Why are banks and governments scared of Bitcoin?

[Aneuk paloh kambuek]

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.

True, they only give reasons for certain communities / customers not to switch to criptocurrency, as they claim that bitcoin transactions are not secure, even their wallets are easy on

[1714858665]

1714858665

[jeepuerit]

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?

Not all banks or governments are afraid of Bitcoin, because most governments use Bitcoin for many, others just do not want Bitcoin because they have no interest when you get money on the bank with bitcoins being replaced.

[aces777]

Think that you run a factory and a revolutionary machine is built that makes your older machines obsolete, than will you feel threatened by it or not? Similarly the decentralized nature of bitcoin threatens the monopoly of governments and banks over money and that is something that they fear very much.

[palvinta]

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 afraid of Bitcoin for fear that Bitcoin can replace the currency they have. Especially now that people rely more on Bitcoin than banks, of course, this is very detrimental to the bank. The government is also afraid if more citizens turn to Bitcoin than the currency of the country. If it continues to be left, everyone will only rely on Bitcoin in their daily lives. That's why the government always has a way to destroy Bitcoin even though I do not think it works.

[Gen-8]

Bitcoin has said that "This is the first decentralized peer-to-peer payment network supported by its users without central authority or intermediaries" and I think, and come to the conclusion, if possible because the lack of "central authority" is the main reason why the government, Bitcoin or Crypto, and to understand this fear I think it's important to know a little about the government and the conventional currency for now.

[Marcogwapo]

I think they afraid of bitcoins because they can get taxes to it.

[judel_2018]

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 fact is banks are very afraid of the existence of Bitcoin because it will be a competitor for them, imagine if many people who withdraw their money from the bank in large numbers and invest it into Bitcoin of course it will be very detrimental to the bank. but the government thinks I am not afraid of the existence of Bitcoin, they just want that Bitcoin can be controlled with clear government rules that are part of the government's stabilization in the economy and can help the government's economic growth with that rule which leads to a tax of Bitcoin income and etc, for state and government finance. that's what I can describe about government and banks.

Maybe they were afraid of paying taxes because the government have a rule to pay taxes because the people who did not pay taxes will put in prison because the against the rule.

[aizenbryle]

the bank is afraid that they are going to lose all the gain they make from the money people put in the bank for savings, why the government are crazy because they are not collecting task for the trading transaction which people are making every day.. they all think they all losing money with the help of this Bitcoin. Crypto currencies are the threat faced by both the government and bank.  So both of them are not supporting it and also they are scared of it.

[dillpicklechips]

Banks and governments are scared in bitcoin in different way for government it is a big threat and for banks it is a big competitor. It is a big threat in government because they cannot control the money flow and transactions inside bitcoin, and it can use it corruptio, Free taxes and can   used in illegal activities. While for banks it is a big competitor because people choose to use bitcoin than banks that's why the bitcoin are being popular all over the world.

[kyzo]

Banks do not "ban" the use of bitcoins, they simply do not deal with them as banks cannot afford to lose a substantial amount of money by holding any cryptocurrency.

Crypto is a risk, not a small one either. Otherwise everyone would jump into crypto and invest all (or most money) they are able to and profit. Well, quite a few people did just that, and are now in deep red

[ejswift]

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 its because they think bitcoin will be the readon why they will be corrupt so they need to keep safe from dnger

[Sabihtikoy]

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?

Because Bank and government fear of losing the dominance over the financial grounds across the world that is turning governments hesitant over the constitution of Cryptocurrencies.and also Other government afraid to lose their tax income.

[nicster551]

Let us not generalize every bank and government we knew. The fact that cryptocurrency just become one of the industries where people invested, does not mean, the banks and government became also afraid or scared to it. Maybe some of them, knows its advantages and capabilities for the near future, thus making it as one of their competitors, but maybe instead of being afraid, they might be using the technology behind cryptocurrency, which is the blockchain technology against the cryptocurrency themselves.

[arya123210]

yes the government forbids the use of cryptocurrency in their country but there is one that I want to ask all countries if they ban the users of cryptocurrency and if anyone is caught using cryptocurrency in their country will be in law but the corruption why not in law I strongly disagree with the government that is not fair use of cryptocurrency in the law if any of the corruption is just left

[cryptocurrencyguru]

Banks and governments are against bitcoin right from the beginning of bitcoin they gave all threatening messages for bitcoin holders nt to trade and nt to hodl bitcoin the main reason is bitcoin is anonymous in nature

[andreyka0308]

in my opinion, banks are very much afraid of bitcoin and the crypto currency market as a whole, because now the information is very much leaking into the people and banks understand that many people will stop paying money to banks and will invest in crypto currency, plus it's very convenient to transfer money means through a crypto currency with less commission and time

[iyan33]

this bitcoin is an active currency, and I'm sure one day the currency will grow, so why many countries attack bitcoin when many people agree on the existence of crypto? .. I think read the news in social media, the state forbids bitcoin because they are afraid of the value of the eye their money will go down in the presence of this bitcoin

[Donna Madonna]

in fact i think they are very excited about bitcoin, specially banks since as bitcoin grows and more people invest in it the banks earn a lot more money from the transactions to and from banks to and from exchanges.

[Joemzz31]

The government and the bank are not afraid in bitcoin, as a matter of fact the bitcoin helps the people to obtained income to lessen the poverty rate which is the serious problem of government faces nowadays.
Bitcoin helps the government and they should not treat bitcoin a threat in their safety.

[Tim Murray]

Banks can lose control over the financial management of the whole society. They will stop earning over profits and controlling the government.