I never thought of bitcoin like that. I use it as an investment. Definitely, if the market is stable, i convert to bitcoin and send to a wallet that instantly turns to usd and fastly.

Not actually a disaster... But surely, bitcoin is a big threat for local banks, that's why they are against cryptocurrencies. Bitcoin's existence will surely affect local bank's financial circulation. And this will surely hit them hard.

SO you're saying that Bitcoin is a disaster? If so, why are you here?


Most banks or bankers don't care about bitcoin. They don't see it as a threat at all.

And the reality is that bitcoin isn't a disaster for banks. Banks offer something different than Bitcoin. Banks offer financing, lending. That's their primary role. That's where their value is...because they don't offer value from investments or interest earned on savings.

It comes down to market share. Banks had no real competition for many years and then Bitcoin came on the scene to be the alternative/competition for these Banks. In many countries people were limited by the availability of Banking services. <Example : If Bank X was the only Bank in town, then everyone used that Bank, because they had no choice.>

Suddenly the new kid on the block, gave people a alternative method to store value and to handle payments and they are slowly but surely taking a share of the total dominance that Banks had. This is why Banks hate Bitcoin. 

bitcoin doesn't have to be a disaster for banks at all because first of all banks are working with fiat and fiat doesn't go anywhere. it will stay around forever and bitcoin is not here to replace it either. and if you really think about it, banks are just service providers for currencies. and bitcoin is just a new currency. there is nothing stopping banks from adopting bitcoin and offer the same fiat services they offer now for bitcoin and increase their revenue.


a very good question ...

I am not sure if banks are afraid of bitcoins. If at all, they are not threatened by it because people are used to the current currency they are using, plus, not everyone in the world knows about digital currencies yet. Perhaps when crypto gets even more popular then banks will feel threatened by it but it may not be possible for now.

Many banks are researching using XRP to transfer money, which proves that the bank is looking to investigate and disclose other Bitcoin as well as Blockchain technology, there will be no threat here.

Is it so? I have hardly come across local bankers that think so. Of course they are discussing and monitoring it. Many of them just sort of disregard it with the conviction that it will fizzle out like a bubble. I am of the opinion that they are completely wrong. In spite of this, it is highly unlikely that Bitcoin is a threat to the flat currency. And it really doesn't need to threaten local banks. Bitcoin market right now does not possess that much influence.

Yes, it can be a disaster while bitcoin can't replace banks fully. There's a lot of things banks can do while bitcoin can't and vice-versa. Short-term, people will see bitcoin as an excellent investment tool while banks are slowly losing deposits from people, keeping their (banks) profits at the minimum. However, knowing how a government largely depends on banks to help them stimukate the economy, it is a no-brainer that despite bitcoin's valiant effort to overthrow an obsolete system, people will still use it. A short disaster for banks but over time, when banks and bitcoin, along with other crypto co-exist, the interest division would not hurt the banks at all.