Why are banks and governments scared of Bitcoin?

[kovpet11]

Many banks are developing blockchain as well..so i dont think they would be scared, it can be a huge potential for them if they can be the first ones in this area
On the other hand most of the governments want to keep everything under control and bitcoin cant be controlled easily, that is why they are afraid and banning the BTC

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[Maveric99]

because the government can not control directly on the bitcoin itself, the government has a responsibility for the safety of the money flow owned by the people and does not want to happen inflation to the country. by collaborating on bitcoin government is acceptable in the wider community.

[alizalela7]

Governments and banks are afraid of bitcoin because they have not been able to control them and the ico fundraising programs are extremely effective, as well as huge amounts of money, much larger than the bank has. Pay off for projects that need investment

[karloscimot]

the name of the fear is definitely gan. because the government and the Bank are afraid that the people prefer to keep and transact the transactions through bitcoin from the Bank.
and the government is afraid that the country's currency could be displaced

[btcprospecter]

In my opinion it is more a case that they have no control over crypto currencies. Their interests weigh heavily on fiat currencies. Another issue governments have is they cannot be certain they can tax 100 percent of crypto, yes when it gets converted to fiat then they could but if people solely just use crypto then it is nearly impossible.

[fire rab1]

Bitcoin pose a threat to small banks but in the major banks are not afraid. Major Banks will
stay since they are a prominent entity in the financial workings of a country and backed by the
government.
Bitcoin aims to remove the role of the small banks or any authority and brings back to the
people the freedom to manage their own funds and could do any transactions to any stranger
in the world anytime. This makes people love bitcoin and more and more people shift their
wealth to bitcoin. This poses a big threat to banks and could destroy them.

[Pier7]

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 opinion, governments and banks are scared of bitcoin because it is decentralized and nobody can control it. They can perhaps regulate the exchange platforms but they can control the bitcoin itself. They think it can mess the financial system and could be used by criminals with their illegal activities because of the anonymity of the transactions.

[jchav010101]

Bitcoin is a big threat and high competitor for banks and government.Bitcoin brings fair opportunities for common individuals.Anyone can join and invest for as long as he is interested and he has the capital.Bank and government banned bitcoin because they have fear that they cannot collect taxes from it.

[LigwagGanern]

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 banks scared of bitcoin because they know that in the future if bitcoin is still there many people wants to have that to earn money so that they keep it in their online wallet or bitcoin wallet because it is a crypto currency or digital currency. Which means that many people will not use banks to keep their money because there is an online wallet they will keep their money and it is easy to use, plus you can monitor your money anytime and anywhere. While government scared of bitcoin because the bitcoin has no tax, and tax is government's number one thing to have for their funds.

[Gyugita]

I think the reason is that the government can not supervise and control the financial situation in crypto currency.
The government does not get anything in the transaction, if in fiat money there is no tax here.

[drlederman]

I doubt banks fear BTC as it’s as tiny as a flea on a large dogs back. Its owned by a tiny majority compared to the world population. Is deflationary by design so can never be a global currency. Has scaling problems. Probably will struggle to get over 30 thousand USD,and if it didn’t have a stable marked and a stable fiat currency to link its self to it would be worthless. Banks or government only have to stop the cashing out of BTC to fiat for it to be something that’s now resigned to history. So you will know when they are scared as this is what they will do.

[rc411]

The goal of cryptocurrency is to eliminate banking. No wonder banks are scared of Bitcoin. Primarily, that the greatest reason I see why they're scared and are doing stuffs to avoid bitcoin.

[rodztan]

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 wants something that they have control over. Where there are people who manages its every transactions and if something goes wrong they have someone to blame or accounted for. But with bitcoin it will never happened because of its decentralized nature.

Thats right banks and government they fear bitcoin because if the bank may have no cliyenti they fear that bitcoin because they do not need to save their bank money and the government fears them bitcoin because no bitcoin taxes are afraid they are no longer afraid because there are taxes on bitcoin in the government that's going to be that they're going to scare taxes

[DPrillio]

In my opinion it is more a case that they have no control over crypto currencies. Their interests weigh heavily on fiat currencies. Another issue governments have is they cannot be certain they can tax 100 percent of crypto, yes when it gets converted to fiat then they could but if people solely just use crypto then it is nearly impossible.

Yes, taxes is one factor that government didn't like bitcoin. Being a decentralized monetary system then the government and other party cannot manipulate and control bitcoin, more and more people are coming on crypto world gaining an income without paying income tax to the government and if this will continue happen without a resolution then country's income taxation will be depreciated. Bank will be affected too since people will no more invest money to them because there are good investment in a crypto world.

[AurumService]

I think that there`re 2 widespread points of view. The first one is that governments and banks are afraid of bitcoin and other cryptocurrencies because it tries to take their power and monopoly. That`s true. For now bank system is widespread and leaders of the indusrty aren`t ready to go away. But on the other hand a lot of banks are now trying to implement some blockchain solutions and use cryptos out of interest. But I think that we won`t see monopoly of e-currency in the nearest future.

[Malamok101]

Banks and government fears bitcoin is because they can not control it if the increase is accelerating.

[DoublerHunter]

Bitcoin will become dominant to their country and that means that more users of bitcoin will be born if bitcoin will continue to grow and capture more attention while the banks will have its lesser amount of news users or even they will have a huge decrease on their current clients so if the banks will fall then the government will also have a huge damage to their progress.

[Gagalnuyul]

if in my country the government and the bank are afraid of any public transactions using crypto currency and fear the currency of my country is not used for transactions to the day again

[notyours]

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?

Of course, they'll lose my clients if people know Bitcoins. I'm sure that many people will be eliminating their money investing in banks because of the bigger profit they can earn when investing in crypto.

So it is the fears of banks, The losing investors and moving the crypto,

[Dewao]

All I can see the reason of some banks why they are scared in bitcoin is because  some people will invest their money in bitcoin instead of saving their money on bank.