Why are banks and governments scared of Bitcoin?

[Ronni]

In my opinion, banks and governments are scared of bitcoin because they think that this might divide their sales in investments. When people begin to know about bitcoin and experience the high profit it might give, then they will invest more on virtual money than stocks or even bonds that banks and governments are offering.

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[chinchinbb78]

The acceleration of blockchain and cryptocurrency technologies bubbles . That is somehow very scary on bank and government side everything  will be not profitable including taxes,and that posses financial market frustration as if you your taking the power of the bank and government . bitcoin can track movements of transactions so it wouldn’t be surprise  if bitcoin soon will be ended up in flourishing in the market economy  with the innovative technologies this is interesting history.

[MrAntonius]

I think. Banks, States (county) and officials are playing a double game. Let me give an example of a country like Ukraine. 30% of officials of the Verkhovna Rada, bought tens and hundreds, and even thousands of bitcoins on their personal wallets. But at the same time they do not know how to write laws in the country, how to take into account the profit from this asset or how to control. Therefore, I believe many countries do not know how to legalize bitcoin. After all, it is decentralized.

[oni4an]

No one wants to lose their positions, especially the banks that regulate all financial flows. Just not all financial institutions have realized that large-scale changes are coming and they are not going to leave it. 

[Minionnn]

Many countries ban bitcoins because they do not want it to affect their economies. Governments and banks do not control bitcoin so they do not accept bitcoin. They aren’t afair of bitcoin.

[sukoyomi]

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?

it is a natural thing. because the government and the bank do not want any other currency that joins in the country, because with the currency crypto will disturb fiat currency that has existed in the country. crypto is freedom, so the government can not control it completely.

[Escan0r]

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?

Already a lot of news about the government and banks are afraid of bitcoin because according to them bitcoin can disrupt their economy and the reason banks are afraid may be because banks are afraid of being replaced by bitcoin.

[KrlCrptBoss1]

Becouse they have not invested

[John Williamss]

Banks are afraid of bitcoin just because they are against any payment process which does not involve them as a mediator. Bitcoin that has the potential to become a new currency, free from the control of big governments and big banks.

[Mhd-Bobbi]

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?

there are several reasons I think

1. Banks hate Bitcoin
Banks have been part of our society for so long that we forget what exactly they do. We regard it as a bastion of security and stability. They hate Bitcoin because of the instability that exists.

2. Banks are afraid of losing control
The goal of any company that provides bitcoin services is to help those who can not open a traditional bank account, so it's not surprising that traditional banks feel uncomfortable with the competition brought about by the system.

[Stromspirit]

because bitcoins do not yet have assets to hold as collateral, meaning the bank wants to have real responsibility from bitcoin in case of loss or money laundering from the investment itself for the people of this world. if bitcoin is more mengiklaskan to embrace directly may be the whole world agree to the cooperation as you say.

[whaawh]

because bitcoins do not yet have assets to hold as collateral, meaning the bank wants to have real responsibility from bitcoin in case of loss or money laundering from the investment itself for the people of this world. if bitcoin is more mengiklaskan to embrace directly may be the whole world agree to the cooperation as you say.

Actually, it's not just words that have not convinced me, especially regarding the fact that Bitcoin is a danger to many state interests. Many officials make a statement that is negative in relation to the crypto currency, but nobody really names a real goal.

[SirEGB]

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.

[Abdullah.dhariwal]

the basic function of Government is to regulate things in their country. but they can't control bitcoin. same thing with banks. banks need currencies which are controlled by some government. but bitcoin is decentralized. that makes both of them scared.

[twistedvape]

because banks and governments want something that they control, they do not want to be rivaled by anyone, that he just wants to control those who can be controlled

[mrsimons121]

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

[vaughn125]

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?

While there are truly a lot of reasons out there for this, what I am sure of is that most of the time, the banks and the governments use the reasonings like cryptos can be used on money laundering, and then another would be cryptos can be used to make illegal transactions easier amd last thing I know would be it is only protecting its people from getting scammed or losing capital. Those are the things t know of.

[mrsimons121]

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.

[overseer470]

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 .

[reidel21]

I think the government can not control it. Since banks do not want thriving electronic money to compete directly for their profits, or for many other profound reasons we can not know.