Why should government afraid of bitcoin?

[btcluisdiki]

In my opinion, governments are afraid of bitcoin and the other alt coins because they have no way of controlling it. It is decentralized which means the people actually have the power and no government have dominion over them. I think bitcoin and altcoins are hard to regulate, this is another factor why governments are afraid.

Another one factor that is hovering around my mind is that the legislators themselves are afraid of losing their money. Adapting these alt coins means that fiat will be of lesser value and when you have too many fiat tendency is you will be afraid that you money will lose value and they are uncertain when to convert those to digital currency.

I have read an article before that only 10% of all the money in the world are printed and the rest are stored in accounts.

In my opinion, because of the lack of central authority is the very reason why governments are afraid of bitcoin cryptocurrency. Control over of the currency has many downstream that affects to the business environment. All of the government controls will be lost since non government bodies had created their own currencies.

[brotherwood12]

people get money by bitcoin, but hard for goverment to determine taxes because the system of bitcoin itself
i think that
so goverment didnt get benefit from it

[kriticko29]

Recently bitcoin had become a hot issue in a lot of countries and some in heavy discussion to banned bitcoin, from what I see the government is too lazy to look for solutions, blockchain is the new concept of transactions and bitcoin is one of  the future currency, instead of looking bitcoin as a threat, the government should look bitcoin as the future coin and  should find a way to adapt it, if the government keep on finding excuses to ban bitcoin then the country will be left behind

bitcoin really help people to get a better life, bitcoin provide more job opportunities and ways to increase income, so actually bitcoin also help the country to become better, bitcoin got so many potential and positive sides, why the government only see bitcoin from negative perspective, why the government so afraid of adapting bitcoin?

In our country bitcoin is somehow being prevented by the central bank due to its high value and many people we're able to got a fortune even if they don't have the enough resources to earn that much. They freezes bank accounts and questioned the owner where did they got it from.

[bunsd]

Because the government has no control over bitcoin, some people use bitcoin to make illegal transactions and riot financial order in the marketplace.

[gundala]

Technology and bitcoin developments do have a positive impact, the government is aware of it, but it also brings negative impacts that still have not found effective preventive measures to reduce it. So some governments do not ban it as a whole, there are some parts that are prohibited. For example, bitcoin should not be used as a means of payment within their country, but it is not forbidden to have it just to be careful because the government does not guarantee any losses.

Because there is no official administrator who controls it, it is very vulnerable to speculation, it can be used for illegal transactions, terrorism financing, black market, etc. That's what the government is worried about. They just want to maintain the economic stability and security of their people.

[wolf one]

In my opinion, the government is not afraid of bitcoin, the government's good intentions, in addition to the prevention of systemic financial risks, but also want to through strict supervision, protect the vast number of non-recognition of retail households involved in this huge casino.

[offthecuff]

Recently bitcoin had become a hot issue in a lot of countries and some in heavy discussion to banned bitcoin, from what I see the government is too lazy to look for solutions, blockchain is the new concept of transactions and bitcoin is one of  the future currency, instead of looking bitcoin as a threat, the government should look bitcoin as the future coin and  should find a way to adapt it, if the government keep on finding excuses to ban bitcoin then the country will be left behind

bitcoin really help people to get a better life, bitcoin provide more job opportunities and ways to increase income, so actually bitcoin also help the country to become better, bitcoin got so many potential and positive sides, why the government only see bitcoin from negative perspective, why the government so afraid of adapting bitcoin?

I think the main reason why governments are afraid of bitcoin is because they cant control it like they can their own currency. Look at the British Government, they have tried for the last few years to get out of the rut the banks left them in by quantitative easing, this wouldnt have been possible with bitcoin, although arguably they wouldn't have had to bail the banks out if we all used Cryptocurrencies either!

The issue of tax could be solved if they were willing to work at it, but having worked with government officials in the UK i don't think there is the intelligence nor the appetite to allow a new system to flourish.

[Samueltalk]

I think personally, for a unilateral ban by Bitcoin by the government might have a big impact on our country's economy, they would still review the profit and the loss if it prohibits digital assets in this country. maybe the government will ban the use only, not ban the ownership of assets and trade.

[regista]

There's no evidence that most governments and banks have even heard of Bitcoin, let alone that they are "scared" of it.
And in any case, why would banks be scared of it? If Bitcoin was the only currency in the world, I'd still need to go down the Nationwide and borrow some to buy a house. Why would Nationwide care if my account is in Bitcoins or cowrie shells or Sharia-compliant gold?
Yes, the current monetary arrangements are unsatisfactory and yes, the new technology and new economy means that a new kind of money is on the horizon, but you haven't put forward a reasonable case for it being Bitcoin.
I read somewhere in the FT - can't find it by googling - last week that energy might be the future currency, and that sounded more believable to me.