Topic: Why the commercial banks must hate bitcoin? (Read 2070 times)

This makes complete sense. The banks can not handle it's virtuosity so they just want to see it obliterated.
It sound's more like a war then economics.

I think this might be one reason , banks use the deposits to invest it and make profit, but they use only fiat currencies till now, they have doubts about bitcoin transactions and thought it's "virtual" enough to be risky

To banks bitcoin is an other currency. So I think banks will use bitcoin in the future if they can make more money.

Thanks for your comment.

My answer about your thoughts it will be almost the same with what it is written in my previous post. So, if you want, read my above posts and you will have my answer for your comment.

Commercial banks hate Bitcoin because this will replace current financial system and offer more efficient and cost effective and faster transaction with more freedom.Banks use people's money from deposits to invest in other schemes to earn much more once Bitcoin goes mainstream there will not be only Bitcoin but also many digital currencies will put banking system in danger.

Thanks for the comment, happy that your first comment is in my thread and you are not at all crazy. Believe me.

I can tell one my secret. I too want the end of fiat currency. And the replace of it with a national digital coin. Which can have even its physical form. So if you think that you are crazy you have a friend.

But is not the commercial bank which is interested by those things. For this kind of banks it is the same if it will work with the fiat money or with another currency. They again will have its customers even with the (if will happen one day) new national digital coin or bitcoin. They will charge the same the new money with their fees and will do money with the credits given with the new money. They will do money in all the ways given to them by the low and the rules of the Central Bank. So they are indifferent about the form, the color, the form or the owner of the money. They are interests and want only the MONEY. Whatever it will be.

I think that bitcoin it is not yet and will be not able to cover all the needs of all the world for all the times with money. I'm not sure about this because have not data right now in my head. This is my first reserve about your idea.

The second one is another and more important (I think). If everyone will manage himself its finances and it will be not more  the need for the banks where it will be possible to find credits? The credit is an important tool for the people and for the businesses to be created, developed or go forward in the good and bad moments. So, if your idea will become true, what it will happen with this tool and the needs for it?

Thanks for the comment.

I do more explanation about my previous explanation. Your "cheap" in that sentence is followed by the reasons of this "cheap" given in continuation. Those reasons  (according to me) are wrong. My explanations have to do with the reasons of the "cheap" and not with the "cheap". So according to my explanations, the "cheap" have not the reason given by you but have totally others. Maybe I'm wrong and you're right. Everyone can take what fit with its pleasure.

The second part of your answer in the last post for me is again not fully clear but for that which I understand, why the banks will lose "the sort of monopoly" in the transactions? Will be the bank which will do the transactions of the bitcoins that will be deposited to the bank by the its customers. As for the other transactions which will be made out of the commercial bank, those will have nothing to do with the bank. So even with aim of this thread.

Bank will have more transactions if will accept bitcoin because will do even the transactions with bitcoin. Will earn even from those. So more transactions and more profit. No reason to hate or to not accept bitcoin. The other transactions with bitcoin out of banks have no reason to be treated here. Are out of banks. We are talking about the bitcoin within the bank not for those out of it.

To not forget that mainly, those kind of banks, have profits from the credits and not from the fees of transactions.

I dont understand how you not agree with me and then just repeat what i posted. Commercial banks will use blockchain to send transactions cheaper then they do right now!

in bold, i ment that right now commercial banks have sort of monopoly ( well there are many so not really, but with blockchain everyone will be able to use it) in making money transfers. So they will on first sight lose that, but since number of transactions will raise, they will not lose anything. Ofcourse those that will not act fast will lose.

Correct interpretation (in overall) but not complete and partially wrong (according to me).

1. Every commercial bank have money from the Central Bank but the main source of its money are the money of its clients. This is the real work of a commercial bank. To take the money of its customers and to work with those in order to have profit from the circulation of those; from the work with those. From this profit part of it go to the client, part to the bank and part to the Central Bank. According to the contribute of every subject and the accords between the parties.

2. A commercial bank don't do monetary policies but only work with money. In various ways but only work with money. The monetary policy is made only from the Central Bank and we are not talking about the Central Banks here. It is not their work as a aim of this thread.

3. There has nothing to do the finite or the infinite supply of the money with the work of a commercial bank. Every bank want an amount of money (its part of money; that amount which is capable to accumulate from its customers and from the others which will come in the future) and work with that amount. The overall supply of every kind of money have to do with the monetary policies which, as I told in point 2, is not part or aim of this thread.

4. Having in mind 1,2 and 3 as above written, have nothing to do with the work and the earnings of one commercial bank the nature of the money or if it is centralized or decentralized. At the commercial bank needed money (only money, simply money) to work with it in order to have profit. Those will have bitcoin from its customers, like will have us dollar or euro or any other kind of money and will work with it (those) to earn profit. Maybe will be few bitcoins but are money and can give profit. And having in mind the value of bitcoin and (theoretically) its value in the future those profits can be not indifferent.

Those are my thoughts about your post. 

Very thanks for the comment.

Thanks to all of your for your post. Everyone of your thoughts is welcomed in this thread. I invite you to continue with your posts and your thoughts because every one of those is important and encourage the discussion about this important thing (according to me) such it is the accepting or not of bitcoin by the commercial banks.

I began to give my thoughts and my interpretation to every post but I see that my time is few to continue this practice. Needed to much search and engagement and this is to hard to be made by me. Have even to many other things to do.  

I will try to give my opinion to a few of those. To whom I think that I can give something different and personal.

in my country you don't go to jail for not paying taxes, at worst they can confiscate your goods/house, everything you have

assuming they can catch you, but if i pay in bitcoin directly and privately, by buying used stuff, it would be almost impossible for them

Every "bank" is a member of the central bank.  They all benefit from the fractional-reserve currency system by borrowing money from the central bank at a one rate and lending it out at a higher rate.  The inflationary nature of a centralized fiat currency allows for many monetary policy mechanisms that a decentralized currency with a finite supply such as Bitcoin offers.  Essentially the banks benefit from being able to create money and charge for it.  They can't do it this with Bitcoin.

There is many reasons for this , i think. Being decentralized currency, and helping people to make anonymously transactions is already not very elegant in the commercial banks eyes. They prefer to know the identity of the buyer/seller, and they prefer to use the reversible payment processors, and Bitcoin is totally different so that why they hate it

Business is all about getting the cake, or as much of it as possible. Right now they don't take it very seriously, but they know there is a chance that Bitcoin disrupts their cake in the future, and it may start getting bigger and bigger slices until there is nothing left for them. They are still on the denial stage. The next 10 years will be the most interesting in human history.

Soon you will hear about people going to jail for trying to use bitcoin to avoid taxes. If you dont know what you are doing, dont try it.

Commercial banks have fear that if people started using bitcoins instead of traditional money then their business will be shut down. If bitcoins became the mainstream money then there will be no role for banks.

If banks did not run on commission they would all go out of business. Such a shame that would be 

com si com sa ,,,, on the long term it will and be

You know why they do.