Why are banks and governments scared of Bitcoin?

[Th3Program]

According to Satoshi Nakamoto, the creator of bitcoin, a trustworthy currency is needed for a successful existence. The history of the banking system is full of undermining confidence, lack of transparency of actions. Most of all, in the crypto currency, the lack of control is frightening. Governments and banks themselves set a price for fiat money, and we can only agree with their decision. They regulate the amount of money in circulation, withdraw excess or add more if it seems necessary

[mersal]

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.

I think the value and the development will cause some economic changes in our world that's why banks and government makes a little fear with crypto currency development.

[Th3developer]

Firstly, it should be noted that the state or the central bank of the country regulate the amount and turnover of money (including the US dollar, euro and pound) with the help of banks. they are engaged in the issue of currency in the country and thus reserve the right to influence it at their discretion. At present, crypto-currencies are not subject to interference from the state or other central authorities because their rate depends only on the law of supply and demand, and they can not be issued by the government or the central bank. all this inspires them with fear, because they, therefore, can not control the number of bitcoins released into circulation.

[kidoseagle0312]

Its because of the decentralized nature of bitcoin. The bank and the government can't control and handle bitcoin because its out of their reach. Bitcoin is something that they cannot affect and its causing headaches for them as people are generating money out of their hands. On the other hand other reasons why the government is afraid of Bitcoin and other cryptocurrency is because they can be used in misdeeds and the government doesn't want that.

[Rubble898zaitO]

To be honest, what I am thinking about that is banks and government were unfriendly with Bitcoin regardless of the good things it brings to people simply because they cannot control it and they are not getting anything out from it. I can't think of anything else why would these people be so unwelcoming to something that actually provides better means of earning for a lot of people.

[Sandijoee]

There is a lot of news that bitcoin is not accepted by governments in some countries and Banks do not like bitcoin either. Not just bitcoin but
other crypto currencies also prohibit the use of virtual cryptocurrency. Maybe the Government is afraid of bitcoin, because bitcoin can not be set and can threaten the currency in each country.

[domerosan10]

I think the government is afraid of bitcoin, because it can damage the paper finance system in each country. And if my bank has not so know, but from the knowledge I'm looking for banks hate bitcoin because if the bitcoin transaction there is no third party to process the transaction.

[Fakrull]

Lack of central authority is the main reason why the government is afraid of the crypto (bitcoin).
Bitcoin is the first decentralized peer-to-peer payments network supported by its users without central authority or intermediaries.
fiat is the term used to describe the conventional currency issued by the government, they use the central bank to remove or destroy money from thin air, the government controls fiat currency .

[alfstep]

Lack of central authority is the main reason why the government is afraid of the crypto (bitcoin).
Bitcoin is the first decentralized peer-to-peer payments network supported by its users without central authority or intermediaries.
fiat is the term used to describe the conventional currency issued by the government, they use the central bank to remove or destroy money from thin air, the government controls fiat currency .

Exactly. Government cannot control what its people doing with digital transaction.
It would be difficult for them to trace every transaction, for intelligent and tax purposes
But yeah, we need some kind of regulation here in crypto, ths kind of freedom is dangerous. There are too many hacking, scamming and phising

[forklif]

bitcoin is very much feared by many banks and countries, because bitcoin is free and anyone can access it. bitcoin is not controlled by satisfaction, transactions in bitcoin are not the same as transactions in banks whose transaction history can be tracked. if bitcoin is used by the wrong person it can be misused.

[pjr77]

central banks and regulators around the world are afraid of crypto-currency due to lack of controls. first of all, they are troubled by uncontrolled emission, or, more precisely, by the inability to influence the issuing center, it will not be shaken; the release of crypto depends on the system itself (the number of participants, the mathematical model), but not on the economic conditions and interests of central banks.

[Coinlover9]

Because they like control and Bitcoin is not giving them any

[cryptozw]

Bank and governments complement each other in regulating the movement of FIAT in and out of the country and between individuals and companies. Bitcoin on the other hand and a series of alts is decentralized hence the regulator is skipped and left with nothing to regulate as payments move from one to another without intervention of the regulator. These guys are afraid that they will be left with nothing to do and also on the other hand btc is used to facilitate payments of drug traffickers etc hence the need for regulations by these guys.

[Yantoaja]

Most local banks and governments work together and perhaps the reason banks are afraid of bitcoin is the fear of being rivaled in their field. And while the government is afraid of disrupting the economy.

[ClaraLuV]

There are various reasons as to why banks and the Government are scared of bitcoins firstly because bitcoins is a peer to peer transaction medium where no third party like the banks are not involved in the transactions. The banks normally do services for people with additional charges for transferring funds or for any transaction so when bitcoins are used they fear that they might loose their job. As the bitcoin network is decentralized in nature there is no authority to control the bitcoins network and no banking system or the Government does not have control over people's money.

[haloobabaa]

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.

[BingoDog]

To my opinion O don't think they are scared. They see at bitcoin and cryptocurrencies as kind of competition but they are not scared.
To be honest cryptocurrencies are still not strong enough to seriously endanger banks and their businesses.
But more and more banks see Bitcoin as a way to make profit for themselves and in the near future we might see some steps of banks in that direction.

[ogini]

The fear of bitcoin taking over fiat currency, insecurity of the investment and to crowd it all government have no control over bitcoin and no taxes are paid to the government.

[colvis]

The Bank and the Government are very scared about Bitcoin because the way people are moving their fund into it is making them run crazy, the bank is afraid that they are going to lose all the gain they make from the money people put in the bank for savings, why the government are crazy because they are not collecting task for the trading transaction which people are making every day.. they all think they all losing money with the help of this Bitcoin.

[InterFinex_JB]

Obviously the bank and government would always want the major control and is afraid of any potential loss