Why are banks and governments scared of Bitcoin?

[jennygamilo]

so it is difficult to accept the bank and manage the bitcoin because first, it will be difficult for them to undergo it. .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.

[gbccoin]

Banks and government are scared of bitcoin because bitcoin is a competitor for them ,and no one can control bitcoin but bank is under of government control.people can make more money with their investment in the platform of bitcoin and bank cann't give those amount of money to their investor .Foe this reason bank an government scared of bitcoin.

[TehJoker]

easy to understand, they ban Bitcoin and its technology because they cant control it. They fear Bitcoin will be the official currency and it will replace the role of traditional currency

[jakoylantern]

For me, banks and government sectors are not scared about bitcoin, but they are threatened to bitcoin’s capability. We all know that bitcoin is a digital currency that aims to become a worldwide payment system that can operate without a single administrator or central banks. Maybe that’s the primary reason why most of the government sectors want to prohibit bitcoin because they can’t control the currency or that entering into their stay and also disobeying their laws they have sovereignty to do it.  Banks are not scared of bitcoin maybe they are just surprised because they have now a competent in forms of currency, transaction and many more. 

[Mihail.B]

As for me, the whole blockchain and all cryptocurrency is a direct departure from intermediaries, and banks are exactly them! that's why they're afraid!

[x xurtjati]

the government deliberately increases or limits the amount of money circulating in the economy in an effort to stimulate investment and spending, or avoiding inflation and the uncontrolled resettlement of control over the krypto money is a huge concern.

if bitcoin or other cryptococcus are widely applied, the whole banking system may become irrelevant, there is also the cost issue that banks earn for the services they provide that cost generates a lot of income and a lot of work in the global banking industry

[adzino]

Why shouldn't they be scared of bitcoin? They will have no control over bitcoin since it is decentralized. The Government likes to have power over everything. Bitcoin denies them the power of controlling others financial stuffs and gives the people the power to control their own assets. Thus they are threatened by bitcoin.
Same goes with the bank. How do you think the bank is going to operate if no one stores their "money" on those financial institutions? 

[AliMan]

If bitcoin is widely used, it will weaken the value of Fiat, which is not acceptable to banks and government departments, and I don't think the development of bitcoin is so smooth. We also see the unwelcome attitude of the government many times compared to the special currency.

Banks and government are scared of bitcoin because they cant get something on bitcoin. Because bitcoin can be transact without using 3rd party, means no bank. And bitcoin cannot be manipulated and it is volatile, means that the value of bitcoin is changing rapidly and it does not have constant value. Thats why the bank and government are scared of bitcoin, because they know that bitcoin might be their biggest competition on the near future.

[salink]

Simply because they hate things they do not manage and can not be taxed bitcoin. The control will not be in the bank anymore and they hate it. Again, bitcoin is used by criminals to trade and money laundering.

[maxamus]

Simply because they hate things they do not manage and can not be taxed bitcoin. The control will not be in the bank anymore and they hate it. Again, bitcoin is used by criminals to trade and money laundering.

That's true banks and government are scared of bitcoin because they could not have control over bitcoin like they have it over our fiat currency and it will be difficult to tax bitcoin and other crypto assets.

[ozm0823]

Governments want to control everything and also would like to trace the money especially international transfers. Block chain technology allows you to transfer your money without government trace and take the control away from their hands.

[agentx44]

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 my own personal opinion, government and banks does not literally scared of bitcoin they just can't take under control bitcoin because they think they could replace the current currency and removed banks that is why other governments just banned bitcoin to prevent this to happen.

[jpnl0004]

They get scared because very soon they will become less important to users of bitcoin

[Glutius]

The government has not yet decided how best to regulate bitcoin on its territory, and banks without the permission of the government can not work with it. Therefore, there is such a stagnation in the adoption of bitcoin.

[jak3]

Banks in government scared of Bitcoin because they know that if people join the Bitcoin system they will lose because Bitcoin provides all the features necessary and needed for everyone in the world. Even if banks in government can provide all these features its true they cannot because they want to make money and keep everyone on their control and too much freedom can destroy the kingdom so more and more people are losing their faith on bags and switching to Bitcoin and other altcoins.

[rtm125]

Bitcoin can disrupt the whole system of functioning of banks and other financial organizations. And banks are a huge business, and it is unprofitable to reduce it.

[Keeminakar]

It is simply unprofitable for the government and banks to promote the implementation of bitcoin. The state can influence banks, control them, but in the case of bitcoin it is impossible.

[xbudahx]

Attacks on the crypto-currency from the state in the near future will certainly increase, until the global financial system fundamentally changes on the basis of blocking technology, I am convinced that the founder of the crypto-currency PRIZM, a specialist in crypto-currencies and block-technologies, Alexei Muratov

[Seeker#9]

Both government and banks has centralized system for management and they've been using it from the start. Circulation of currencies are also under their control which is spearheaded by central bank. These two institutions might just concerned about the decentralized nature of the cryptocurrencies because they are likely to be used in illegal activities like money laundering. Governments and banks can also make their own cryptocurrency like the Venezuela government which already issued its first virtual coin.

[qwerty12]

Bitcoin is the first decentralized peer-to-peer payments network supported by its users without central authority or intermediaries. The lack of government authority is the main reason why the government is afraid of the bitcoin and other cryptocurrency