Why are banks and governments scared of Bitcoin?

[tantimutz]

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

[syarifudin]

because every bank does not want to lose its investors, if banks do not have investors, the bank will automatically bankrupt / loss, therefore banks also need investors.

[riskarcher]

not only banks and governments that do not like bitcoin even some of the Asian states are protecting their economies from Bitcoin. Because they expect that Bitcoin will dominate the economy they have created and reduce their money rate. especially bitcoin is a very risky investment than investment in general

[dinar99]

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 is several reason why banks and Goverment scared of bitcoin. Bitcoin brings fair opportunities for common individuals.Anyone can join and invest for as long as he is interested and he has the capital.It will interest investor to invest in bitcoin. The goverment cannot control bitcoin over.

[Aroma92]

The governments of the countries will always be against crypto-currency. The question is: how actively they will resist the introduction of the crypt, and whether they will be able to take everything under control.

[Ar.harry]

 Because people definitely gets profit if they invest in bitcoins. And simply the money goes to bitcoins instead of bank deposits. Thats why banks were afraid of bitcoins and if bank will get loss then the government would also get heavy loss. Thats why banks and governments are scared of bitcoins.

[BTCWise]

Bitcoin places the power back into the hands of the people. Banks and major corporations don't like to see when people start to have some form of control over their lives. Its important for banks to have people dependent on them because its how they exploit people. I firmly believe that the world needs Bitcoin and Bitcoin needs the world. Hopefully in the future we will we become less dependent on banks and governments and start to embrace decentralized applications to make the world a better place for everyone in it. Hope my comment helped! Please give me some + merit if you found my comment useful

[Shirley Monizz]

Bitcoin offers an alternative to the conventional, state-sanctioned banking system, that's maybe why banks are afraid of bitcoins

[bkrobottc1]

Goverments and banks fear that centralized power in their hand maybe seriously affected or disappear. Bitcoin bring the decentralize and more equal for everyone.

[Crypto Mark]

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 many factors, of course. One of them is Bitcoin developed with the idealism that a good digital asset is not controlled by the government or central bank. It could be one of the fears of the government and the banking world. We realize that governments and banks of some countries are often negligent in maintaining economic stability. The government is also often controlled by the corruptors who only work for personal gain. Bitcoin also avoids making financial decisions not always in favor of the conglomerate. Bitcoin seeks to raise prosperity to mankind. Another issue is that neither the government nor the banks know Bitcoin through reliable research.

[cr7]

Bitcoin places the power back into the hands of the people. Banks and major corporations don't like to see when people start to have some form of control over their lives. Its important for banks to have people dependent on them because its how they exploit people. I firmly believe that the world needs Bitcoin and Bitcoin needs the world. Hopefully in the future we will we become less dependent on banks and governments and start to embrace decentralized applications to make the world a better place for everyone in it. Hope my comment helped! Please give me some + merit if you found my comment useful

Naturally, if people - slaves cease to feed the banks, how will they survive?
Most of the profits come from ordinary people at the expense of loans, does, bankers get richer!

[DanielJacob]

Because bitcoin is something which is beyond their control.

[Spicytee]

The reason why they will be so scared is Bitcoin allow pple to trade directly with each other,cutting out the need for a middle man,in commerce which is banks.

[Tommy len]

Because bitcoin is the first decentralized peer-to-peer payments network supported by its users without central authority or intermediaries. It is also to maintain the stability of state finances, and prevent cyber crime, for example from some cases of buying drugs with Bitcoin, it makes the government worried, because cyber criminals can easily use virtual money for crime.

[ronaldo 1994]

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.

[arya123210]

Because using virtual money is more risky than the benefits so the government forbids virtual money to be used in the country so they think virtual money like cryptocurrency Too have a very big risk so banks and governments are afraid to use virtual cryptocurrency

[christian1103]

The only reason why banks and governments are afraid of bitcoin is that they know that technology from blockchain is better than systems owned by deal-related banks so they are afraid of losing customers because if all the customers are aware of this they will start switching to bitcoin and blockchain technology.That's because the banks have created a level of trust that transactions pass smoothly and everything is recorded and accounted for correctly.

[kendra1107]

I don't think banks and governments are scared of Bitcoin. They are more of frustrated because they could not fully control Bitcoin or manipulate the way it operates. Bitcoin tends to pose a threat to their operation due to its use and value. I do not know how and when all of these fuzz will settle. But we can always hope for the best.

[Dynamist]

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 discourages people to invest in the crypto industry simply because its a competition for them. They already knew that Bitcoin is more convenient and its method are way different from their tradional banking system. Its rather the opposite of what banks do basically Bitcoin is a decentralized system. On the other hand, other Governments have many reasons why they prohibited the use of bitcoin from their country. I believe the reasons are. They did'nt understand bitcoin completely, they probably already assumed that it was being utilized for illegal activities,. Secondly, bitcoin's method of payment and transactions are anonymous. Some Governments want to monitor their own people, simply to catch illegal activities, purchasing of illegal items and money laundering and its impossible to achieve if this was done anonimously. Lastly, if they let bitcoin operates in their country then they might as well want to collect taxes from it, then how will they do that since it was decentralized and people did it through blockchain technology? Governments and banks are afraid because Cryptocurrency is the future. Banks will become obsolete, while governments have no clue about cryptocurrency.

[Bairbe]

Banks are used to control and let all financial flows through themselves and most importantly, all banks are inherently linked to the state Bank. The state Bank of the country will always issue such regulatory rules, in which only banks should remain in greater benefit.
I think that you already understood this, but in order to visualize a full picture that emerges in the form of a confrontation between the revolutionary bitcoin technology and the long-outdated financial system, this background was necessary.
Bitcoin technology, unlike banks, is decentralized, anonymous and uses a minimum transaction fee. Anyone, regardless of status and financial situation, can send money in any amount to any part of the planet.
The largest transaction that occurred anonymously on the bitcoin network is $ 180,000,000. You can imagine, absolutely anonymously, people who are in different parts of the world, sent such a huge amount of money, without asking permission from the state and banks.