Why are banks and governments scared of Bitcoin?

[jademacoy]

There is nothing with these establishment like banks and government as fear because these establishment are just the opposite of bitcoin system. Bitcoin is decentralized organization that is why banks and government could not get along with bitcoin system. You are just getting some misconception against these centralized and decentralized form of system.

[Taronet-division]

because bitcoin assumes control of its own assets without others, the corrupt government will close the bitcoin gap in the country. taxed on what basis

[Kertmu]

I think they are forbidden to use, because they do not pay taxes with crypto currency. This is a gray profit from which the government has no income to the budget. Therefore Bitcoin remains conditionally permitted in some countries, but not approved.

[jayarbillones]

for me there's just not any real threat just yet. Environmental factors such as political and regulatory support, widespread social buy-in necessary to create network effects,.Due to some reasons governments also cannot take advantage on the benefits of bitcoin.More and more people adopt it time comes that cryptocurrency would spread around the world the government has no more source of income in entire country.

[taeewo]

Never  think bank is afraid of crypto currency rather than them adopting the blockchain technology into their system, but for the government, i believe the fear of the government is the anonymous transactions which almost crypto is and they fear if it can be use for illegal transactions or promote what government are not in support of...

[handsomes]

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?

I think the value of the bitcoin because very huge and it is untachable coin the government in any country scared of bitcoin it is killed money It is endangered because of its size.

[SvetikB]

bitcoin is not the one who should scare them. blockchain must do it. bitcoin is just an instrument that gives people an opportunity to avoid some taxes, nothing more.

[DoublerHunter]

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?

I think banks don't like this innovations because this is a way too different from their working ground. Banks can't take control to cryptocurrencies since no one  can even independently influence it. They don't appreciate if this innovation can run free while banks are still rooted by many governing laws and regulation. That's why bitcoin has the advantage here to be more successful in the society.

Bitcoin has an advantage to be more successful in the future because of its technology called blockchain where the transaction are safe and bitcoin is not hackable so it is a plus for the people who want to put their money to bitcoin because it is safe and also transparent so there is no fraud that will going to happen unlike in the fiat and banks.

[MetalGear]

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?

I think banks don't like this innovations because this is a way too different from their working ground. Banks can't take control to cryptocurrencies since no one  can even independently influence it. They don't appreciate if this innovation can run free while banks are still rooted by many governing laws and regulation. That's why bitcoin has the advantage here to be more successful in the society.

[JustinTaner]

Some reasons for fear of bitcoin are that the banks think that due to the use of bitcoin, their subscribed numbers will be reduced due to the fact that people are attracted to it and the number of transactions will be reduced and government revenue is being leaked and it will be through illegal transactions.

[Lady Coquet]

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 own personal opinion, government and banks hate bitcoin because they are afraid that bitcoin could replace the currency today and will removed banks, and also bitcoin is decentralized that the government cannot control bitcoin that is why a lot of countries started to banned bitcoin.

[socksserver3]

I don't think that they are afraid but they don't want any changes because this will require rebuilding of the whole economics system and banks are involved in this as well. However, it is impossible to avoid changes and this will happen sooner or later

[Neither]

Banks and the government of the countries do not control bitcoin to the full, therefore they are not satisfied with this situation. It's just not profitable for them.

[Marinanik2018]

the government is not interested in the fact that money was not controlled by them, but in many progressive states the government should adapt to the interests of users

[Black Angel]

I'm sure that the main reason banks and governments are afraid of bitcoin because bitcoin is decentralized so they can not control and get big profits, investors and economies would be too risky if relying on too volatile prices such as bitcoin.

[Chacha1000]

Banks and government are scared of bitcoin because they see it as a threat to them. But one thing is certain, banks and government can never stop cryptocurrency

[upinros]

They create paper money and can manipulate it to serve all kinds of purposes. When you propose to use something other than paper money as a store of value, the government can not manipulate or control it as well. On the other hand, governments are greedy for control, they want to control everything and everything in your life, Blockchain-based currency will not allow the government to organize it so you'll become the true owner and holder of your wealth and nothing can bother in it without your permission. That is the reason why banks and governments are afraid of Bitcoin.

[poletando]

right now there are so money country that restrict bitcoin because some reason, and we can see that is the point of that things, it seem like the bitcoin have more disadvantages for the government like the main problem is bitcoin transaction is anonymously that makes the government cant track the transaction, maybe this is the main reason why government block bitcoin in their country

[gvnsrbtc]

Maybe because some people are getting scammed and criminals are using bitcoins for money laundering purposes. Not all governments are bad. Banks are businesses that just want to have a piece of the action. I’m sure we can all find a way to coexist for the benefit of everyone, criminals excluded.

[jemerson1420]

Because some banks and government thinks that bitcoin is a big scam.