Why are banks and governments scared of Bitcoin?

[jcarlo]

Governments are afraid of losing their tax revenues as they would not be able to trace the bitcoin transactions.So they are keen to ban cryptos.Banks have started to suffer losses in revenues which they got from transactions and remittances.Also they fear that in future people would totally avoid depositing in banks and would just buy bitcoins which would be a huge loss for them.So they ban the accounts elated to crypto trading.

In my opinion, government want to collect taxes from bitcoin trade but government dont have regulation. Government afraid on bitcoin because they can not track bitcoin transaction if used for criminal activity

[andika2018]

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.

Banks lobby makes government ban bitcoin and cryptocurrency. Banks afraid because they can not control bitcoin supply and their bussiness disrupted. As we know, central banks control fiat money supply and give us inflation and if bitcoin regulated, if will hard for banks bussiness because bitcoin offering lower fee

[Choy13]

There are some countries that prohibiting the cryptocurrency. They are scared of Bitcoin because they see it as a threat to their world or they see it as a big competitor to them. They scared of it because they are scared of being replace by cryptocurrency.

[brainape]

The banks are afraid of bitcoin and the crypto market because they are afraid of losing customers and investments. he government just wants to maintain the stability of the economy and its people.

if the bitcoin users are increasing it will defiantly decrease the banks customers, and therefore they are afraid from bitcoin and never like bitcoin to become a legal currency in their country, but they are trying that their government should consider it as illegal in their country.

[rosemary4u]

The government and banks are afraid to lose control of the  centralised banking system which is largely controlled by the Central government. They don't like the idea behind the decentralized blockchain technology.

[CRYPTON0101]

Banks and goverments fear bitcoin and altcoins as the worlds opens up to a new financial system they fear being replaced and left out without a slice of the pie. The acceptance and interest in crypto currency has been astronomical leaving them in a position to step up to the plate or be left out of the game with their out molded system. Banks and governments are being forced to reassemble themselves currently experiencing a major learning curve. The underlying technology in bitcoin- Blockchain is quickly becoming main stream

[victoryana]

The birth of the number will increase the pressure for governments to squeeze and perform their necessary tasks instead of becoming octopuses to control too much of their lives. They are afraid of bitcoin but it's just a matter of the future there are more ways to get more positive.

[david.super]

Both government and banks has centralized system for management and they've been using it from the start.The lack of government authority is the main reason why the government is afraid of the bitcoin and other cryptocurrency

[mary0919]

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 are afraid that if most of the people are adopting to bitcoin transaction, they might lost their earnings that leads them to bankruptcy. Bitcoin is really a good investment since it gives us high investment returns and high interest earnings. That is one reason banks are not really in good term with bitcoin investments.

[audrey.audrey11]

The Bank and the Government are very scared about Bitcoin because the way people are moving their fund into it is making them run crazy, They will also have a hard time to implement tax on botcoin as well. Bitcoin also has qualities that can be exploited by criminals which worries the government.

[Awan Awan]

Banks and governments are scared of bitcoin because bitcoin have very low fees and without taxes transactions and Bitcoin Decentralized cryptocurrencies that is why to find illegal transaction is a problem on bitcoin and these things are not good as banking system and government that is why banks and governments scared of bitcoin,

indeed the fears of banks and the government is quite large. especially in btc is not applied tax, sometimes they think, if the tax is not applied maybe the income of the country is reduced in the absence of taxes. because I think the country's income is the source of the tax.

Every country get the biggest source of income from tax so that is the biggest reason of government fears to bitcoin.
If they can tax butcoin i think every country will start legalizing bitcoin. I hope legalize bitcoin is soon by every country to support its development and also spread more word to wider people.

[xaviervilla]

Because it can get them out of their businesses and might ruin their manipulation plan over the people.
Another reason can be because of the decentralization that makes finding criminal transactions harder
to find than when things were monitored and controlled by them. I just wish they open their eyes to the
innovation that this industry offers to the world.

[anastasia.graciaa]

Because if people invest on Cryptocurrency, investment in bonds and stocks will decrease. The cash cycle in the government's income will decrease which sometimes affect nations development.

[dodisaputra]

more precisely they (the bank) are not afraid of bitcoin. it's just that the bank does not want to be harmed because they do not want just used as a tool to transfer funds transfer of bitcoin in the form of money. then we must be good at playing clean to melt our bitcoin so as not to be seen only by the bank.

[bangdol]

the government and the banks do not get anything from the circulation of bitcoin in the country. there is no tax binding on bitcoin transactions, the freedom would be very detrimental to the banks and the government.

[Bettinaar]

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

[Bitfling]

The government and banks are afraid to lose control of the  centralised banking system which is largely controlled by the Central government. They don't like the idea behind the decentralized blockchain technology.

Central banks must be wont lose control on money supply if bitcoin regulated by government. Bitcoin supply is not controlled by any institution and its depending on miners. With decentralized system, transparancy is created and its good if implemented for government purpose

[Images21]

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?

First, it cannot be used as a reason for banks and governments to allow cryptocurrencies simply because a number of unemployed individuals are earning from it. While they may be concerned about unemployment, the case about cryptocurrencies will have to be discussed in a different note altogether. Second, if a certain country bans cryptocurrency, they definitely have an explanation to it. For sure, they will release an official statement on that regard and why they came up with such a decision.

[Tommy len]

Bitcoin is beyond the control of state structures and banks. Therefore, there is a struggle for power. Bitcoin gives freedom, this government and banks limit.

[SMD.Shuvo]

Yes, I have heard that the bank and the government are afraid of Bitcoin. Beparata is really true. It comes with tax evasion in the country of emmas. For this, the government and the bank are afraid of Bitcoin