Why are they afraid of bitcoin?

[Harri Wolter]

So much has been written about virtual currency and crime, that it is enough to recap the issue by stating that untraceable financial transactions facilitate crime. Drug trafficking, prostitution, terrorism, money laundering, tax evasion and other illegal and subversive activity all benefit from the ability to move money in untraceable ways. The now defunct Silk Road online drug market is a case in point. Its founder credits Bitcoin for its success.

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[Rolf Walker]

Aside from headline-grabbing fact that virtual currencies can and are used to engage in a wide range of illicit activity (it should be noted that cash is used for many of these same transactions), there is a legitimate theoretical argument in favor of their use. It is based on the reality that central bank tinkering with the money supply has induced recessions, exacerbated unemployment, and given rise to a global banking system based on profiteering and corruption. We need look only as far as the mortgage-market shenanigans underpinning the financial crisis of 2009 for insight into why disaffected consumers everywhere would support the efforts of anonymous programmers in subverting a system that has done them no favors. These ideas are not new. The Austrian School, a school of  economic thought founded in 1871, holds among its core tenets the idea that economic manipulation by central banks is not beneficial.

[Mark Sherman]

No One would ever stop Bitcoin or control. That’s they beauty crypto have. No government can control bitcoin. even if they make them illegal, still user can sell or purchase bitcoin. no one stop them.

more than 100 countries make bitcoin legal. Check it our by yourself included India, USA, Japan,China…etc. It’s a Big List

[wisdomcn]

Well, in every nation the government of that nation controls their people through money and power. Power in this case also have to due with money. Looking at the men of authority in every nation are the rich once while powerless once are the poor people. I think they are afraid because they have understand that blockchain technology through it decentralization might in the future make people so rich that the government might not be able to oppress them through money.

[julietwalter200]

Well, in every nation the government of that nation controls their people through money and power. Power in this case also have to due with money. Looking at the men of authority in every nation are the rich once while powerless once are the poor people. I think they are afraid because they have understand that blockchain technology through it decentralization might in the future make people so rich that the government might not be able to oppress them through money.

You right thinking about it the rich are always respect everywhere including in nation. This have been the reason why people hide the secrete. of their wealth

[cepedacharles29]

Some of us are afraid of it just as a sense of not wanting to get out of the bits of coin. But there are also some who are afraid of losing all coins that exist. Because bitcoin has won the trust of all the investment to make this as a daily livelihood and can to meet life necessities

[Ailcab]

Some of us are afraid of it just as a sense of not wanting to get out of the bits of coin. But there are also some who are afraid of losing all coins that exist. Because bitcoin has won the trust of all the investment to make this as a daily livelihood and can to meet life necessities

Indeed. Since BTC has already a place in each member's heart, people tend to be aftraid of it. Some people hesitate to join this because of some negative thoughts and etc.

[BILGPS]

People afraid from crypto because they have uncertain about the bitcoin the thing they afraid because they think that bitcoin will die and they feel insecurity for their wealth so i  want to inform them that the big if you have some idea of the crypto then check the daily transactions of bitcoin it is increasing day by day and the bitcoin price is goes up right now now the bitcoin is traded at $8,869 which is a very good growth now in the bitcoin.

[adjudicator]

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 ..........

You have a good point about the topic, I am sure that internet is one of the best invention of all time. They are afraid of cryptocurrency because it deals a big impact on human that makes our life easier and it also affects the government economy because of the no tax.

[Masteriano4423]

Scammers are just hanging around and just waiting for us to release our money.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 bit[Suspicious link removed]d and no one will be able to use bitcoin for negative tasking.

[Basterian7789]

People find bitcoin risky. Since bitcoin is decentralized, people dont see any assurance or back up whenever something horrible happens.In this pursuit they will release numerous circulars stating risks and disadvantage of digital currency so that their stake in the power stays persistent.

[abhishek_bittu]

Well in the case of HSBC, it is because they got spanked by the US regulators, so right now they are not involved with anything that might remotely be risky.  They got so much bad press and bad fines from the US, that if we found that drug dealers were using chicken restaurants as a front, they may stop lending money anyone that has anything to do with chickens.

For everyone else, as of 2015, banks are starting to fear bitcoin for the right reasons.  Big consulting firms like KPMG, Accenture, and Deloitte have started scaring the banks with stories of Kodak, Polaroid, and the record industry, that the banks are starting to be very, very worried that their business model is obsolete.

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At the Asian Financial Forum 2015, you had this wonderful presentation to the financial industry where you had speakers scream *YOU ARE DOOMED*.  A lot of this FUD is being pushed by the big accounting firms, that want banks to be scared so that they can get big consulting contracts to be unscared

[GalaxyWorld]

There are plenty of reasons for them to be afraid of bitcoin. But the main reason, I think, is that they invest so much money in this market and when they lose they do not know where to find it. Who will stand up to protect their interests? This is a profitable virtual currency market and its risk is very high

[MARGA RYANSONEO]

I think why they are afraid of bitcoin. seen from both sides, of the first side is for investors who have a large investment must feel to the worries and for the banking world it is very worrying because the bitcoin pertubuhannya so fast and difficult to control, the more people use bitcoin so that the presence of bitcoin is considered a new competitor.

[hinpoc.hin]

maybe bitcoin and cryptocurrencies can disrupt the economic in the country.
the government want to ban bitcoin and other crypto just because this.

[adzino]

By "they" i am assuming that you mean the "government". The Government hates bitcoin for its own reason. Think about it this way- there is a group of things you can control and have power over it. Then all of a sudden something pops up and is getting popular and used by the things you can control. But you can not control that thing even if you want. Hence you start to get afraid of it and do anything to get rid of it. Similarly the government has no control over this bitcoin and now wants to get rid of it.

[MS.LAWLIET]

They afraid bitcoin because of ignorance. 150 years ago, people afraided of railway and train, 100 years ago, people afraided of alternating current. There are people in all ages afraid of new things.

They are also afraid of trying, maybe because there are a lots of scams nowadays, and bitcoin is really unbelievable like i don't believe it first since it's not a common scenario that you can earn even if you're underage and undergraduate with just sitting at the front of your pc.
     Today bitcoin users are getting bigger as days passed this is our part of adopting on things about cryptocurrencies. We just have to inform them that it is legit and there's nothing to be afraid of as long as you are careful with everything.

[Subkarnas]

Banks are afraid because money is being transfered from their account to online echanges and that trend keeps to grow steadily. Even though this is far less than 1% of their whole balance, this can cause problem when they have to annualy show how much they profited/lost. In crypto world 1000 and over percentage is almost equivalet to 1% for banks.

[sashulya7979]

The world government does not benefit from the fact that the capital would leave their business, so the news that now broadcasts TV, it's all propo-kand and the fear of big business, and those who do not understand what's going on this crap)))

[Nkan25]

New ideas and new ways of doing things threaten the old power structure so they defend their interest. The only way these defenses come down is through time and demonstrating the greater value crypto has compared to the old institutions of fiat and banks. I think they can coexist for a time, but the new threatens the old.