Why are banks and governments scared of Bitcoin?

[deepakg2m]

The major frightening factor of BITCOIN for banks as well as governments is the income. The banks and government would not be able to gain any profit through cryptocurrency and also they would be unable to control all the activities of an individual, which in reality they do not want.

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[Kanda Yu]

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?

Bitcoin can do a lot of things and it can even replace the government and banks by performing more better. It is slowly growing and entering the world market and as time passes by, its valus grows higher and higher attracting more investors which will sooner help for its expansion. Governments and banks are threatened on what bitcoin can do to the world in the future.

[queenlaurel]

It's pretty obvious banks and government can't control what goes on in the internet. They can't control cryptocurrency and no percentage will get to them. Bitcoin is individually based not a third party thing.

[PINAGPALA]

i think cause they can actually change by the bitcoin many of the goverment banning bitcoin i dont know why i want to a research why they banning bitcoin

[AntonGrishko]

It is just because government can not control bitcoin and also can not get taxes from millions of transactions everyday. Bitcoin is a tool that is being use to redistribute wealth to reach everyone even the poorest of the poor.

[Karakas]

Bitcoin is a digital currency that is very difficult to trace and does not know who owners and governments are only afraid if bitcoin is used for crime. I think many governments in some countries are afraid of bitcoin so some of these countries try to block the circulation of this crypto currency

[Enijesiku Sulaimom]

Governments are afraid of losing their tax revenues as they would not be able to trace the bitcoin transactions. So they are keen to ban cryptos. Banks have started to suffer losses in revenues which they got from transactions and remittances. Also they fear that in future people would totally avoid depositing in banks and would just buy bitcoin which would be a huge loss for them.S o they ban the accounts elated to crypto trading.

[al maruf]

Everything has good and bad sides. And Bitcoin is such a coin, which is outside the control of the government or the bank. The government does not get any VAT. The biggest fear is that it can be used for funding the forest.

[ThePogi]

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?

Bitcoin terrifies Big Banks, because it threatens their centuries-long monopoly over the world. Because Bitcoin makes it possible for anyone, who has some brain and knows how to use the technology, to become rich and be part of the money elite. That is what terrifies them, because they don't want that. The Big Banks rather want us all to remain poor and in debt for the rest of our life while they suck away everyone's money like blood leeches. There is a war between them and us. We want to become super rich and truly independent. They want to prevent us from becoming super rich and independent.

[vinbitpon]

Simply because they wanted to control the money, and of course they are after the taxes and reserves. This mostly applies to the countries that have no rules and regulations and laws to look for the cryptos/ bitcoin.

These countries should open their doors and minds with the positive and advantages of using bitcoins. They should not be scared of it.

[DAVETUN]

Because Bitcoin was not created  through the normal government policy to create a coin and  without there involvement, I mean bank and government, Bitcoin is gaining value and recognition globally, Also government are scared as they cannot enforce tax from most  Bitcoin investors.

[dodz031718]

Banks started to suffer losses in revenues which they got from transactions and remittances.They fear that in future people would totally avoid depositing in banks and would just buy bitcoins which would be a huge loss for them.Bitcoin is a big threat and a competitor for banks and government.Bitcoin brings fair opportunities for common individuals.

[caotringhia]

Because bitcoin is a very big contender and affects many banks. The future may be more involved in bitcoin and the interests of the bank will fall, which is why banks fear Bitcoin.

[Magiklair]

I think that they feel scared because this innovative coin can ruin the traditional system they got used to. They are afraid that bitcoin will become the main currency and others will become unnecessary

[fuer44]

because the bitcoin investment is not centered on anything and not have the rules and laws that fortify bitcoin. the price is also fluctuating, sometimes rose drastically, and sometimes dropped dramatically. the growing bitcoin users, it could affect the performance of local banks because many people will switch their money into bitcoin.

[danwanyd]

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?

Why did the government block bitcoin because it was an unregulated currency, so it had to be strangled in the cradle.

This is the confrontation between decentralization and centralization.

This is the struggle of the proletariat and totalitarian government all over the world.

[Swanh]

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?

When more people will invest in cryptocurrencies most banks will be bankrupt,in my view and opinion cryptocurrency is more profitable than depositing money in the bank,by just holding bitcoins in your wallet it has a great advantage you can control your money because you are the holding the key.Due to some reasons governments also cannot take advantage on the benefits of bitcoin.More and more people adopt it time comes that cryptocurrency would spread around the world the government has no more source of income in entire country.

[chara78]

the reason the government is afraid of Bitcoin might be because of the many crime cases involving Bitcoin, and Bitcoin is a decentralized digital currency, an unstable Bitcoin value, and uncontrollable.

[titan20]

They are afraid because they can not charge commissions and service charges. So they lose revenue. That's why more banks are looking at the blockchain technology. 

[GaryGadoot]

because of its popularity they are scared.