Why are banks and governments scared of Bitcoin?

[veronikadobryx]

I believe that banks are afraid because bitcoin is a decentralized currency, and it is not subject to control , and the government used to contrast everything and have an income from it, and here is a completely different story and control will not be here .

[SingAlong]

the issues why government are still scared about bitcoin is because of its qualities like being decentralized due to that it will be difficult or hard for them to tracked the transaction and money flow inside. While the banks are afraid on it because of the capabilities of bitcoin that banks doesn't have. The banks are threatened to bitcoin because of the possibilities that one day bitcoin will be the most convenient and famous payment and monetary system.

[josephpogi]

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?

Governments have the perception and fear that Bitcoin could be used for bad deeds. With the emergence of bitcoin and other altcoins, the banks fear that they may loose customers. If this happens then they are doomed because there will be no or less transactions through the banks and they are going to loose. I think these are contributing factors why bitcoin scares the governments and banks.

[lynlyn]

Because I think bitcoin is anonymous and also difficult to regulate by banks and government. So this is what causes the government to be afraid of bitcoin because it can not be taxed for it. That's just my opinion.

Yeah you have a point.Government is never been agree about bitcoin because they can't control on what going wrong to have an income in crypto currency.And the value price is undetermine that's why they will never agree with it.

[dillpicklechips]

these are obvious questions and answers. The reason why baks are scared with bitcoin is because they are afraid that bitcoin will be famously known as the payment system and monetary system all over the world if that happen banks will lose their customers and they will be forgotten. While government are afraid to this because they cannot control and manipulate the transactions and money flow inside they will not determine if that is illegal or not. That will be a big threat for our economy and security.

[oholdwave@gmail.com]

They fear that Bitcoin will threaten their economy. The risk of money laundering and speculation makes them concerned that it will be detrimental to them

[CoinstarF]

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 fact is 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 numbers and invest it into Bitcoin of course it will be very detrimental to the bank. but the government thinks I am not afraid of the existence of Bitcoin, they just want that Bitcoin can be controlled with clear government rules that are part of the government's stabilization in the economy and can help the government's economic growth with that rule which leads to a tax of Bitcoin income and etc, for state and government finance. that's what I can describe about government and banks.

In addition to this paragraph banks are scared of bitcoin because investors are on the eyesight of investing higher profits so they goes into cryptocurrencies put up with investments rather to stay in the banks with limitations and government they cannot forced into implementations of taxation methods that's they are always against of bitcoin industry cannot be manipulated  by the power of government.

[Blackwhite69]

I believe that banks are afraid because bitcoin is a decentralized currency, and it is not subject to control , and the government used to contrast everything and have an income from it, and here is a completely different story and control will not be here .

You can not be set by anyone with the finances you have different from the banks that have rules that they make to get the gratuity of money you have.

[kirkarsedat]

most of Banks and governments scared /fear bitcoin because banks systems don't carry the risk of bitcoin over centralized fiat paper money. But one thing is certain, banks and governent can never stop cryptocurrency

[Ankush2108]

Government and banks are scared because they know people and investing too much money in Bitcoin and there is huge risks so if people looses their money so there is a huge looses for country as well as. That's the main reason most of the government's are against Bitcoin. No country wants to send their money to other countries.

[Karie_Legend]

Afraid of no more taxes or deductions we have to pay. it will make a bank will go bankrupt and cannot operate.

[cxmyifan16]

I think that they are afraid that crypto will substitute the traditional currency and it will become the main one, perhaps, for banks, this will lead to some decrease in profit. I m not expert in financial sphere but think that they are afraid that it will become the main instead of dollar

[yourialfa]

I think banks and governments are afraid of bitcoin because bitcoin is decentralized. Bitcoin is anonymous and it will certainly make it difficult for banks or governments. Bitcoin is also difficult to control or even can not be controlled by anyone. Banks and governments are afraid of negative bitcoin users. So that's the reason why banks and governments are afraid of bitcoin. That's just my thinking.

[cuong1610]

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 they are afraid of its transparency. They want everything to be in their control. And there are other reasons for banks and governments to worry about the BTC and the crypto

[ParveZ219]

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 scared I think because of the transaction of the illegal works are using bitcoins only... Like drug smugglers,Darkweb,Etc use only bitcoins as it is anonymous....May be this is the reason why government and banks are banning bitcoins in many areas.

[bitcoinman93]

bitcoin is completely harming their business model. Banks earn money for charging people for having accounts in their banks, bitcoin lets you have the account in no time free of charge...

[Uncertaintea]

The freedom Bitcoin Has is the main reason as to what most governments fear BTC, the fact that ist not regulated means that the coin canot be taxd, mening that the millions of dollars worth of transactions it makes is not divided to  the government agencies at all, something the fat the national governments consider a threat to the national economies, Banks on the other hand se BTC as a threat to their existence hence  not atease with their operations

[PINAGPALA]

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.

i think your'e right and they cant tax bitcoin cause its intangible they dont know how they will put tax bitcoin i think that why goverment scared of bitcoin

[Saritelli]

The government and banks want to control everything, so they can be against cryptocurrency. States live at the expense of ordinary people, they receive taxes from them. Bitcoin can complicate this.

[solenn heussaff]

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 own opinion, I think banks and governments are scared in bitcoin because bitcoin is decentralized. They will can't collect tax when they withdraw in bitcoin. And they are scared that they someday bitcoin will replace their part in economy.