Why are banks and governments scared of Bitcoin?

[wormgummy019]

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 me, I think governments and banks are afraid of bitcoin because when you withdraw you money in bitcoin there is no tax to be payed. Another thing is they are scared because there is a chance that the paper money will be replace by bitcoin someday.

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[Deathgamer]

They are scared its because they are afraid to lose huge amount of money.As of now government banks and private banks are scared to bitcoin because many of their clients and now investing to bitcoin because they find it more profitable rather than saving your money in bank that youll only earn small profit.In that case,Those banks are losing their income because of bitcoin.

[addeqt]

One of the reason behind is the blockchain system is acting like a bank. Although there are several services a bank provide, but the crypto system is overlapping one of the services bank provides. No company would promote other company specially if that will be a treat to their existence. Bank definitely would not like if people are using other currency that they are currently not supporting or in their system. I think bank could promote its usage only if they have their own coin.

[Khalp1]

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 fear bitcoin, because they see its potential. Many banks have looked into the blockchain technology and are trying to replicate it...purely because the technology is so powerful and out-does all banks by people preference by far.From now on Bitcoin changing the world.

[serverus]

Governments want to influence the economy because they benefit politically. They are able to benefit from the devaluation of the currency that the debt is denominated in. Unlucky for those of us who would like to hold that currency as a store of value. Even an interest-bearing account cannot protect you from this devaluation of your savings, plus you take on the added risk that the bank may one day default.

[clairewarwick7866]

Basically, banks charge fees for doing anything with money, even just holding on to it. That is because the banks have created trust that transactions passed smoothly.

[yousuf123]

I think governments scared of bitcoins because they not collect taxes in every users of bitcoin, we all know that every transaction of bitcoin  is transparent, i mean there is no third party or no one will see your transaction and even government and banks are not control every transactions.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.

[Sharon2017]

They are afraid cause they think btc is unstable and unreliable..but stability comes from acceptance..if us dollar are not accepted by the world would you think it will still have value..btc is not taxable that is why government say no to it!

[paulk11087]

Scares are absolutely normal. Because bitcoin really has a very volatile and mobile structure. This is a situation that banks generally do not like. It's really hard to keep track of it. the same is true for the government.

[Vz Ketua]

Maybe the bank is afraid of bitcoin because bitcoin will obviously interfere with their efforts. But they should not have to panic, because banks still need people to exchange from virtual currency to real currency.

[Silenox]

Banks and governments can hardly exist without the existence of the other. Who bails the banks when they're in trouble? And who concentrates all the movement of money issued by the government? This duo only has so much power because people do not want to understand how the fractional reservation system works, and how they are slaves to that system. Cryptos can break it, but unfortunately people in general just want to speculate on them instead of using them to break free.

[sisjow]

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?

bitcoin is really a nightmare for banks and government. even on some country bitcoin is banned for many reasons. but i think the main reason is that Banks are scared because less and fewer transactions pass through them which means less money for them in terms of bank charges that they get from transactions and Governments are scared because they won't get to get tax from these.

[Kola]

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.

[player1001101001]

Banks are scared because they know very well now the people are started investing in bitcoin instead of keeping money in the bank account.  As well bitcoin has very potential to grow more in upcoming years. Many countries government prohibited the use of cryptocurrency because they think all this thing is virtual not fiat.

[Lang09]

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?

I think they're not scared. There's just not any real threat just yet. Environmental factors such as political and regulatory support, widespread social buy-in necessary to create network effects, and even a proper technological base are still very much in the banks' favor.

[$_Z]

Because bitcoin is centralized and the price can in addition to alter at any period following than price increases and price reductions that can not be regulated by banks and doling out.with the high bitcoin prices cause many people to go without share from the bank and invest it into bitcoin.With the number of people  who refrain the keep and interest it to bitcoin will obviously be detrimental to the bank and could cause a bad economic impact.That's why banks and governments are frightened of bitcoin.

[oni4an]

And how would you react if an ordinary guy who owns cryptocurrency can shift you from the first lines to Forbs? Of course, financiers see a direct threat to their activities in Bitcoin. Why borrow money in a bank, if you can withdraw cryptocurrency?   

[andreyka0308]

In my opinion, banks and the government are afraid of bitcoins, because bitkoyn is created to provide a solution to the financial system, where people have the right to manage their finances and can send or receive money by cutting bank services. The government can not levy a tax on bitcoins. And that my friend is some of the reasons why they are afraid of it.

[vladaziya4]

I invested in major projects of bitcoins and new technologies. Very good profit, for one month 14% of my budget has been replenished.

[vibingpositively]

Why does anybody fear anything? Because on the other side of it you either don't understand it or you are scared of what is about to come. They probably fit both of those categories simultaneously and it is quite laughable that financial leaders can't see Bitcoin objectively but rather see it through their supremely biased lenses.