Why are banks and governments scared of Bitcoin?

[billbear]

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?

In my opinion it is because this game can change the game upside down,  everything that they are familiar with and used to it will be transformed into something other so they are feeling that

[1715083188]

1715083188

[authur]

The main reason I think banks and governments are scared of bitcoin is because of the nature and technology behind bitcoin.While banks thinking bitcoin as a competitor they are afraid to be replace by bitcoin because they are seeing how bitcoin grows all over the world

[iamike]

Most governments want to control and manipulate everything under their watch. Because cryptocurrency cannot be manipulate especially its rise and fall. Cryptocurrency will bridge the gap between the ordinary citizens and those who manipulate the physical currency.

[cuteboy2016k]

Gov. and banking are scare of bitcoin because Bitcoin is digital currency and no body can track the transactions, anyone can send money from around the world without any mediator,Bitcoin is very difficult to control and more illegal activities money laundry can happend, so more gov, are give warning to invest  or buy bitcoin. may be in future this will be change,

[fiulpro]

The government is scared of Bitcoins because since Bitcoins is decentralized they have literally no control over it that means they will lose their authority and dominance.
it cannot be controlled so there is a chance that people can misuse it.
Also you should understand that it's providing an excellent opportunity for people to invest in therefore instead of banks and gold people are now starting to invest in Bitcoins and because of that the economy of the country can become unstable.

[wow.magic]

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?

Maybe its because they cant control bitcoin , but in some ways they just protecting their people because bitcoin is only for risk taker. They know the scamming issues in bitcoin. They give some warnings to people so that they are aware .

[authur]

In my opinion, governments and banks are afraid of bitcoin, they may feel that they have a new competitor in it.

[missyqt29]

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 they find bitcoin and other cryptocurrencies as competition for finance industry. Instead of adapting into it, many of them are trying to stop the expansion of this innovation even though it is already proven that this technology can and will improve the state of the economy.

[domari]

Because I think bitcoin is anonymous and also difficult to regulate by banks and government. So this is what causes the government to be afraid of bitcoin because it can not be taxed for it. That's just my opinion.

[Giftedcrypt]

Its the decentralized nature of Bitcoin and the government not being able to manipulate, control it,,that's what i think among the few reasons  of government being scared..

[keeee]

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?

In my opinion it is because this game can change the game upside down,  everything that they are familiar with and used to it will be transformed into something other so they are feeling that

I agree, it will be a new thing for everything like a new discover. They are scared that bitcoin will be more useful than fiat currency. Government scared because they cant control the change in price of it also because of the volatility of bitcoin. But I believe bitcoin will have a big contribution to our economy once it was accepted.

[CAPTEZECC]

Banks and government are scared because Bitcoin is taking money power away from the government and corrupt politicians back to the people and they are also afraid because they can not tax the bitcoin transactions.

[alaskata]

Bitcoin is a mass of assets, is spreading across the country, is a large-scale bubble.Bitcoin occurs especially in countries with economies unstable. The government is concerned that investments in large bitcoins may reduce investment in the real estate sector.

[kasemin]

I think so many countries have banned cryptocurrency. You have to stop that. the media is filled with many Negatives today and when you busied yourself with them, the wise money invested in Bitcoin and the future belongs to those who act today. As we know that Bitcoin and cryptocurrency are based on blockchain technology that depends on the principle of decentralization. It's all about taking power from a centralized controlling authority and transferring it to the user.

[Gab23]

I think one of this reason is they do not control the bitcoin, as it is new currency. Also bitcoin show all kind of transaction to the public. This will make hard those of bankers to hide their own transaction skills. This is why bankers don't like bitcoin

[Amokomowo2005]

Non of them are scared to me, i think they are only trying to weigh the risk behind it..

[leostrong.mo]

Bitcoin is basically a threat to the bank and the government or a huge competitor!
Bitcoin brings fair opportunities to ordinary people. Anyone can participate and invest, and banks and governments can't control or profit from it!

[Frob1992]

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?

it's far a natural thing. because the authorities and the financial institution do not want some other forex that joins inside the country, because with the forex crypto will disturb fiat forex that has existed inside the united states of america. crypto is freedom, so the authorities can't manage it completely.

[Yohodl.com]

Because they want to lead it, or have already done it ...

[TERA]

Banks are afraid of btc due to the fact that before the advent of btc, they were the only intermediaries in the financial sea, and the government because of the complexity of control ... bitcoin breaks the system!