Why are banks and governments scared of Bitcoin?

[Jombrangs]

Of course not, there are a lot of coins that spread out that also have a good quality with the affordable price but not all of them is trusted and real, just be wise to find out which among of them is trusted.

[muhammedb]

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 is because bitcoin is decentralized and can't the rule by anyone, this make government and bank feel more scared think if they should legalized bitcoin or cryptocurrency as a whole it will take over the economy local currency.

[pavka]

And it seems to me that all fears are due to the fact that the state authorities of most countries hardly imagine how to legitimize the existence of crypto-currency. Uncertainty always scares.

[coinnumber]

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 Banks and government are afraid if cryptocurrencies because it decentralized as a result it's not controled by anybody. That's the more reason why I think they are afraid of it in other to secure the economy of the country from scam and to protect the right of it citizens which makes the legalization of bitcoin very difficult to occur in the whole world.

[markiz73]

I read this topic, it becomes very funny, as if we live on different planets The whole world has long been centralized, what kind of decentralization is it?

If you are needed, you will be caught anywhere in the world and will take away all the bitcoins from you. And here the law of decentralization will work Nobody will return anything back to you and no one will do anything.

Special services, tax, banks are only happy to introduce crypto-currency. For special services and tax will increase staff and increase funding, banks will receive additional profits on exchange transactions.

In many countries bitcoin is legalized, you can pay taxes in bitcoins. Has anyone got better? In fact, bitcoin can not be forbidden, it is technically impossible. Currently, bitcoin does not have usability except speculation in the market. It's the same global brand as Apple only useless.

[mamarried]

I suppose it is because they anticipated the overall cryptocurrencies dominion, and for them to survive and stay alive they need to break this somehow. That's the reason why they are afraid.

[joybella]

They have insecurity issues. Btc will definitely be a competition to them. The government have to accept the fact that crypto have given a source of livelihood to those they were not able to employ.
I think they should be grateful.

[ironman2014]

 I haven't seen in my country in that the banks are feeling worry about cryptocurrencies, in my particular country they feel just passive about those.

[Jacata98]

I don't think banks and governments are afraid of bitcoins.most likely they are not satisfied with the uncontrolled movement of money.

[cybersofts]

Bitcoin is a digital currency that is fast, secure, and decentralized. it is acceptable worldwide no borders or boundaries as well
it is a revolution that is why the banks are afraid of bitcoin and cryptos in general.

[popba]

Banks and government scared of bitcoin because of it's raising rate and for raising price people want to invest on it more than bank.

[sakamaku]

Bitcoin is really scary, it's all the best, not all governments are scared of bitcoin, but to answer your question, maybe because bitcoin is so dangerous in a real person the unknown nature of it.

[Slavyanskiy]

I think the government does not like decentralization. The government likes to control everything and everyone.

[Keeping Up]

because with the creation of cryptocurrencies the bank and governments capability to monitor transactions has been eliminated.
that is why they are against it because it removes their power to see what you are doing with your own assets.
of course they wouldn't want that because it could also turn out to be a means for them to lose costumers.

[Filthy1]

There scared because there rule and corruption over everyone will come to an end they have realised that blockchain technology is a lot better for transfers etc.

[nahotachikwem]

Bitcoin - and other decentralized cryptocurrencies - allow people to trade directly with each other,
cutting out the need for a middleman which, in traditional commerce, is a bank. The financial crisis of 2008 proved, banks are not above abusing trust to line their own pockets that's what led to the development of cryptocurrencies like Bitcoin in 2009.
It enables one digital wallet (that can be stored on a phone) to directly connect with another securely and process a transaction.
Unsurprisingly, banks aren't happy about being made obsolete and - with help from governments - are trying to clamp down on cryptocurrencies after initially dismissing them out of hand.

[Nikifor25]

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 why banks ban bitcoin is very simple is that banks will simply become unnecessary. A huge loss of jobs. As a result, a revolution is possible

[bluemoon84]

Bitcoin is basically a threat or a big competitor for banks and government.Bitcoin brings fair opportunities for common individuals.Anyone can join and invest for as long as he is interested and he has the capital. Banks are scared because less and less transactions passes through them which means less money for them in terms of bank charges that they get from transactions and Governments are scared because they won't get to get tax from these transactions.

[artichandra]

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 opinion the presence of the bank will be replaced with bitcoin because bitcoin offer many advantage than when you use bank like your wallets your security etc and anyone can join bitcoin without many regulation.
 

[ervinmadureri]

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?

You can see that bitcoin is a digital money and this is a very new field, when the successful 4.0 revolution comes to fruition, and we are seeing bitcoin engaging in life. Few countries around the world recognize bitcoin and for breakthrough traffic, because it is very difficult to control the bitcoin trade with absolute secrecy.