Fear of bitcoin

[andylioe78]

They are afraid of bitcoin because it is a threat to the banking system. Because they think it is a ponzi scheme, or it may affect the economic development of their country, many countries have banned bitcoin trade.

[fishbonez11]

Why are some governments so keen to prove that bitcoin is dangerous. Recently, the Indian government sent notifications to the citizens that they should not invest in bitcoin.

I think that the government disapproves bitcoin because it is decentralized. Also, they see it as a threat to the banking system. The government does not have regulations for bitcoin making both the lay people and the businessmen to be vulnerable to anything bad that could happen through bitcoin.

[richardsNY]

Bitcoin will definitely hurt them that is why they are sending all these negative messages about bitcoin.

It potentially could, but for that to happen we need the mass to shift to Bitcoin completely, and at this point that isn't something I can see become reality any time soon. We shouldn't forget that the far majority of the people aren't thinking about financial freedom like how we think about it. In easy terms, Bitcoin for us is far more than an investment option, which is something others don't feel and understand. If you as average joe don't understand why Bitcoin is such a powerful tool, and why aside from the speculative nature the decentralized aspect of this network makes Bitcoin what it is, then how are you supposed to be taken seriously, or even slightly contribute? Most of the people nowadays are just hype riders....

[Gracechen17]

Why are some governments so keen to prove that bitcoin is dangerous. Recently, the Indian government sent notifications to the citizens that they should not invest in bitcoin.

The same in my country. The government sent out a notice to the public stating how dangerous it is to invest in bitcoin and even promotes banks as better and trustworthy channel of finances. They are fearing that banks would be out of use because of bitcoin and other cryptocurrencies.

[HoaNguyen]

Your worries are not without foundation, Bitcoin is constantly decreasing in recent times. The recent fall in Bitcoin's exchange rate has been attributed to the fact that there are so many negative news about Bitcoin that the government is considering Bitcoin to violate the law. The government fears Bitcoin will affect the nation's banking, monetary and financial systems and try to spread public negative information about Bitcoin.

[Joyawan13]

There is nothing to be afraid of, do not be afraid of negative news about bitcoin, now in my country is not yet legalkan but I am not afraid, I think positive, there is a lot of negative news about this bitcoin, but I think bitcoin will still exist and popular and more and more people make bitcoin as an investment,

[millgates]

Why are some governments so keen to prove that bitcoin is dangerous. Recently, the Indian government sent notifications to the citizens that they should not invest in bitcoin.

Thats because they don't learn more about bitcoin, they just afraid that their citizens will lose their money because of bitcoin. But the fact is people who hold their bitcoin in a long terms are earn significant profit now, even some of them are become richer . The government must learn more about bitcoin so they can make appropriate policy.

[Reid]

Decentralization. It will ruin how the government runs the country.
The taxation will be loss due to investing with bitcoin.
With that, they will not see the funds of every human in their country and cannot trace it anymore. (except if they dig deep individually) which takes time.

That is why they will do anything to make bitcoin as bad as possible in the eyes of the people.

[johnrickdalaygon]

Some of the government are afraid using bitcoins because bitcoins claims that “It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.” That lack of central authority is the primary reason governments are afraid of the cryptocurrency. Besides, Bitcoin users don’t need the existing banking system. The currency is created in cyberspace, when so called "miners" use the power of their computers to solve complex algorithms that serve as verification for Bitcoin transactions. And in addition, 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.

[5moke]

because people are wasting the tax office and the system is going to ruin that does not suit any country.

that's why they vieuchen people bad to talk to avoid further investment and thus the coin has less investors what it harms

[Sendibere]

Why are some governments so keen to prove that bitcoin is dangerous. Recently, the Indian government sent notifications to the citizens that they should not invest in bitcoin.

other countries are afraid of investing money without returning money like india, because of scattered scammers on the bitcoin site, so be mindful of bitcoin users to be cautious and watchful to avoid scammers. It's hard to recognize scammers so we need to take extra care and do not let us worry about investing

[rickn]

Governments want to control everything people do, not because they are afraid that people will lose their money, but because they want to collect taxes on everything they can. And the crypto investments are decentralized and without the interference of governments

[Decoded]

Bitcoin, as a secure method of payment that isn't restricted by borders, is capable of undermining global currencies as a means of linking everyone together. Governments dont want that, as they put themselves in less power. But right now, they shouldn't fear bitcoin for what it brings, but for what it represents. It has gained a mass following, but there are tons of problems with it's handling of transactions. What governments should fear is another cryptocurrency coming along, for example Ripple, taking advantage of the rising crypto market.

[Deathgamer]

Government find it a big loss of money because bitcoin has no tax and that is a very big deal to them and also bitcoin user also dont need the existence of banking system since you can send and recieve money easily using you btc wallet less hassle and more convenient to use.

[LastJedi]

There is alot of fear in bitcoin and crypto currently.

More or less what Kylo said in the Star wars movie.

FOMO at it's worst right now.
Just watch memes and bare it until it's all over and it's over $20k before the end of the year.

[nidacoinlove]

Bitcoin will definitely hurt them that is why they are sending all these negative messages about bitcoin.

It potentially could, but for that to happen we need the mass to shift to Bitcoin completely, and at this point that isn't something I can see become reality any time soon. We shouldn't forget that the far majority of the people aren't thinking about financial freedom like how we think about it. In easy terms, Bitcoin for us is far more than an investment option, which is something others don't feel and understand. If you as average joe don't understand why Bitcoin is such a powerful tool, and why aside from the speculative nature the decentralized aspect of this network makes Bitcoin what it is, then how are you supposed to be taken seriously, or even slightly contribute? Most of the people nowadays are just hype riders....

Before passing any comments about this topic I guess everyone should first realize the truth that it is Bitcoin who has challenged al the banks and the law enforcement agencies. No one talks about the truth that the reaction of governments and banks is natural. If something is going against the will of government, they will definitely respond to it. Government duty is to look to things in a broad sense in the favor of the nation and state. It is decentralized currency and we don’t know whoever may be using it for unfair means.

[somwhr]

Why are some governments so keen to prove that bitcoin is dangerous. Recently, the Indian government sent notifications to the citizens that they should not invest in bitcoin.

they are afraid about the market of bit coin.. this is a threat to them.. but they must learn how to accept the changes..

[dewi91]

I think the government of some countries do that to protect their people, that's normal.. as far as they just reminded their people not to invest and not totally banned bitcoin because many people make bitcoin as the main source of income..

[ogini]

This far is really sucking them up because they fear that bitcoin is going too viral and it is of not there reach to restrict it movement,cut the cake of there taxes,and also restricting it for the commoners.So all  they could do now is to fight bitcoin,but if they can,t beat Bitcoin they should better join the moving train.

[Gontxi]

Why are some governments so keen to prove that bitcoin is dangerous. Recently, the Indian government sent notifications to the citizens that they should not invest in bitcoin.

India is one of the poorest countries and a large population. I think any prohibition will be accompanied by policies and involve their domestic politics. i do not know what to be polemic on india. but I do not care, with the presence or absence of them, bitcoin remains the most popular crypto.