Why are banks and governments scared of Bitcoin?

[Khabib1900]

Because it can significantly disrupt the modern economic and financial structure of the country, and the state will start to earn much less. This is simply unprofitable for the government.

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[Konstsntin.zin]

The banks and the state benefit from our money transactions going through their hands because with this help they can earn. And the cryptocurrency will not give them such an opportunity.

[KnightElite]

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 reason why the government are banning cryptocurrencies is because they know that it can harm their citizens. There are now many scams ICOs that are continuing to exist. They can protect their citizen by banning cryptocurrencies.

[BADecker]

Banks and Governments might be scared of Bitcoin, but they don't really have reason to be. Why don't they? Because, miner's fees give control to the miners, and the handful of big miners that control Bitcoin, can be controlled by banks and governments. Bitcoin has been centralized after all.

[Namara]

I'm not sure the government is afraid of bitcoin. I don't see how bitcoin can threaten the stability of government and banks. It is foolish to think that bitcoin will destroy the modern economic system.

[shursight]

I do not think that they are scared of bitcoin, maybe they just want to keep it away from them for some time, just like they did before, but it is not possible to see them scared because it is not that powerful yet. Maybe i could be wrong.

[hyadumadha]

Its simply because bitcoin refuse to obey with their banking debt based money system. Bitcoin disturb their interest to control over the money supply, and thats why they fight really hard.

[BADecker]

Actually, Bitcoin is controlled by the banks. The banks control governments, which control the Bitcoin miners, who control the use of Bitcoin through miner's fees.

If we had no miner's fees, the price of Bitcoin would have gone through the roof by now - maybe $200,000 a bitcoin - and the banks would be in danger of losing the world control that they have.

World banking control has been saved by the miner's fees. People have lost economic freedom again.

[rraymundo]

Banks and governments are scared of Bitcoin because they can't control Bitcoin, no government can and no one can control it. It's a peer to peer payment without the middle man meddling. Less payment fees for users and investors. And I also think banks and governments are also scared because if people with use Bitcoin to everyday life to pay bills, transact with one another etc. banks may become irrelevant to our society.

[Kong Hey Pakboy]

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?

Governments and banks are scared of Bitcoin simple because it will stop them in controlling the people (which is everybody) and influencing us with the supply of money. I learned that politics are almost the same with business which means that governments are also almost the same with businesses like banks. As long as there is something that is tangible in this world, they could manipulate it because they are the powerful one. They fear it because they might lose it someday and not be able to govern that world (Cuningham, 2017).

I've got my idea on this link, might you want to check it.
https://medium.com/@blake.rsa/why-governments-are-afraid-of-bitcoin-and-what-they-can-do-about-it-dc1eb411fdb9

[kumarrajuiitd]

Governments are in the money business. They create fiat money and are able to manipulate to serve all kinds of purposes. When you propose to use something other than fiat money as a store of value, the government can't manipulate or control it as well. If you were able to interact everyday solely in Bitcoin and lived in the US, the US raising interest rates to curb the money supply wouldn't have much effect on you. And banks get all their money by borrowing it from the government, so being at odds with the government is a bad move for a bank.

Banks and The government has to think about all the citizens good to bad, poor to rich and literate to illiterate. So a balance has to be made by them. That is why these institutes takes time for the financial inclusion of the cryptocurrency. There are so many benefits and it would be a great success after internet acceptance and vast spreading. this bitcoin will also potential to multiply the business. So banks are denying to understand it in its own way.

[KrisAlex18]

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 has been very powerful ever since that it can do what government and banks do at a single moment. It became a threat since its value has risen up more than what's expected. As people and investors keep on coming to bitcoin, its power grew more wider and broader leading to the stupid decision being made by the government such as banning it to avoid any further destruction over them from bitcoin.

[Giftedcrypt]

Banks and government are scared of Bitcoin due to its decentralized nature,criminals can use it to hide money,its not taxable, it does not support the kind of business banks  are into..

[SingAlong]

There are still barriers between government, banks and bitcoin. The reason why banks are afraid or scare to bitcoin because bitcoin has more opportunities and fair monetary and payment system than banks that's why banks are trying to bring down bitcoin they are afraid to lose their customers and investors. While government are afraid to this because they can't control or trace transactions and mone fllw inside. They will not know if the transaction is whether good or bad and may affect our country's economy becaude it is not taxable.

[javascript1539]

As long as there is something visible in this world, they can manipulate it because they are powerful. Banks and government fear Bitcoin because they can not control Bitcoin, no government can and no one can control it. Fees are less for users and investors.

[Trangngu]

Bitcoin is basically a threat or a major competitor to the government's second banks. They are afraid of being replaced by cryptography if more and more individuals in their countries start using encryption. and not what banks can offer they will gradually be forgotten and replaced. Moreover, the risk of losing national finances is also a cause for fear

[rajkr]

Government is scared because it will heavily effect national Fiat currency.And BTC is being used in illegal bussiness as it's transaction are not being controlled by government.

[Anhmai]

The transactions that are open to all of it are trouble free, safe and convenient compared to the bank where each transaction is monitored continuously. Bitcoin deals without 3rd party interference. Take a look at its capitalization market, rising drastically just from the start of 9 years ago. That is a threat to the market share of users

[Zero504]

they are afraid because many investors are now investing with crypto rather than bank because they can not earn more with their investment in the bank. crypto investment is very profitable. more and more people are adopting it when it comes that cryptocurrency will spread around the world the government has no source of income across the country. may fear unrivaled

[katarina007]

Bitcoin has the potential to become a free currency in their control that is a significant threat to their business. In fact, Bitcoin is controlled by banks. If we do not have the cost of the miners, Bitcoin prices will go through the roof now - maybe 200,000 dollars a bitcoin - and the banks will risk losing control of the world they have. People have lost economic freedom again.