Why are banks and governments scared of Bitcoin?

[Jay51]

because the government is still afraid of bitcoin. because the price is not as stable and can not be predicted by anyone.

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[Danielfp]

Because For the Government they dont want the idea of using bitcoin because it will be hard for them to trace the transactions which will be a big problem when it comes to tax. And The government is also worried about the declining economy of a country if everyone uses bitcoin.

[mockcooleat]

Being de-centralized by nature government and banks will have no formal and maximum control over bitcoin and crypto currency and that is why I see that government and banks are afraid of cryto currency and bitcoin. As we all know they want control and possible monopoly over the currency so they have the means to earn if they want to.

[Darklinkz]

First, banks are obviously scared of btc because people will much prefer to store their savings, funds or money into their own wallet. And for the government, they said that they can't get tax out of bitcoin but I don't believe that because when it comes to taking our money, that is what they do best.

[magmar]

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 the first and decentralized cash that is exchanged with no focal specialists and it is a shared installment arrange. Since this is a decentralized money and no focal specialists include in this is the main purpose behind governments to be terrified of Bitcoin . Fiat money is supported by the entire obstruction of the administration specialists and Banks .

[Violettochka]

I noticed that the government and the banks are not afraid of bitcoin, but want to take it under control to get additional profit and to monitor the citizens.

[gpamfmcq]

Banks are very resistant to bitcoin because the expansion of the encryption world will affect the interests of banks, and many people will not put money in banks.

[AdoboCandies]

That is partly correct but some of the banks don't regulate and implement bitcoin in terms of withdrawing and depositing and also the government sometimes accept it because they see the potential of it but most of the time the government wants to control it and I think they will input some tax when it comes to crypto and also the banks but some of it regulates their citizen by using cryptocurrency and some of the countries don't know a thing about cryptocurrency.

[dilshanfernando]

Governments are in the cash business. They make fiat cash and can control to fill a wide range of needs. When you propose to utilize an option that is other than fiat cash as a store of significant worth, the administration can't control or control it too. On the off chance that you could communicate regular exclusively in Bitcoin and lived in the US, the US raising loan fees to control the cash supply wouldn't have much impact on you. What's more, banks get all their cash by acquiring it from the administration, so being inconsistent with the legislature is an awful move for a bank.

[Pr3ko]

Every country would want to have control over its currency in order to stabilize its economy but here is the case bitcoin which is a cryptocurrency does not work on that principle where it is controlled by a central bank. Payment that uses bitcoin is a peer-to-peer transaction which ignores the services of banks and other intermediaries thereby making them lose tax and other revenues that they could have generated if it were fiat currency.

[Filthy1]

Bitcoin gives power too the people something banks( corrupt) and governments( corrupt) don't want they want you controlled like a sheep living in a life of debt you cant get out of. They will now and they already have join because if you cant beat them join them they will manipulate bitcoin causing chaos people will lose a lot in doing this they have realised there old system does not compare to blockchain technology.

[Btcmicel]

Every country would want to have control over its currency in order to stabilize its economy but here is the case bitcoin which is a cryptocurrency does not work on that principle where it is controlled by a central bank. Payment that uses bitcoin is a peer-to-peer transaction which ignores the services of banks and other intermediaries thereby making them lose tax and other revenues that they could have generated if it were fiat currency.

I think bank is scared of bitcoin because of the system that they used and they can't determine the movement. And for government, they can't control the tax by individuals because of the transaction that there going to used.

[Criptomen]

Bitcoin is the first decentralized payment network that operates only due of its users, without centralized management or intermediaries. It is the lack of centralized control over the processes - the main reason why governments are afraid of crypto-currency.

Governments control the Fiat currencies. They use central banks to manage money holdings, using so-called monetary policy. They also determine how remittances need to be implemented, which allows them to monitor the movement of the currency, and also dictate who benefits from this movement, collect taxes from it, and track criminal activities.

Bitcoin doesn't allow to do it all, so they are dissatisfied

[Jesusghergo]

Maybe those governments and banks are just afraid or scared to Bitcoins because they don't want people to completely engage in this digital currency, or to any other crypto currencies. If all of the people will use crypto currencies other than the fiat currencies that the government control through banks, the purpose of the banks will be disregarded and Bitcoin is a decentralized one which the government doesn't take control of.

[ThorWin]

Since the introduction of the Crypto market has made the whole banking system freeze, the number of customers has fallen and it has become increasingly difficult for them.

[F.I.L.F]

Bitcoin is basically a threat or a big competitor for banks and governments. Because banks and governments want something they control. Also open transactions for all of them are hassle free safe and convenient compared to banks where every transaction is in constant supervision. So they are very interested to ban crypto

[PAES23]

Because bitcoin is decentralized, they have no control of bitcoin, also bitcoin fluctuate so much and I think it will not fit in government. That just simply it they can’t control bitcoin that's why they are scared of bitcoin and other crypto currency.

[Troubleshoot]

Prior to Blockchain and BTC, banks and gov-t authorities used to play one of the key roles in virtually every transaction, i.e. they were intermediaries in financial and other arrangements. Currently, however, they are no longer needed in their old-fashioned role. They are deprived of their positions. Who would like that? No wonder authorities will do their best to reverse or stop the development of BTC my all means.

[PlusOne88]

It is not that they are totally afraid but they are probably studying the cryptocurrencies' effect to their economy. Any misuse is the same as misusing actual money. Any loss of coins due to hacking is a loss to the economy. Yet other countries are now starting or planning to accept it as their currencies.

[martin1221]

Bitcoin are the one who was the enemy of banks. Becsuse we are doing an online transaction through blockchain which don't use a bank for transferring or storing money. Thats why banks don't agree on it because it will someday loss their jobs.