Why are banks and governments scared of Bitcoin?

[Ch01ce0N3]

Because the bank feels aggrieved by the existence of cryptocurrency. Loss because people do not work. No account. So the transaction in the bank becomes reduced. Finally, the bank's income gets a bit.

[teddyppap]

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 suspect bitcoin will become the future currency, and it is now widely used to pay for goods and some items on digital information technology, this affects the bank with some The reason is as follows: If bitcoin is replaced by currency, the bank will no longer use much by transferring and trading through bitcoin. Government can not control the nefarious behavior of some criminals,

[blocklancer8]

This may be because the bank or goverment is worried that all users or perpetrators in their bank switch to bitcoin and invest in bitcoin and this could cause a shake in the circulation of money coming into the bank or goverment.

[LadyCoin]

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 or other cryptocurrency is widely applied, the entire banking system may become irrelevant. While this may sound like an excellent concept for the banking industry recently, there are two sides to every story. Without the bank, who will you call when your mortgage payment gets hacked? How will you earn interest on your drink? Who will provide assistance when asset transfer fails or technical errors occur?

[Skyshark]

Why? Banks generally charge fees even just holding our money. Bitcoin and other decentralised cryptocurrencies, actually allow people to trade directly with each other cutting out entirely the need for a middleman(bank). What's more, knowing that bitcoin has the potential to become a currency free of their control is remarkably a big big threat to their business. Adding all these facts, cryptocurrencies can potentially make central banks obsolete.

[Bitdressa]

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?

maybe I think bitcoin can be a threat to the bank and the government because it could harm and destroy the income of the state and the public will not keep the money in the bank because it keeps the money in the wallet is more secure and we can check on the smartphone that can now be checked when we are outside home or inside his aunt's house with internet access to open or check our money in the wallet with ease we can check, maybe that makes the government and the bank feel threatened because of its storage until all time.

[tanjiran]

Why? Banks generally charge fees even just holding our money. Bitcoin and other decentralised cryptocurrencies, actually allow people to trade directly with each other cutting out entirely the need for a middleman(bank). What's more, knowing that bitcoin has the potential to become a currency free of their control is remarkably a big big threat to their business. Adding all these facts, cryptocurrencies can potentially make central banks obsolete.

However, central banks and governments have a full policy to impose restrictions on the legality of cryptocurrency in the country. Thus, most countries provide restrictions regarding the use of cryptocurrency as a means of payment in force in the country. So, that's not really the main reason. In my opinion, the government would rather avoid the possibility of misuse of cryptocurrency as a crime tool.

[Spanopohlo]

Banks and The government considered Bitcoin as a threat to the currency they've implemented, specially the banks. When Cryptocurrency dominates a certain country of Fiat system, then services like banks and other facilities would render useless becuase of the upgrade that's been done. Thus, they would throw negative opinions and comments about how bitcoin scams people and hacks their wallets out of their knowledge.

[gunungkembar]

I think many governments in some countries are afraid of bitcoin probably because bitcoin is a digital currency that is very difficult to track and does not know who the owner of the government is only afraid if bitcoin used for crime.

[lubot sa yawa]

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

Maybe it is because cryptocurrency were making transaction in blockchain technology and  no need the services of the bank anymore, they will become obsolete someday .

[coinnumber]

I think Banks and Government are afraid of Bitcoin to safeguard the value of their Own currencies because the moment bitcoin take over anything Country the currencies become worthless as many individuals will prefer investing online instead of building live investments and that can lead to jopardy of any Economy.

[bcoin01]

There are different reasons.
The reason the government is against the crypto money is because the money transfers can not be followed. Against the government because of terrorist organizations use this stock market. This stock market is getting money laundered.
The reason why banks are against the crypto paralara is the faster and cheaper money transfer with the crypto stock exchange.

[Magic Sarap]

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 banks and government known that bitcoin can defeat them. They're afraid of what if's i think. Another, if everyone knew about blockchain technology the banks become useless.

[hcoin01]

It is very difficult to keep track of money transfers in the crypto market. You do not know where the money went and who it went to. That's why governments are against the stock market. We know that bad people are using this stock market.
Banks are against this stock market for the reason that money transfer is cheaper, reliable and fast.

[AimHigh]

The number one who don't want or disagree in bitcoin or cryptocurrency was the government because we know that the government want to control our money and if cryptocurrency was already implemented we know that any transaction was monitored that is why they don't want bitcoin and the banks also because the affected was their business so that is why they don't like also bitcoin or cryptocurrency but right now here in my country some of banks was embracing and think how to accept the world of bitcoin.

[nitrinto]

I think banks and governments are afraid of cryptocurrency because they can't control it.

[pantheraio]

Both of them may work together and fear will be rivaled by bitcoin. Because there are many who block bitcoin for the security of local banks from their country. All i know is that the government works with local banks and is controlled by the top circles of the country. I think it's like that.

[thepers0n]

 Every country have very strict rules and they have their own currencies. If BTC replaces country's currencies it will  be a big loss for economics of this country,

[cotton ball]

Both of them may work together and fear will be rivaled by bitcoin. Because there are many who block bitcoin for the security of local banks from their country. All i know is that the government works with local banks and is controlled by the top circles of the country. I think it's like that.

actually the blockhain system is able to make the bank system superior and efficient, but unfortunately they are trying to release the distance between blockchain and bitcoin, it is very unlikely to be done and eventually they will begin to recognize bitcoin in their financial system.

Banks are not in a position to be afraid because they will get big profits if bitcoin transactions are done in their system, but in this case the government does not recognize because they have not got a bright pattern about the definition of bitcoin as an asset, or as an official digital currency.

[Shakawat]

Some reasons for fear of bitcoin are that the banks think that due to the use of bitcoin, their subscribed numbers will be reduced due to the fact that people are attracted to it and the number of transactions will be reduced and government revenue is being leaked and it will be through illegal transactions.