Why are banks and governments scared of Bitcoin?

[silviyako]

They see cyrpto as threat because they cant control it And it gives everyone a fair chance, anyone can invest as long as they have the capability.

[Blackhammer321]

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?

Some governments, mostly belonging to third-world countries with depressing rates  of growth in their economy refrain from letting bitcoin operate in their country because they think it might more affect their national currency's price and make it obsolete if left unattended, that is why some countries don't let bitcoin in their  countries.

[samcun]

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 banks and government wants something that they have control over. Where there are people who manages its every transactions and if something goes wrong they have someone to blame or accounted for. But with bitcoin it will never happened because of its decentralized nature.

because banks want to control bitcoin because by controlling bitcoin will certainly get a foreign exchange of a country hence the government is afraid of bitcoin because bitcoin has a decentralized nature or in other words can not be controlled by any country.

[wolffy0216]

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 banks and government wants something that they have control over. Where there are people who manages its every transactions and if something goes wrong they have someone to blame or accounted for. But with bitcoin it will never happened because of its decentralized nature.

because banks want to control bitcoin because by controlling bitcoin will certainly get a foreign exchange of a country hence the government is afraid of bitcoin because bitcoin has a decentralized nature or in other words can not be controlled by any country.

Yes, because of its decentralization and its anonymity banks and the governments are not in favor about bitcoin becoming legal and be use legally in most countries.

[Df9898]

because bitcoin online currency and its make banks and goverments worried with bitcoin.

[rh72]

Before there is clearly regulation in the country, it makes the country and the government worried because the transaction can not be controlled.

[Arwinkim]

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.

I don't think Bitcoin should be treated as a threat to traditional banking system. Instead of thinking like that, why don't we offer its technology for them to adapt? I believe using blockchain technology, our whole financial system can even be improved significantly become easier, cheaper, and beneficial for everybody.

[mcabrito]

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.

I don't think Bitcoin should be treated as a threat to traditional banking system. Instead of thinking like that, why don't we offer its technology for them to adapt? I believe using blockchain technology, our whole financial system can even be improved significantly become easier, cheaper, and beneficial for everybody.

I think this will not benefits everybody as bitcoin is decentralized and cannot trace transactions or the owner of the bitcoin addresses, the anonymity is high and maybe this is the reason why governments doesn't support bitcoin.

[fritzwalter195]

Because thats exactly what they are working against, bitcoin will get rid of banks.

[kyledavid]

simply because sooner or later cryptocurrency might replace the fiat currency that is why some of countries banned using of bitcoin . They are afraid for the change might happen . Bitcoin is part of the evolution for our generation today and it is inevitable and many people are getting into cryptocurrency so no doubt that banks and government will be more scared of bitcoin

[jademaxsuy]

I think you had misconception about cryptocurrency because the government and banks should never afraid of bitcoin. In fact they should happy especially to some of the banks that accept payment in bitcoin investment for the local exchange. As we all know that these local exchange could not directly collect money from you and instead they will use the bank for the transaction. Now why should the bank afraid of? Aside from that the government could give license to those local exchanges which means collecting of money from these exchanges. So why should the government afraid of bitcoin? The government are only implementing rules and regulations especially KYC for the local exchange in order not to abuse the use of cryptocurrency in a form of doing illegal activities like trading and using bitcoins as a means of payment.

[jaaeeeyyyy]

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?

There is a big possibility that the government are afraid of losing markets for factors of production and there will be no one to work for the markets for good and services. In short no one will left in producing goods for us if people were encouraged to invest in cryptocurrency and just wait for the income. Moreover the banks are afraid because crypo can be there competitor, it is safer to invest digitally rather than in banks with fees on it. People looks for something huge in return and the banks can not give it. Bitcoin is a threat to them but a huge help to an individual .

[ParadoxXx]

I think you had misconception about cryptocurrency because the government and banks should never afraid of bitcoin. In fact they should happy especially to some of the banks that accept payment in bitcoin investment for the local exchange. As we all know that these local exchange could not directly collect money from you and instead they will use the bank for the transaction. Now why should the bank afraid of? Aside from that the government could give license to those local exchanges which means collecting of money from these exchanges. So why should the government afraid of bitcoin? The government are only implementing rules and regulations especially KYC for the local exchange in order not to abuse the use of cryptocurrency in a form of doing illegal activities like trading and using bitcoins as a means of payment.

I must to disagree with you. Some institutions actually worries about bitcoin, because they can't simply print more when needed, as it happens with the fiat money scheme.

[Mr. Ar_Mongi]

I think banks and governments are afraid of bitcoin because Bitcoin is a threat to the modern model of the economy. Bitcoin is something new, it is an innovation. People tend to be afraid of changes, especially such global as Bitcoin. Remember the first days of Fiat money - then people were afraid of them too. But for its time it was a breakthrough, the same breakthrough as for our time - Bitcoin.This is my opinion.

[Lemayilleur]

the leaders of banks see in them the potential and the opportunity, and that is why they try in every possible way to prevent the introduction into everyday life. common and main reasons: money laundering, high volatility, as well as competition, as crypto currency successfully copes with the tasks of banks, with minimum costs and maximum anonymity and confidentiality. crypto-currencies are simply a threat to banks.

[Noilee]

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.
[/quote I think that is the reason why banks and government afraid of bitcoin, but the other reason is they don't control people anymore, because a lot of opportunities that bitcoin gives to the people, can anyone invest and earn.

[kittikunor]

after customers switching to bitcoin. so banks do not get a profit and people are less interested in investing in banks.
and decentalized system will make they dies after that.

[Chaelbrin]

Such a large number of nations currently were precluding the utilization of virtual cryptographic forms of money. What's more, to surmise that numerous jobless people were starting to elevate their method for living as a result of their dealings with digital forms of money. Banks doesn't explicitly say why it is restricting the utilization of Bitcoin.

[monirmostafiz]

In my opinion, the main reasons for the concern of Bitcoin banks and governments of different countries are not to have their ideas about Bitcoin. They try to banned Bitcoin without knowing it. Many people think that this could lead to money laundering!

[Gheka]

the leaders of banks see in them the potential and the opportunity, and that is why they try in every possible way to prevent the introduction into everyday life. common and main reasons: money laundering, high volatility, as well as competition, as crypto currency successfully copes with the tasks of banks, with minimum costs and maximum anonymity and confidentiality. crypto-currencies are simply a threat to banks.

I do not see it threatening the bank, features of bitcoin although good, but in the eyes of everyone, it is still only a product used for investment, people still focus on the benefits that it brings, instead of focusing on features that can replace the bank. For everyone, banks are still the safest place to store and transport money, bitcoin can not compare, the threat of bitcoin is too small, the bank is not afraid, but the government is scared, features too useful for underground and illegal activities, if the management and blocking is not tight, bitcoin will cause a major disaster for the country