Why are banks and governments scared of Bitcoin?

[ronnis.gomes]

The banks are afraid of bitcoin and the crypto market because they are afraid of losing customers and investments. However, some banks have already realized that it is better to join the crypto market that can yield good and big profits

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[Emmax]

The idea that bitcoin might be threat to established banking institutions was shared with CNBC by Rainer Michael Preiss, executive director, client investments, at Taurus Wealth Advisors, a Singapore-based family office  Preiss believes that Cryptocurrency such as bitcoin have a certain attractiveness given the lack of transparency in the banking system.

[Your Point Is Invalid]

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 cannot be traced that means it cannot be taxed, and bitcoin has somewhat of a negative reputation of being used to purchase illegal things. There are also alot of scams going around that involve crypto

[Emmax]

The banks are afraid of bitcoin and the crypto market because they are afraid of losing customers and investments. However, some banks have already realized that it is better to join the crypto market that can yield good and big profits

Yes oh. U too have notice it, I have a bank in my country using style to support Cryptocurrency bitcoin they are in partnership with Luno.

[alroys]

Bitcoin is decentralized, or not regulated by an institution, unity or state. probably because the banks and the government are afraid of Bitcoin, because the government can not regulate Bitcoin, because If Bitcoin continues to grow and many people use Bitcoin, then the state will get nothing, because there is no tax on Bitcoin. and of course the public will leave the country's currency and switch to Bitcoin.

[simaislam]

i  think you read to many FUDs online which is why you think "so many" countries have banned cryptocurrencies. you need to stop that. the media is filled with a lot of bullshit these days and while you are busying yourself with those, the wise money is being invested in bitcoin and the future belongs to those who act today. in any case in rare cases when a country banned bitcoin, if you study the country itself you can see they have a very corrupted country in general from the top to bottom is corrupted. both people and government which is why they ban things like bitcoin because they don't want anything messing with their corruption

[seijuro]

Because they will have no interest if all people used bitcoin and not their bank. So some politics and banks all over the world wants to stop or kill bitcoin to protect their business. Because they know that bitcoin can make easy money transaction without any papers.

[Ishiro5]

1. It will take away the power they have over the people especially economic power and that would be a big blow
2. As for banks, it would most likely send them out of business or drastically eat deep into the dubious profits they are used to making by ripping people off.

[danggoron]

well, not all banks and governments are afraid on bitcoin, maybe in other countries. But i think the reason why is just because they think it will replace the paper money in the future or it will affect on the economy of the government. But if they know about bitcoin i am pretty sure that they will be one of the users of it.

Not for fear that paper money will be replaced. The Government has full right to regulate the currency in force in its country. Most governments are worried about the misuse of bitcoin in criminal and illegal acts, and the government is also concerned that bitcoin has a high enough risk associated with fluctuating prices. The government just wants to maintain the stability of the economy and its people.

[Genamant]

well, not all banks and governments are afraid on bitcoin, maybe in other countries. But i think the reason why is just because they think it will replace the paper money in the future or it will affect on the economy of the government. But if they know about bitcoin i am pretty sure that they will be one of the users of it.

Not all are afraid I agree. However, the main reason that they dont like bitcoin is because of it's decentralized nature. It's the total opposite of the banks function. And if more and more people will shift to bitcoin, means lesser money will be going to banks, lesser transactions, i.e. wire transfer and that means lesser income for them.

[Nakedbitcoin]

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?

Simply the bank  are afraid of bitcoin because they think they are losing  customers. Because people are more attracted to bitcoin especially when they get big amount of money. Which is the profits of  their investment in bitcoin.

[Fafabol]

There are government tries to regulate the use of cryptocurrencies.Because cryptos has a decentralized feature and the government and even the banks are scared because of these features.It was paper less and has no taxes,so there is no liabilities regarding to the crpytocurrencies.But some government and banks are tries to conduct safety features for these matter.

[tayecrypto]

As we all know that Bitcoin  is are based on the blockchain technology which relies on the principle of decentralization. It's all about taking away power from the centralised controlling authorities and transferring it to the users.  governments are greedy for control, they want to control each and everything in your life, blockchain based currencies won't allow governments to regulate it so you will be the actual owner and holder of your wealth and no one can interfere in it without your permission. That's the more reason why the banks and governments are scared of Bitcoin.

[gesdan]

bitcoin basically doesn't have a central that manage all transaction like the central bank and i think government doesn't like this because they can monitoring and manage about the transaction in their country, which is they can't give tax to the user of bitcoin and anything else.

[Briella18]

Banks and Governments are afraid of Bitcoin because they understand that it will be very difficult for them to control this coin, which means that many people have the opportunity to be more liberated from the power of the Government.

[Jessica1234]

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 is a big threat to banks, that's why they make false propaganda to deceive people and their govenment.
Since the government obviously don't know and don't want to adopt the technology of bitcoin world,they support banks. Not realising that they will also benefit from people who is profiting from cryptocurrency.

[amaha cris]

As for me, the whole blockchain and all cryptocurrency is a direct departure from intermediaries, and banks are exactly them! that's why they're afraid!

[Mikejones64]

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?

Banks only create fake news because they know that their business might be gone because of cryptocurrency. They fear that they might lose client because there is already wallet for bitcoin and other altcoins. They'e seeking support to government because they know both of them will benefit if bitcoin will be banned.

[arteis406]

in my opinion, perhaps the bank has many considerations in this regard. because although bitcoin users are very numerous there is no legality of data. and perhaps one of the things the bank avoided was the use of bitcoin to money laundry

[Decaymyth]

if we want bitcoin to rise trust in Satoshi
trust in me what is a few buks to me everything
I need to continue my work since I stopped bitcoin has done nothing but tumble I cant prove who I am but with a little trust i can show you by taking bitcoin above 20000 once again who other then I the original creator of blockchain can do this. without damaging bitcoins integrity and decentralization
it was not only my ideas but my work with marketing my expertise in business and banking and my profound network of not only supporters but large capitol investors and the hard work of those in the community and at mit thats what sent its value rocketing i have within my power skill to once again acheive this valuation trust me as i have in you

with just a few pennies off the dollars i can continue my revolutionary work that my promise and my proof.
thanks
satoshi the man behind the myth
theymos
vitalik butterin
nick
mit
hal
many others i hope you will step up and realize