Why are banks and governments scared of Bitcoin?

[centralbanksequalsbombs]

If fiat/credit supply stopped growing, then house prices, stock prices, financial assets would crash significantly in value.

Popularity of Bitcoin will begin to explode with lightning in the next year.
Bitcoin's lightning network is emerging where fees will be tiny and cross-chain atomic swaps for decentralized exchange.

Bitcoin's blockchain is the only unique one to provide the most security in a decentralized, global, incentivized fashion.

All other altcoins in relation to bitcoin are worthless - more on this below;

All other "blockchains" are more private worthless databases, my old nokia phone can do worthless databases. Other blockchains are simply scams.

Bitcoin's price will be at the very least more than 4 times (400%) of todays price in 5 years.



Governments and laws are controlled by the central banks. Bitcoin is an anti-establishment revolution that has already solidified itself worldwide.

Bitcoin cannot be controlled. It cannot be banned. It cannot be made illegal. And conversely it cannot be legalized. It just simply is. And people can always use it.

Those trying to undermine and manipulate bitcoin stem from the central bank system around the world;
-the central banks dictate policy to all the operating big banks around the world and have essentially tried their best to ban bitcoin related transactions for more than four years straight, ever since 2013, and have failed at stopping bitcoin's growth, adoption, and popularity
-the central banks fund efforts to undermine bitcoin, providing plenty of capital and liquidity to private companies and venture backed groups such as Digital Currency Group (they own Coinbase, GDAX, Kraken, Bitpay, and media outlet Coindesk) and also Roger Ver/Bitmain to undermine and break the bitcoin protocol and/or manipulate trade

Above are just small examples.

First, educate yourself and then others. Please checkout the link to the bitcointalk post in my signature titled: How to teach Bitcoin to a 7 year old.

Bitcoin is a secure, decentralized, trustless and open system which cannot be banned nor controlled.
 
Bitcoin is ultimate store of value and its popularity has strengthened over time and maximizes value compared to any other altcoin...
Why are altcoins relatively worthless compared to bitcoin?:
If it can be shutdown, and have assets frozen by a bank or government, there would be no value
If it wasn't secure, there would be no value.
If it wasn't immutable, there would be no value.
If it wasn't globally distributed, there would be no value.
If it wasn't so strong, open-source decentralized and unstoppable, there would be no value.
If it wasn't so scarce, there would be no value.
If it was easy to spam transactions, there would be no value
If it required a central 3rd party to function, there would be no value
If it was stopped after all major banks on Earth banned in 2013 to today, there would be no value. (say "bitcoin" when transacting and watch the block of the transaction. simple fix=never mention "bitcoin").
If it didn't have the history of 8+ years (and still no hacker can exploit bitcoin blockchain), there would be no value
Bitcoin is on the verge of lightning network release rendering altcoins as only backup plan options if not dead.
If it was exactly like fiat and only did transactions, there would be no value.

Bitcoin's value is worth hundreds of billions USD today. Altcoins however are scams, weak, pyramid schemes not offering these values.

Bitcoin has all the characteristics needed combined to hold the most value and increasing more than any other financial-asset option coming from the manipulated fiat central-banking debt-system. (more than stocks, more than houses, more than gold).

For global fiat (US Dollars, Indian Rupees, Chinese Yuan, etc), the fiat bubble system broke a couple of decades ago.

Fiat around the world is forced to inflate issuance as its heavily infested, burdened and broken with (the following whether good or bad):
-regulatory burden on fiat banks & system (incredibly costly)
-inflating fiat to keep house-prices from collapsing
-inflating fiat to keep stock market rising
-financing conflicts, bombs, and "aid"
-backstopping insurance frauds
-costs of auditors and budgetors and accountants checking the same thing in governments and businesses
-big insurance loss-events
-unemployment & other welfare costs
-stabilize regions after natural disasters
-keeping monopolies with internet access and information centralized and search engine crawlers centralized
-officially sponsored "money laundering"
-backstopping credit chargebacks
-frivolous legal costs (lawsuits bogging the system down)
-state-sponsored corruption and unofficial corruption (governments and gangs, banks and conartists)
-retirement obligations (debasement in value to keep up with payments from government or other retirement-obligations)
-fake credit (goods being transacted with credit-loss, replaced by inflation of monetary base rather than bringing perpetrators & source to justice)
-using enforcement labor to freeze accounts and assets and take away your money


Bitcoin, systemically, is free from these limitations and burdens.

[dillpicklechips]

There are certain or possible reasons why banks and government are scared in bitcoin. Bitcoin was a big threat and competitor for them. Bitcoin is a threat for a government because they can't control and manipulate the transactions and the money flow inside of it. They are afraid that it will be used in illegal transaction. While banks are scared because people slowly embracing the world of bitcoin and they are afraid to be forgotten.

[BlackPanda]

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?

Of course the reason is that Bitcoin and crypto could destroy the business owned by the Bank. This is very influential because Bitcoin offers many features and if there is a big company who dare to do so it is not impossible to create a bank that has the concept of blockchain technology. This is why banks and governments are reluctant to make quick decisions, they still do the analysis and see the latest conditions and situations.

[befriendmywater]

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?

State banks will not want to cooperate with electronic money because Bitcoin is being exploited by the dark forces. In addition, they know the strong manipulation of the Crypto market and advises many people not to participate in the transaction.
In addition, private banks have cooperated with Crypto a lot because the profit that Crypto brings is quite large. It is not controlled by the government. Anyway, Crypto's future is fine and nothing too negative will happen to it.

[bitcoinrunners001]

Bitcoin will become the future currency and it is now widely used to pay for goods and some items on digital information technology.This affects the bank with some reason.If bitcoin is replaced by currency,the bank will no longer use much by transferring and trading through bitcoin.It makes the government and the bank feel threatened because of its storage.

[komisan]

Bitcoin - and other decentralised cryptocurrencies - allow people to trade directly with each other, cutting out the need for a middleman which, in traditional commerce, is a bank. Unsurprisingly, banks aren't happy about being made obsolete and - with help from governments - are trying to clamp down on cryptocurrencies after initially dismissing them out of hand.
In the other hands, government are not happy because they don't have legal control over bitcoin transaction thereby removing taxation. Governments make money mostly through taxes, because this is not possible in digital transaction like bitcoin, they are not happy and looking for all means to regulate bitcoin to their satisfaction or desire.

[mdrakibul]

Government is scared because cryptos are empowering people.Conventional currencies are issued and controlled by the government and also they collect taxes from it. Regarding banks, Bitcoin and other cryptos doesn't need one because the currency is created in cyberspace.The reason behind the governments scared is that if banking system fail means the fiat money fall which is the back bone of all countries revenue so no government want that to happen.But they can regulate the bitcoin usage to get the benefits from bitcoin usage.

[mkcube]

I think the banks and governements are afraid of bitcoin because they are nit the one who control the market. They cannot manipulate the price. They also afraid because crptos are empowering people.

[Yatsan]

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 primary reason as to why certain banks and private establishments prohibit the use of bitcoin is because with the introduction of bitcoin, this also means another competition in their system which will make it harder for them to harbor users and customers given the fact that bitcoin is a formidable contender but i guess the great move for banks is to adapt the blockchain technology where bitcoin is running.

[samcun]

if my opinion that is afraid of a big competition for banks and the government because it can not be influenced by a country. bitcoin and bank investment have the same resiki own but bitcoin only we can control it while bank only enough bank that can control including interest rate, hence the government afraid of bitcoin.

[Gotumoot]

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 primary reason as to why certain banks and private establishments prohibit the use of bitcoin is because with the introduction of bitcoin, this also means another competition in their system which will make it harder for them to harbor users and customers given the fact that bitcoin is a formidable contender but i guess the great move for banks is to adapt the blockchain technology where bitcoin is running.

The reason why banks and governments are scared of bitcoin is because bitcoin will be their great competitor in the future. The banks might be gone because of the people will just use bitcoin because bitcoin can be used without having taxes to pay. The governments will not know its transaction because bitcoin can use anonymously and cant be manipulated by anyone. They cant adapt bitcoin because of its volatility and cant be manipulated.

[Creation-arts.com]

If fiat/credit supply stopped growing, then house prices, stock prices, financial assets would crash significantly in value.

Popularity of Bitcoin will begin to explode with lightning in the next year.
Bitcoin's lightning network is emerging where fees will be tiny and cross-chain atomic swaps for decentralized exchange.

Bitcoin's blockchain is the only unique one to provide the most security in a decentralized, global, incentivized fashion.

All other altcoins in relation to bitcoin are worthless - more on this below;

All other "blockchains" are more private worthless databases, my old nokia phone can do worthless databases. Other blockchains are simply scams.

Bitcoin's price will be at the very least more than 4 times (400%) of todays price in 5 years.



Governments and laws are controlled by the central banks. Bitcoin is an anti-establishment revolution that has already solidified itself worldwide.

Bitcoin cannot be controlled. It cannot be banned. It cannot be made illegal. And conversely it cannot be legalized. It just simply is. And people can always use it.

Those trying to undermine and manipulate bitcoin stem from the central bank system around the world;
-the central banks dictate policy to all the operating big banks around the world and have essentially tried their best to ban bitcoin related transactions for more than four years straight, ever since 2013, and have failed at stopping bitcoin's growth, adoption, and popularity
-the central banks fund efforts to undermine bitcoin, providing plenty of capital and liquidity to private companies and venture backed groups such as Digital Currency Group (they own Coinbase, GDAX, Kraken, Bitpay, and media outlet Coindesk) and also Roger Ver/Bitmain to undermine and break the bitcoin protocol and/or manipulate trade

Above are just small examples.

First, educate yourself and then others. Please checkout the link to the bitcointalk post in my signature titled: How to teach Bitcoin to a 7 year old.

Bitcoin is a secure, decentralized, trustless and open system which cannot be banned nor controlled.
 
Bitcoin is ultimate store of value and its popularity has strengthened over time and maximizes value compared to any other altcoin...
Why are altcoins relatively worthless compared to bitcoin?:
If it can be shutdown, and have assets frozen by a bank or government, there would be no value
If it wasn't secure, there would be no value.
If it wasn't immutable, there would be no value.
If it wasn't globally distributed, there would be no value.
If it wasn't so strong, open-source decentralized and unstoppable, there would be no value.
If it wasn't so scarce, there would be no value.
If it was easy to spam transactions, there would be no value
If it required a central 3rd party to function, there would be no value
If it was stopped after all major banks on Earth banned in 2013 to today, there would be no value. (say "bitcoin" when transacting and watch the block of the transaction. simple fix=never mention "bitcoin").
If it didn't have the history of 8+ years (and still no hacker can exploit bitcoin blockchain), there would be no value
Bitcoin is on the verge of lightning network release rendering altcoins as only backup plan options if not dead.
If it was exactly like fiat and only did transactions, there would be no value.

Bitcoin's value is worth hundreds of billions USD today. Altcoins however are scams, weak, pyramid schemes not offering these values.

Bitcoin has all the characteristics needed combined to hold the most value and increasing more than any other financial-asset option coming from the manipulated fiat central-banking debt-system. (more than stocks, more than houses, more than gold).

For global fiat (US Dollars, Indian Rupees, Chinese Yuan, etc), the fiat bubble system broke a couple of decades ago.

Fiat around the world is forced to inflate issuance as its heavily infested, burdened and broken with (the following whether good or bad):
-regulatory burden on fiat banks & system (incredibly costly)
-inflating fiat to keep house-prices from collapsing
-inflating fiat to keep stock market rising
-financing conflicts, bombs, and "aid"
-backstopping insurance frauds
-costs of auditors and budgetors and accountants checking the same thing in governments and businesses
-big insurance loss-events
-unemployment & other welfare costs
-stabilize regions after natural disasters
-keeping monopolies with internet access and information centralized and search engine crawlers centralized
-officially sponsored "money laundering"
-backstopping credit chargebacks
-frivolous legal costs (lawsuits bogging the system down)
-state-sponsored corruption and unofficial corruption (governments and gangs, banks and conartists)
-retirement obligations (debasement in value to keep up with payments from government or other retirement-obligations)
-fake credit (goods being transacted with credit-loss, replaced by inflation of monetary base rather than bringing perpetrators & source to justice)
-using enforcement labor to freeze accounts and assets and take away your money


Bitcoin, systemically, is free from these limitations and burdens.

Wow, really good read! Thank you for this information.

One question though...

So you don't believe in the Etherium network? (or maybe another 'smart contract' network in the near future)

And what about Etherium-based blockchain projects linked to (and valuated by) things from the real tangible world?

[mak2017]

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 and governments have fear for something that they can control, or influence.
That's why for banks it's very obvious to call crypto a "bubble" trying to save their clients, and separate them from crypto for long as possible.
I don't see that banks will ever by friends with crypto, with blockchain technologies yes, but they won't adopt any currency as they need their own asset
Which can be controlled, manipulated and so on, this is the only way i see banks using their own crypto, or blockchain based payment solutions.

[Welhell]

Because when Bitcoin capture all of money system, the banks and other money systems will not be necessary. So, either fee or secret is not necessary for governments.

[toast]

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?

in my opinion bitcoin transactions can be done without passing the third party is the bank and the feared may be a sale and purchase transactions on a large scale without any bank in it

[ThorWin]

if my opinion that is afraid of a big competition for banks and the government because it can not be influenced by a country. bitcoin and bank investment have the same resiki own but bitcoin only we can control it while bank only enough bank that can control including interest rate, hence the government afraid of bitcoin.

I really do not understand your idea, but the bank is afraid of BTC because it has occupy the bank's market quite large. many people also poured into BTC and mobilized capital also through the ICO program, so the banking system is not as strong as in previous years. The banking system may freeze.

[sneeze11]

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 and government are scared of bitcoin because they know or they expect that there's a possibility that bitcoin can make their bank disappear or it can also change our paper money. Other said that government are not scared but they only want to out a tax on it.

[gogrowglow]

My opinion is, they are afraid because they  might become redundant.  They do not and cannot control Bitcoin, due to the decentralized Blockchain technology which Bitcoin is using.  Another reason  why banks and governments are scared of Bitcoin is because bitcoin will be their great competitor  in the future. The banks might be gone because  the people will just use bitcoin because bitcoin cannot be taxed nor manipulated by anyone. They have no way to influenced nor control Bitcoin. I think these are all their biggest fear.

[Tugsukana]

BAnks and governments are scared of Bitcoin, actually not only on Bitcoin but all altcoins or so called digital money. They are being treatend by its presence  and afraid of loosing fiat one day. And we cannot remove the fact that when digital money will progress it might be a source of fiat extinction.

[Bitcoinnumberone]

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 and governments are scared of Bitcoin because they scared to surpass. People chose bitcoin to transact money because it is fastest and shortest way of transacting money. They hate bitcoin because bitcoin cannot be taxed and the government can't control bitcoin. It's all about business and money at the end of the day.