Why are banks and governments scared of Bitcoin?

[DimensionsOfHell]

banks see in the competitor's crypto currency, because they control the issue of issued fiat money. and in the case of bitcoin, altcoins and other crypto-currencies, this will not happen, because the crypto currency has no distribution center and so-called emissions are controlled by the miners, because it is they who are credited with extracting the crypto currency.

[soul-impact]

Bitcoin và hệ thống công nghệ Blockchain sẽ có khả năng làm mất đi quyền lực của một số thế lực đã kiểm soát hệ thống tài chính trong nhiều thập kỉ qua và mở ra các cơ hội tài chính cho đại đa số mọi người

[Liona88]

Becuase it could mean the end of their reign in the financial sector. Banks are foreced into our lives. we don't want them. they make us need them.
bitcoin can remove this partially

[huige007]

if we see undeveloped country bank and government scared from bitcoin and banned bitcoin because in underdeveloped countries government didnot control money laundering if the trrorst start using the crypto currency for terrorist they will be cannot control their connection of illegal transaction.

[GoodLuck2]

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.

Bitcoin is giving a tough competition to banks because people are favouring bitcoin are happily dealing in the bitcoin. It can never replace banks because bank is also having its own advantage and is also offering ease to people to some extent. But yes banks are afraid of bitcoin because bitcoin is more easy and comfortable in use than the banks.

[thundercrystal]

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

For me banks and goverment are scared in bitcoin because the future of bitcoin is getting more better and for me banks and goverments know that many people now in this world is choosing to put there big amount of money in bitcoin rather than on the banks.

[SnapDown22]

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 bitcoin has not been recognized and many people who do not understand about crypto currency like bitcoin and transaction can be done without any bank party as third person

[dillpicklechips]

Banks and government are scared of bitcoin because of the things that it can do. Bitcoin is the newset and digital monetary system it becomes popular and being used by numerous people. It has different advantages and benefits that's why people are more attracted to it. That's why banks are afraid on it because they look bitcoin as a big competitor. While government are scared on it beacause they can't monitor transaction inside and they are afraid that it can be illegal transaction.

[John vera]

To my opinion O don't think they are scared. They see at bitcoin and cryptocurrencies as kind of competition but they are not scared.
To be honest cryptocurrencies are still not strong enough to seriously endanger banks and their businesses.
But more and more banks see Bitcoin as a way to make profit for themselves and in the near future we might see some steps of banks in that direction.

[cahbagus555]

Banks and government are scared of bitcoin because of the things that it can do. Bitcoin is the newset and digital monetary system it becomes popular and being used by numerous people. It has different advantages and benefits that's why people are more attracted to it. That's why banks are afraid on it because they look bitcoin as a big competitor. While government are scared on it beacause they can't monitor transaction inside and they are afraid that it can be illegal transaction.

With lower fee on transaction, bitcoin can disrupting banks bussiness. But I am believe banks will adapting cryptocurrency in the future because banks have big experience on how to run economy and boosting the growth

[serverus]

Governments want to influence the economy because they benefit politically when it’s seen as “healthy” (GDP growth is often mistaken as a 1:1 translation to healthy, which is a limited metric to describe such a complex system). By borrowing newly created money in order to have more fiscal stimulus, governments create a future debt which needs to be paid. Luckily for them, they are able to benefit from the devaluation of the currency that the debt is denominated in. Unlucky for those of us who would like to hold that currency as a store of value. Even an interest-bearing account cannot protect you from this devaluation of your savings, plus you take on the added risk that the bank may one day default.

[mezzaluna]

They are just prohibiting it because they lack knowledge on why the value of Cryptocurrency is so high and it can even surpass the value of fiat money. They are not knowledgeable about Cryptocurrency or even Blockchain Technology where Bitcoin is integrated into. Maybe that is one of the reason that Governments are banning the use of some Crypto in their countries.

[guppak]

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 centralized 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.

[DainSLane]

Banks and the governments afraid of bitcoin it is because bitcoin is their competitors from the investors and business transactions, mostly some of our investors they are willing to invest in bitcoin probably they seen that their money has a big return with in the short of time rather than banks.

[SaiWAFU]

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 necessarily that banks are afraid of cryptocurrencies, and definitely governments won't be afraid of it. If something else cryptocurrencies are afraid of the government.

If the government decided that using and possessing crypto is a crime, chances are there would be a little to no one will use crypto's. Imagine the impact it can do to cryoti's if America decided to do it, a huge populated country.

[Hold good]

My analysis gives the result that highly corrupt governments often declare Bitcoin illegal, whereas states with good governance have an extremely legal framework. good with electronic money. Fear of Bitcoins is a network of untrustworthy, decentralized and transparent publicity that may have led many governments to question it.

[AnatoleWright354]

So many countries now were prohibiting the use of virtual cryptocurrencies. .Bitcoin brings fair opportunities for common individuals.Anyone can join and invest for as long as he is interested and he has the capital.

[ggh0stt1]

I think why the bank and the government scared to bitcoin because they influences people and they did not manipulate this.

Maybe they have other reason why the bank and the government are scared to bitcoin. No one can tell the true reason.

[decoder88]

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.

This fact is erroneous because if Bank and government let Bitcoin to be used in transactions, the number of accounts in banks and government will increase and therefore  the number of transaction will also increased. Aside from this, Bitcoin has a legal transaction. It can transfer or exchange Bitcoin in our present currency through trusted banks.

[Brightcrypto]

The bank and government is scared, is because is a digital asset that we can't have a specific amount at any given time the price always fluctuating up and down. Nevertheless no any country currency that is greater than 1btc. Therefore them need to show respect to bitcoin, which human seen it as scared.