Why are banks and governments scared of Bitcoin?

[b3llsf1l3s]

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,...

thay are watching carefully on bitcoin because, there is no rule within bitcoin which more people will like that and also no bank interest.
bitcoin made for decentralized and open for everyone, but the most worst is if someone lose their money, no one can be blamed. i think that was the only reason why bank dare against bitcoin.

but, future will change human perspective, let see who will win, bank or cryptocurrencies.

[EvgeniyWorik]

I think that bitcoin can completely replace the banking sector for several reasons. Many developed countries understand this and are beginning to implement blockchain technology.

[iram1011]

It will be wrong to say that banks and governments allover the world are against VCs.

Recently IMF commented positively on the status of cryptocurrencies. IMF said that VCs don't pose any risk to financial stability. Cryptocurrency marketplace is still developing and maturing. Also the Hong Kong government said that cryptocurrencies are not involved much in financial crime like money laundering and terrorism financing. They have stated that there isn't any visible impact of VCs being a facilitator to such crimes. Moreover, NASDAQ is considering jumping in crpto trading.

Bitcoin doesn't exist in such a scale that it can be a reason of worry to banks and governments.

[dmamigo]

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.

Centralized cryptocurrecnies will also be welcomed, but banning or preventing users to use other cryptos is a pathetic decision by few countries and there Government along with Banks. It might reduce employees in Banks, but it will surely help the economy grow in various other factors. I think new cryptos and innovative ideas along with that does creates many employment scope.
Banks are a source of income for the governments as well, where they get to charge there users, ans if cryptocurrencies are there, fees and earning by Banks will diminish. Pure demonic approach in my opinion.

[tansoft64]

I saw some documentary before that bank and government scared of bitcoin because it is difficult to control and it can replace the real money and resulting to losses the bank.

[Dod Ong]

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 because some governments and banks are being scared of bitcoin because they think that the bitcoin is not a good quaternary for them. Some banks think that the bitcoin is a scam because of some news that the bitcoin is has been scam. So some banks and governments against bitcoin or they afraid to have them a transaction with bitcoin.

[roll on]

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, it's because of illegal transactions being made in cryptocurrency and it's hard for them to trace it. Also, since cryptocyrrency can ba also be a bank, they might decrease their circulating money which may cause them to be less profitable.

[Alfian2015]

Bitcoin claims that "This is the first decentralized peer-to-peer payment network supported by its users without central authority or intermediaries." The lack of central authority is the main reason why governments are afraid of cryptoes. To understand this fear, it is important to know a little about the government and the conventional currency.

[Rossy Akbar]

I don't really understand actually,  maybe they think that bitcoin will destroy all the economy system for those country which is I think wasn't even true. If we look at the country where bitcoin was acceptable, their economy was good and there is no failure because of bitcoin.

[derihendra]

in my opinion, the state forbids cryptocurrencies for no apparent reason, and no one is liable, besides, the government also does not get taxes, since cryptocurrencies exist, many are working, so it's supposed the government fully supports these cryptocurrencies, not forbid them.

[Mudah_rezeki]

Of course this is why banks are afraid of bitcoin, if you run a very large US bank, you're most likely afraid of blockchain and bitcoin. However, Singapore-based wealthy advisors believe in the power of Bitcoin, which is basically an alternative way to save asset. It is said that it could lead the "fourth industrial revolution". He told CNBC that the crypto currency could provide a viable alternative investor given the uncertainty of the lack of bank transparency.

[Keyboard PC]

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 the government and the bank are very afraid of bitcoin because bitcoin has a very remarkable technology, bitcoin has its own wallet and bitcoin has a very transparent money transfer technology all can see it and not only that by storing bitcoin you can get a lot of profit, most likely it's what makes governments and banks afraid of bitcoin that has a very powerful teknonlogi.

[zeingrind777]

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 government forbids cryptocurrencies such as bitcoin on the grounds of preventing crimes, such as money laundering, terrorist financing, and maintaining the sovereignty of fiat money as a legitimate means of payment in their country. but I think it's been a long time before the bitcoin. I think they forbid the use of crypto and bitcoin because they fear if people will switch to cryptocurrency and leave conventional banks.

[Pasaway2701]

Many countries prohibit or restrict the use of cryptographic money or restrict their use because they can not control. Banks are also disturbed by the fact that the crypto money market is growing independently of itself, because everybody who invests here has its own bank.

That's what the other side of the bank owner think that they can replace by bitcoin and choose to use online wallets to save but many other investors want to place their funds and saving into banks wherein there is more secure than other. Government scare because of the fact that it is uncontrollable but they can also benefit from bitcoin because it can help for the growth of the economy. And of course local currency cannot be replace because bitcoin is unstable.

[Jamjamz30]

Bitcoin is a digital currency in which the bank and the government doesn't have full control. The government and banks cannot ban cryptocurrency they can just regulate it, putting on laws that can affect the flow. They can't really put a halt on cryptocurrency. Yes, cryptocurrency has brought prosperity to some individuals but its not that perfect some tend to fail or be unlucky.

[elmirdo]

Banks are scared because bitcoins can make them useless. Governments fear because they think that it is some kind of bubble and people may get affected.

[vorobev]

Government and banks think that bitcoin may replace the  currency. This will make them less powerful and no boy wants that to happen.

[The_Dark_Knight]

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 cannot ban directly the use of bitcoin, at most they can forbid their clients to use it and that's it, governments are the only ones that can do that and they do it despite the benefits that bitcoin can bring to their citizens and the reason is simple they feel that if they allow bitcoin to grow bitcoin is going to become a threat to their power and they are not going to let go power that easy.

[Kelaychi]

In the world of bitcoin, you are the controller of all things.. But Bank and government want to control how you use your money. Thats why they are afraid of bitcoin. its decentralized!!!

[CryptoSmile]

with many people withdrawing funds from banks and investing them into bitcoin will obviously cause losses to banks, whereas if bitcoin is used for illegal activities such as money laundering and financing of terrorist activities and so on it will undermine the stability of security and the economy of government. that's why banks and governments are afraid of bitcoin.