Why are banks and governments scared of Bitcoin?

[AllenTurner]

banks and governments are always giving priority to those subjects which they can regulate and they don't find bitcoin suitable for them.

[JesseHenderson]

banks consider cryptocurrency as a threat because they are scared of future incidence such as reduced numbers of customers,then the activities of the bank will be quiet, and the Government does not get income from the financial tax.

[ndcm]

Because first and foremost bitcoin is not legal, government have the authority whether they will allow virtual cryptocurrency or not. We cannot please the government to make it legal because it will have a conflict in the bank which backups the economy.

[snowyy]

Well obviously bitcoin is a real threat in the bank, and bank links in the government... it is an important sector in money circulation. But some locals are actually legalize the use of bitcoin like in our county I can pay my bills using bitcoin. Soon, we can already use this as mode of payment in some establishments.

[Jimrch]

Most of the banks around the world think of bitcoin industry as a threat for them with regards on financial matter i think. If cryptocurrency system was introduced to the citizens by the government itself and gets boom, financial institutes like banks might get much less customers which may gradually lessen their transactions and might end up for cryptcurrency to replace them which is hopefully not.

[Antana]

in my own opinion, this is just a rumour and banks have never been scared of bitcoin after all, this has just been a campaign in order to make bitcoin go down, nothing more

[lestariptr]

Because bitcoin is considered against the bank. and also that cryptocurrency is not taxable and difficult to control. Maybe that's why the government and banks are afraid that crypto in the future will increase its popularity.

[jakirdj95]

Indeed, banks are afraid of the existence of Bitcoin because it will not be a common denominator for them, because Bitcoin is the King of all coins. Many people who raise large amounts of money from the bank and invest in bitcoin, it must be very harmful for the bank. Because Bitcoin is a crypto currency but the government thinks I am not afraid of the existence of Bitcoin, but I think they can control only bitcoin with a clear government rule that can be part of stability in the government's work in the economy and the government can cooperate with the economic growth which is a bitcoin Income tax and tax etc.state and government money What I need to do is describe the government and the bank can not be obstructed in any way. In my opinion, even if the government does not support Bitcoin, there is no problem even if Bitcoin will always be the king of all the coins.It can exchange bitcoin in our current currency or exchange from one place to another through banks worldwide.

[stephanirain]

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?

In my own personal opinion, banks and governments are scared of bitcoin because bitcoin is decentralized that the government could not control bitcoin and thinks that they could replace banks in the future.

[nhoj25]

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?

Decentralized cryptocurrencies like Bitcoin and Ethereum have strong advantages over centralized financial systems, primarily because of their ability to function and operate without a single point of failure, which hackers and bad actors can target.Cryptocurrencies are the disrupters that threaten the use case of banks. We have already see this in countries with challenging economies, where banks can steal your money, or economic mismanagement can devalue it before you have the chance to spend it

[nieninja53]

Bitcoin demand is increasing day by day because of latest blockchain technology and it is an easy way to send or receive money without any limitations and taxes and too much fees that is favorable for peoples but not good for county bank and government that is why the govt taxes and fees are not paid and it is the thread for govt,

[vaughn125]

Because bitcoin is considered against the bank. and also that cryptocurrency is not taxable and difficult to control. Maybe that's why the government and banks are afraid that crypto in the future will increase its popularity.

Well, the only ones that consider it against the banks is the banks themselves amd the people who wamt both sides to fight rather than work tofether to make the mometary system better. While there truly are motives for banks to donthis together with the government, the people have strong roles in this.

[Nurul_]

because the government is still afraid of bitcoin. because the price is not as stable and can not be predicted by anyone.
banks are afraid of bitcoin because it will be a lot of people choose investing in bitcoin instead of investing in the Bank .

[rdtt13]

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?

Obviously the banks are afraid in bitcoin or any other cryptocurrencies in the market because they can see the potential of Cryptocurrency and they think that it can replace or take over their jobs . In government actually they are not afraid they just don't know how to regulate crypto but I think they're still trying.

[farosa]

Because they do not want to give their ''places'' another system. They lose their profits when they give their places to another system, which is a huge loss for all the governments. If this process go like this, one of them will bow down and that will not be good for all world economy.

[Sigmas55]

Bitcoin stands as a threat to every government/bank as long as they can't call its price on daily basis, they failed to control it so far, let us hope they never get their hands on it in the future

[nesis67]

In my opinion, Because at this time, cryptocurrency is not subject to intervention by the state or other Central authorities due to the fact that their tariff depends only on the law of supply and demand, and they can not be issued by the government or Central Bank. They never believe that the banking system is a necessity and what they have lost is enormous. To solve this problem, some banks have started to create their own cryptocurrency.

[Thecryptocurrency09]

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?

There could be a lot of possible reasons why banks and rhe government is afraid of bitcoin. I guess they want to hold bitcoin for it almost gain a lot of value than fiat, which we all know and I guess wherein the government and bank is aware of making it a source of threat for them. Synchronising bitcoin may be needing a lot of things to deal with and a lot of its user to get into it.

[kurohakana]

I think the government is afraid of bitcoin, because they can not control bitcoin. if more and more people are using bitcoin, it might be a loss for the government. because bitcoin transactions do not cost a lot, and there is no income for the government from the transaction. perhaps in the presence of bitcoin, poses a threat to governments and banks. and the government can not take advantage of all the activities that are in bitcoin.

[nhaane10]

Maybe beacause bitcoin doesnt have a tax for me thats the only thing that they scared of i guess. By that, banks and government are afraid of bitcoin because they cannot control it.We also see the unwelcome attitude of the government many times compared to the special currency.