Why are banks and governments scared of Bitcoin?

[kim owen]

Because bitcoin has a very high selling value beating other assets like gold, real-estate, or stock. It was a strange and dubious thing for the government and the bank.

[digroske]

his is about incomes, control and obviously misfortune as the general population may redirect a portion of their incorporated resource into decentralized resources. Regarding incomes and control, the economy will fall as they will get less incomes from us through assessment since they can't track each exchange we made each time we exchange. They likewise consider Bitcoin to be a danger since it can be utilized into like unlawful exercises. That is the reason here in my nation our legislature actualized controls to our nearby crypto trades to counter tax evasion and any unlawful demonstrations.

Banks and the government of the countries do not control bitcoin to the full, therefore they are not satisfied with this situation. It's just not profitable for them.

[digroske]

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 afraid if people prefer bitcoin as a place to keep money or for transactions.

The government and banks of all countries are fighting for influence over cash flows. Bitcoin is beyond the control of state structures and banks. Therefore, there is a struggle for power. Bitcoin gives freedom, this government and banks limit

[Indra123]

Thinking about the decentralized nature of Bitcoin threatening government and bank monopolies on the money can all threaten that's why governments and banks are so scared.

[vorobev]

Banks are afraid because bitcoins is a competition and reduces their business. Government also fear as it makes them less powerful.

[main320]

Not all banks and not all legislature was terrified on bitcoin, but rather to answer your inquiry is, perhaps in light of the fact that bitcoin is extremely hazardous in a man who truly doesn't have a clue about its idea. Yet, to be completely forthright, bitcoin gives me a want to influence my fantasy to work out and to have an occupation for the individuals who need just an occupation even inside the house.

[Rrtt]

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 are scared because bitcoin has a power of fairness-btc can transfer money abroad without banking system  and cannot be devalued by national governments ,its for everyone with fair fees, currency values through peer to peer transfers and global competition.

[Guesstures012301]

I think because bitcoins is a competition to their business, also governments are scared also in bitcoin because it makes them weak. Because bitcoin has a very high selling value beating other assets like diamond, gold, real-estate etc.

[dadanpradana]

on the basis of its Bitcoin is very anonymous, so every transaction can not be seen by the ready eyes of the sender and receive the money.

while for the government and the Bank wants to know who the transaction will be in kirm it and will be received, so that when there is a mistake can see the person.

[Zero504]

Bitcoin is basically a threat or a big competitor for banks and governments. Because banks and governments want something they control.
They are afraid of being replaced by crypto if more and more people in their country start using crypto and not what banks can offer, they will slowly be forgotten and replaced. That is the reason why banks and governments are afraid of Bitcoin.

[De4ted]

Because banks and government cannot control cryptocurrency.

[denisaardelean]

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 still a very new technology and very difficult to control, all transactions are anonymous transactions and the government and banks can not control but investigate. Therefore, we find that few countries in the world recognize and allow legal traffic.

That is why crypto trading floor owners can control the price of coin and control some market because the government can not intervene.

[tommisetiyawan]

The government banned the use of bitcoin for bitcoin nature decentralized, no one is responsible if their assets are lost or hacked by people who are not responsible, while the bank has a controller, a bank employee who manages each transaction, and if things go wrong they have someone to blame or taken into account.

[jackjones53]

firstly, crypto-currencies contribute to tax evasion, since it will be difficult for the government to track their presence among people and control their income. secondly, the existence of ICO projects as a business without state regulation. further - the uselessness of the banking system to the blockchain, the lack of legal protection and the convenience of using currency for criminals.

[karagun125]

maybe because crypto currencies varies its value from time to time, maybe also afraid of its value to drop.

[ansarose1]

For my own idea maybe banks and goverments are scared of bitcoin because whenever bitcoin will be used its easy for the hackers to manipulate value of bitcoins inside of the bank, however this might not happen.

[team87]

I think not fear, but more can be concluded with (anticipated)
, many countries forbid bitcoin as a legitimate means of payment. it happens probably because to maintain the stability of the financial system. thus there was a ban of bitcoin.

[Strange9]

Because it maintains the stability of state finances, and prevents cybercrime

[arief.sutono]

The government is in the money business. They create paper money and can manipulate it to serve all kinds of purposes. When you propose to use something other than paper money as a store of value, the government can not manipulate or control it as well. If you can interact daily just with Bitcoin and live in the US, the US raising interest rates to curb money supply will not have much effect on you. And the banks get all their money by borrowing it from the government, so contrary to the government is a bad move for the bank.Thanks

[Malintha1996]

If consider banks,
The answer is obvious.They are afraid because they think if bitcoin dominate the currency banks will be useless and People will not go to banks.
Yes.People would not go to banks for transactions of fiat currency but for transactions of crypto currency.Banks can provide means for storage and transactions of crypto currency which would be very fast and safe compared to current system.But they don't see this.
If governments are considered,
  Bitcoin and crypto currency are rejected because they are decentralized.Governments can't regulate or impose taxes.