Why are banks and governments scared of Bitcoin?

[rameshrajan1000]

Between Bitcoin's transaction involves two or two accounts. The third person does not monitor and control it. The bank and the government are afraid that this will result in an illegal transaction.

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[Muwatti]

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 really against bitcoin because it has no tax...  We can earn here millions without even paying a tax....  It could generate a problem also because alots of people especially those who know a lots quit to their and working here instead....  It happens probably because thy are nkt satisfied with their current job....  Bitcoin is for every one.... Banks and government are afraid of it because it could possibly bring inflation and if it happens there will no physical works in every country...  That why they fear it existence....

[MarkDaniel5]

Banks are afraid because they loose business because of crypto. There was  a recent news how LTC was used for a transaction of millions saving huge amount of bank fees.

[Lyne01]

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 main reason why banks and governments are against virtual currencies because they cannot regulate and control cryptocurrency. The main fact the crypto currencies are decentralized, banks cannot trace and even government cannot trace the transactions and who are involved in it.

[MarkDaniel5]

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.

[ajuelnah akun]

The bank considers bitcoin as a competitor, because if more people use bitcoin then the bank will lose the trust of the customer then indirectly, the bank will be eliminated.
They also hate bitcoin because they can not become third parties and can not take advantage of bitcoin transactions.

[MarkDaniel5]

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.

[MarkDaniel5]

I think that Not all banks, and not all government was scared on bitcoin, but to answer your question is, maybe because bitcoin is very risky in a person who really don't know the nature of it. But to be honest, bitcoin gives me a hope to make my dream come true and to be have a job for those who want only a job even inside the house

[HeartDesire]

Government is afraid of inflation, terrorism, money laundry and lack of communication tool over the coin while banks are afraid of loosing customers because soon they begin to close down many branches if bitcoin become means of change in the country. If there is no limit to how much I could withdraw from bitcoin daily why should i go to bank where there is a limit to how much I can hold and withraw.

[Melit02]

They are scared of Bitcoin because they can't control the running of the money. It will replace the currency of their country because bitcoin has a big value and you can really get a huge profit. Everyone can enter into this kind of forum, but they don't have any idea.

[BeGoods]

I think they are not afraid, they just hate when they can not take advantage of bitcoin. If every bitcoin user pays taxes for free to the government, maybe the government will change their minds and say they want to work together.

Thats right, I think the government and the bank are not at all afraid of bitcoin, because they have control on everyone, they can do anything, they are just wary of the bitcoin's threats, you're right it's possible the government hates bitcoin because they're still having trouble applying taxpayer rules to users..

[icaica22]

Why is Bitcoin Value So Volatile?) Since bitcoins are stored on users' computers, "users face the risk of losing their money if they do not implement adequate antivirus and backup measures" according to the Virtual Currency Scheme, a research paper issued by the European Central Bank . Hardware failure besides, throwing an old computer into the trash without first removing your bitcoin is also an easy way to lose your digital fortune. In short, if you use bitcoin, you trust your money to a complex system you do not understand, people you do not know, and an environment where you have no legal channels. In the world of traditional investment, this will raise quite a lot of red flags to make it a bad idea. On the other hand, the European Central Bank reports that Bitcoin is just one of over 500 digital currencies that are now circulating around the world. Even in the end Bitcoin failed or derived a small role on the world stage, one of his successors can radically change the way the world thinks of the currency.

[RXKING]

Banks and govermemt scared of bitcoin becuse they not habing control over it.
they'll lose my clients if people know Bitcoins. And rhen I'm sure that many people will be eliminating their money investing in banks because of the bigger profit they can earn when investing in crypto. Cryptocurrency transactions are monitored and management by a technology called cryptography and the transactions recorded in a public distributed ledger called the blockchain which the banks and government do not have access to. Cryptocurrency is a decentralised currency in digital form which gives it users absolute control. it is not in physical form therefore, it cannot be stored in the bank thereby not giving banks the ability to make policies as well as government. so, they do not have control over the movement of cryptocurrency transactions.

[Big Show]

I think it is more precisely the worry and want to protect the public money. I think banks and governments are only concerned about the negative effects of bitcoin in the future. For example, the absence of money control if bitcoin is widely applied will have an impact on the country's economy, the impact of crime using bitcoin, and possibly bubble in bitcoin.

[9emb3lelit3]

I think it will be very useful to everyone in the world, so their financial economy will no longer be governed by banks and government, and this will make all holders of crypto more independent in managing their own financial economy, and for their life to be good and safe too . Bitcoin has a decentralized nature, and it does not exist in banks or in government today. And Bitcoin is justice for everyone in their financial economy in the future!

[Ravenangel]

Banks are uneasy with bitcoins because Bitcoins ofer solutions where they fail, Bitcoin Blockchain offeran open and public ledger where all the transactions are publicly accounted for, something that the bans don't. The platform i also free from third party influence that might directly affect the market. Banks can easily be influenced. Bitcoin is also not taxable a fact that most national government aren't comfortable with as they feel its a missed opportunity to earn  income.

[Rustandy]

-Bank fear of losing control, The goal of any company providing 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. Traditional banking services appreciate the control they have over their people and money and will do everything in their power not to let go of it. Bitcoin offers a system that restores control and power to the real money owner and the only way to fight for it is by showing the will of the people - using Bitcoin's personal banking and personal services.

-Why Control is Important, Government controls fiat currency. They use the central bank to remove or destroy money from thin air, using what is known as monetary policy to exert economic influence. They also dictate how fiat currencies can be transferred, allowing them to track currency movements, dictate who benefits from the movement, collect taxes for them, and track criminal activity. All this control is lost when non-governmental bodies create their own currency. Currency control has many downstream impacts, perhaps especially fiscal policies, business environments, and crime control efforts by the state. While each of these topics is broad enough and deep enough to fill the volume, a brief overview simply gives insight into the general concept.

-Fiscal Policy, While the potential for crime captures public attention, the role played by currencies in a country's monetary policy has the potential to have far greater impact. Because governments deliberately increase or limit the amount of money circulating in the economy in an effort to stimulate investment and expenditure, generate jobs, or avoid inflation and uncontrollable recession, control over the currency is of great interest.

[Periodik]

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?

For me, the banks as well as the governments do not have to explain to the people why they do not cater cryptocurrencies to their clients or their citizens. At this point in time, there is no sense of urgency for them to provide a convincing excuse why they choose not to accept crypto. But of course the time will eventually come when they will be compelled to give in to the suggestion of their clients or citizens if crypto will become more mainstream.

[cryptonauts]

Simply because banks and governments (themselves) are not familiar with blockchain technology!

[Leo Barnes]

Reasons why banks and government scared of bitcoin;

1. Decentralized
2. Paperless
3. fast transaction
4.Secured
5.Autonomous
6. Advance technology