Why are banks and governments scared of Bitcoin?

[VergeBeliever]

Because they wont have full control of it, Also they do not want us to get rich xD

[1713866764]

1713866764

[BrewMaster]

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, specially banks since as bitcoin grows and more people invest in it the banks earn a lot more money from the transactions to and from banks to and from exchanges. and also nothing is stopping them in the near future from offering bitcoin related services like bitcoin credit/debit cards! or bitcoin loans,...

[ovcijisir]

Because they wont have full control of it, Also they do not want us to get rich xD

With time cryptocurrencies will become regulated, like all commodity is. I guess it would take a lot of effort to write all laws and make agreements between countries, but all is going in that direction...

[CryptoCoin8487]

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 some reasons why governments ban or dont accept bitcoin as payments or currency but thats not mean that governments afraid in bitcoin, maybe they just dont like bitcoin for now.

[salterious]

Because why would governments and nation states alike want their national currency to be worth less? The more people that exit the economy in terms of fiat currency is a net negative and they are trying to prevent mass run out.

[Amelial]

Bcos they are afraid btc can change reg.payment and money

[Sahyadri]

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?

Government is scared because cryptos are empowering people. They are giving more control to users which government is not comfortable with. Using cryptos, the dependency of people on government's money is reducing.
Apart from these cryptos are used in child pornography and illegal drug dealings. This is the only valid reason that government has against cryptos.

[Haxor321]

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?

In by the government basis, I think they banned bitcoin because the main reason is they can't control this system. They can't control all the transactions it has either good and illegal transactions. They will also think that  it can cause foolish and bad things to their community in a way of this system are used in many illegal activities without knowing the government so I think they are really worried about the people. However, in terms of the bank, I think they are afraid to btc because it may affect it to the better flow of their system because we all known that the banks has a high fees that they collected in eveery transaction that people should made.

[royalfestus]

Imagine if we have to use bitcoin for all transaction within our country, Government wont have control over the value of the currency and what will be the work of the central bank, they will be useless. Government is not subjected to any superior country government by this either but to every individual owning a large sum of this currency. If am in government also, I wont want this either. No government is absolutely free of corruption and money is a vital tool in the hands of these corrupt leaders.

[LeaderAMB]

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?

Nowadays, cryptocurrencies is more and more popular and it's not like you said, most of all countries in the world accepted cryptocurrencies even so Bitcoin, i remember only some countries is prohibiting Bitcoin as: Bangladesh, Bolivia, China. But i think they will soon accept cryptocurrencies because if not, they will miss the chance join the technological revolution 4.0
Indeed, cryptocurrencies did the life of many people is better because we can easy earn more our income by the way invest in cryptocurrencies, they always bring profit if we choose a right project or right coin.

[nara1892]

They're scared that one day their currency will no longer be used, then slowly lose value, occur the inflation, become worthless, and on the later they lose the 'money printing business' haha
Or maybe they just not  understand what a real cryptocurrency is.

[CodyAlfaridzi]

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 your premises are wrong. Which countries prohibit the use of cryptocurrency? Even the USA is starting to allow ICO. Shitty ICO. The reason why they're so careful with the whole crypto thing is because crypto is totally new for them. Besides that, cryptocurrency does have the potential of becoming a money laundering method.

[martaga]

Banks are scared because they do not get their cut with bitcoin transactions. Crypto is amazing, I heard that fees for transferring millions in litecoins was just few cents, imagine doing that with bank.

[ongkok87]

if I think the government and the bank was afraid that bitcoin will be made into a daily transaction tool so that their legitimate currency is afraid of being displaced by the bitcoin. so that the government and the bank feared earlier

[cryptofeel]

Many countries are, out of fear, prohibiting the bitcoin and cryptocurrency revolution, because it is coming to disrupt the status quo of the old order of unnecessary and unfound charges, hidden and high end profits and the stifling of clients to use bank provided solutions to keep safe asset. All this is going to result in a deep cut in their profits and possibly expansion.

[MallyVogue]

Good question. Basically banks are scared of bitcoin because they will no longer be needed in the future if bitcoin succeeds in replacing fiat currency and that's what government is so afraid of too. They basically want tax from anything and with this technology lots of money are lost by the government as well as the oblivion of the banks.

[cosmo1]

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?

If bitcoin become the major cryptocurrency then their will be a no work for banks and if banks are not in working the employers of bank will lose their job so lakhs people will lose their job.Sometimes bitcoin can be used for crime works this will cause major problem for government.This is one the main reason behind that banks and government scared of bitcoin.

[KingScorpio]

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?

because they think they are the only ones that god allows to print money and live on the back of others.

they are afraid to lose that privilege

[Fulmand]

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?

If bitcoin will succeed to take over the entire world this would mean that banks who handles fiat money will become obsolete, useless. Same as the governement. For as long as we can remember the government are there to regulate set certain rules to be followed by its citizens and ensures the security of the state but with bitcoin becoming the central currency they will loose control over the most important aspect of which a state is run and that id money. if they cannot control money how can they control the people?

[Washball]

In most countries cryptocurrencies are or will be accepted. In only a few countries cryptocurrencies are not accepted, these are small countries with a deplorable reputation. In countries where crypto is accepted, it's true that banks are not happy with this and they are doing everything they can to put an end to this. As bitcoin was developed as a cryptocurrency for p2p transactions in order to bypass the financial institutions, it's obvious they will fight crypto by introducing their own centralized cryptocurrency.