Why are banks and governments scared of Bitcoin?

[jessicaldiaseso]

Because transactions made with bitcoin is anonymous or untraceable which means banks and the government can't make money out of those transactions. 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.

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[Extrago]

The thing about banks is that they make people think that the people have control over their money. The banks want control over people's money all the time. As Bitcoin is a decentralized platform, they will have zero control ovr the people's money.

[alfs75]

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?

will in my own thoughts banks and government scared of bitcoin because they thinks thats its give threats  to there own personal monetary funds, therefore banks thinks if cryptocurrency investment will become bloom and the banks and the paper money would diminish in circulation of exchange market . while in the government side they thinks thats this bitcoin is can be used in illegal activities like been used in fund in illegal activities of ISIS group or criminality and other money laundering.

[HasithaM]

I think banks terrified of bitcoin in light of the fact that they realize that later on if bitcoin is still there numerous individuals needs to have that to procure cash so they keep it in their online wallet or bitcoin wallet since it is a cryptographic money or computerized cash. Which implies that numerous individuals won't utilize banks to keep their cash in light of the fact that there is an online wallet they will keep their cash and it is anything but difficult to use, in addition to you can screen your cash whenever and anyplace. While government terrified of bitcoin in light of the fact that the bitcoin has no assessment, and duty is government's main thing to have for their assets.       

[jirene21]

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 think the government are being scared to cryptocurrencies especially to bitcoin because bitcoin is very popular today and everyone are curious about it and trying to use it so that the banks are being set aside and people are trying to go with the new one.

[melirahma]

Why are banks and governments scared of Bitcoin?Because the government cannot control over bitcoin. Every individual are free to join and transact bitcoin easily and lot of people getting rich because of bitcoin. So its really a big threat to both government and bank institutions that they can't control every transactions because if its being controlled by them higher revenue maybe collected from it,  But not all governments are afraid of Bitcoin. On the contrary, some countries are friends with him

[Gurjasmeet]

Afraidness of banks & government the reason is that because this currency had most popularity in the market all of the world.people are attracted to crypto & investment for gain mouch profit.so due to passover of bank & government worried about.economy of banks  will decrease.

[evichi]

Banks and governments imply that third party is involved in handling your finances. There are several issues to this: security, lack of privacy, difficulty of buying and selling in distant places, among others. Bitcoin has come to introduce some level of privacy such that people can be their own bank as well as ease of use online. In my view, the actual cashless money is crypto currency. Banks are scared because people can now hold their money without third party interference. But that is the future. In my opinion, governments and banks should have a broader and tolerant view as regards cryptocurrency.

[PattersonRaquel]

follow me . Bitcoin users are very much but do not have the legitimacy of the data.
And they do not manage and do not collect taxes from bitcoin. Banks and government can not adjust the amount of money in circulation

[suse100]

Banks and governments are afraid of Bitcoin for various reasons.

For banks that work with major world currencies - Bitcoin is an uncontrolled competitor

For the governments, any decentralization is bad

[peacefulpeace]

bitcoin awareness and it benefits is gradually creeping into the financial system, the banking sector's is fizzling out as people prefer to invest in bitcoin rather than allow their money wallow out in one savings account without good interest. for the reason the banking sector and government is doing all their can to eleminate bitcoin, but their effort will not prevail as bitcoin has come to conquer.

[xWolfx]

Decentralization.

If you were the owner of a bank, you don't want a decentralized service to steal your costumers and this is not only competition against one bank, ALL of them will be affected if that ever happens. Which leads them to take measurements to "protect their investments" or at least to try.

It is ultimately the decision of people which service they want to use. A decision that will need to be taken in the future.

[cizatext]

Both the bank and the government are scared of bitcoin because they believe that bitcoin will do what they not able to offer the people and that is total freedom on they money and financial dealing, bitcoin is a threat to the existence of bank because the blockchain as the digital bank can do twice what the bank can do so this are the reason the bank will never support bitcoin and the blockchain technology.

[qwertyqwerty]

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.

[Luizrosevelt]

Bitcoin claims that “It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.” That lack of central authority is the primary reason governments are afraid of the cryptocurrency. To understand this fear, it is important to know a little bit about governments and conventional currencies.

[Huntler1993]

Do you think banks will sell out their birth rite cheaply to bitcoin. Banks been in the system for long will like to maintain their status quo. Government at the end of the day also are able to generate some amount of revenue from these banks. Bitcoin is actually decentralized such that there are no intermediaries or third parties to operate the system, so if bitcoin overtakes the system you could imagine what is likely to happen.

[christina30]

They afraid they see bitcoin is hard to competitive and they worried so much Bitcoin is the first decentralized peer-to-peer payments network supported by its users without central authority or intermediaries. It is also to maintain the stability of state finances.

[Missterio]

I think the reason is very simple. it's their competitor. Nobody wants to lose their business, especially banks. I think that banks are afraid of losing a large share of their market.

[cece009]

Maybe banks are afraid of being rivaled. Blockchain technology was created to overhaul the circulation scheme. Thus, transactions between one user and another can occur without intermediaries,
Dan in a shorter time, cheaper cost, and even much more secure than transactions offered by banks or other similar institutions.

[hanters]

because I think the banks and the government do not like something that can not be controlled. they fear bitcoin will grow rapidly uncontrollably. and I've read articles of some countries rejecting bitcoin because they think bitcoin is a bubble that will erupt sometime. and they fear their people will suffer huge losses if they invest in bitcoins.