Topic: Why many banks hate cryptocurrency ? - page 28. (Read 1949 times)
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.
Banks are centralized, monopoly institutions and they are afraid that if people use cryptocurrency in everyday life, then banks will lose their functions as financial enterprises and they lose multi billion profits because there will not be a need to use the services of banks.
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 ?
Because some of the banks now think Bitcoin is a threat for them while to other banks is not instead they simply adapted it actually like Unionbank,
and now PNB is planning to adapt the system of cryptocurrency for what unionbank did.
I don't think banks hate cryptocurrency. They do buy the idea of decentralization of cryptocurrencies, a system where no one controls the rate at which cryptocurrencies can be used. In addition to this, they see the decentralized system as a threat to their corrupt centralized system.
Banks hate bitcoin because it is their competitor and can even replace them if bank will ignore the current increasing demand for bitcoin/crypto. In last few years they were putting lots of pressure on government to put several restrictions on bitcoin transactions and trading so that people will fed up with bitcoin and stop thinking about being involved with bitcoin.
They failed on this one and now they are adopting blockchain tech and making their own crypto currency (not decentralized like bitcoin) based on blockchain but backed with nothing just like paper money and with unlimited supply to fool their customers and promote their network as secure as bitcoin itself.
Bank now adopting blockchain tech while limiting their support for bitcoin related activity.
They failed on this one and now they are adopting blockchain tech and making their own crypto currency (not decentralized like bitcoin) based on blockchain but backed with nothing just like paper money and with unlimited supply to fool their customers and promote their network as secure as bitcoin itself.
Bank now adopting blockchain tech while limiting their support for bitcoin related activity.
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 almost all of them do hate cryptocurrencies since they are scared that their banks will lose some customers someday because people tend to rely on their own safe keeping of money.
I think it takes a long time to create some kind of bureaucracy so that bitcoin could be connected to banks.
It's simple - centralized system against decentralized. Banks don't want to lose control and power.
Bitcoin is a great technology and future assets.It is a great opportunity for banks also to use bitcoin as a contribution.There are huge transaction made with the help of bitcoin.To transfer huge fiat in a large distance take more time.
Banks hate bitcoin because banks can not take advantage of bitcoin transactions, except in exchange of bitcoin into fiat money.
To be brutally honest, but not intentionally mean, most bankers don't have much tech background, and have probably never read a white paper in their lives, regardless of what fine institution they may have graduated from. They are in as far over their heads regarding bitcoin, as most tech-oriented bitcoiners are in over their heads in the ways of Wall Street. It will probably take quite a while for this mega-gap of background/knowledge to converge
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 ?
Due to high bitcoin volatility banks will unlikely ever use it, also the banks can't control bitcoin this is also one of the main reasons.
Banks will more likely use Ripple for their purposes, because it's a centralized asset (not a cryptocurrency)
It's very normal that banks, governments are banning something they can't control or understand how to control it.
But some smaller banks in Switzerland are already offering their clients opportunity to invest in bitcoin.
There are some possibilities that coming from my mind I think the reason why banks hate cryptocurrency because they are afraid that cryptocurrency will be the number one payment or monetary system in this world they are afraid to be replace by the cryptocurrency. That's why they are trying to bring down the cryptocurrency as soon as possible.
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 cannot utilize bitcoin because it will change the whole system. Also, banks are under the government so we cannot act quickly base from our decisions. Nonetheless, banks can never be nice to the cryptocurrency system.
I don't think anyone would like other party to take their food away from them, Bank has been the major issue in the world when it comes to inflation in all things that we used ,
Base on these reasons , they hardly want or like to let go of such opportunity by working with government in making Rich richer and poor poorer, but in a decentralized world that blockchain has provide for us to explore , they will do everything to make it impossible, which has been the major reason they talk more about Bitcoin and cryptocurrency at large as a scam and that we should distance to it, but with their noise and fake news , we are only getting better , which has giving most if not all the second thoughts about the blockchain ecosystem, that is why people like jp Morgan are finding their way to cryptocurrency now and am sure all will surrender soon.
Base on these reasons , they hardly want or like to let go of such opportunity by working with government in making Rich richer and poor poorer, but in a decentralized world that blockchain has provide for us to explore , they will do everything to make it impossible, which has been the major reason they talk more about Bitcoin and cryptocurrency at large as a scam and that we should distance to it, but with their noise and fake news , we are only getting better , which has giving most if not all the second thoughts about the blockchain ecosystem, that is why people like jp Morgan are finding their way to cryptocurrency now and am sure all will surrender soon.
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 ?
in my country the government declares regulation of bitcoin ban to be limited to close all forms of transactions using bitcoin as a means of payment, such as buying goods using bitcoin but until now I have not seen any regulations that prohibit the use of Bitcoin as an investment asset. government ban on the grounds of fear of money laundering, financing of terrorism. I agree with what you said bitcoin is a great asset in the future.
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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 ?
your opinion about the bank forbidding bitcoin to cooperate I think the answer is bitcoin can do direct transactions without passing or using the terms of the bank
Which is the main reason why banks forbid bitcoin is because banks are afraid of losing their customers who are beginning to realize that blockchain technology is better than the banking system? Their prohibition also signifies that the bank is aware that blockchain technology is a threat to the banking system and it should embrace bitcoin to adopt its technology to be applicable in its current banking system.
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 ?
The ease of making transactions into a plus value owned by Bitcoin. Also for some people that secrecy is important, so they use anonymous as a very interesting thing. Banks certainly hate that because most bank users will move and could start using Bitcoin. Bitcoin does offer many advantages in this age of digitalization.
I don't think banks are banning bitcoin or cryptocurrency. Bitcoin is built to bring improvement to the banking service and and make transactions fast , swift and easier. This is not a reason for banks to ban it. For banks to use cryptocurrency, I think this is merely a dream. Instead, they would rather create their own cryptocurrency and use it. No harm is aimed, but the banking system is a solid ancient system that can never be broken.
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