Why are banks and governments scared of Bitcoin?

[Mia Wallace]

 The banks and governments  are fear of Bitcoin but they are not ready to reveal the cause of their fearful attitude towards Bitcoin . Banks gives fake ideas about Bitcoins and other cryptocurrency to the public. Since Bitcoin is a decentralized means of currency and the users of Bitcoin is transacted without any third party influence it allows people to trade directly but in transaction of fiat currency the bank is involved in it and they cut off more money as their service charges etc;so people give trust to cryptocurrency and they do not trust in fiat currency so this may be why the banks and governments are scared of Bitcoin .

[newcryptocurrency]

Bitcoin is basically a threat or a big competitor for banks nd government. Bitcoin brings fair opportunities for common individuals. Anyone can join and invest for as long as he is intetested and he has the capital. Also the transaction is open to all it is hassle free safe and convenient compared to bank where every transactions is in constant scrutiny. This is the reason why bitcoin becomes popular and widely use by many people all over the world and with this banks and government are seeing bitcoin as a threat and a competitor especially that they cannot control nor profit from it.

[FUD Expert]

When you needed just an offline/hardware wallet and cellphone in the future because of bitcoin and not a tons of documents and time-wasting of process and falling in line for banks then banks would really fear that. People want convenience and quick on everything in these modern times and banks could not provide those kinds of services but very possible on btc .

[MudahDanHemat]

Because it would threaten the existence of the bank, may be. But surely the wiser reason for the concern is to protect the public from the possibility of bubble and the future losses. certainly there are various considerations why the government forbids bitcoin. Let's think positively.

[maxman190]

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.

[devlincarter.868]

The banks and governments scared of bitcoin because bitcoin is more attractive and profitable.

[jonsky05]

Maybe they scared because they can't manipulate the bitcoin and they know that bitcoin is a big help to every economy in every country that's why they avoid bitcoin to legalize.

[LeonJayden.]

Bitcoin’s characteristic is that it is decentralized, which means it is not controlled by anybody or anyone or any organization or person.Since banks do not want thriving electronic money to compete directly for their profits, or for many other profound reasons we can not know.

[nichoslalble]

Bitcoin is the first and decentralized currency that is transferred without any central authorities and it is a peer to peer payment network. Just imagine what happens if all people use Bitcoin. then the activities of the bank will be quiet, and the Government does not get income from the financial tax.

[miti251194]

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

[buternasek]

the reason why the government is afraid of bitcoin, maybe they think if at this time criptocurrency trade is very high risk and volatile, then the government does not advocate investment to bitcoin

[hibiscus]

       
 We only hear that banks and governments are scared of  Bitcoin the truth behind this is not revealed . Since Bitcoin is a decentralized one and no intermediary is necessary for any transactions  the users himself can do  transactions without the help of banking system .the traders and users only are the participants who are involved in this Bitcoin transactions so the transacting fees will be low and done with ease but that is not with fiat currency transaction, in fiat currency exchange the dealing is to fill the pocket of the bank employers this will not be done with Bitcoin that may be the main reason that they are scared .

[gelaskopi]

It may be that the impact produced by cryptocurrency for a country produces something less friendly because of its decentralized nature. A country has its own currency, if their currency shifted its position by cryptocurrency, would not it be bad?

[Good Bo]

Bitcoin is the first and decentralized currency that is transferred without any central authorities and it is a peer to peer payment network. Just imagine what happens if all people use Bitcoin. then the activities of the bank will be quiet, and the Government does not get income from the financial tax.

I dont think many government and bank are fear to bitcoin but its more like it can not support it because of some reason for example very high volatile. It does not mean that bank and government are fear with cryptocurrency.but if any bank and goverment are fear maybe the primary reason because with the introduction of bitcoin, this also means another competition in their system which will make it harder for them to harbor users and customers. The fact is bitcoin and crypto is becoming more popular and maybe the people pull out money from bank and invest in crypto.

[Godef]

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?

Maybe they are wary of the fact that bitcoin can destroy the economy of a certain country, I think not long will be able to hold out the country, and yet the future is for cryptocurrency.

[Harrisonimo]

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 only reason why the banks and governments are afraid of the bitcoin/cryptocurrency is that it will break/interfere in their autonomous mode of controlling the country's economy. They see it as a competition which they are most likely to lose in. By now, I expected to have seen some level of alliance between the governments and banks with cryptocurrency.

[gathingbrus]

The fears of the government and banks in bitcoin occur especially in countries whose economy is not yet stable. The government is worried that investments into large bitcoins can reduce investment to the national real sector. Of course the country needs funds to move the real sector to boost the country's economy and the government does not want the funds instead run to bitcoin.

[Tiksi_Bay]

I discovered WhenHub and I wanted to know what it is exactly and that’s what I found about it : WhenHub Interface is a mobile app for connecting consumers to experts. This service will ease the consulting process and save a great amount of time for both sides.
Sounds cool doesn’t it?

[Carterfinley65]

Maybe beacause bitcoin doesnt have a tax for me thats the only thing that they scared of i guess. By that, banks and government are afraid of bitcoin because they cannot control it. Also, they do not know much about it so they are afraid of what they do not understand.The reason behind the governments scared is that if banking system fail means the fiat money fall which is the back bone of all countries revenue so no government want that to happen.

[Xardasim]

Because, if Bitcoin is used like a currency in the future, banks are not needed. So, you can do what you want from home with low fee, without a middle man with Blockchain platform and when it will set up that mean is the end of the banks.