Why are banks and governments scared of Bitcoin?

[HiringYou]

Everyone have some sort of insecurities from their competition so it is obvious in the case of banks also. Bitcoin has gained a lot of popularity.People are now investing their money in Bitcoin instead of saving it in banks because by investing in Bitcoin they earn more profits than the increment they get monthly or annually by saving their money in the banks.People can now deposit or withdraw at any time without any sort of paper work and can keep an eye on their money without any interference by a third party such as banks.These are some features due to which people are getting attracted towards Bitcoin and it is becoming a strong competition to banks.Moreover banks have no control on Bitcoin which adds one more reason to the list.So due to these reasons banks are scared of Bitcoin.

[twitchtver]

Banks are scared of cryptocurrency in general. They feel they are running out of gains. Usually, they make money from loans and you pay them transaction fees and other charges for keeping your money, yet they sell off your money as loans to big business owners and make more money from your own money. But with cryptocurrency, you can store up your worthy currency in your own virtual wallet and do whatever transaction you feel you need to do with no force stalking you for tax.

[Koobtcgal]

The first thing I would like to mention is the decentralized nature of these cryptocurrencies which is totally against the centralized nature of our central banks who are in control of all the activities. fluctuations and a whole lot of things are control by just a group of people to benefit them which isn't so in crypto. Moreover, government has the fear of losing tax revenues if cryptocurrency is fully implemented in the world. People will skip tax payment as they cannot be traced.

[thedino]

well i think because some governments and banks are being scared of bitcoin because they think that the bitcoin is not a good quaternary for them. Some banks think that the bitcoin is a scam because of some news that the bitcoin is has been scam and why banks and governments are afraid of bitcoin is that they know that technology from blockchain is better than systems owned by deal-related banks so they are afraid of losing customers because if all the customers are aware of this they will start switching to bitcoin and blockchain technology. Banks and governments have worked together to boost the country's reconstruction and with government bitcoins feeling threatened because they can not control the movement of bitcoin prices so they do not benefit from every transaction

[frankiemalton]

Bitcoin - and other decentralised cryptocurrencies - allow people to trade directly with each other, cutting out the need for a middleman which, in traditional commerce, is a bank.

[The best one]

As for me  why are bank and government scared of bitcoin ? because Bitcoin claims that "This is the first decentralized peer-to-peer payment network supported by its users without central authority or intermediaries." The lack of central authority is the main reason why governments are afraid of cryptoes. So so we  understand this fear, I think it is important to know a little about the government and the conventional currency. Thank you.

[syarifudin]

if the state acknowledged bitcoin as currency, automatic local currency will be left by bitcoin if it happens automatically bank will bankrupt if bank bankrupt country will participate loss

[Nelly.G0211]

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 am sure banks and governments are afraid of Bitcoin, cause they an't influence it. They control emission of money, that's why they have power over fiat. But BTC is out of their reach.

[kraken_Mik]

if the state acknowledged bitcoin as currency, automatic local currency will be left by bitcoin if it happens automatically bank will bankrupt if bank bankrupt country will participate loss

And I don't expect this soon will happen, if at all happens, since the bitcoin network is very long transactions and the commission is very large.

[SingAlong]

We don't need to elaborate this too much because I think it is obvious what is the reason why banks and government are scared in bitcoin. Banks treated bitcoin as a competitor beause bitcoin posses the same purpose, qualities and responsibility like banks the problem is bitcoin is more better than banks that's why people choose to invest and try bitcoin while banks are slowly disappearing. And the government treated bitcoi  as a big threat in our society because bitcoin can be used in illegal activities because they can control the money flow and transactions inside of it.

[treatWy]

One thing for sure banks scared to bitcoin because bitcoin is not scared to banks. Knocking the opportunity that is what bitcoin can give. So unfortunately banks doesn't like to grab the opportunity for they afraid of something.

[Lecam]

They are afraid of it because people would start using it instead of them ,
That people wouldn't use them anymore because of Bitcoin and they would go down because of it,
They wouldn't have enough people who puts their money in the bank because people are already using crypto currencies as their own bank.

[issacwilliam]

Governments have the perception and fear that Bitcoin could be used for bad deeds. And we cannot remove the fact that when digital money will progress it might be a source of fiat extinction.

[gokudera]

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?

they are scared of bitcoin because they think that there's a chance or possibility that bitcoin will make our bank disappear. Actually there are so many humors about that bitcoin in the future will be are paper currency but I think it will not happen.

[Sempoel]

obviously the government did not make Bitcoin to be the official currency because of the nature of Bitcoin itself is very far from the currency regulations of a country one of the very own price is very fluctuated bitcoin and the security level is not guaranteed

[andreyka0308]

the government has not yet fully understood with bitcoin and are afraid that it can affect the eco-economy strange, since we all understand that the crypto-currency is decentralized and believe that it will not be able to control it and influence it, but how we all understand this is not beneficial to the state because where will the taxes and how to get them!

[Cofuchu]

I think banks and government are afraid of Bitcoin because they fear that people will invest in crypto instead in them. The banks and governments are full of mafias and lobbyist that are advocating against cryptocurrency.

[Bitdressa]

yes maybe because the banks will feel unrivaled bitcoin ketibang will be more advanced and also more profitable with its features that are so easy and also accessed anywhere without having to queue up at a bank.

bitcoin can also increase our balance and also our success that we can use with our likes.

[bitzizzix]

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?

Whatever the reason, the government has the right to everything because they do not want their currency Compete or taken over by bitcoin and do not want to lose their taxes and earn income easily in whatever way they can easily.
and on the other they fear it is due to unstable bitcoin prices and do not want to be harmed or dreaded by the benefits of certain people. and there are still many positive and negative reasons for the government and most importantly as long as bitcoin is still there and we can still use it well.

[yuni52]

there are many opinions out there about bitcoin from bad to good, one that is feared by the country with the popularity of bitcoin and already many market participants who use bitcoin it is in fear will make the means of payment in every transaction, of course it will be detrimental because there is no tax, and it is of course a disadvantage to a country