Why are banks and governments scared of Bitcoin?

[riyarana1123]

Several reasons are there that why banks and governments are scared from BITCOIN,the first one is scams and false news as the number of scams has been increased the trust of both banks and government get decreased with the passage of time and the second most important fear is high profit as those lucrative things which are offer by the bitcoin they can not offer by the bank and government because they both first think about there own profit on the other hand bitcoin do their work fairly.

[Karie_Legend]

The very first fear of banks is that they can not make any money out of everyone's tax breaks.

[lakana]

Banks are afraid that Bitcoin will thrive on its own. Banks offer counterfeit ideas about Bitcoins and other electronic money to the public. Since Bitcoin is a decentralized currency and Bitcoin users are traded without third party influence, it allows people to directly trade in fiat currency transactions that the bank participates in and they Cut more money as their service fee

[online73]

Not only banks and governments are afraid of the crypto-currency market, which is not part of the global system. What can not be subordinated and regulated. The crypto-currency market is a self-sufficient system that can completely replace the whole rotten and established system of economic relations - who will like that you take away a solid share of the profit that you can not tax. It's very simple that a person is not perfect, but a person in power is doomed to regulate financial flows that do not always go according to purpose. Until they find an effective system for regulating the crypto-currency market, all banks and the government will be afraid and in every way hinder the development of crypto-currency assets.

[Shiro21]

There are many things from the dark side of bitcoin that the government is concerned about, one of which is to legalize bitcoin then the possibility of transactions using the prevailing currency will be reduced so that will reduce the value of the currency darin, the exemption from taxes is also one thing that can harm the state, because the nature of the decentralized bitcoin then each transaction is not taxed because its management is governed by blockchain and no state authority can control it.

[llyfee4u]

I doubt its a matter of banks and governments being scared of bitcoin or crypto in general.   I feel its more about the lack of control/decentralized nature of crypto's.  Banks and most states frown upon anything which eliminates their control or influence hence the resistance to bitcoin and the likes.  I believe that banks are actually in favour of crypto/blockchain technology, i wouldn't be surprised if subsidiary of major banks haven't already amassed major stakes in bitcoin, ETH and so on.  As for governments, without regulation they are unable to track everything or impose/collect taxes etc therefore, government are much more likely to continue fight against mass adoption of bitcoin or any alts for that matter until such time as there is considerable level of centralization in crypto. 

[Khuletzky]

simply because they don't control people's earning thru crypto and also,online earnings has no tax,that's why some governments are banning cryptocurrency in their country.

[Caxton10]

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 it is because of its volatility that is why many governments are having second thoughts about getting involved with bitcoin. The other reason is that some countries are not really developed to that stage to have virtual mode of payment.

[Himanshu111]

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 it is because of its volatility that is why many governments are having second thoughts about getting involved with bitcoin. The other reason is that some countries are not really developed to that stage to have virtual mode of payment.

Bitcoin is a blessing for all of us.Bitcoin is the easiest and the fastest way to make money.Bitcoin is like an income or pocket money.Bitcoin is very expensive and so people buy it when the prices are low.Bitcoin is decentralised and so no taxes are implied on it.People store bitcoins in their bitcoin wallet rather than saving money in the banks as the bitcoin has more profit margin.The government does not have any information about the amount of bitcoins stored in the wallet.

[Camster]

Banks and governments are ushering in crypto.  They are not scared of it.  Look at how quickly people submit to KYC.  If the government told most of the users in the forum that Bitcoin was illegal they would stop coining.  Don't think for one second the big boys don't want this.

[ASHANABEY]

Main reason is they have no control over it like fiat currencies and no way to trace any transaction which makes them help less when understanding there citizens true income, transaction, wealth to calculate taxes and other essential things. Those are the main reasons that governments doesn't like bitcoin but banks do not like because with bitcoin there will be no future for them just think if every person decides to use bitcoin as there transaction and saving method what income will banks gain ? none. So I think these are the main reasons and there maybe more

[Noduperewa]

If in my opinion many governments and banks can not accept the presence of bitcoin, because bitcoin can not be intervened by anyone. So the government and the banking "fear" of losing the financial authority that had been controlled. Because bitcoin prices are fully available in the market.

[taxli]

Simply because banks and governments (themselves) are not familiar with blockchain technology!

I agree with you because in real time banks and government have nothing in common with cryptocurrency. In all the old cars the future of Bitcoin.

[BACARAN]

Because, Banking system is like a ponzi, if will Come alternate system, system will down.

[noisybit]

because today so many countries have banned the use of virtual cryptocurrency and they are afraid if everything is replaced by crypto and they are afraid too if many people in the world start switching to crypto and investing into the crypto rather than in the bank

[Assface16678]

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?

Good point, but in addition banks and government are somewhat related. For an instance is that you have the president (or others that was the highest in an specific country) that is inclined with business, or somewhat supporting rich who want those reach people to be more rich, that maybe one of the factor. Moreover, banks may feel threatened to wha bitcoin can give, more specifically the potential of bitcoin at the same time the advantages of using it. But the two must consider bitcoin and cooperate in able for everyone to have an organize society.

[rikkur]

I'm not sure the banks and the government are afraid of bitcoin. I think they don't want to lose their share of the profits, so they will try to control the cryptocurrency world.

[Virginia Nevess]

 I think that Bitcoin is brand new, so governments haven't known how to deal with it. Therefore, banning Bitcoin is a temporary solution so that they have more time to research and  find out how to properly adopt it.

[Justin Regoo]

Bitcoin, with the decentralized feature, is uncontrollable. And the government isn't open enough to accept a new useful but uncontrollable method. They want things that are under their control and management, but Bitcoin is never something like that. Then they just outlaw Bitcoin

[Pamela Silvaa]

Bitcoin is a new method of payment and provides a quick, cheap and convenient way to transfer money. Banks aren't happy about being made obsolete and - with help from governments - are trying to clamp down on cryptocurrencies after initially dismissing them out of hand. In short, the key reason here, I think, is that banks don't want to be replaced.