Why are banks and governments scared of Bitcoin?

[Healthy coin]

Indian government legalized BTC 18%GST included

[ridobtc]

karena pemenrintah gak mau banyak pengangguran karena crypto,soalnya orang" pengen bebas dari fensial admin

[jeraldskie11]

I think the banks and government scared of bitcoin because now it is very powerful and popular. Government afraid it because they can't control it and they can saw bitcoin as a competitor in payment system. It is made by decentralized system so no one can touch it that's why they've scared and afraid of bitcoin because of this.

[RebekittaH]

Bitcoins present a great threat to Banks as it offers efficiency in areas where the Banking system is failing Bitcoin is offering a secure platform, tax free currency and a proper open ledger accounting, something that the banking system has failed, iif more people embrace BTC fully then they can push the banks out of the market, hence the unease

[jessicaldiaseso]

Bitcoin is decentralized, so the government and the Bank can not regulate it. What's more, knowing that bitcoin has the potential to become a currency free of their control is remarkably a big big threat to their business. Adding all these facts, cryptocurrencies can potentially make central banks obsolete.

[roni12345]

Because, bitcoin is much more profitable than bank investment. Bitcoin is powerful. Bank and govt. afraid of that they will lose their position.

[Heopu]

Unlike other conventional currencies controlled by the government, major banks or investment funds, Bitcoin is regulated by private investors. You can access Bitcoin from anywhere connected to the internet, through company exchanges, purchase of products or services.
I think a lot of countries now ban the use of Bitcoin because individuals and organizations can use Bitcoin to engage in nefarious activities such as money laundering or tax evasion.

[Alex789]

the government will not take a headache and the government also will not be able to control it bitcoin
because the bank has its own management system that can manage the finances and the government itself is afraid this is a field for corruptors .

[Domino68]

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

[ishietan]

Bitcoin is decentralized because of goverment doesnt have control in cryptocurreny.  Now cryptocurencu are very popular and operating without there controld. they are scared because cypto can be used as bogus investment.

[arguelles84]

the main fear is the lack of control and management over the crypto currency.

[Nakakapagpabagabag]

the main fear is the lack of control and management over the crypto currency.

Banks and government are scared of bitcoin because they knew that they cant get something on it and they know that it cannot be manipulated. Bitcoin dont need banks in any transaction and government wants something that can be manipulated, because they want something in return. And its volatility, because they want something that dont have constant value.

[kingkongcorp]

Maybe Because According to Government and Bank cryptocurrency have a very big risk so they are afraid to use cryptocurrency to be a tool of bank traction in so they prohibit its citizens to use cryptocurrency

[bnsdywoahg]

As for me, the whole blockchain and all cryptocurrency is a direct departure from intermediaries, and banks are exactly them! that's why they're afraid!

[joshua0502]

Based on my research Bitcoin is decentralized so no one is controlling the bitcoin even the government. That is why the banks and governments are scared for the future there will be no investments will process into them. Also, in bitcoin it is fast to have a transaction and it was a really user friend, but you have to understand first the process of the whole system.

[Earthwood]

Based on my research Bitcoin is decentralized so no one is controlling the bitcoin even the government. That is why the banks and governments are scared for the future there will be no investments will process into them. Also, in bitcoin it is fast to have a transaction and it was a really user friend, but you have to understand first the process of the whole system.

Actually, banks and governments are missing out, because they let bitcoin. They are not thinking that bitcoin can be the one of the source of good investment and good for  economy of a country. Banks and governments  who are adapting to the new technology of coins are very lucky because it can really help them to develop an economy that is strong and rising.

[sebastianAndrei]

I don't think they afraid on bitcoin, government and banks just want to prohibit the use of bitcoin because of its risk and the thing it can do to financial and economy of a country. We all know that bitcoin doesn't have a centralized institution that can be contacted in times of money laundering and scam so they are just making a warning on people who wants to jump in the cryptocurrency hype.

[ghost424]

There are some news that Governments are banning Bitcoin and other Cryptocurrencies because of their unofficial values that come from nowhere. They are not sure what can happen if their values rise into a price that is almost impossible to buy so in order to control and prevent that. They are already banning it and stopping it from being known.

[roshanface123]

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?

By seeing the highest return from the crypto currencies, majority of the people inveat their savings and earnings in the bitcoin.  Through this banks have to face a severe threat.  Because of this, banks are scared of Bitcoin.
 All the control of crypto currencies including bitcoin is vested with its users. Government or middlemen does not have authority or power on it.  This is the reason why the government scared of bitcoin.
  Crypto currencies are the threat faced by both the government and bank.  So both of them are not supporting it and also they are scared of it.

[Bitcoinismylife12345]

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 both of them wants to have control in everything. In them, when something happens it will surely be blame to the management becuase they are the ones who are manipulating the system while in bitcoin, when one person decide, that certain person will be the one who are do it himself.