Why many banks hate cryptocurrency ? - page 31.

ajochems

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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 ?

Answer is very simple.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.

bitfocus

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as crypto goes mainstream, banks are trying to get along with it - they will switch to their own crypto and blockchain very soon. Already banks like HSBC are already deep into blockchain.

franky1

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banks dont hate crypto

banks themselves are actually making their own cryptocurrencies (research hyperledger). this will reduce their maintenance/auditing and scurity internal costs.

for a bank. all they see is a crypto buyer has fiat. and transfers fiat into someone elses account so that the buyer can get crypto.
no fiat is destroyed/taken out of circulation. its just fiat movements between one account to another much like buying an apple iphone or doing grocery shopping. so it does not affect FIAT

banks are still covered by legal tender, minimum wage and tax laws and so fiat will still circulate. so again banks dont care about crypto being a threat.

the majority of "bans" are not about stopping banking customers. but are REMINDER memo''s from government for a bank themselves to not offer a in bankbranch teller counter for crypto, not offer a BTM in a bank branch. and to continue to just handle fiat. this is the same laws that have been around for decades and why you dont see a bank selling baked beans, teddybears and toilet role. because a banks job is fiat. a banks 'product' is fiat.

but this does not mean citizens cannot hold or use currencies from different countries/colonies/communities.

dillpicklechips

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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 ?

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.

altcoinanalyst1

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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 ?

Topic: Why many banks hate cryptocurrency ? - page 31. (Read 1950 times)