Why are banks and governments scared of Bitcoin?

[anehh]

Because bitcoin is centralized and the price can also change at any time with price increases and price reductions that can not be regulated by banks and government. With the high bitcoin prices cause many people to withdraw money from the bank and invest it into bitcoin.With the number of people who withdraw the money and divert it to bitcoin will obviously be detrimental to the bank and could cause a bad economic impact.That's why banks and governments are afraid of bitcoin

[Dread Pirate Roberts]

I think they are afraid of their citizens lose their assets if bitcoin increasingly extream in the country.
because bitcoin is very volatile. it's what makes a country want to avoid losing its life asset. as well as asset security is still not guaranteed.
and i think they is more avoid something than to create the solution.

[Wylie330]

They may feel threatened but I don't think they will let fall behind. I am pretty sure that they well aware that Bitcoin is the new tech that can change finance sector, but for sure they will do ways to catch up. They won't let things fall apart just that easily. The government may be afraid of money laundering and terrorist financing, but they are not afraid to Bitcoin itself. The government and banks are just afraid of how will people use this new tech, not the tech itself.

[Gummybear67]

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?

Bitcoin is basically a threat or a big competitor for banks nd government. Bitcoin brings fair opportunities for common individuals. Anyone can join and invest for as long as he is intetested and he has the capital. Also the transaction is open to all it is hassle free safe and convenient compared to bank where every transactions is in constant scrutiny. This is the reason why bitcoin becomes popular and widely use by many people all over the world and with this banks and government are seeing bitcoin as a threat and a competitor especially that they cannot control nor profit from it.

I agree, because ofcourse each and every business has its own competitors the same between bitcoin and banks. In order to beat your competitor you have to do something that is why banks prohibiting the usage of virtual cryptocurrency in other countries then vice versa with bitcoin. But at the end of the day business is business. Hope y'all get it 😊

[mudasarali43]

Banks are working controlling and managing the banking system as per rules of central bank of the county and bitcoin is free from rules and regulations and no one is controlling that is why the most of the economy in the world is moving to the bitcoin to feel free in transactions and that is no favorable for banks and government in the country,

[Boknoyz]

Banks and governments are scared of Bitcoin because they don't like to see a decentralized currency used by the communities around the world. Governments and banks prefer to deal only with their local fiat currencies because they can easily control them , while its not the same case with Bitcoin.

[Macai]

I think that banks and government are scared of Bitcoin and digital currency perse because it serve as a treat to them since banks are very dependent on fiat money.

[Acsirp]

Banks are scared of bitcoin because banks thought that bitcoin would be a great competetor to their financial business whike government is scared about bitcoin because they could not control and take over bitcoin, because bitcoin is a decentralized crypto.

[Coinnosaurus]

The anonymous nature of btc means that it can also be used for illegal purchases - such as buying and selling drugs or weaponry

[James_H]

Of course they are afraid of bitcoin because bitcoin has a big enough risk so they do not use bitcoin to be their tool of transactions because they are also afraid that their citizens use bitcoin for their daily life which has a very big risk so the government does not allow its citizens to use bitcoin

[bitterdog]

I think banks and governments is scared of bitcoin is because they can not take over the control of bitcoin. And bitcoin can serve the customers more security and transparancy. And they are afraid if bitcoin can replaced them.

[arlington]

recently btc has been like a decentralized competitor to banks which can`t bee seen and can`t be caught which is an interesting comptetition and the unkown is feared for most of the times.

[christian1103]

The main reason I think banks and governments are scared of bitcoin is because of the nature and technology behind bitcoin.While banks thinking bitcoin as a competitor they are afraid to be replace by bitcoin because they are seeing how bitcoin grows all over the world

[shafi alam]

they afraid of bitcoin because they can't make interest from any transactions.
Bank take investment in low rate of interest, and give loan by high rate of interest.
Funniest part is as they can't make profit from it,  they just try to spoil the crypto economy.  
But in this case they can't,  because its decentralized system.

[Sobol101]

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 will state my opinion like this. Bitcoin is quite unstable in terms of value and I think that it will be very dangerous for banks. So they are afraid to use them because it can easily bring down the economy.

[katarin2030]

The main reason I think banks and governments are scared of bitcoin is because of the nature and technology behind bitcoin.While banks thinking bitcoin as a competitor they are afraid to be replace by bitcoin because they are seeing how bitcoin grows all over the world

Because bitcoin is a decentralized currency even banks, governments cannot control the use of bitcoin and the use of bitcoin may damage the financial condition of the country for this reason they fear about the bitcoin. If the bitcoin is legalized then there will be no problem and no need to worry about the bitcoin.

[Cynthialoveyou08]

Because they are afraid of lost whenever the price fall

[atliens99]

I have a feeling a lot of bankers are the ones spreading fud so they can pick up cheap bitcoins, George soros included.

[tamarindbleu]

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?

.     As of the moment I still don't encounter banks that banned or  prohibits using it but I think  do you stop it from running because they see a possibility that bitcoin or crypto currency's can you please them some other time or after a few next years and they see some  qualities in bitcoin or crypto currency's that can beat them  

[biskitop]

Of the many latest news that I read, banks and governments are afraid of bitcoin prices that can change very quickly. from the lowest price can reach the highest price. and vice versa, from the highest price can reach the lowest price. they assume it's very risky to invest in bitcoin, and any kind of loss is gained by its users, no one is responsible.