Why are banks and governments scared of Bitcoin?

[rindayle]

They are afraid of uncontrolled cases and great volatility in my opinion. Why would they introduce a new currency if the traditional ones are normal. The introduction of a new currency is an unnecessary expense and a lot of work.

[Lucifers]

Because banks and governments are likely to work together for the future in fighting the crypto currency for a better economy in the future. I am sure the banks and the government do not want to take risks to receive bitcoin in the country.

[bkrobottc]

Bitcoin own too much strong that can replace bank system: low fee transaction, anonymity, sercurity. So it directly affect bank system power.

[laiya94]

Because governments are scared of what they cannot control. So due to decentralization of bitcoins so many governments and banks will remain same.

[Akany]

Governments control fiat currencies. They use central banks to issue or destroy money out of thin air, using what is known as monetary policy to exert economic influence.  Fiat  currencies have value because governments say that they do. That lack of central authority is the primary reason governments are afraid of the cryptocurrency.

[devlincarter.868]

I think Banks and Government scared of Bitcoin because they will gradually lost their usage in our nation. Government lost their power, they cannot gain profit from us.The processes of changes in the banking industry are extremely slow and balanced. All this is connected with the risks in relation to the possible profit.

[JesseHenderson]

I think Banks and Government scared of Bitcoin because they will gradually lost their usage in our nation. Government lost their power, they cannot gain profit from us.The processes of changes in the banking industry are extremely slow and balanced. All this is connected with the risks in relation to the possible profit.

[Dodongbtc111]

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 cryptocurrency is seen as a threat for government and bank as well. But to think that many banks already slowly embracing virtual currency then not to long all of the banks will do the same way. They can look for an opportunity in cryptocurrency.

[cryptofeel]

First to start with: Put yourself in the shoes of the bankers and financial houses. You would not want a situation where the pipe where you get your money and by extension comfort truncated by something novel. If the new does not favour us, we don't support it. Bitcoin is coming to divert monies that would have flowed into banks and such institutions.

[tech12345]

Governments are worried about the money laundering by Bitcoin, not to mention the lack of legislation to regulate the ban.

[Ngelieh@]

because basically in the banking world does not want to be competed by any party, because they want to be the best in terms of finance. however, bitcoin remains the most financially viable and heavily fortified the world's economy becomes more advanced and popular

[nizelong]

Do you not know such a simple question? What do you think the government depends on to manage the people? army? No. The government depends on money. And cryptocurrencies will disrupt the rules of the game so they fear cryptocurrencies.

[muneeb.zain]

Mostly the banks and the governments are scared of the bitcoin because if bitcoin becomes more popular among their nation the people use this digital currency for buying and selling goods which can cause the downfall in the value of their national currency.

[wumBowo]

that's a natural thing . It's not that bank and governments are pure scared with bitcoin, but bitcoin price is right now actually really volatile.
so they prohibited bitcoin for unexpected time

[Fretcy]

Banks and Governments see bitcoins as a disruptive technology as it has brought a  tremendous change in the entire financial industry. From olden times there has been innovation in every field of work after the invention of bitcoins and block chain technology there has been a revolutionary change in the financial industry as transferring of funds all over the world has been made easy through the bitcoins and block chain without approaching a third party situation like the Governments or the Banking system. As bitcoins has the capacity to replace fiat currencies and the ease of use of crypto currency makes the banks scared that people will leave fiat currency for bitcoins and the Government does not have control over the bitcoin network.

[Ootsumasu]

because its unstable balance makes bitcoin still in doubt in some countries.

[lrvjvt]

The cryptocurrency is a true free currency. Central banks all fear it. Because you cannot control the currency, you cannot control the people.

[alvinmtp]

As we all know that Bitcoin  is are based on the blockchain technology which relies on the principle of decentralization. It's all about taking away power from the centralised controlling authorities and transferring it to the users.  governments are greedy for control, they want to control each and everything in your life, blockchain based currencies won't allow governments to regulate it so you will be the actual owner and holder of your wealth and no one can interfere in it without your permission. That's the more reason why the banks and governments are scared of Bitcoin.

[maxman190]

They do not have the ability to control cryptocurrency, and this is the main reason for fear. in addition, they see in the competitor's crypto currency, because the crypto currency in some way displaces the fiat money.

[Xiawei9]

Convenient and unregulated