Why are banks and governments scared of Bitcoin?

[hahahafr]

i think that this is pure crap, banks have never been scared of bitcoin and they will never be, this is just a rumour created by all the people who are holding btc in here

[david.super]

Banks fear of the increasing usage of btc compared to their services. They never believe that banking system is a must and what they've lost is massive.by activity is an cash and fuzzy.

[tuan16x3abkdn]

Governments are afraid of losing their tax revenues as they would not be able to trace the bitcoin transactions.So they are keen to ban cryptos.Banks have started to suffer losses in revenues which they got from transactions and remittances.Also they fear that in future people would totally avoid depositing in banks and would just buy bitcoins which would be a huge loss for them.So they ban the accounts elated to crypto trading.

[FlightyPouch]

Governments are afraid of losing their tax revenues as they would not be able to trace the bitcoin transactions.So they are keen to ban cryptos.Banks have started to suffer losses in revenues which they got from transactions and remittances.Also they fear that in future people would totally avoid depositing in banks and would just buy bitcoins which would be a huge loss for them.So they ban the accounts elated to crypto trading.

Any proofs that can support about your statement? Maybe links and articles that we can read. Our country do not fear crypto currencies, even the banks in fact they are studying about the Blockchain though they admitted that they are not interested on crypto currencies but they are not afraid of it. There are still a lot of people that do not use and want to use crypto currencies so why will they be afraid of it. Fiat are still better than Bitcoin and other crypto currencies these days so Banks are still on their normal businesses.

You might not believe me that they do so you can read this article : https://bitpinas.com/news/ph-banks-interested-in-blockchain-not-crypto/

[Dava.Dina]

Because Bitcoin is the King of all coins.
So the Bank is afraid of the existence of Bitcoin because it will not be a common denominator for them,

Many people who collect huge amounts of money from Banks and invest in Bitcoin, it must be very dangerous for the Bank.

If more and more people use Bitcoin, it may be a loss to the Bank. because Bitcoin transactions do not cost much.

Perhaps that is why the government and Bank fear that Crypto in the future will increase its popularity.

[lotfiuser]

banks and governments are not scared of Bitcoin , if you talk about about money wash bitcoin is tracable if you talk about replacing local currency that so wrong

[Wiliam heil]

they might be scared when the price of bitcoin dropped and many will be bounced and if they buy expensive bitcoin then the bitcoin price drops so knowing they are afraid but you can just stock your bitcoin in your wallet

[franklin hoses]

All I can see the reason of some banks why they are scared in bitcoin is because  some people will invest their money in bitcoin instead of saving their money on bank.

[devlincarter.868]

The banks are afraid of bitcoin and the crypto market because they are afraid of losing customers and investments. he government just wants to maintain the stability of the economy and its people.

[kim owen]

I think it will become a larger scale and it will grow and grow the paper money will be disappear and will change by crypto , goverment would not allowed tax on bitcoin and many banks will closed.

[Lynh kolh]

The increase in bitcoin may be a factor in creating stability rather than destabilizing the current financial system.
But at the present time, some governments and big banks do not see things that way.

[audrey.audrey11]

It is just because government can not control bitcoin and also can not get taxes from millions of transactions everyday. Also they fear that in future people would totally avoid depositing in banks and would just buy bitcoin which would be a huge loss for them.S o they ban the accounts elated to crypto trading.

[ys fs]

maybe I think because bitcoin is an investment that almost surpasses the business market in the world, and most of the unofficial bitcoins in some countries

[jennie.alexander]

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.

[Roboabhishek]

It is just because government can not control bitcoin and also can not get taxes from millions of transactions everyday. Also they fear that in future people would totally avoid depositing in banks and would just buy bitcoin which would be a huge loss for them.S o they ban the accounts elated to crypto trading.

Because bitcoin is decentralized which mean it's not under control. People can start using it and they don't pay tax to the government and on the top bitcoin can be replaced with fiat since people stop using their fiat currency and involve with bitcoins. Not only btc but other cryptocurrencies can do the same government also looking to ban altcoins.I don't have any idea about why banks don't like bitcoin but for government its clear they don't want people to use bitcoins they want people to use fiat and pay taxes

[cryptoghuti]

Its so easy to find out why banks are very scared of bitcoin because they can no longer has the control over what you have as money and other assets.

[Market-desi]

probably because they are either state governments or who manage the Bank. still fear and doubt if they accept bitcoin as a legitimate currency like paper money.
but we need to know together every new item there will be a positive impact and negative impact.
but all can go together together. let's learn and examine more deeply of course by looking at the state of the country and see examples of countries that have joined in bitcoin .

[dashayana]

The government hates Bitcoin because Bircoin is unstable, Bitcoin is pluctive, can quickly soar and can quickly descend. While Banks are afraid of losing control because Bitcoin offers a system that restores control and power to the real money owner. Banks feel uncomfortable with the competition brought about by the system. The banking services appreciate the control they have over the people and their money and will do everything in their power not to let go of it.

[Chrisjay29]

I think only bank are scared in bitcoin. Because bitcoin if you save your money in bitcoin after 1 year your will be double or more while bank they only give you a little interest. Thats why they scared because lot of people will go to bitcoin than to them

[jadcoin161]

Government is all about control and regulations of all activities that is taken within they territories,they lose their tax every month. and the latter do not want to accept it because you're competing with it when it comes to money matters.