Topic: Why the commercial banks must hate bitcoin? - page 2. (Read 2055 times)
There are many reasons for what banks hate Bitcoin but some of them I will tell which are more important ones.Banks are running on commissions for different services like deposit and transfers funds for payments.Bitcoin gives more flexibility to deposit in your own wallet and fast and cost effective transfers facility.It is normal bankers will hate to anything it is not just about Bitcoin which compete with them.
2. Government don't like seeing their people using bitcoin, because they can avoid tax, fees & couldn't be tracked easily. So, they won't let bank or anyone to use or accept bitcoin. That's why most bank don't accept bitcoin.
Please correct me if i'm wrong
When bitcoin is regulated, governments want us to use bitcoin as it is traceable, and taxable, not like cash.
that's not true, it's not traceable if i simply move funds from a place to another, taxable also, if i don't exchange it to fiat, there are no taxes, and many country don't even tax it regardless
bitcoin is even more dangerous for the governments than cash, otherwise one could not explain why it was banned(and still it is in some countries) while cash was never
When you are paid salary with bitcoin, which I hope in the future most of us will be, then the tax authority will know because your employer have to informed them and show them the transactions.
ah well yes, if you're payed directly by your boss at your job then you're forced to pay, actually he pay everything for you in advance, it's how it work in RL
but you can always earn bitcoin in a different way through the web, and there are no tax to pay in that way, it's another reason why i like signature campaign
I think we can say big banks,but hate is to much to say.Bitcoin is kind of competition for them,thay are loosing cards fee,but we need to remember that btc hasto be exchanged to fiat at the end,in that moment banks make his money on fees
I would think compatibility issues and the fees don't go to them.
At first I thought they would see it as a threat but bitcoin is incorporating itself into everything that we do online now. So they will eventually have to work with it in the long run or lose more business.
At first I thought they would see it as a threat but bitcoin is incorporating itself into everything that we do online now. So they will eventually have to work with it in the long run or lose more business.
I am not sure that all banks are hating Bitcoin at the moment. We can see the proof of that, some are refusing to work with Bitcoin altogether and some are welcoming Bitcoin and cooperating with. This is a great thing, because at the end we will have many banks that will bring decisions do they want to work with Bitcoin or not. Not just a handful but many different ones.
Now I have a theory that all bank could hate on Bitcoin and why? Well it's pretty simple in my opinion, if all the people in the world would take their own finances in their hands, we wouldn't need banks. Well with Bitcoin, we are one step closer to this. I am not saying that Bitcoin is ready for that, but we are one step closer to total control.
Now I have a theory that all bank could hate on Bitcoin and why? Well it's pretty simple in my opinion, if all the people in the world would take their own finances in their hands, we wouldn't need banks. Well with Bitcoin, we are one step closer to this. I am not saying that Bitcoin is ready for that, but we are one step closer to total control.
I don't think that banks hate bitcoin, just that people here hate banks and thus they say that banks hate Bitcoin since banks have not yet adopted it yet. I'm fairly certain it is just that banks don't care about bitcoin yet because it isn't very big, it isn't relevant to them. They also avoid Bitcoin because of the lack of regulation so it can be risky for them to use bitcoin.
2. Government don't like seeing their people using bitcoin, because they can avoid tax, fees & couldn't be tracked easily. So, they won't let bank or anyone to use or accept bitcoin. That's why most bank don't accept bitcoin.
Please correct me if i'm wrong
When bitcoin is regulated, governments want us to use bitcoin as it is traceable, and taxable, not like cash.
that's not true, it's not traceable if i simply move funds from a place to another, taxable also, if i don't exchange it to fiat, there are no taxes, and many country don't even tax it regardless
bitcoin is even more dangerous for the governments than cash, otherwise one could not explain why it was banned(and still it is in some countries) while cash was never
When you are paid salary with bitcoin, which I hope in the future most of us will be, then the tax authority will know because your employer have to informed them and show them the transactions.
Banks control fiat and it is their main life line. If bitcoin steps in and completely overtakes fiat imagine how much money they would have lost from the business as there is virtually no fee to collect. Lending which are controlled by banks also become obsolete and that is where part of their revenue come from.
They have already lost their monopoly over the worlds money supply, but they don't know it yet
Napster was fought and slaughtered by the banks, record companies etc yet they still lost their monoploy over the distribution of music due to the creation of peer to peer filesharing technology
Once the technology is put out there and into the hands of the public nothing can be done
We will see the full effects of this during the next 10 years
i totally agree with you banks will lose all their cheating and unwanted charges from the customers when they chose to use bitcoin instead of fiat. it will be a benefit for customers to deal with
2. Government don't like seeing their people using bitcoin, because they can avoid tax, fees & couldn't be tracked easily. So, they won't let bank or anyone to use or accept bitcoin. That's why most bank don't accept bitcoin.
Please correct me if i'm wrong
When bitcoin is regulated, governments want us to use bitcoin as it is traceable, and taxable, not like cash.
that's not true, it's not traceable if i simply move funds from a place to another, taxable also, if i don't exchange it to fiat, there are no taxes, and many country don't even tax it regardless
bitcoin is even more dangerous for the governments than cash, otherwise one could not explain why it was banned(and still it is in some countries) while cash was never
i have positive thinking in this case
-they worried about bitcoin security, so many people say that saving money digital just will make you losing your money
-they think bitcoin is just a joke, they didnt take serious about bitcoin
-they worried about bitcoin security, so many people say that saving money digital just will make you losing your money
-they think bitcoin is just a joke, they didnt take serious about bitcoin
haha, thats nice! but I think you are kidding right now.
All the banks care about is the profit, they don't give a s*** about people's security.
Digital currency is merely our first introduction into a cashless society
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i have positive thinking in this case
-they worried about bitcoin security, so many people say that saving money digital just will make you losing your money
-they think bitcoin is just a joke, they didnt take serious about bitcoin
-they worried about bitcoin security, so many people say that saving money digital just will make you losing your money
-they think bitcoin is just a joke, they didnt take serious about bitcoin
2. Government don't like seeing their people using bitcoin, because they can avoid tax, fees & couldn't be tracked easily. So, they won't let bank or anyone to use or accept bitcoin. That's why most bank don't accept bitcoin.
Please correct me if i'm wrong
When bitcoin is regulated, governments want us to use bitcoin as it is traceable, and taxable, not like cash.
Banks control fiat and it is their main life line. If bitcoin steps in and completely overtakes fiat imagine how much money they would have lost from the business as there is virtually no fee to collect. Lending which are controlled by banks also become obsolete and that is where part of their revenue come from.
They have already lost their monopoly over the worlds money supply, but they don't know it yet
Napster was fought and slaughtered by the banks, record companies etc yet they still lost their monoploy over the distribution of music due to the creation of peer to peer filesharing technology
Once the technology is put out there and into the hands of the public nothing can be done
We will see the full effects of this during the next 10 years
I read at various posts here at forum that the banks hate bitcoin. In the most of posts is not specified that with the term "bank" is meaning the Central Banks or the commercial banks. I think that they mainly or almost totally mean the seconds.
If is this the meaning that they give to this term (bank) used by them in these posts I don't understand WHY those must hate bitcoin as a currency. Bitcoin is a currency which can be used only in internet. So cannot compete with the other fiat currencies. They have totally other main field of use. Much more profitable than the field in which act bitcoin. Then, the only thing when fiat money and bitcoin can compete are because both can be substituted with the debit/credit cards. But even here there is not competition. If bitcoin will be accepted by the banks they will have more customers and more money. Will have even the customers of bitcoin. In other words will have they which use the fiat money plus they which use bitcoin. More customers mean more profit. There will be more credit/debit card in use for such bank.
Even there must be transfer of customers from fiat money to bitcoin it will be the same for the such banks. They don't lose nothing. Will have the same that customer which will not use credit/debit card with fiat money but with bitcoin. As about the fees they are in the "hands" of the banks and they can decide what fees fit to those.
There is nothing to do here the fact that bitcoin is a decentralized currency and the fiat money is a centralized one. This have nothing to do with the activity of the commercial bank. They work of the money. Whatever money it is and whatever it is the owner or if have no owner. For they is important that is MONEY. And bitcoin is.
So, who can explain me why the commercial banks must hate, don't use and even fight bitcoin as a currency, as I read in numerous posts here in bitcointalk?
If is this the meaning that they give to this term (bank) used by them in these posts I don't understand WHY those must hate bitcoin as a currency. Bitcoin is a currency which can be used only in internet. So cannot compete with the other fiat currencies. They have totally other main field of use. Much more profitable than the field in which act bitcoin. Then, the only thing when fiat money and bitcoin can compete are because both can be substituted with the debit/credit cards. But even here there is not competition. If bitcoin will be accepted by the banks they will have more customers and more money. Will have even the customers of bitcoin. In other words will have they which use the fiat money plus they which use bitcoin. More customers mean more profit. There will be more credit/debit card in use for such bank.
Even there must be transfer of customers from fiat money to bitcoin it will be the same for the such banks. They don't lose nothing. Will have the same that customer which will not use credit/debit card with fiat money but with bitcoin. As about the fees they are in the "hands" of the banks and they can decide what fees fit to those.
There is nothing to do here the fact that bitcoin is a decentralized currency and the fiat money is a centralized one. This have nothing to do with the activity of the commercial bank. They work of the money. Whatever money it is and whatever it is the owner or if have no owner. For they is important that is MONEY. And bitcoin is.
So, who can explain me why the commercial banks must hate, don't use and even fight bitcoin as a currency, as I read in numerous posts here in bitcointalk?
It is ment central banks.
Basicly could also be commercial banks since wil loss some fees we pay to get our money moved. But Commercial banks will just use blockchain to cheaper move money and they will actually gain more then they do right now since number of transactions will increase even faster as till now.
Sorry but you cannot know what is in the mind of ALL they which has named banks on its posts. I can tell for sure that most of them don't know what is a Central Bank and what is a commercial bank. With bank (according to me) mostly they mean the bank near their home in which they do the normal things which needed to do from one bank. And this kind of bank is the commercial bank.
I don't understand what does it mean your sentence in bold. As for the other sentence I think you are wrong. The blockchain is good (according to me) because will increase the safety of the transactions and first of all will reduce the costs because blockchain use the peer to peer technology. This technology (if you know it) is disruptive because have one of the best characteristics of it the reduction of costs in every action made by something which use it.
As for the increase of transactions (will have more the transactions; those with bitcoin) I think that it will be not so big seeing the number of people who know it and use it. Anyhow this is a fact which is in favor of the not hating of bitcoin an not the hate of bitcoins from the banks.
Thanks for comment.
Banks control fiat and it is their main life line. If bitcoin steps in and completely overtakes fiat imagine how much money they would have lost from the business as there is virtually no fee to collect. Lending which are controlled by banks also become obsolete and that is where part of their revenue come from.
Most lower and middle class customers at banks, suffer under excessive fees. I know our banks charge enormous fee's for withdrawals and debit orders and insurance fee's on credit cards etc. etc. The more
wealthy people do not have a problem, because they keep a specific amount in their saving accounts and pay zero fee's. The middle and lower income groups, live from hand to mouth and cannot afford to keep any
savings in a account to cancel out fee's... so they are charged premium fee's. It should be the other way around, but the banks protect the rich, and offer them higher interest rates on bigger deposits and lower
fee's, if they keep it in the account. The silly thing is, they sponsor sport and charities and their customers have to pay for that. Bitcoin eliminate the middle man and you pay more or less the same fee for any
amount you transfer to any person or merchant for payment.
wealthy people do not have a problem, because they keep a specific amount in their saving accounts and pay zero fee's. The middle and lower income groups, live from hand to mouth and cannot afford to keep any
savings in a account to cancel out fee's... so they are charged premium fee's. It should be the other way around, but the banks protect the rich, and offer them higher interest rates on bigger deposits and lower
fee's, if they keep it in the account. The silly thing is, they sponsor sport and charities and their customers have to pay for that. Bitcoin eliminate the middle man and you pay more or less the same fee for any
amount you transfer to any person or merchant for payment.
IMO..
Actually "hate" is not the right term or should I say "hate" my vary per country. I think most banks preferred fiat than virtual currency. My girl works in one of the top banks here in our country and all of them don't know anything about bitcoin. Even there bosses there. But when bitcoin truly develops here and just a one called from our Central Bank with all details and much clearer point of risk I think bitcoin won't hate that much by some banks here and will accepts it.
I just don't like the way our Central Banks issued it's first statement regarding bitcoin.
Still no statement until now. Much better then lol.
Actually "hate" is not the right term or should I say "hate" my vary per country. I think most banks preferred fiat than virtual currency. My girl works in one of the top banks here in our country and all of them don't know anything about bitcoin. Even there bosses there. But when bitcoin truly develops here and just a one called from our Central Bank with all details and much clearer point of risk I think bitcoin won't hate that much by some banks here and will accepts it.
I just don't like the way our Central Banks issued it's first statement regarding bitcoin.
Quote
On 6 March 2014, Bangko Sentral ng Pilipinas (BSP) issued a statement on risks associated with bitcoin trading and usage. Bitcoin exchanges are not regulated by BSP at the moment. BSP will be monitoring the possibility of bitcoin usage in money laundering and other illegal purposes.
Still no statement until now. Much better then lol.
I read at various posts here at forum that the banks hate bitcoin. In the most of posts is not specified that with the term "bank" is meaning the Central Banks or the commercial banks. I think that they mainly or almost totally mean the seconds.
If is this the meaning that they give to this term (bank) used by them in these posts I don't understand WHY those must hate bitcoin as a currency. Bitcoin is a currency which can be used only in internet. So cannot compete with the other fiat currencies. They have totally other main field of use. Much more profitable than the field in which act bitcoin. Then, the only thing when fiat money and bitcoin can compete are because both can be substituted with the debit/credit cards. But even here there is not competition. If bitcoin will be accepted by the banks they will have more customers and more money. Will have even the customers of bitcoin. In other words will have they which use the fiat money plus they which use bitcoin. More customers mean more profit. There will be more credit/debit card in use for such bank.
Even there must be transfer of customers from fiat money to bitcoin it will be the same for the such banks. They don't lose nothing. Will have the same that customer which will not use credit/debit card with fiat money but with bitcoin. As about the fees they are in the "hands" of the banks and they can decide what fees fit to those.
There is nothing to do here the fact that bitcoin is a decentralized currency and the fiat money is a centralized one. This have nothing to do with the activity of the commercial bank. They work of the money. Whatever money it is and whatever it is the owner or if have no owner. For they is important that is MONEY. And bitcoin is.
So, who can explain me why the commercial banks must hate, don't use and even fight bitcoin as a currency, as I read in numerous posts here in bitcointalk?
If is this the meaning that they give to this term (bank) used by them in these posts I don't understand WHY those must hate bitcoin as a currency. Bitcoin is a currency which can be used only in internet. So cannot compete with the other fiat currencies. They have totally other main field of use. Much more profitable than the field in which act bitcoin. Then, the only thing when fiat money and bitcoin can compete are because both can be substituted with the debit/credit cards. But even here there is not competition. If bitcoin will be accepted by the banks they will have more customers and more money. Will have even the customers of bitcoin. In other words will have they which use the fiat money plus they which use bitcoin. More customers mean more profit. There will be more credit/debit card in use for such bank.
Even there must be transfer of customers from fiat money to bitcoin it will be the same for the such banks. They don't lose nothing. Will have the same that customer which will not use credit/debit card with fiat money but with bitcoin. As about the fees they are in the "hands" of the banks and they can decide what fees fit to those.
There is nothing to do here the fact that bitcoin is a decentralized currency and the fiat money is a centralized one. This have nothing to do with the activity of the commercial bank. They work of the money. Whatever money it is and whatever it is the owner or if have no owner. For they is important that is MONEY. And bitcoin is.
So, who can explain me why the commercial banks must hate, don't use and even fight bitcoin as a currency, as I read in numerous posts here in bitcointalk?
It is ment central banks.
Basicly could also be commercial banks since wil loss some fees we pay to get our money moved. But Commercial banks will just use blockchain to cheaper move money and they will actually gain more then they do right now since number of transactions will increase even faster as till now.
I think that banks refuse bitcoin because they can't collect fees on it One of bitcoin's advantage is it have zero/low fees, while most credit cards are charging few percent of fees (by bank). They would lost the huge income on fees, so that's why they hate it. They are greedy
One of bitcoin's advantage is it have zero/low fees, while most credit cards are charging few percent of fees (by bank). They would lost the huge income on fees, so that's why they hate it. They are greedy Not true. No one can impede those to charge fee of every kind to every transaction made with bitcoin. And may have right. The work made from the bank (its employers) deserve some money. That money became from the fees charged to various actions made with the money. If bitcoin will be used as a money from those they have the right to charge fee to every action with it.
Anyhow thanks for the comment.
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