Is crypto currency a threat to banks?

[Bookwormlux]

Crypto currencies are decentralized, and this implies no country's central bank can directly regulate how crypto currencies are handled, and this makes it a safe haven for citizens who are already tired with the way banks operate. Most of these banks are interested in using our money to do their business and they only offer little interest rate per annum.
With this, a lot of people have resorted to keeping their monies in crypto currency wallets instead of banks Because they are hopeful that their money is going to appreciate in value with time, unlike banks who only deduct charges without your money appreciating in value.

Discovering this, the central banks of so many countries have decided to ban their banks from facilitating crypto currency transactions, because they see it as a threat to them since they do not have direct control over it.
What do you think?

 

[IamDozzy]

Well, I wouldn't say it is a threat to banks. The bone of contention when it comes to cryptocurrency is Its decentralized system makes it difficult to trace, it doesn't leave a paper work and as such you can use it to track someone. Just recently, kidnappers starting demanding for payments in form of Bitcoin simply because it cannot be traced. All lot of scammers use Bitcoin for their transactions but I believe with time everything would sort it self out. Cryptocurrency isn't a threat to banks because traders would still convert it to Fiat and keep it in a bank for use.

 

[Bookwormlux]

Well, I wouldn't say it is a threat to banks. The bone of contention when it comes to cryptocurrency is Its decentralized system makes it difficult to trace, it doesn't leave a paper work and as such you can use it to track someone. Just recently, kidnappers starting demanding for payments in form of Bitcoin simply because it cannot be traced. All lot of scammers use Bitcoin for their transactions but I believe with time everything would sort it self out. Cryptocurrency isn't a threat to banks because traders would still convert it to Fiat and keep it in a bank for use.

If crypto currencies are threat to banking institutions because they are being used by scammers and other criminals, then fiat currencies should also be threats to banks too. Why I am saying this is because, these fiat currencies have been used by scammers to perpertrate eveil for a long time before even the discovery of Bitcoin the first crypto currencies. Banks are only being irresponsible by saying they cannot trace crypto currencies transactions.