Why are banks and governments scared of Bitcoin?

[Th3Program]

Cryptocurrency scares and its core technology-the blockchain, the database in which all information is stored in an accessible and secure form. Is this technology convenient for banks? Obviously not.

[Huntsman82]

Cryptocurrency scares and its core technology-the blockchain, the database in which all information is stored in an accessible and secure form. Is this technology convenient for banks? Obviously not.

And transparent also.
Banks are the shadiest organizations on Earth.

[Et Hereum]

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.

[Diki Santo]

which provides bitcoin services is helping those who can not open a traditional bank account, so it's not surprising that traditional banks feel uncomfortable with the competition brought about by the system. Traditional banking services appreciate the control they have over their people and money and will do everything in their power not to let go of it.

Bitcoin offers a system that restores control and power to the real money owner and the only way to fight for it is by showing the will of the people - using Bitcoin's personal banking and personal services.

[Syunusa]

I think banks and governments believe that bitcoin can pose a lots of danger to the economy since they don't have control over it. As we know bitcoin is decentralized in nature and nobody have control of it

[Rustamm]

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?

More and more people are interested in crypto currency and are switching to its use. They are turning to banks less and less and are using their services less and less. Therefore, bankers lose their profits. In this regard, they will be against the introduction of crypto currency into our lives.

States, on the whole, are afraid of the anonymity of the crypto currency and the lack of full control over its use by citizens, considering that the cash flows will leave the country uncontrollably. This was stated directly by the Chinese government, limiting since September last year the circulation of crypto currency in their country.

[popoyuyun]

Because banks already know that bitcoin is better on their appeal and in the end they are afraid of being replaced by bitcoin.

[Rishabh riyz]

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?

They maybe scared of bitcoins because of its growing popularity and users across the globe , it's privacy level etc:-
But we can see these worries only banks need to have a look , what the government is worried about is the anonymous nature of this crypto currency, they fear that it may be used for capitalising illigimate activities.

[chara78]

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 according to the government virtual currency is very risky and no authority is officially responsible. It is also to maintain the stability of state finances, and prevent cyber crime, for example from some cases of buying drugs with Bitcoin, it makes the government worried, because cyber criminals can easily use virtual money for crime.

[SabrinaBianka]

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 that, they just say that because people are going to keep money in their bank and not stop. But their own bank owner used bitcoin and for their additional investment. I have watched a news, It was the owner of the bank. He said bad news about bitcoin and the price of bitcoin and dropped because of that, At that moment he bought a bitcoin. And also government, I thought some of member of the government had hidden bitcoin wallet but they didn't shown or announce that they also bitcoin holders. They keeping the secrets about bitcoin.

[MaidaKalani]

In my country, the reason banks forbid virtual currency because:

1. Virtual currency without regulator so there is no legal certainty and security certainty.

2. Transactions are conducted person to person without an official intermediary so no one handles the complaints that arise.

3. The user's identity can be disguised so that it is prone to be used for illegal activities.

4. There is no central entity in charge so the price is determined by demand and supply.

[BILGPS]

Banks and other financial institutions are good and they would not ready to start dealing in crypto currencies while the governments are scaring bitcoin because of the high volatility and legality issue. Banks scare bitcoin because they know that crypto currencies is connected through internet and if the problem in internet we will not be able to use our funds and on the other hand crypto has no physical existence.

[Piggymonster]

In my opinion, I think why the government and banks are scared of bitcoin because it is beyond their control. They think that it could disrupt the economy and the payment system that we used to. More and more people are shifting to bitcoin because it can give financial freedom.

[Boi qaaf]

Bitcoin’s characteristic is that it is decentralized, which means it is not controlled by anybody or anyone or any organization or person. By that, banks and government are afraid of bitcoin because they cannot control it. Also, they do not know much about it so they are afraid of what they do not understand.

[Boi qaaf]

I think the government can not control it. Since banks do not want thriving electronic money to compete directly for their profits, or for many other profound reasons we can not know.

[dario.93]

Because the bitcoin is getting so popular and there are many traders in every country the government view it as a 'leak' in their economy and they see how they are missing out on possible taxes which is why they prefer to ban the bitcoin.

[Df9898]

because banks fear of money online because much of the proceeds of crime money exchanged for money online.

[neo444]

Banks and governments scared of Bitcoin because they can't control his price and they can't identify and know exactly the origin of bitcoin transactions

[btcjoe99]

i believe the main reason is that they do not have control over it. with FIAT, they can define the value themselves (mostly) and they use this power a lot.
Also it is very hard to monitor a dezentralized currency in terms of income tax.

assume everyone gets paid in crypto. it is much easier to hide such funds then fiat money (where cash is actually the only safe way).
At the moment, the easiest way they can monitor your crypto is when you exchange it to fiat since you are registered with the exchange. so even in crypto, fiat is the nr1 way to trace back to you.

if this is not needed anymre because you pay all in crypto, i see it impossible for them to enfore their tax rules

[pekcoin01]

The reason for the banks being against the crypto paralysis,
- Money transfer is faster and cheaper.

The reason the government is against the crypto paralysis,
- It is very difficult to track money transfers in the crypto stock market. Malicious people are also making money transfers.