Why are banks and governments scared of Bitcoin?

[insurgent]

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?

Bitcoin is basically a threat or a big competitor for banks nd government. Bitcoin brings fair opportunities for common individuals. Anyone can join and invest for as long as he is intetested and he has the capital. Also the transaction is open to all it is hassle free safe and convenient compared to bank where every transactions is in constant scrutiny. This is the reason why bitcoin becomes popular and widely use by many people all over the world and with this banks and government are seeing bitcoin as a threat and a competitor especially that they cannot control nor profit from it.

Maybe its because they cant control and handle bitcoin and they are afraid in losing their tax. They dont want competition between the two.

[Muspion]

bitcoin is free of rules and regulations and nobody controls that is why most of the world's economies are moving to bitcoin to feel free in transactions and it is unprofitable for banks and governments in this country besides that the Bank is working to control and manage the banking system according to central bank regulations country

[Menakams]

I think the main reasons for this are the lack of legal certainty and the government and the banks can not control its demand.

[aileenc]

Government wants to control everything especially money. As Bitcoin means that people may no need to go through banks for money, banks get scared. Of course, governments will also get scared.

[warkop121]

The government is in the money business. They create paper money and can manipulate it to serve all kinds of purposes. When you propose to use something other than paper money as a store of value, the government can not manipulate or control it as well. it is true that banks are not happy with this and they are doing all they can to end this. Because bitcoins are developed as cryptocurrency for P2P transactions to bypass financial institutions, it is clear they will fight the crypto by introducing their own centrally-focused cryptocurrency.

[nichoslalble]

For the Government they dont want the idea of using bitcoin because it will be hard for them to trace the transactions which will be a big problem when it comes to tax and it is also decentralized that they cannot manipulate or control it. And for the banks, bitcoin is a competitor because they are afraid that one day bitcoin will reign the world of banking system and central banks or the old way of banking system will be replace by the digital payment system which is the bitcoin.

[Markpet01]

Banks and governments affraid of bitcoin because has no taxed so they cannot income in bitcoin and they worry that in the future the paper money will disappear and bitcoin will replace.

[Erlinda Santiago]

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 bitcoin is very risky especially it is online money investment so if theres a scammer you mihgt lost all of your money unlike banks its safe and secured

[ebetlupet143]

Its because they can't control bitcoin.

[Kira Del Rosario]

I don't think the word scared is probably a good term in order to describe banks and government in bitcoin, but they're banks and government. They'll do everything for the created currency to be fixed as a transaction.

[kptsgt]

The banks and governments are controlling the cash and take exchange charges for every exchange properties which digital money does not take after as it is decreolized and is a popularity based cash, along these lines, the populace is alluding cryptographic money for its exchanges contrasted with the national monetary forms.

[Ekim22]

It because bitcoin in a big threat to them many someday the paper money that they make will change by bitcoin,in that way they did not get taxes to people.

[Odonko]

The fear bitcoin because with bitcoin transactions users send funds over a peer to peer connection and this makes them send huge sums of funds without any taxation. If the government and banks are to legalized bitcoin transactions then it means that they would lose huge sums of profits that they could have generated through tax.

[Kuchiyose]

The most frightening thing is where everyone is free to hold their money and not in state taxes in each region.

[Maiscoinyelo]

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 opinion, I think governments and banks are scared of bitcoin because in bitcoin there is no tax and also in bitcoin they are free to hold their money. Another thing is they are scared because maybe in the future paper money will be replaced by bitcoin.

[yahamidu]

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?

Yes, I think bitcoin is basically a threat or a big competitor for banks and governments. Bitcoin brings fair opportunities for common individuals. Anyone can join and invest as long as he is interested and he has the capital. Because the goverment can not controll bitcoin over.

[kennyle167]

The government and the Bank are institutions that synergize to build the nation's economy with conventional money tools, while Bitcoin is a digital currency with a decentralized working system.
Of course, Bitcoin is a threat to the Bank and the Government in the operation of the state.

[ubay]

The bank will not blatantly refuse or ban bitcoin, but merely warns its customers about bitcoin. Especially bitcoin badness without telling what advantage if they have bitcoin. Because banks are afraid of losing their valuable customers.

[Boov]

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?

The reason is it is anonymous and most of the countries do not have enough resources to prohibit bad  usage of bitcoin or virtual currency on their place. Although bitcoin or virtual currency really gave us a great opportunity, but still it could bring a very bad scenario on a country , here in our country the reason why it is not prohibited although I heard so much black propaganda about bitcoin here but still it i not prohibited, because our government can handle the risk that is underlying on bitcoin or in any other kinds of virtual currency.

[digroske]

Governments and banks are scared in bitcoin in different ways. Government are scared in bitcoin because it is decentralized and no one can control over it and the transaction are free taxes that will be a big threat in our growing economy and also it is a big threat for the citizens and community security because it can use as illegal transaction. While banks are scared about the capabilities and benefits of bitcoin they see bitcoin as a competitor they are scared that one day bitcoin will reign the monetary system and payment system.