Why are banks and governments scared of Bitcoin?

[david tien]

Some reasons for fear of bitcoin are that the banks think that due to the use of bitcoin, their subscribed numbers will be reduced due to the fact that people are attracted to it and the number of transactions will be reduced and government revenue is being leaked and it will be through illegal transactions.

[nani culi]

I don't think banks and governments are afraid of bitcoins.most likely they are not satisfied with the uncontrolled movement of money.

[Sword555]

Even though the concept of the cryptocurrency market is still quite young banks are aware of the brilliant financial results that this industry has been showing which is why they are worried to be beaten by crypto.

[stayeduptolate]

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?

The reason being is the decentralisation of bitcoin because of which many countries and even banks are afraid of introducing crypto currencies and adopting crypto currencies as a way of their transactions. Bitcoin being so innovative concept and I guess the boon for the humanity has always proved its worth by helping millions of people and now millions of people are able to live to good life and especially the unemployed who are not able to get the good paid jobs and inspite of having innumerable benefits countries are afraid because of illegal use of bitcoin and other crypto currencies.

[arguelles84]

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, thus leaving the right to influence it at its discretion.

[Khammurr]

With the new issue of governments being able to get passed sanctions or jurisdiction placed upon them by governing bodies such as Iran and Russia discussing the possibility of using BTC to transact between them and get passed international sanctions, does that add extra pressure on governments to come up with their own form of Crypto in the face of regulations?

[ngano ba]

Banks and government are afraid or scared of bitcoin because for banks they thought that bitcoin will ba a great treat to their financial stability, because bitcoin can offer a great profits to the investment of bitcoin ,and for the government they  like to impose policy to the bitcoin and have supervision on the activities of tne bitcoin.

[pencuri hati]

they may fear banking in the government is destroyed, because the price of fluctuating bitcoins may change at any time. maybe that's why the banks and the government are afraid.

[arlinxoha]

Banks and government scared about bitcoin because it's a platform that nobody can control. Bitcoin is a digital currency which has no Identity. So people don't have to pay tax for bitcoin transaction. For that banks and government loosing a huge amount of tax. That's why the afraid it.

[Ngatemo87]

probably because bitcoin is one of the most risky investments, because its assets are very declining and very easy to expand.

[Ayaancool]

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 are scared of bitcoin , because , through investing in bitcoin we can earn high income comparing with bank investment. So all are investing their savings in the bitcoin. It is the reason why banks are scared of bitcoin.
The entire control of bitcoin is vested with its users. There is no authority or power  for the middlemen and government in this. It is the reason for which government are scared of bitcoin. Government can't take any decisions regarding the crypto currencies.
Thus, both banks and governments are scared of bitcoin.

[Elrozaq]

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 It is normal. Because The bank afraid will lose their investor, The bitcoin is more popular and profitable. The government cannot controll bitcoin over. It is the reason.

[mahilchii]

Banks and governments are scared about Bitcoin because they don't have clear understanding on how it works with the latest technological development and the clear concept to them. Most of them are having bad are worst advisors for them who mis guiding the governments that crypto currency is not safe and it will be impact the government and banks but that is not true.

[crystalworld]

The banks and government are scared because, they don't have control over btc. Individuals will soon be richer than the government and bank through crypto. They want to be in charge and control the flow of money and wealth of the people.

[Beymax08]

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?

The reason why banks afraid in bitcoin because bitcoin have the power to elimanate banks. Totally if all investors will invest in bitcoin, banks will ahut down if no one invest in it. Because people think they will gain more interest in bitcoin. And the government is scared to in bitcoin because bitcoin cant be tax.

[marinakofoleva]

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?

Who told you they were afraid? They do their job without too much publicity. For example the stock exchange, Poloniex who bought her? The famous Bank in America. There are many such examples. Do not think that if the media do not say about it, it is not really. The media is always lying. Big money loves silence.

[Revprojects]

I think because banks and governments can not directly control Bitcoin. But not all governments are afraid of Bitcoin. On the contrary, some countries are friends with him, for example Germany, Japan and Switzerland.

[Dr.Nina]

Because the government and their bank think that it is not controllable. They also think that it is getting popular day by day and one day their conventional currency may fall in trouble due to bitcoin.

[theyRmose]

Banks forbid bitcoin as a means of payment because in bitcoin transactions, banks are not required. Banks can only benefit when bitcoins are thawed in banknotes.
In addition to bitcoin storage, there is no cost-cutting deductions every month, while banks try to take advantage of as much as possible by applying high monthly deductions, shipping costs, administrative fees, and high interest withdrawals for every person who borrows.

[JeffreyKen]

The only reason i can find and that is it is beyond their control, they are unable to handle it.