Why are banks and governments scared of Bitcoin?

[Kayum10029]

Many governments fear bitcoins because they don't control online virtual currency over fiat money. Others side bank also fears bitcoins same case.

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[anilsaini.jaipur]

Yes, they are afraid of a thing that is decentralized. It's logical that banks and governments are scared of bitcoin. Banks are scared because less and less transactions passes through them which means less money for them in terms of bank charges that they get from transactions and Governments are scared because they won't get to get tax from these transactions. At least not now yet.

[Vritesh]

Yes banks and governments are scared of bitcoin because it is making the world go crazy. Bitcoin till date has become the best investment asset. It has given the biggest scope of investment to common individuals which banks or governments had not given. Any person holding capital with him can invest in bitcoin and he himself will be the controller or owner of that thing but this is not so in banks or government as there are other people to keep the check. People now do not prefer this more and are converting their minds towards bitcoin. So banks and government are scared of bitcoin as it has made their scope in limit.

[uyenkt]

I think it is perfectly natural that the government and banks do not like and fear bitcoin. More and more people want to own and use electronic money.
The government is afraid of losing revenue because they will not be able to track bitcoin transactions

[Magkirap]

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?

Its natural since government thinks that bitcoin is a big threat on them. They are afraid that some people will use bitcoin in illegal way ,and so many people choose to invest in bitcoin rather than banks.

[ngawethu1]

As you can see, Bitcoin is threading global. the banks is afraid the influence of BTC to their system because there will be more transaction under btc technology. the government and the banks can not handle this situation. they will lost their profit from it. thats why it is banned in some country.

[Rustandy]

The government stated the reason for banning bitcoin for fear that investments into large bitcoins could reduce investment to the national real sector. Digital currencies are risky because no regulators or administrators are managing the digital currency. the digital currency is at risk with money laundering.

[leavolnhals]

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 in particular and bitcoin in general have brought about tremendous potential for change in the world market trading system. Bitcoin and the Blockchain system have created a network with extremely high security, which It operates independently on the basis of encryption and is not subject to the control or influence of the bank or the government, thereby opening up financial opportunities for everyone without any taxes.

[icreative998]

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 cryptocurrency is something new with so many countries, so when they go through something new they have to study it thoroughly and a lot of the rules are laid down to let things go smoothly. In fact, many countries are afraid of uncontrolled cryptocurrency

[ginobitcoiner]

So many countries now were prohibiting the use of virtual cryptocurrencies.

I think not not too much, maybe because it is not too exposed to state receiving bitcoin. it is more exposed to countries that prohibit bitcoin and other crypto currencies.

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?

banks and the government are very clear why they ban bitcoin because it will disrupt the stability of their country's economy especially for developing countries

[Stioned1987]

For me i think the motive why the government and the banks afraid in bitcoin its a digital money and in case you the usage of cryptocurrency now a days theirs no want to hold your money in a bank and the authorities is the only who coping with the forex

[TobyToby6000]

because bitcoin is becoming more and more popular and it is used by people worldwide. as a result, they are scare that bitcoin will replace fiat money one day

[Charot12345]

I think many countries are prohibiting the use of crypto currencies is because the government and bank can’t take control over it. They can’t manage and manipulate it because it’s decentralization. It is an obstacle for them especially on banks because in the future many people will prefer to use it because it was convenient and easy to transact than on the banks.

[athlete]

I believe that banks will not be able to compete with crypto-currencies and people will stop using the services of banks. They are just afraid of collapse

[alizalela7]

The government is afraid of bitcoin because bitcoin fluctuates in price fluctuations, and bitcoins make the government unmanaged. The fear is that they can not manage the bitcoin and they fear the bitcoin will hurt the economy.

[Pixgarm2018]

Because banks and government want something that they have control over. Where there are people who manages its every transaction and if something goes wrong they have someone to blame or accounted for. But with bitcoin it will never happened because of its decentralized nature.

[MidKnight]

Because if we shifted in the new way of transaction, they cannot make shady deals anymore. The banks can't fool people in their wrong calculations on  their debt because it can now be monitored in the blockchain and governments cannot also use the people's money anymore which is the tax they deduct from us for their leisure.

[cabitu]

Because bitcoin has a high enough price and big profits can be earned through bitcoin investments, so some people withdraw the money they save in the bank and invest in bitcoins. If this is allowed and everyone withdraws the money to be invested in bitcoin, it will hurt the bank and make threats to the country's economic stability that could hurt the government.

[lobster88]

Governments and banks are getting more and more afraid to the Bitcoin crypto currency because it is very clear how this currency getting popular as the days goes by. More people are engaging, having a deep understanding and knowing the true meaning of the Bitcoin as a great crypto currency for their financial transactions.

[yoshua27]

because bitcoins have no real form so they assume bitcoin has no value and is fluctuating