Why are banks and governments scared of Bitcoin?

[letzdodiz]

Bitcoin is fundamentally a risk or a major contender for banks nd government. Bitcoin brings reasonable open doors for regular people. Anybody can join and contribute for whatever length of time that he is intetested and he has the capital. Likewise the exchange is available to all it is sans bother protected and advantageous contrasted with bank where each exchange is in consistent investigation. This is the motivation behind why bitcoin ends up prominent and broadly use by numerous individuals everywhere throughout the world and with this banks and government are considering bitcoin to be a danger and a contender particularly that they can't control nor benefit from it.

[fbtdarkhorse]

When more people will invest in cryptocurrencies most banks will be bankrupt,in my view and opinion cryptocurrency is more profitable than depositing money in the bank.  The first decentralized peer-to-peer payment network supported by its users without central intermediaries, a lack of central authority that makes governments afraid of Bitcoin.

This will depend on the political situation, the country's economy and many other factors.

[cliffdex]

The fiat currency transactions are been threatened by the blockchain transactions with respect to currency flow. Banks may go out of business soonest with the thriving strength of the bitcoin cryptocurrency. the amount of billion dollar transactions that flow on the bitcoin blockchain cannot be compared to that which flows in banks, that's why government policies are trying to favour banks today. But bitcoin will continue to strive.

[fbtdarkhorse]

They are afraid to miss the benefit and lose the market of finances if all go to the funds that are based on the blockchain, then we do not need banks.

The state loses profits from any project that it does not own.

[Emanammy]

Government and banks wanted to hold everything which is related to business.They are scared from bitcoin because it seems a big competitor for them.

[Jin xiou]

Bitcoin also creates value for both earlier investors and for new ones, providing more and more opportunities for using currency, the amount of which, moreover, is limited. It's not deceit and not stealing, but just the good old law of supply-demand in action, or in other words, the ancient economic principle, in the service of the newest currency system.

[teejayrichard2]

banks and government are scared of bitcoin because they have no control over it like the regular fiat currency which they can control and regulate. it is well known that anything government can not control, they fight but i hope in time to come they see the usefulness of bitcoin and adopt its use

[aji567]

I think the banks and the government are afraid because it is already rivaled by the popularity of bitcoin at this time and very suitable for investment in bitcoin. The government is also worried about the declining economy of a country if everyone uses bitcoin.

[marginal]

it is simple - they loose money, every year people lose confidence in banks and power, and bitcoin is at the disposal of a person, and not others

[Karie_Legend]

it is simple - they loose money, every year people lose confidence in banks and power, and bitcoin is at the disposal of a person, and not others

A predictable thing to make a big loss in a country if they accept Bitcoin. Deep fear.

[poisonivy77]

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 country do not entertain bitcoin as a primary currency because they were afraid that it might overthrow the fiat. And of course the most obvious one is they no control over bitcoin unlike fiat that the could receive taxes.

[Wahyu aep]

for fear of losing tax revenues because they will not be able to track the bitcoin transactions. So they are very interested to ban cryptos. Banks have begun to suffer losses in the revenue they earn from transactions and remittances. Also they are afraid that in the future people will completely avoid the deposits in the bank and will only buy bitcoin which will be a big loss for them.So they do not tolerate other competition in this monetary system. That's why they are afraid of the Blockchain system.

[conceivedspoon2]

It maybe because Bitcoin's is a decentralised digital currency that is not hidden from anyone and a alot of people especially those in the government don't want to get exposed. Moreso, the government may not be able to tax user of bitcoin. It cannot be controlled by anyone and cannot be tamed.

[@bamaricibo]

Bitcoin also creates value for both earlier investors and for new ones, providing more and more opportunities for using currency, the amount of which, moreover, is limited. It's not deceit and not stealing, but just the good old law of supply-demand in action, or in other words, the ancient economic principle, in the service of the newest currency system.

In my opinion, here the government is afraid of BTC for fear of money laundering, buy BTC for storage because the BTC is anonymous so they always worry about that, also because the BTC anonymously should fund the terrorists is easier. The banks fear the MOF because the bank will lose a huge amount of money and deposits. People flock to BTC do not want to invest in banks. Major projects raise capital by ICO. No, it will make the banking system freeze and break down in the future.

[niz3r_nade]

yes that's right, banks are afraid of their customers switching to bitcoin. so banks do not get a profit and people are less interested in investing in banks. and the country is afraid bitcoin creates inflation and is used by irresponsible people.

[Debu]

Actually government and the bank is not scared of bitcoin because if they wanted they could just banned the bitcoin. May be the government don’t like bitcoin because there is no control unlike fiat currency.

[joshb028]

So the questions I have in mind about banks and Governments idea of wanting to control bitcoin is already raised in our forum.
I already knew that this problem might come, the government wants to control bitcoin because they might think of what they can get from here. And banks will have complains about it because this might be their biggest competitor . If bitcoins will really be known and accessed by most of us then they will lose lot of costumers.
I just hope our developers of bitcoin will have to do something about this issue because bitcoin really is a big help for each and everyone of us.

[DoublerHunter]

It maybe because Bitcoin's is a decentralised digital currency that is not hidden from anyone and a alot of people especially those in the government don't want to get exposed. Moreso, the government may not be able to tax user of bitcoin. It cannot be controlled by anyone and cannot be tamed.

They can still tax the people who are in the cryptocurrency because they can just required the bitcoin or any cryptocurrency user or investor to submit a report that showing their transaction and also stating their profits from bitcoin and other cryptocurrency and that is how they can get control and avoid abusive users. They are simple scared because of the potential to get a lower power because of decentralization.

[angeltee]

It might take over the market from them. Cryptocurrency runs into over $300b every 24hrs around the world. This is a level of influence that one bank dont do in 24hrs. Let me say that Bitcoin has a 38% dominance which makes it more difficult for it to be manipulated.

[chichigirl]

They are scared because a lot of investors are now invest with crypto rather than banks since they cannot earn more with their investment in banks.  Crypto investment is very profitable, even me will love to invest with it.