks as an asset, some people are making wiser move to invest in crypto's to multiply its money for just a short span of time, It is already proven and tested by majority but not all are successful, In terms of transactions, bitcoins is much faster to process rather than bank transaction, In just a click, transaction takes place rapidly.

thrylos

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So far they would really love to ban bitcoin rather than making it as their partner in their business because bitcoin is a decentralized platform which is if they let bitcoin with them many from the bank supporters will withraw their support from it and turn to bitcoin. And I also have a feeling that many from the bank owners in centralized system are participating secretly in bitcoin that is why their action of opposing btc is a kind of supporting bitcoin to remain decentralized through reverse action so that they will earn from something with free tax.

jimskiy

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Bitway.net - The Best Bitcoin Mining Network

Bank have great and strong reason to hate for cryptocurrency and bitcoin, they have try to their bank member to keep and save their money in the bank and stop invest money on bitcoin. they have try it to make money was always round on bank system where the bank used it for borrowing to investor and they take much profit by borrowing the bank member money. They will have lost their member money if the custumores keep and save their money by invest in crypto.

Daisy Smith

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The real answer to why the banks’ dislike cryptocurrencies is probably because they feel threatened. The recent selloff notwithstanding, the rise of cryptocurrencies has continued unabated, despite the efforts of some of the most powerful governments on Earth, while the concept is still very young, it does have potential to shake up the aging fiat system.

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