Why are banks and governments scared of Bitcoin?

[Fbi_babs]

So many countries now were prohibiting the use of virtual cryptocurrencies. And to think that many unemployed individuals were beginning to uplift their way of living because of their dealings with cryptocurrencies. Banks doesn't expressly say why it is banning the use of Bitcoin.
What do you think is the reason behind this?
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I think most banks are scared of cryptocurrencies because many people will start investing in cryptocurrency than in the banks. And for the government banning crypto, they feel cryptocurrency is a platform that can be used for bad deeds since all acoounts/wallets is untraceable.

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[bitcoinsocial09]

So many countries now were prohibiting the use of virtual cryptocurrencies. And to think that many unemployed individuals were beginning to uplift their way of living because of their dealings with cryptocurrencies. Banks doesn't expressly say why it is banning the use of Bitcoin.
What do you think is the reason behind this?

There are banks and governments that afraid on bitcoin because they don’t want that bitcoin will be the superior among them. In that case they can’t gain profit that they need . So that it is a threat for them that bitcoin will become more  be dependable by the people.

[amrenamren]

The reasons are clear, I will mention several of them: 1. Banks - are the financial system of the world, the more developed give loans less developed. 2. The whole policy is built on the banking system on the basis of what has been said, what is not beneficial for the bank and politicians, that the masses of people stop using their services. Crypto is an evolutionary project that is gaining momentum!

[cellflash]

So many countries now were prohibiting the use of virtual cryptocurrencies. And to think that many unemployed individuals were beginning to uplift their way of living because of their dealings with cryptocurrencies. Banks doesn't expressly say why it is banning the use of Bitcoin.
What do you think is the reason behind this?

For example, you've work hard and earned a lot of money.. and just a snap of your hand, the money you've earned with all your blood and sweat, was stolen..what would you do? who's to blame?
Bitcoin is a digital coin that help us to have an easy transactions of transferring money..But it is not controlled by government/banks.. it is mined by the computers..
That's why it was misunderstood sometimes.. That banks and government scared of bitcoin.. Actually, they just want to protect us but we insist to use the new innovative technology because it can minimize the time of all transactions (paying bills and other expenses). Bitcoin just need a little bit of privcy to protect all crypto currency..

[rezciva]

if seen in another point of view. We have to admit that, accepting something you know it can be replaced throughout you is not easy. With a long-standing bank system and its relationship to the general economy, if changed, it can not be changed immediately. Because it may have many factors to note. It can take some time for people to slowly adapt to new things that can really change their lives forever.

[inv_ker]

So many countries now were prohibiting the use of virtual cryptocurrencies. And to think that many unemployed individuals were beginning to uplift their way of living because of their dealings with cryptocurrencies. Banks doesn't expressly say why it is banning the use of Bitcoin.
What do you think is the reason behind this?

Of course, money is involved and superiority. People will tend to choose bitcoin rather than banks to invest since bitcoin can give you more income than banks. This makes banks scared of it for they maybe overwhelmed by bitcoin in the future.

[baru91138]

Why are banks and governments afraid of Bitcoin? because the bank does not want that bitcoin will be the most superior. So it is a threat to them that bitcoin will become more reliable, if banking is an asset or state deficit that can build a country in order to advance, while bitcoin is not held by or decentralized by any country.

[sultanali]

The banks and governments are controlling the currency and take transaction charges for each transaction properties which cryptocurrency does not follow as it is decreolized and is a democratic currency, therefore, the population is referring cryptocurrency for its transactions compared to the national currencies.

[linsayjinny]

The fear of bitcoin taking over fiat currency,  bitcoin is a competitor because they are afraid that one day bitcoin will reign the world of banking system and central banks or the old way of banking system will be replace by the digital payment system which is the bitcoin.

[dillpicklechips]

Bitcoin is unstoppable right now it gets more popular day by day. So bitcoin will be hard to banned and no one can stop this system. Banks are scared to bitcoin because of the insecurities that bitcoin will be the first and most reliable monetary system in the world while the governments are scared to this because of the threats that may bring in the society , citizens and may affect our economy because bitclin is decentralized no one can tracked the transactions even the government so it can be used in illegal activities. And the money flow inside the system cannot be control and manipulate so it will be a big threat for all of us.

[crea8ivemoiz]

Bitcoin - and other decentralized cryptocurrencies - allow people to trade directly with each other, cutting out the need for a middleman which,
 in traditional commerce, is a bank.

[GDragon]

It is because of being one of the best competitor of banks. Btc give the satisfaction of all customers rather than banks and can control their account selfishly. Being decentralized was one of the reason why government scared in bitcoin because they don't habe enough power to control it. Government also wants to protect his/her people in terms of scamming.

[ngocanh3799]

So many countries now were prohibiting the use of virtual cryptocurrencies. And to think that many unemployed individuals were beginning to uplift their way of living because of their dealings with cryptocurrencies. Banks doesn't expressly say why it is banning the use of Bitcoin.
What do you think is the reason behind this?

Cryptocurrency has brought about tremendous potential for changing the history of the existing trading and trading system; The central bank will pay great attention to this technology. There is even an apathy, of how many people still take a negative view of adopting a new technology. But their fear is perfectly reasonable, as Bitcoin and the Blockchain technology system will likely lose the power of some of the forces that have controlled the financial system over the decades and opened up financing opportunities for everybody.

[kukurikapu]

So many countries now were prohibiting the use of virtual cryptocurrencies. And to think that many unemployed individuals were beginning to uplift their way of living because of their dealings with cryptocurrencies. Banks doesn't expressly say why it is banning the use of Bitcoin.
What do you think is the reason behind this?

I think it is because bitcoin can provide better investment and income rather than investing in banks. And bitcoin can not be influenced by government so they are scared of it.

[Birin016]

Blockchain Technology which is the technology for Bitcoin , makes it a decentralized distributed ledger to allow users or holders of the digital currency. This system is against the traditional Banking systems and governments because their systems are centralized.
So we could say Bitcoin is disrupting their systems.

[MrAntonius]

So many countries now were prohibiting the use of virtual cryptocurrencies. And to think that many unemployed individuals were beginning to uplift their way of living because of their dealings with cryptocurrencies. Banks doesn't expressly say why it is banning the use of Bitcoin.
What do you think is the reason behind this?

Yes, indeed, banks do not say, because they do not have the tools to influence the price and control of the crypto currency. They understand that it is impossible to regulate anonymous payments a priori to tax transactions. It is for this simple and banal reason that banks and the government are silent and simply prohibit the turnover of cryptocurrency.

[asdnguyenthanhtin]

Banks do not like cryptocurrency. Because it is directly influencing fiat money and their benefits. In many countries, state-owned banks are the majority, which is also one of the reasons the state prohibits cryptocurrency

[JPS2K5]

So many countries now were prohibiting the use of virtual cryptocurrencies. And to think that many unemployed individuals were beginning to uplift their way of living because of their dealings with cryptocurrencies. Banks doesn't expressly say why it is banning the use of Bitcoin.
What do you think is the reason behind this?

The government is not scared about cryptocurrency, bu rather they are happy with because bitcoin has a technology known to be blockchain technology and as what you can see, there are a lot of cryptocurrencies in the market, some of them are shitcoins, some have very high potentiality. But for the bigger picture, government might use blockchain technology to upgrade their transactions especially when their people are to transact within government establishments.

[excessbit]

So many countries now were prohibiting the use of virtual cryptocurrencies. And to think that many unemployed individuals were beginning to uplift their way of living because of their dealings with cryptocurrencies. Banks doesn't expressly say why it is banning the use of Bitcoin.
What do you think is the reason behind this?

Bitcoin is basically a threat or a big competitor for banks nd government. Bitcoin brings fair opportunities for common individuals. Anyone can join and invest for as long as he is intetested and he has the capital. Also the transaction is open to all it is hassle free safe and convenient compared to bank where every transactions is in constant scrutiny. This is the reason why bitcoin becomes popular and widely use by many people all over the world and with this banks and government are seeing bitcoin as a threat and a competitor especially that they cannot control nor profit from it.

I agree with you 100%. Simply put, banking institutions and governments are so scared simply because crypto will not just enlighten their victims but will also empower them! This means that they (the banks and governments) will not just go out of business but will begin to die out of starvation unless they are able to join the crypto frenzy. Crypto all the way! Crypto is the invention of the century, Satoshi Nakamoto is the man of the century. 

[Christian_k]

its a cliche things if we say that many countries scared of bitcoin, but its true. and im pretty sure that the reason behind why banks and governments is scared of bitcoin is because they are afraid if the existing model of currency that already establish under their control is slowly replaced by the bitcoin as a new model of cryptocurrency.