Why are banks and governments scared of Bitcoin?

[wasaisisisi]

Because governments and banks fear bitcoin will disrupt the economy and will rival them. I think many governments and banks work together with the upper classes who control them.

[dillpicklechips]

Banks and governments are really scared and afraid of bitcoin what can do. For the Government they dont want the idea of using bitcoin because it will be hard for them to trace the transactions which will be a big problem when it comes to tax and it is also decentralized that they cannot manipulate or control it. And for the banks, bitcoin is a competitor because they are afraid that one day bitcoin will reign the world of banking system and central banks or the old way of banking system will be replace by the digital payment system which is the bitcoin.

[bigblackdeck45]

Bitcoin being decentralized is what the banks and government is afraid of. Transactions made with bitcoin is anonymous or untraceable which means banks and the government can't make money out of those transactions. They will also have a hard time to implement tax on botcoin as well. Bitcoin also has qualities that can be exploited by criminals which worries the government.

[melekseverce]

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

[Captain Sneeze]

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 why are banks and gorvernments scared of bitcoin is because there are so many who block bitcoin for the security of local banks from their country because they think that bitcoin is a scam.

[cryptotrader15]

Because they will not be paid for having our money or in actual USING OUR MONEY. They are afraid that the same thing will happen to them what has happened to telecommunication companies because of Whatsapp and Facebook and other technology applications like skype etc

[cryptotrader15]

because bitcoin will do the same to banks what facebook and whatsapp has done to telecommunication companies. i hope you got my point.

[ruski]

Governments and banks don't like to support the crypto currencies because they are decentralized and they cant control their values and prices. They want to support only their fiat and local currencies, because they can control them and also control the financial transactions of their citizens.

[prediction on bush]

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?

For me because banks and government are scared of bitcoin,  is  because they do not have a fixed value that they can only control as government  or national bank. and also no one can control bitcoin but bank is under of government control.

[uozer]

Banks are scared of Bitcoin because they are seeing it as a rivalry medium which might take over all their deals and at the end of the day laid them redundant or totally replaced them. More so, they would not want to be put out of jobs when the effect of Bitcoin reduced their labor force, since income generated from banking services shall be reducing with Bitcoin presence. Most likely is the reduction in unscrupulous cheats on their customers that shall be cut off, where they have little or nothing to rub people off based on the peer to peer to peer nature of Bitcoin.
 Government on their own side would not want any means that can not be controlled to jeopardize its economy and also feels they shall not be able to tax Bitcoin users when their wallets are encrypted, hence no revenue.

[jops]

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?

Banks and government scared of bitcoin because for me bitcoin is a rival of banks because bitcoin can provide a big profit rather than banks in a small period of time. Also government scared about bitcoin because they don't have a controlled for this. 

[agimat]

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 government and banks are afraid or scared to lost their currency and maybe if they allow it surely the currency of the government  will be affected including the growth of economy.

[FlightyPouch]

For me because banks and government are scared of bitcoin,

I don't think so. If that is the case, then why does a lot of countries accepts and legalizes Bitcoin if they are scared of it. I think this depends on the government and that certain country.

is because they do not have a fixed value that they can only control as government or national bank

Are you sure about that? Every banks has their owners and their certain partners. Of course there are national banks but there are a lot of banks in a country and not all of them are owned by the government.

and also no one can control bitcoin but bank is under of government control.

So answer this question, Why would they legalize something in their country if they are scared or afraid of it? If I will answer, simple, because they are not.

[miti251194]

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.

[The_Dark_Knight]

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

Tracing transactions of bitcoin is not really a big problem everything is there to see in the blockchain the problem for governments is to put a name behind an address, so I really think that in the future governments will force exchanges to only give you one address and that address will forever connected to you that way they will know that any transaction coming from that address comes from you.

[tentara pelajar]

Because bitcoin is the first decentralized peer-to-peer payments network supported by its users without central authority or intermediaries. The lack of central authority is the main reason why the government is afraid of crypto. Whereas government control is important to the development of a country. The government can conduct monetary policy to provide economic influence. Control over currencies has many downstream impacts, perhaps especially fiscal policy (stimulating investment and spending, generating jobs, or avoiding inflation and uncontrolled recession). While bitcoin, government and banks will not be able to control it.

[fishball]

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 the governments and banks are on the same page, meaning they both want something in return from bitcoin but the thing is they can not since bitcoin is decentralized.

[aysha9872]

bitcoin is feared by many countries and financial institutions, due to the fact that bitcoin isn't regulated or controlled by any government body. Bitcoin can be misused by people because it's traced differently

[thecoder2017]

I think theres no way that government and banks are afraid or feared bitcoins because even with the existence of bitcoins banks still operate and for the government may accept bitcoin as their form of payments.

[callyf]

Those who not used that only scared with bitcoin