Why are banks and governments scared of Bitcoin?

[Babyfaceless]

banks and governments scared of bitcoin because bitcoin is trusted and not a scam bank our scared right now because if you widraw your full money like one hundred thousand they will ask you were did you get that money if you say the truth they will not release your money they need to report it before they give it to your money. and i see it in t.v someone report it because they bank account robbed it someone so the bank now on is not safe right now.

[issacwilliam]

I think because banks and governments can not directly control Bitcoin.Since banks do not want thriving electronic money to compete directly for their profits, or for many other profound reasons we can not know.

[genuin]

obviously the bank is a little bit afraid of the presence of digital currency, because its future existence can threaten the existence of the bank,
this is in my opinion, if you think otherwise please 

[Lima0396]

I dont think they are scare of cryptocurrency, they are only worried about the threat most people said its involved in blockchain technology..

[Gibsonlda]

the prohibition of the bank has not been final, or only the prohibition of non-mean shall not be involved, the central government shall have full authority over the prohibition.
banks are very afraid of the existence of Bitcoin because it will be a competitor for them, imagine if many people who withdraw their money from the bank in large quantities and invest it into Bitcoin would be very detrimental to banks

[CapGelatik]

Scared because they got no hold of cryptocurrency right now. They still find it difficult to regulate it but when the time comes its all clear to them, then mqybe they will loosen up and fully allow crypto.

For me there are some goverments and banks are scared of bitcoin because many people all over the world is trusting bitcoin and many people are now prefer to put there money in bitcoin over than putting on some trusted banks.

That is right, more and more people are trusting bitcoin rather than banks because they know that if they are going to put money in bitcoin then they can earn more money in a faster way compare to the banks because the banks didn't have any other offer which have a higher rate compare to the possible return in cryptocurrency.

it's true that the bank and the government are more jealous with the more favorable cryptocurrency and many people are interested in joining it, so the government also hates cryptocurrency because there is no tax coming to them.

[Scavagers]

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?

it is not that they hate bitcoin but what it really is is that they fear bitcoin. Why?  because bitcoin is their competitor. It hurts their business so they fear they might get overpowered by bitcoin. The government also have fear over bitcoin so they are making ways to regulate it or for some other countries, they ban it if they cannot make another way. Bitcoin is a threat to some.

[rfj]

Well, it's natural that banks doesn't like dealing and transacting in bitcoin because it's a threat to them. That is their biggest competitor that they never dream. When bitcoin grows bigger, many investors will consider bitcoin for their investment rather than putting in the bank.

[pantheraio]

Clearly bitcoin is feared by banks because bitcoin is still unstable and many factors can affect bitcoin. As well as bitcoin can be a serious threat to economic and financial conditions if the price continues to increase or decrease.

[ndcm]

Other countries are prohibiting the use of virtual cryptocurrencies because of the threat it may bring in our banking and government system.

[meidut]

I don't think that they are afraid but they don't want any changes because this will require rebuilding of the whole economics system and banks are involved in this as well. However, it is impossible to avoid changes and this will happen sooner or later

[gvnsrbtc]

Maybe because some people are getting scammed and criminals are using bitcoins for money laundering purposes. Not all governments are bad. Banks are businesses that just want to have a piece of the action. I’m sure we can all find a way to coexist for the benefit of everyone, criminals excluded. On the other hand banks and governments are puppets of global power and this system don't like anything they can't control.

[tuanphuong666]

There was a time when Bitcoin was only mentioned as an illusion, nothing to fear for the banking industry. But now, the boom in Bitcoin's value, coupled with growing approval, has left many government officials worried. This proves that Bitcoin has gradually become a "legitimate threat" to traditional banks.

In fact, Bitcoin is challenging the central bank's backed-up monetary system.

The power of money control is being separated from traditional institutions. Individuals can now engage in peer exchange directly with strangers without the need for any intermediary anymore.

[Yatsan]

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 not scared of bitcoin, they are scared of illegal organizations and crime entities abusing bitcoin's anonymity and privacy features, eventually leading in a crisis in the said country. That's why most countries take all important and needed measures to ensure that bitcoin is free of criminals in their country while making it still a viable investment method. While some countries just completely ban the use.

[Bosx1ne]

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?

Banks and governments are not scared to bitcoins. They only thinking what will happen if all of the people are now using virtual currencies. Bitcoin is also decentralize so they can't control it. It is one of the factors why they are not legalizing bitcoins.

[melch100]

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?

Banks and governments are not scared to bitcoins. They only thinking what will happen if all of the people are now using virtual currencies. Bitcoin is also decentralize so they can't control it. It is one of the factors why they are not legalizing bitcoins.

You are right, and because it's decentralized and anonymous the governments and the banks will find it really hard to trace the owners of bitcoin specially when people are doing illegal activities.

[GeniusAko]

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 can't control the bitcoin and it is the reason why they are scared. They can control cash because it has characteristics of being centralized. The government will lose its power in our economy if all of the people will use bitcoin in their daily payments.

[bharal07]

Maybe because they do not know it. Maybe they are just scared because they know the news that scams are bitcoin and so many fraudsters.
 But it's true that people are scammers and they lie in the forum bitcoin but you must be careful and you know the good campaigns should be. to link malicious and scam.

[mabell943]

The government and banks scared of bitcoin through many people used the name of the company in wrong purposes and build some barriers which leads to a negative  effect in the company.

[gaurav82]

There may some reasons like:
1. Government and banks both haven't control on crypto.
2. Deal by crypto is hard to scan.
3. Government and banks both depends on fiat currency and so they look crypto as competitor.


There can be more reasons. I think only above reasons.