Why are they afraid of bitcoin?

[alfstep]

It's pretty normal for average person to be afraid of investing in bitcoin, unlike stock which is backed by real company, or gold, bitcoin is only a speculative asset backed by nothing but people expectation. Just a little sentiment or news will be pretty much swing the price.

We should too! Just take some profit in a while, do no put all your asset into speculation without enjoying it

[iamTom123]

Every student of the political economy who understands the style of the work of the technique of Blockchain and Bitcoin BTC will be absolutely sure that the next alternative to the classical system is the digital currencies, which by their characteristics (speed - privacy - lack of costs - decentralization of the system ...) The foundations of political economy in all its schools, from Aristotle and Ibn Khaldun to Marx, Adam Smith and Keynes and finally with Friedman. These scholars, who laid the foundations of economic thought through money supply, can control the economy of countries and their economic policy. In my opinion, Noble In the economy of this great invention that will change humanity and will throw our lives upside down in so-called Internet value ..........

I would assume that 'they" here means the government and other finance leaders who can be disrupted by Bitcoin and cryptocurrency once this whole ship can be reaching the mainstream population (hopefully we are almost there if not for some big problems where Bitcoin can still be entangled with). The full potential of Bitcoin is quite enormous because this is akin to returning the control power to the people rather than let it stay with those in the authorities. However, we should not be relaxing because these people (the "they") have the immense power and influence that they can use to harm or temporarily block the evolution of Bitcoin. Just like what China did last September, any country can outlaw the buying and selling of Bitcoin thereby rendering the whole thing so difficult for people to adopt. Bitcoin has to be in an open market regardless if the government is looking at it with raised eyebrows and eyes of suspicion. This subtle war between the government and Bitcoin may escalate as time goes by but we are hoping that eventually the government will open their mind into it and let it flourish even under a regulated environment.

[sukamasoto]

they afraid that bitcoin will replace government as middlemant or central authority because bitcoin is decentralized money

Bitcoin can be replaced fiat, they are different things that can't be compare.
My government afraid of bitcoin because it can be use for criminal activity and guess what, my government will take another step for making new regulations for bitcoin

[shinjunobi09]

Because it has no permits and no authorization from the government without any licenses impose on them which is hindering them to invest in bitcoin because they are afraid they might go to jail or be penalized in using or investing in bitcoin which solely is not true if you know the transaction you are making are legal without damaging or stealing someones investments.

[ruthbabe]

they are not afraid, they only prevent bad things to comes

Please be specific. What are bad things coming that they're afraid of? Bitcoin is a product of technology, so if you want to know more about Bitcoin there's only one site that tells you all (the truth) about Bitcoin and it's https://bitcoin.org/en/. If one of the bad things they're afraid of is 'Bitcoin will replace Fiat' that's not possible because Bitcoin is digital and if there's no Fiat (like USD, Euro, etc.) then what's the value of Bitcoin? How can you cash it out if there's no Fiat or paper money existing in the world?

[eaLiTy]

Every student of the political economy who understands the style of the work of the technique of Blockchain and Bitcoin BTC will be absolutely sure that the next alternative to the classical system is the digital currencies, which by their characteristics (speed - privacy - lack of costs - decentralization of the system ...)

May i ask,what do you mean by lack of costs,if you are talking about generation of news coins,i think it is the most expensive thing to generate one bitcoin if you compare the amount of power used to mine one bitcoin to the amount of currency printed ,the price for generating a bitcoin is much more higher,the transaction charges are higher with the increase in bitcoin price,so where did the lack of costs come from,for storing it is true that you just need a secure set up to store more than a billion worth of valuation.

[orarider]

When one has been given the freedom in the economy, automatically the growth gets progressive around the country. In specific more the tax levied upon the citizens, more will be the corruption taking place. In majority of the countries corruption keeps the economy down, so similar issues can be sought with ease.

Indeed, taxation is the only source of funding to sustain the development of a country; any country with reasonable taxes, that country will grow; however, for bitcoin, it is one. Money is hard to manage, and the government can not tax it. Therefore, they can not accept bitcoin. It is my thought.

[Pablo778]

Bitcoin transactions are encrypted and while they can be tracked by involved parties, bitcoin provides a way to keep money and transactions away from the prying eye of the regulators.so they think that its a treat to their economy but actually its not, if many people will hold BTC then of course their economy will grow fast.

[meliodas]

Every student of the political economy who understands the style of the work of the technique of Blockchain and Bitcoin BTC will be absolutely sure that the next alternative to the classical system is the digital currencies, which by their characteristics (speed - privacy - lack of costs - decentralization of the system ...) The foundations of political economy in all its schools, from Aristotle and Ibn Khaldun to Marx, Adam Smith and Keynes and finally with Friedman. These scholars, who laid the foundations of economic thought through money supply, can control the economy of countries and their economic policy.
In my opinion, Noble In the economy of this great invention that will change humanity and will throw our lives upside down in so-called Internet value ..........

I think people aren't really afraid of bitcoin, they might be just afraid to be scammed. Scammers are just hanging around and just waiting for us to release our money. Maybe people these days are afraid to try something new because of the rumors that they might be scammed through it. They are just securing their money for the better without taking any risks.

[yanlap]

they afraid that bitcoin will replace government as middlemant or central authority because bitcoin is decentralized money

Bitcoin can be replaced fiat, they are different things that can't be compare.
My government afraid of bitcoin because it can be use for criminal activity and guess what, my government will take another step for making new regulations for bitcoin

Yes it is bitcoin is now being use for good and bad at the same time. It is not only bitcoin is being use for good of people some of the criminals like and use bitcoin because in bitcoin money receiver and accepter both will remain in secret and it is because bitcoin has high security, but I think if government will make bitcoin a legal currency it will surely make bitcoin good and no one will be able to use bitcoin for negative tasking.

[fanbeila]

Yes,they thought that they would be able to control world itself especially other world countries. But bitcoin entered the scene as a thunder storm smashing the traditional methods of economy.Bitcoin has almost challenged the traditional banking system which was well established even before a century.

[Faroxx]

I think the government and banks do not fear bitcoin now. They are trying to integrate it into your network (futures, using blackchain in the banking system) hoping thereby to diminish its effect, but they're wrong.... Bitcoin will destroy the banks in the next 7 years.

[ArtPt]

Most of them simply afraid of losing job in areas related to financial analyzis since bitcoin is not as simply controlled as before. And some more government workers are easy replaceable by blockchain based techs, so the same story.

[hassan.shakeel.rajpoot]

Every student of the political economy who understands the style of the work of the technique of Blockchain and Bitcoin BTC will be absolutely sure that the next alternative to the classical system is the digital currencies, which by their characteristics (speed - privacy - lack of costs - decentralization of the system ...) The foundations of political economy in all its schools, from Aristotle and Ibn Khaldun to Marx, Adam Smith and Keynes and finally with Friedman. These scholars, who laid the foundations of economic thought through money supply, can control the economy of countries and their economic policy.
In my opinion, Noble In the economy of this great invention that will change humanity and will throw our lives upside down in so-called Internet value ..........

Bitcoin has shaken many economist, they fear that it will bring a huge effect on the whole world's economy. Another fact about bitcoin from which they are afraid of, is that due to bitcoin, the whole banking system will disappear.

[joebrook]

they afraid that bitcoin will replace government as middlemant or central authority because bitcoin is decentralized money

If the various government really see's the threat that bitcoin poses to the government, they wouldn't have legalized it in a lot of countries at all. One of the problems that they have with bitcoins is that people can use it as a means of tax evasion and money laundering and even with those problems, they have legalised and they are making out of it.

[Skieleton]

Banks and governments are scared that Bitcoin will replace their payment methods and people are not going to pay so many taxes to them. But I dont think that is going to happen pretty soon because if Bitcoin and other cryptocurrencies were such a big threat for banks, bitcoin wouldn't have this value now. When they are going to consider it a real threat I am sure they have the power to destroy it because governments control everything

It's true that BTC is blocked for a reason. In fact, it should be legalized long ago. It is a pity that everything that helps people is so hated ...

[snipetr]

Every student of the political economy who understands the style of the work of the technique of Blockchain and Bitcoin BTC will be absolutely sure that the next alternative to the classical system is the digital currencies, which by their characteristics (speed - privacy - lack of costs - decentralization of the system ...) The foundations of political economy in all its schools, from Aristotle and Ibn Khaldun to Marx, Adam Smith and Keynes and finally with Friedman. These scholars, who laid the foundations of economic thought through money supply, can control the economy of countries and their economic policy.
In my opinion, Noble In the economy of this great invention that will change humanity and will throw our lives upside down in so-called Internet value ..........

As you said it is decentralised, i.e. can not be controlled by any authority. Thats why many contriries afraid to legalise it as a currency. Also transactions did with bitcoin are anonymous, so no one can trace it. Bitcoin doesn't have any physical appearance. Due to these reasones some people's afraid of bitcoin.

[maxamus]

It's pretty normal for average person to be afraid of investing in bitcoin, unlike stock which is backed by real company, or gold, bitcoin is only a speculative asset backed by nothing but people expectation. Just a little sentiment or news will be pretty much swing the price.

We should too! Just take some profit in a while, do no put all your asset into speculation without enjoying it

Well I believe it was never a smart thing to invest all your asset and dump in one place rather invest wisely into different domain and there are some people.who has just invested into bitcoin when the value was less and got a huge return but now looking at the price it will not be a smart idea to invest like crazy rather we can go for altcoins as they are growing

[gillesbtc]

Old people don't know anything

[SHAWN-MIDWAYS]

They are afraid of bitcoin because their centralized system in place is been dumped for a decentralized currency like bitcoin, and losing support to bitcoin would make it difficult to find new customers as bitcoin has support coming from all corners of the world.

Old people don't know anything

I thought old people are the financially stable beings who are actually turning out to be the angel investors