Why are banks and governments scared of Bitcoin?

[Escf4]

Banks and government are scared of bitcoin, first the banks , they are scared they will loae clients who are bsnkers , and might withdraw its deposits and invest in bitcoin especially the customers have experienced good profit in bitcoin, as for government  they can not control and regulate the bitcoin and they can not impose taxes on this kind of investments the bitcoin investment.

[Sandus_Cryptolover]

Bitcoin offers a decentralized system that is transparent and secure, unfortunately the financial institutions and government operate on a centralised system in which only the heads call the shot and would always to remain in charge. This is the more reason the financial institutions and government are very sacred of adopting the Blockchain Technology.

[Raufjoze]

Crypto-currencies seek to completely exclude the role of the bank as an intermediary in the execution of a transaction. Transactions can be approved by millions of users of a decentralized peer-to-peer network, on the basis of which crypto-currencies function. Due to this, the role of the bank is completely excluded, and with it the need to pay a commission for services disappears.

actually banks and governments do not need to be afraid of the presence of crypto currencies, especially bitcoin, the presence of bitcoin will not change the function of government banks, because they have different functions, banks save real money while bitcoin prioritizes transactions that are decrystallized

[ggezlink]

When more individuals puts resources into digital forms of money most banks will be bankrupt,in my view and feeling cryptographic money is more productive than saving cash in the bank. The main decentralized distributed installment arrange bolstered by its clients without focal mediators, an absence of focal specialist that makes governments perplexed of Bitcoin.

[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.

[kojakk]

I think the government and banks are afraid of bitcoin because bitcoin cannot be controlled and bitcoin is anonymous. So maybe that's the reason banks and governments are afraid of bitcoin. I believe that someday bitcoin will be accepted by the government and banks.

BTC transactions are that anonymous as you may think. For ppl who bought i.e. drugs at silk road, the info about transaction is there to see. Wired wrote a cover of this topic. So, it's even more dangerous for the customer - you've got a certainty of anonimity, but in several years, all your details may leak. Great - I guess limited anonimity in official transactions, as predictable, is a better way at the end of the day.


And anyway, what is the evidence of centralised gov'ts being scared of crypto?

[Shadesofglory]

Simple, among other reasons thou, it reduces the worth and gains of the national currency. For super powers it speaks doom. Banks in the other way will be loosing out substantially in terms of gains. Charges on withdrawals and loans etc will be a thing of the past.

[Baggong]

With very rapid development it can be said that bitcoin is a threat to comfort, many banks and governments are afraid of bitcoin because bitcoin transactions are faster, cheaper and more efficient so they can make banks disappear.

[Cobrak777]

i don't really think banks and government are actually that scared of bitcoin that OP thinks or some topics around here wants you to believe it that way. in fact i think they are very excited about bitcoin,most likely they are not satisfied with the uncontrolled movement of money.

[Stac]

Banks and Governments are scared bitcoins as they fear that bitcoins will take over their position and they might lose their dominance over the people, as all these years the people were following the banks for any financial dealings to send money or to receive money but after the inception of bitcoins and block chain technology there has been a change as the users got the freedom of financial usage as they only have the right to use their bitcoin earnings and there is no third party involved like the banking system to transfer funds all over the world.

[highflyer235]

Investments banks major earning is through mediator ,consultantancy, fees , forex trading which all will get vanished once bitcoin payment adoption. No banks and their investors don't want to loose their core profit business. Also banks don't want decentralise model because they want to keep control on all transactions.

[BasaltHorogium_130RS]

Simply because they are not in control of it, all currencies are controlled and monitored by government agencies and banks and cryptocurrencies are not in their scope since it is based online. once they have the ability to control it little by little you may see them supporting it.

[Rodeo02]

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 they are not afraid on bitcoin , but they are afraid on people who choose to used bitcoin in illegal way. They are not able to control or manage it thats why they cant look for people in bitcoin because bitcoin users are anonymous. Maybe some of them really dont know anything about bitcoin.

At first the price are unstable so banks are not willing to take this currency and also there is no other way of make some proof that this is not a scammed thing that they may have to encounter well hard to know this personally but being not as accept by banks doesn't mean that this is not a good investment yet on the other hand only few people had been know this and believe on bitcoin currency.

[Bitcoin2009]

It must be admitted that the negative campaign about bitcoin and crypto became the basis for banks and the government was afraid of bitcoin, even though it was proven that bitcoin could be useful and improve the economy globally.

[TheGodFather]

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 they are not afraid on bitcoin , but they are afraid on people who choose to used bitcoin in illegal way. They are not able to control or manage it thats why they cant look for people in bitcoin because bitcoin users are anonymous. Maybe some of them really dont know anything about bitcoin.

At first the price are unstable so banks are not willing to take this currency and also there is no other way of make some proof that this is not a scammed thing that they may have to encounter well hard to know this personally but being not as accept by banks doesn't mean that this is not a good investment yet on the other hand only few people had been know this and believe on bitcoin currency.

these two have a different reason why they afraid in the bitcoin but only one goal to achieve. to not control their country by the bitcoin. we know that the bitcoin have many benefits so let's start in the government. government afraid in the bitcoin because we know that it is perfect for doing crime activities because it is untraceable. banks are afraid because we know that the bitcoin cannot collect tax and interest unlike the banks

[MaxApple147]

Government sceared of it because it is something beyond of their control and the banks find bitcoin threat for them. If bitcoin make legal in every country all the banks will come to road.

[pendong101]

They aren't afraid they just want to have control over it but in bitcoin it will never happened because it's decentralized made by no one will have control

[BTCballa]

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?

Again I can say that this is your subjective opinion that banks and government are scared, because in my area banks are totally passive and ignoring the cryptocurrencies fact of existence, it is not interesting for them.

[Linhkej]

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 suppose that banks and governments fear and forbid bitcoin because bitcoin can threaten the future of banks and reduce control from the government. Bitcoin can eliminate banks in transactions and allow users to manage their own assets without sending a bank. It also has very good information security, which makes it difficult to manage the government.

[ubeng07]

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 they are not afraid on bitcoin , but they are afraid on people who choose to used bitcoin in illegal way. They are not able to control or manage it thats why they cant look for people in bitcoin because bitcoin users are anonymous. Maybe some of them really dont know anything about bitcoin.

At first the price are unstable so banks are not willing to take this currency and also there is no other way of make some proof that this is not a scammed thing that they may have to encounter well hard to know this personally but being not as accept by banks doesn't mean that this is not a good investment yet on the other hand only few people had been know this and believe on bitcoin currency.

these two have a different reason why they afraid in the bitcoin but only one goal to achieve. to not control their country by the bitcoin. we know that the bitcoin have many benefits so let's start in the government. government afraid in the bitcoin because we know that it is perfect for doing crime activities because it is untraceable. banks are afraid because we know that the bitcoin cannot collect tax and interest unlike the banks

They dont trust bitcoin for this to be controlled for so they are actually have to be make some way on how is it cannot be ever have to happen we should and we must be careful bitcoin cant control by one person and as for the government they are just concern for all the negative thing that can ever be happen.