Why many banks hate cryptocurrency ? - page 5.

kalstarzz

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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 ?

already many people who ask this. banks prohibit cryptocurrency is not surprising anymore, because in the presence of cryptocurrebcy can reduce their income or income. Why is that, ?
because cryptocurrency does not require a bank at all.

noictib

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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 ?

In actual bitcoin is a competitor for banks because before the existence of the bitcoin , banks were getting lot sir Investment easily from the people normally in banks but now after the entry of the bitcoin most of the people are thinking to make lots of earnings and making Investment in different different types of the altcoins and coins and that are leading into down in the amount of the money collection for the banking sector , so they don't want bitcoin in their business and also they are using therself technology of the bitcoin ( few banks are starting ) , so here bitcoin is better at its place but banks are not in favour because of Thier own need and worth making reasons .

TRON0824

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Because they didn't control people . Bitcoin is for everyone . maybe its great to learn more and start using blockchain in any Banks . just what Unionbank did in the philippines .

kipo

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They are afraid that it will become the main currency and I am sure it will become in the future. it won't be very good for the banks. I think everyone understands this. but i prefer btc!

Kate_Ngubanga

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they probably hate it because of the reasons that concern income. NOT everywhere there is legalization in countries and they do not get a penny from it.

komisan

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Bitcoin - and other decentralised cryptocurrencies - allow people to trade directly with each other, cutting out the need for a middleman which, in traditional commerce, is a bank.

Banks generally charge fees for doing anything with money, even just holding on to it. That's because the banks have created a level of trust that transactions pass smoothly and everything is recorded and accounted for correctly.

But as the financial crisis of 2008 proved, banks are not above abusing trust to line their own pockets.

That's what led to the development of cryptocurrencies like Bitcoin in 2009.

So banks cannot be happy with cryptocurrency because they have been removed as middlemen.

amaha cris

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Because people do not need banks to use crytocurrency. Banks fear that the use of cryptocurrency eventually make them useless.

SilverChromia

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Lot of banks thinks as of now that bitcoin can be an enemy to them or very very good competitor that can be a reason of their down fall in the future but in my country there are banks who accept crypto currencies and i know in the upcoming years those banks that hate crypto currencies will understand and will have an a idea on how they wil accept and have a good opportunity that can they used with these crypto currencies

tambok

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Quote from: klebsiella on May 26, 2018, 11:22:40 AM

Banks hate cryptocurrency because it is a threat to their existence. Cryptos has a potential to become a new currency, that is why they are afraid it would destroy them. Government and banks put limit to its potential like setting regulations on Initial Coin Offerings ang shutting down cryptocurrency exchages.

I don't think that banks still hates bitcoin since some are in favor with it already, because some banks and making ways for them to enter the crypto world just like here in our country and government are doing it as well to know more about bitcoin.

bitcoin2048

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Bitcoin in some cases can possibly became a great thread for bank system, and they simplxy dont want to loose their money earnings.

klebsiella

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Banks hate cryptocurrency because it is a threat to their existence. Cryptos has a potential to become a new currency, that is why they are afraid it would destroy them. Government and banks put limit to its potential like setting regulations on Initial Coin Offerings ang shutting down cryptocurrency exchages.

Black Angel

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The main reason banks hate cryptocurrency of course because banks worry if cryptocurrencies continue to grow then everyone will never save money in banks and more interested in storing in the cryptocurrencies that can make banks collapse.

burakdat

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Banks could not accept bitcoin or any cryptocurrency because they are basing on a currency which centralized in form because most of their clients are using centralized currency. It could get confused if centralized and decentralized currency will be mixed up that could result to catastrophic issues on legalities. As we all know that decentralized currency has no stable value and that is really hard to determine and do the transaction if time to time bitcoin market price moves. And also banks are not digital wallet where you will store your bitcoins and ask the bank if it is still there or is it stolen by the hackers already. Banks will be in bad shape to accept bitoin.

ruski

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banks hate crypto currencies because they have many fears about them since the crypto are decentralized and people can own, store, and trade them without the use of banking services. banks prefer supporting fiat and local currencies since they are controlled and centralized.

Rishabh riyz

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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 ?

Banks do hate bitcoins and want it to be banned because they fear that after examining bitcoins people would definitely shift to bitcoins and start using it , the advantages it offers to people is way more than enough for people to switch to bitcoins.
The privacy level is more , no one can see the amount we hold in our wallets, people won't need banks to handle their savings, now they won't need to follow the regulations of banks for keeping their earnings.

Th3developer

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banks are simply not interested in studying crypto currency. besides, it can destroy the already existing and established financial system.

idex100

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The reason is simple really, bitcoin and the blockchain in general are far more efficient than the systems currently used by banks.The success of bitcoin will give people a viable alternative and less number of persons will subscribe to their extortion. That's why they hate bitcoins

MUG1WARA

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every transaction through the bank will be charged for each person and accepted by the bank, so if the transaction from cryptocurrency is not accepted by the bank then the bank feels no advantage of it

Linda toraja

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Quote from: ajochems on May 19, 2018, 05:54:02 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 ?

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.

They fear nobody wants to use bank services as a place to transfer money or save money because using bitcoin and blockcain technology
makes all transactions safe, easy, transparent, fast and efficient. The cost used for the transaction is also cheaper than the conventional bank

doroshok

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Banks prohibit cryptocurrencies due to the fact that they can not use them themselves. The government is not legalizing the cryptocurrency, and therefore the tax on this is not taken, and the banks in this regard are unable to use it. Therefore against her.

Topic: Why many banks hate cryptocurrency ? - page 5. (Read 1949 times)