Why are banks and governments scared of Bitcoin?

[luckybtccasino.com]

I think that they have never been scared about bitcoin, and it all is a huge theory and conspiracy abouut this to create more fud on the market, banks are good and they want to implement bitcoin, but in a centralized manner.

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[Cavanho27]

in my opinion, perhaps the bank has many considerations in this regard. because although bitcoin users are very numerous there is no legality of data. and perhaps one of the things the bank avoided was the use of bitcoin to money laundry

[patimahsunda]

The reason why banks and governments are afraid of bitcoin is because bitcoin is anonymous and also difficult to control. So the government is afraid that bitcoin will be used for negative things. maybe that's the reason the government forbids bitcoin. that's just my opinion.

[Halk]

The reason the banks are afraid of is obvious. Bitcoin is basically a threat or a big competitor for banks and government. Bitcoin gives fair opportunities for ordinary people, bitkoyn and several coins even took on some of the functions of banks. Banks, where each transaction is in constant control. This is the reason that bitkoyn becomes popular and is widely used by many people around the world, and with this banks and government view bitcoins as a threat and competitor. The system works so easily that fearing what will happen in the future is obvious, banks will be looted. For banks in the future, it is almost impossible to compete with Bitcoin and crypto currency. In fact, several banks even knew this. For this reason, they are negotiating with crypto money.

[SeVenlast]

The fear of the Bank due to the absence of any taxes or administrative fees at any bank and it would make a huge loss to the bank.

[teamspike911]

Strange question ... the answer lies on the surface in my opinion.
Bitcoin poses a threat to the modern financial system ... and here it is not necessary to be a genius to understand that it is extremely bad for the government

[DrGuns4Hands]

I think what defines the “scared” is the impression of the banks and government that they wouldn`t wanted to enter their cash into risky investment such as Bitcoin. Thus, if they see powerful evidence of the existence of cryptocurrency in the future then they will be alarmed – trying to established plans on how can they interact with decentralized transactions. I am not trying to formulate generalization, but a thought that if bitcoin in future would increase then banks and government would be scared or even panic;  because they get out of nothing but leaving bitcoin in their domestic market – with  no profit to them. Yes, indeed, they afraid of not getting profit and advantages on bitcoin`s prodigy.

[Ramonranger]

Not actually scared of BITCOIN, they observe that having virtual currency can be a big problem to compete to their national currency which they cant control the rising of cryptocurrency that emerging in global market.

[yayat]

Bitcoin has an anonymous nature, not in the knowing who owns it, while the Bank is against the nature of Bitcoin Anonymous.

Consumer Bank must know its owner ready savings and who is also the owner who will inherit all his savings. And Bitcoin does not exist like that, when private key Bitcoin forgot then all ny will be stored in the wallet can not be inherited.

[Tahir460pk]

I think banks are scared bitcoin because of its a virtual currency and they much believe on the flat currency, and virtual currency changes its conditions and flat currency in same, but this digital market emerging very well so soon banks and governments accept it without any fear.

[Giles Goodman]

They are not scared of Bitcoin, no. A payment technology whose community cannot agree on how to scale it beyond seven transactions per second, and whose fees are already borderline uncompetitive with Western Union is not a serious threat to the bank's money-moving business.

Banks main business anyway is lending money, not moving it, and that business Bitcoin barely touches on. Bitcoin is not a suitable unit of account because its value will not stabilize, so its only real potential use is as a payment medium.

[Kayuslawal]

Bank might be scared because of the competition bitcoin can pose on them but government not scared they are just afraid of the risk involved with the use of blockchain technology because its anonymous.

[Wesley Gardner]

No. Banks aren't scared of bitcoin. They are just against any payment process which does not involve them as a mediator. Bitcoin, has the potential to become a new currency, free from the control of big governments and big banks. However Banks love the blockchain technology as it is secure, making it an ideal solution for digital transactions. Moreover the statistics data reveals that banks are among the most fruitful filers of cryptocurrency patents. Seems like they are having a very complex relationship and banks are reluctant to admit that they have made a mistake with bitcoin.

[AugustMaryono]

Since the crypto currency is very easily manipulated for money laundering, a country that does not have enough capability in this field is very vulnerable to bad things happening with its economy

 

[skidanchikbizon]

пoтoмy чтo биткoин paзpyшит вcю мoнoпoлию бaнкoв. и cдeлaeт пpaвтильcтвo бeзcильным в плaнe влияния нa людeй

[yamete kudasai]

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?

Many banks and government bodies are banning cryptocurrencies simply because it's a competition against them. And a large sum of money is circling in this industry and there's no any direct regulation or taxation for it. It is hard to share our views on cryptocurrencies with other people. But we are still winning here because other countries like Japan and South Korea are on the path pursuing this industry.

[Tinaw]

Because Government was losing out on income. Governments HATE to lose out on tax income. The same goes for buying and selling, such transactions would not be taxable or even traceable.and also Banks are still extremely oblivious to how powerful Bitcoin (and all other virtual currencies for that matter) is and how it will eventually start to prove their business model as obselete.

[pthnmj]

It maybe because bittcoin transactions are encrypted and while they can be tracked by involved parties, bitcoin provides a way to keep money and transactions away from the prying eye of the regulators. Besides there is a risk that it could be used to fund crime or illicit terrorist activity,  and another reason is that it can be a route to circumvent capital controls.

[svetochka.yakovleva.93]

in my opinion, why the government and banks are afraid of bitcoins is all because they have not yet found ways to implement this in their system and how to correctly resolve the crypto currency.

[Bitcoin_trader2016]

Banks and governments not affraid of bitcoin but they just dont like it because they cant control the flow of this currency and some governments think that crypto currency will easily use in eligal transactions thats some country dont like crypto currency.