Why are banks and governments scared of Bitcoin?

[kabelpeggek]

Maybe because some people are getting scammed and criminals are using bitcoins for money laundering purposes. Not all governments are bad. Banks are businesses that just want to have a piece of the action. I’m sure we can all find a way to coexist for the benefit of everyone, criminals excluded.

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[Aztek]

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?

You cannot say that the government is scared of bitcoin because if they wanted they could just banned the bitcoin is their county maybe the banks have a disadvantage ehenbit comes in bitcoin if bitcoin will be the top use currency in the world bank will be useless in that. Case because they uses physical money but i guess they could adopt the system of bitcoin and create something new.

[Javathon]

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?

Not with bitcoin but with the technology behind it. Banks will be of little use to nothing if this world will turn to the integration of blockchain in all financial transactions. Corruption in the government will be eliminated if blockchain will be integrated in all transactions. Plus the use of blockchain in voting, this will create transparency for all.
This is the future, and they can't stop it from happening.

[renggileh]

I think the government can not control it. Since banks do not want thriving electronic money to compete directly for their profits, or for many other profound reasons we can not know.

[Al Wahhaab]

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?

Not with bitcoin but with the technology behind it. Banks will be of little use to nothing if this world will turn to the integration of blockchain in all financial transactions. Corruption in the government will be eliminated if blockchain will be integrated in all transactions. Plus the use of blockchain in voting, this will create transparency for all.
This is the future, and they can't stop it from happening.

yes I also think like that and also bitcoin no ties with banks and the government will probably make banks become lonely and less income

[Hero of Legendary]

in my country I don't know if all of the banks are do not like or support bitcoin. There are banks already in our country that are accepting the fiat converted from bitcoin. This banks are connected to our local exchange of crypto currency.

[cryptojaani]

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 .
What do you think is the reason behind this?

I think It is normal. Because The bank afraid will lose their investor, The  is more popular and profitable. The government cannot controll  over. It is the reason.

Both government and banks has centralized system for management and they've been using it from the start. Circulation of currencies are also under their control which is spearheaded by central bank. These two institutions might just concerned about the decentralized nature of the cryptocurrencies because they are likely to be used in illegal activities like money laundering.

[Syakbrown]

basically the bank issued a regulation based on the established government. so it's only natural that banks then also banned bitcoin as the government did. this is actually just about taxes they want.

[demonist]

governments can't control bitcoin, and are afraid of such high volatility. Banks is a business so if investors pick bitcoin to use for a transaction, banks will lose its support and no money will enterin their pocket.

[bce]

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?

there is a lot of news telling me that bitcoin as a fundraiser for criminal activities and money launderers I think that might be the reason the government of a country forbids bitcoin in the country

[desmodiAN]

banks are a child of a developed society. but banks set their own goals for a long time now. instead of the original goal 'giving liquidity and security (value store) to people', they are acting like economic driven companies. they collect profit and influence.

bitcoin is taking both away from them. influence and profit. guess how they react?
they will talk, act and fight and do everything to stay in control of their percieved belongings/rights. even if the system itself harms the society.

so it will be a painful long process. banks will evolve and be around. i am pretty sure.
but they need to cope with the "new situation". it will come down to a good marketing strategy.

because people are not clever, not wise enough to collect own information. they tend to believe what newspapers and alleged experts say.
its happening all around. experts claim they know bitcoin is flawed, worse, can never replace the "holy central banking" acts.

[rosechoco]

When more people will invest in cryptocurrencies most banks will be bankrupt,in my view and opinion cryptocurrency is more profitable than depositing money in the bank.  The first decentralized peer-to-peer payment network supported by its users without central intermediaries, a lack of central authority that makes governments afraid of Bitcoin.

[logan.logan]

because bitcoin is a competitor for them ,and no one can control bitcoin but bank is under of government control. Even the financial institutions of countries will always attack bitcoin since they feel that bitcoin will take over their responsibility in providing financial services to the people.

[budi691]

perhaps the main thing that the bank fears is where they will be eroded or excluded by cryptocurrency. some countries ban bitcoin, but they do not give a factual reason. they only affected the issue.

[Dele2018]

Banks and government are scared of bitcoin because it's something they can't control,they have no power over,the power is in the hands of we the user's of bitcoin. 

[adjong]

 for me transactions of Bitcoin are increasing rapidly. It will turn into human resources in the future. Bitcoin also has a number of benefits that government-issued and government-backed currencies simply cannot offer,they would be unable to control all the activities of an individual, which in reality they do not want.

[Rianbook]

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 and governments are afraid if people prefer bitcoin as a place to keep money or for transactions.

[42XDA]

because they want to print money ......

[SingAlong]

Governments and banks are scared in bitcoin in different ways. Government are scared in bitcoin because it is decentralized and no one can control over it and the transaction are free taxes that will be a big threat in our growing economy and also it is a big threat for the citizens and community security because it can use as illegal transaction. While banks are scared about the capabilities and benefits of bitcoin they see bitcoin as a competitor they are scared that one day bitcoin will reign the monetary system and payment system.

[wasaisi]

Because both have agreed that bitcoin will disrupt the already stable economy in the country so it's better they spread negative news about bitcoin because they are afraid bitcoin will enter in the country.