Why are banks and governments scared of Bitcoin?

[CurtisEvans]

Bitcoin is decentralized, government and bank are thinking how to control bitcoin if we accept bitcoin. Bitcoin we soon take over, if there are not serious working, finally, bitcoin has a high potential to serve the world.

[billknight]

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 bank is not afraid of Bitcoin. Maybe they are silently supporting bitcoin. Only the government afraid of bitcoin, because the government can not control bitcoin

[normanderecho]

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 bank is not afraid of Bitcoin. Maybe they are silently supporting bitcoin. Only the government afraid of bitcoin, because the government can not control bitcoin

I think the government and bank scared because people focus to buying the bitcoin and that way people get a money so that bank and government is not use because of the easy way to get a money from bitcoin  and the government did not get a tax on bitcoin and the bank also did not use because bitcoin have a own wallet to earn or invest the bitcoin.

[joebrook]

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.

With the banks it's all about of Revenue and they see Bitcoins to be a very serious threat because most of their customers have started using Bitcoins instead of saving at their banks which is reducing their revenue at the banks and with the governments who are mainly about control and taxation,They have found a way to the decentralization of the currency by regulating the cryptocurrency.

[HukoJla]

Banks are used to controlling and passing all financial flows through themselves and most importantly, that all banks are inherently linked to the state bank. The state bank of the country will always issue such regulatory rules, under which only banks should remain in a greater profit.

I think that this was understandable to you, but in order to visualize a full-fledged picture that appears in the form of opposition to revolutionary bitcoin technology and a long-obsolete financial system, this background was necessary.
Bitcoin technology, unlike banks, is decentralized, anonymous and uses a minimum transaction fee. Any person, regardless of status and financial position, can send money in any quantity to any part of the planet.

[leostrong.mo]

Government and banks are the products of centralization, while Bitcoin represents decentralization. These two are hostile parties.
Bitcoin is decentralized and is popular outside the government. It is not controlled by the government and disrupts the government's financial circulation rights.

[ElaineGanda]

Here in the Philippines, cryptocurrency is not supported by our government and banks because they are afraid of what cryptocurrency can do to their wealth. Imagine a single person can earn million without paying any taxes at all. So obviously banks are not happy about it. When taxes are no longer exists, the amount of money they can corrupt will decrease. That is one of many sad truth here in the Philippines.

[Asimmo]

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?

Have you experienced various bank service fees from Hong Kong to Belize?
They are ridiculous, for every various service.
Untill crypto, they simply had no alternative - as Paypal & Western Union are more expensive banks.
Birth of far better alternative scares everyone, including those monster financial corporations.
Logical..
In the end, bank will adapt to new reality, which will benefit everyone, except their wealthy shareholders.

[cryptocurrenciesboom]

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.

With the banks it's all about of Revenue and they see Bitcoins to be a very serious threat because most of their customers have started using Bitcoins instead of saving at their banks which is reducing their revenue at the banks and with the governments who are mainly about control and taxation,They have found a way to the decentralization of the currency by regulating the cryptocurrency.

I think it's too early to talk about any problems, but specifically that people stop investing in banks, and buy bitcoin. With such a negative return, ordinary people will not invest their money, people need a constant visible income of several percent, which offered by banks. Rather, they fear not understanding the capabilities of the blockchain themselves and are afraid of losing the opportunity to implement and use them

[sitnibtc]

they see this as a threat.banks cannotmanipulate this and is available to everyone. they are afraid they might be replace by crypto.

[ekalak manjeng]

maybe banks feel crypto is their competitor, so the bank feels low income. for me for now, banks are still needed by many people for other purposes.

[Blackwhite69]

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.

With the banks it's all about of Revenue and they see Bitcoins to be a very serious threat because most of their customers have started using Bitcoins instead of saving at their banks which is reducing their revenue at the banks and with the governments who are mainly about control and taxation,They have found a way to the decentralization of the currency by regulating the cryptocurrency.

It makes one of the bank's concerns about customers who will switch to Bitcoin and no more cost-cutting from the storage we do in the bank.

[gosiloer]

If the BTC replaced the Banks and the government, and the French currency was replaced, their interests would be greatly affected, so they were afraid of the BTC.

[KID_28]

Banks see bitcoin as a threat since people are now investing in bitcoin instead of saving it on the bank. Also, money trasfer that are done by the bank can also be done using bitcoin. As for the government, they are not willing to accept bitcoin because they are scared that it cannot be regulated.

[coin163]

all countries in world meeting to make laws on coins... how far and amazing btc has become.  from a anonymous software project to banks and gov and entire countries fearing , meetings and laws on it

[johnsombero]

for me banks and government are afraid or scared of bitcoin because for banks they thought that bitcoin will ba a great treat to their financial stability, because bitcoin can offer a great profits to the investment of bitcoin. Also they are afraid that in the future people will completely avoid the deposits in the bank and will only buy bitcoin which will be a big loss for them.So they do not tolerate other competition in this monetary system. That's why they are afraid of the Blockchain system.

[Ozero]

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?

Decentralized crypto currency is difficult to control and this is the main obstacle to its legalization by states.
Also, officials of different countries strongly criticize the large volatility of the crypto currency and especially bitcoin. Volatility prevents the use of bitcoin as a means of payment, that is, as ordinary money.

Banks in their own way are afraid of the introduction of crypto currency. They are a serious competitor to them. With the advent of crypto currency, banks lose customers, and therefore lose some of their profits.

[Sand King]

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 they see the potential in bitcoin or cryptocurrencies.   The potential to replace them sometime in the future. Maybe, they see cryptocurrencies or bitcoin as a threat to their existency. If not, why would they be scared?

[Antonina]

The government is so to say in the money business. It creates bad money and can manipulate people to serve all purposes. When you suggest using something else from fiat as a valuable asset, the government can not manipulate or control it.

[Furzo]

Due of bitcoin could possibly replace bitcoin in the future, there are some crypto experts have said that bitcoin will have a big contribute in the future and banks should be aware in bitcoin existency.