Why are banks and governments scared of Bitcoin?

[white_star]

Banks and government are virtually scare of bitcoin simply because it's a decentralized coins, they cannot control the demand and supply of bitcoin, they can control how many value or units should be in circulation like they do with fiat currencies.
And I think is good for bitcoin,  we can't risk putting the running of affairs of bitcoin in the hand of governments and financial institutions they will find a way of manipulating in their favour.

They can't manipulate of course the bitcoin systen It because as what you sai It decentralized coin and In addition, as my opinion  government scared bitcoin because they don't know yet how to make taxes by accepting bitcoin to their country, but soon It will be accepted,  once all will be cleared.

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[tera do]

Government and banks wanted to hold everything which is related to business.They are scared from bitcoin because it seems a big competitor for them.

[Hotrod_88]

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?

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Because banks and government wants something that they have control over. Where there are people who manages its every transactions 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.

Maybe they say bitcoin as a competitor and for the government they cannot do the "corruption" thing because it is virtual money and i think it will hard for them to do that

[Ankhesenamun]

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 are of course many reasons why you should be afraid of bitcoin in different countries, I think first of all it can greatly bring down the economy of a country, and so many reasons, but still some countries accept and do not complain.

[Ikpirijor7]

Bitcoin is essentially a danger or a major contender for banks nd government. Bitcoin brings reasonable open doors for normal people. Anybody can join and contribute for whatever length of time that he is intetested and he has the capital. Likewise the exchange is available to all it is without bother protected and helpful contrasted with bank where each exchange is in steady investigation. This is the motivation behind why bitcoin ends up well known and broadly use by numerous individuals everywhere throughout the world and with this banks and government are considering bitcoin to be a danger and a contender particularly that they can't control nor benefit from it.

[Legwist]

I think the government is afraid of bitcoin, because it can damage the paper finance system in each country. And The banks normally do services for people with additional charges for transferring funds or for any transaction so when bitcoins are used they fear that they might loose their job.

[nduvan]

I think the reason the government is afraid of Bitcoin might be because of the many crime cases involving Bitcoin, and Bitcoin is a decentralized digital currency, an unstable Bitcoin value, and uncontrollable.

[ekateriinae]

there was a lot reason for why government and bank doesnt like bitcoin. one of it is they cannot control bitcoin of course. the government doesnt like something they cannot trace and may harm peoples on bad way such money laundering.

[paruru123]

The present performance of bitcoin and other alt-coin has been a suprise to them, because bitcoin has been booming and acceptable across the globe.

[dameh2100]

Banks and goverment are scared of bitcoin because bitcoin is decentralized and hold by anonymous people. Another one is bitcoin can replace fiat in the near future and many banks will decrease their profit because of many people will choose bitcoin as their investment plan soon.

[maminelly]

the government can't manipulate or control it as well. If you were able to interact everyday solely in Bitcoin and lived in the US raising interest rates to curb the money supply wouldn't have much effect on you and banks get all their money by borrowing it from the government, so being at odds with the government is a bad move for a bank....

[Mwalshe89]

Because bitcoin is designed to exclude banks from the transfer chain from user to user! In the case of states, I can not skazat precisely, most likely due to the fact that bitcoin is used for illegal purposes.

[Pinkris128]

I think the government is afraid of bitcoin, because it can damage the paper finance system in each country. And The banks normally do services for people with additional charges for transferring funds or for any transaction so when bitcoins are used they fear that they might loose their job.

They are afraid because they know it will have a great effect to finance system of their country. Aside from that bitcoin was decentralized means that no ones control it, even government. They think that fiat will set aside and it will be more useful than the fiat. They are afraid to because it was easier to transfer and less fee that needs to pay.

[virarara]

Because banks and the government can not control them and I think banks are afraid of being replaced by bitcoin because bitcoin has more advantages. And for the government maybe because they can not control bitcoin for the future.

[ruslan4040]

They are not scared of bitcoin, this is just a theory and there are always going to be a lot of people always saying this kind of rumours, but yes, it is fake and it will always be

[19nataliya12]

banks and governments are afraid that the crypto currency will replace the usual money and they will not be able to manage it !!! But despite this they can not prevent it from breaking into the common use

[ZMINE Official]

If look in another point of view. We have to admit that, accepting something that you know it could be replaced all over you it is not easy. With the long-standing system of the bank and its relation to the general economy, if it changes, it could not be changed immediately. Because it may have many factors that are needed to be concerned. It could take some certain times for people to slowly adapting to a new thing which could actually change their lives forever.

[MbakNarti]

Yes The government and the banks are afraid because bitcoins are too risky so they do not use bitcoin as their trasaction style And they also forbid its citizens to use bitcoin as a trasaction tool in their country

[aryadiningrat123]

Yes the government is afraid of bitcoin because it is too risky too so they do not use cryptocurrency as a trasaction tool in their country so the government will not use cryptocurrency in their country and its citizens are strictly forbidden not to use cryptocurrency in their country

[chromosomes]

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?

For banks, they are afraid of bitcoin because it can function way more better than them which will push people to patronize bitcoin than banks. For the government, to be remembered, they have no power over bitcoin since it is decentralized which means they can't benefit from it, most people will push bitcoin than fiat since its way more beneficial and convenient.