Why are banks and governments scared of Bitcoin?

[merrillolive]

Because the bank fears bitcoin is taking over market share, but actually this has happened and bitcoin has attracted quite a lot of people to abandon the bank and come to btc .. the government is afraid of bitcoin because they are the place for money laundering, terrorist financing

[Bakugan]

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 afraid when people choose to invest in bitcoin rather than banks, and maybe because they cant collect tax , or they just think that bitcoin can harm people .

[darkangelosme]

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?

Nice question  . Yeah i think they really afraid of Bitcoin cause 1st they cannot control it, 2nd it is anonymous, and 3rd but not the least simple because they cannot profit from cause they don't own it. My opinion only.

[Farhan786]

If people will use it for the purpose of bad things like money laundering, selling drugs, finance terrorists and many more. Those reason why banks and country are against the Bitcoin. My country also banned Bitcoin for MONEY LAUNDERING.

[bad_apple]

It is mainly because Bitcoin as general, is produced through the advance technology, therefore there may be a lot to come on Bitcoin as it will push further to enhance and make trading a lot easier and much safer than going or trading thru banks.

[cacvy3]

Banks and governments have been against crypto, this is just a theory in my opinion.
There is no reason to be against it, and people took it personally and that is why there was a huge amount of FUD around here before

[razgeriez]

In my opinion, they're not scared of Bitcoin, they're just having so much hatred with Bitcoin because they're totally against Bitcoin and cryptos. Because they do think that Bitcoin and cryptos will replace them in the nearly future.

[Kisahazumaki87]

because banks and governments may be afraid of bitcoin prices that are so ups and downs and are likely to be afraid of negative news stories that make banks and governments afraid of bitcoin

[Layers318]

The banks and governments are scared of Bitcoin because of the decentralized nature which do not grant them the full autonomy over the affairs of Bitcoin. With Bitcoin, owners or holders are entitled to full control over their transactions without any third party interruptions which can lead to further delay and this feature is a major disruption to the banks.

[BennyK]

The banks and governments seek just one thing, the full control of all financial affairs of the state in order to channel the monies into sectors of their own choice. With Bitcoin, users are their own masters without any authoritative third party interference. This is what scares the banks and governments.

[wilburwilbur]

People, government and investors are scared in things that they do not know or they have little knowledge about it
If these people and banks will be enlightened then things will surely change, they will start to consider implementing and introducing bitcoin and other currencies to the public
One more thing is they might know about bitcoin and alt coins but they do not care at all

[cuongpham1991]

They are afraid of being out of control when dealing with virtual currency too

[bololord]

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?

theres a lot of banks have scared on bitcoin and also goverments because they know that bitcoin can replace banks and others and some banks are scared because of the manipulation but i am sure that bitcoin will replace all banks in the future because this bitcoin is more good and so fast to transact than money on banks.

[wilburwilbur]

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.

If they can not control it does not mean it is a threat already the reason maybe
Banks depend on statutory and governing laws.
and countries as of today have not yet developed or passed any specific legislation to the cryptocurrencies.
So the thing is it should be legalized first. Why would banks accept unapproved currency anyways. So if the government made it legal then there is nothing to be scared of

[Raja_Salman]

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?

perhaps the bank is afraid of the substantial bad impact that will occur because bitcoin is always ignored with bad things and crime may also happen inflation of local currency in the country if bitcoin is legend as legitimate currency

[JakeJM0st]

Because bitcoin is truly a big threat to banking industry and in governments as well.Banks wants the protection of government in order to have more security in case there will happen unnecessary things. There are serious problem in both groups because very contradictory in our society. Thanks why governments and banks does not like bitcoin.

[devale]

Banks do not like Bitcoin because it is something that they cant have full control, as it is an open sourced and p2p system dedicated to the community.   

[drichjsokhyn]

I think the banks and governements are afraid of bitcoin because they are nit the one who control the market. They cannot manipulate the price. They also afraid because crptos are empowering people.

[wireless1889]

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 definitely because of the way bitcoin or the cryptocurrency helps every individual, not just merely focusing on the rich, but it is the one helping users to get rich. Moreover the bitcoin also give fair treatment to all and there is no rich nor poor, it is giving lots of opportunity to every person. So much for that, bank is threatened to what bitcoin can do to our society and they will soon left behind.

[denzkilim]

I think they are not scared of Bitcoin they just don't like its nature of being volatile and decentralized.
And here are some of the reasons why they don't like Bitcoin or should I call it crypto currencies to be in general.

Banks doesn't like crypto currencies because it is extremely volatile and and the value can go sky rocketing or fall in a short period of time and this is a Big "NO" for the banks, They could lose a lot rather than earning a lot from this.

Some of the Governments doesn't like crypto currencies for some reasons, like they don't want their citizens to lose a lot of money from investing because we all know there are a lot of scam ICO's that are spreading all over the crypto currency realm. Some government doesn't like crypto currencies because they fear that it will end the corruption system and it will be hard for them to steal money from the people, especially in my country were almost majority of the politicians are involved in corruption.