Why are banks and governments scared of Bitcoin?

[4rzun4]

Due to the rapid price movement of bitcoin, both price increases and falling prices can disrupt banking stability and the stability of the country's economy, it is what makes banks and governments afraid of bitcoin. Additionally bitcoin is very vulnerable to criminal acts such as money laundering and other crimes that could harm banks and governments, so the government is trying to regulate the use of bitcoin to avoid criminal activities that can occur through bitcoin.

[haophan]

Money will not be thoroughly controlled

[news4social]

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?

India's Prime Minister Modi bans bitcoin from 01.January 2017

https://news4social.com/

 

[criptoturk]

I think there are serious differences between the banks and the governments' bitcoin or other cryptocurrencies perspective. for example banks simply do not want to lose the financial power and the opportunity to make easy money. banks know they can not be able to compete with cryptocurrencies and their advantages.. But governments only want to protect their citizens.

[pilnenkii]

Governments are afraid of losing their tax revenues, as they will not be able to monitor bitcoin transactions. Therefore, they seek to prohibit krypton. Banks began to suffer from the loss of income they received from operations and remittances.

[nvt2511]

Because banks and the government can not control them and I think banks are afraid of being replaced by bitcoin because bitcoin has more advantages. And for the government maybe because they can not control bitcoin for the future.

[Yoyo chan]

I think it will be very useful to everyone in the world, so their financial economy will no longer be governed by banks and government. At this point in time, there is no sense of urgency for them to provide a convincing excuse why they choose not to accept crypto. But of course the time will eventually come when they will be compelled to give in to the suggestion of their clients or citizens if crypto will become more mainstream.

[Singbatak]

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?

Because banks are likely to lose clients. Because of the low profit received by investors in the banks. And this is the concern of the government and especially the bank. Why are not they able to accept bitcoins as a way of payment? I'm sure that they will make a lot of profit here and we will have a better economy.

[Goodday]

The government's reason for banning bitcoin for fear of money laundering and terrorism and from the bank itself is feared by bad luck because bitcoin's service is to help those who can not open a traditional bank account so it's not surprising that traditional banks are not comfortable with competition compared to a service system that gives people and people and they will do it with their power not to let go of it.

[taxli]

Bitcoin cannot be follow up, so, maybe banks and goverments scared that they couldn't control the situation with money in their country, and they worry about economy.

[cryptosharon]

Governments and banks are really scared of bitcoin and other cryptocurrencies. This is really because the use of it may limits the ways and avenue for making money. Also, bitcoin is decentralised which means that government may not subscribe to it.

[hot_ads]

If the BTC replaces the banking and traditional financial industries, the status of Banks will be lower and lower, so they resist the BTC and weaken it.

[phosphine]

Because Bitcoin is one of their biggest competitor. They can invest here also and the profit is much more bigger than theirs.

[vvaswert]

the possibility that the banks and the government are afraid of bitcoin because bitcoin is the only coin digital currency that can not be controlled by the government or the bank, and from bitcoin transactions is also very transparent and can become rich from bitcoin.

[reyanshbasu]

I think governments scared of bitcoins because they not collect taxes in every users of bitcoin, we all know that every transaction of bitcoin  is transparent, i mean there is no third party or no one will see your transaction and even government and banks are not control every transactions, that is why bitcoin is still not accepted in some countries. Banks also dont attach to bitcoin because more investor choose to invest their money to bitcoin than to invest it in bank.

[Jenn09]

I think bank afraid to have a competitors in terms of investors instead of investing it to banks many cryptocurrency users invest their money to cyrpto which is bitcoin. Bitcoin is the most competitors they will encounter this time.

[genuin]

bitcoin may someday change the way people live. With a simple system people are more attracted to bitcoin, this is what makes people use bitcoin. Significant price movements provide a very large difference in every bitcoin movement, so many investors who glance and put their funds to invest in bitcoin 

[LETme]

Because the government cannot control bitcoin and they fear that people will not used bank anymore because if people used bitcoin and they found out that they can store their money in bitcoin wallet maybe people will switch using it.

[Ambrosius]

It is clear that it will threaten the existence of the bank, if everyone is investing in bitcoin then the bank is no longer needed. it's normal for a bank to hate bitcoin. The government will also lose country revenue if everyone invests in bitcoins.

[Kuya Kim]

bitcoin may someday change the way people live. With a simple system people are more attracted to bitcoin, this is what makes people use bitcoin. Significant price movements provide a very large difference in every bitcoin movement, so many investors who glance and put their funds to invest in bitcoin 

As of now, Bitcoin is changing the life of people. Bitcoin is continuously giving them an opportunity to have an extra income that could make them rich in the future.