Why are banks and governments scared of Bitcoin?

[Mapalast]

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?

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 bitcoins which would be a huge loss for them.So they ban the accounts elated to crypto trading.

Correct. In my opinion government and banks are afraid to something they can't control. Morover cryptocurrecies are anonymous,so that banks even government are hard to blame anh party if there is something wrong

[fbtdarkhorse]

The banks and governments scared of bitcoin because bitcoin is more attractive and profitable, I'm sure when people actively transact and compare between banks & bitcoin then 99% will choose bitcoin which has proven to be faster and safer.

In Russia, according to the media, they say that the State Duma is preparing a draft law on the regulation of the crypto-currency, but it will not happen soon or at all will not be legalized. Therefore, you should not believe the media always. You need to have an opinion.

[brightology]

The most reason why, many government officials are scared, is because bitcoin community is greater and trusted than government. Secondly in time's of bank system. Bitcoin we soon take over, if there are not serious working, finally, bitcoin has a high potential to serve the world.

[cryptocanley]

Governments is scared of bitcoin because of it's a decentralized and peer to peer payment network and not considered by any authority or institution.
But it's a world of freedom, so why we can't think it positively.

[Inikoo]

They are just afraid of things, which they can't control I guess. Also, it is still a risky investment method, with high volitarity.

[Lingesh]

Bitcoin is decentralized, government and bank are thinking how to control bitcoin if we accept bitcoin. Bitcoin is not controlled by any organization or any individual person. It is a peer to peer transfer. Bitcoin is a digital form of currency. So many countries have banned bitcoin, And also the government thinks it might be used for illegal activities. So they are still afraid to accept Bitcoin.

[PilosopongTacio]

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?

Decentralization is one of the major reason why some government prohibited Bitcoin in their country. They might considered cryptocurrency as a means to conduct illegal activities. To buy illegal items like Drugs,guns or to access forbidden sites from the dark web. Child pornography and other inhumane acts on the net.
Cryptocurrency could also be use to launder money from criminal organization. The level of anonimity it provides the user.
Basically, its because they dont understand how it works and they forbid anything that seems odd and suspicious. Its also beyond their control. The idea on how to impose tax on it.
About Banks,... They were also threatened by the existence of Cryptocurrency because they considered it as a competition and if people knew about how convenient it is to invest on bitcoin instead of putting money on banks.
 They will do whatever it takes to discredit bitcoins reputation.

[jame suny]

Banks and government are scared of bitcoin because bitcoin is a competitor for them ,and no one can control bitcoin but bank is under of government control.people can make more money with their investment in the platform of bitcoin and bank cann't give those amount of money to their investor .Foe this reason bank an government scared of bitcoin.

[youngsoft]

Because bitcoin will be responsible for changing how governments attempt to manage an economy, and may even change the way our economies work by fundamentally shifting behaviour from spending toward saving.

[Angna27]

I think, because they see bitcoin is competitor for their business, and bitcoin transaction cant manipulate by the government. They scared because many people now invest in bitcoin rather than in bank, so they afraid and they now complaining in government and other legal agency.

[eashikde]

They do not fear, but simply do not want to let in a coin, having their own currency. To work with bitcoin, you need to invest so much money, energy and time that they simply do not want it.

[Kola]

i dunno what government think about it, i think the regular parliament dont know much about it, i mean not enough time to investigate it, but banks, there is many specialists who knows how it will be for them, so they try to work out to safe their place in the financial world, their power and influence

[surya12mild]

the reason why the government is afraid of bitcoin, maybe they think if at this time criptocurrency trade is very high risk and volatile, then the government does not advocate investment to bitcoin ...

[Ann Impas]

I'm sure banks is feels the effect of cryptocurrency nowadays, because there are a lot of person can transact simple and daily transaction without using the banks. And this post a threat to bank and even in Government. But I'm sure they could find ways to integrate the system on there system in order for them to take advantage. They know the game I'm sure.

[chichigirl]

They  are afraid because even if the social media are spreading some negative news about btc but btc is unstopable.  It continue to spread our nation and the market overflows.

[Peashooter]

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?

As far as I remembered correctly, there are banks that ruins the image of this industry by claiming that cryptocurrencies are not worth the risks. The reason for these statements might be just for the propaganda or jusy a "show" since its their industry will be the first affected when cryptos successfully dominated the market.

[miss.M]

Not all banks, and not all government was scared on bitcoin, but to answer your question is, maybe because bitcoin is very risky in a person who really don't know the nature of it. But to be honest, bitcoin gives me a hope to make my dream come true and to be have a job for those who want only a job even inside the house.

[Larva14]

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 believe that the reason why banks disagrees with bitcoin is because they are afraid that bitcoin will reach the common people and the whole society. They are scared that one day, they would be replaced by block chain technology. So they often flood the articles with "claims" that are really exaggerated.

[Uno17]

Because bitcoin is truly a big threat to banking industry and in governments as well. In the first place, bitcoin is a potential big earner if price is high, 2nd btc is no deduction of taxes, it means you will really earn big in a right time. If bitcoin supporters will keep stronger and increasing, it means banking will weaken, and government taxes collection will lessen too, so there is really a reason why banks and governments are scared of bitcoin to keep going.

[nebuch]

Bitcoin is not like banks and government. Centralized and decentralized is so different. The big difference makes banks and bitcoin contradicting to each other. Government wants to have income from banks. Banks wants the protection of government in order to have more security in case there will happen unnecessary things. There are serious problem in both groups because very contradictory in our society. Thanks why governments and banks does not like bitcoin.