Why are banks and governments scared of Bitcoin?

[Missterio]

Because it's their big rival who can kill them. No bank can give such profit as bitcoin on this they are so afraid.

[Frank Norwoodd]

The anonymous nature of Bitcoin makes it an ideal tool for the occurence of frauds and illegal activities. For example, it can be used for illegal purchases - such as buying and selling drugs or weaponry. It's also frequently requested for ransom payments by hackers who take over computer systems. And this tendency of using Bitcoin improperly hasn't shown any signals of slowing down. Governments, of course, don't want to earn the reputation for approving such a crime-facilitating thing like that. So they ban Bitcoin.

[Kathleen Gomess]

Governments fear that Bitcoin can badly influence their financial market because of the high volatility. Plus, money laundering via investment in Bitcoin also makes governments not comfortable with this digital assets.

[timonig]

Because it reduces their business. If we compare in terms of features, banks have almost no chance in comparison to crypto.

[_Legendary_]

The main reason bank banks and government scared of bitcoin of course because the presence of bitcoin can change all the transaction system so it will make everything become uncontrollable, and if it can not be controlled then the economy can be threatened.

[Makunda890]

As we all know that Bitcoin and cryptocurrency is are based on the blockchain technology which relies on the principle of decentralization. It's all about taking away power from the centralised controlling authorities and transferring it to the users. On the other hand, governments are greedy for control, they want to control each and everything in your life, blockchain based currencies won't allow governments to regulate it so you will be the actual owner and holder of your wealth and no one can interfere in it without your permission.

[Impulseboy]

Banks and governments are threatened not just about bitcoin, but those other virtual currencies because they have no control over it. Also, because cryptocurrency is digital, it is more convenient for its users than traditional banking. It is their biggest competition and the sad part for them is they could not manipulate these digital currencies.

[angelramirez24]

Bitcoin cannot be controlled by governments and banks. Ofcourse they will be scared to something like that. Banks can somewhat be obsolete in the future if ever bitcoin will replace the fiat since banks will not be needed that time.`

[Red Fire]

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 and government scared of bitcoin because they know that there is a possibility that bitcoin can make our bank disappear and can be our currency worldwide.

[Khanhdzai]

Simply put, they risk crimes and money laundering. That causes a national economic loss. So they are afraid of Bitcoin

[shainasaz]

I think the banks and governments scared of bitcoin because they know that they can't control it and they can't tend to stop it and also they know that it is very popular in the whole world so they think that bitcoin will be their competitor that's why but that's only my opinion.

[poldanmig]

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 bitcoin can be used by anyone and anywhere and for any purpose may be a lot of news circulating results from bitcoin used for crime and money laundering but it all depends on the intentions and goals of investors in the investment

[binghope]

Banks are afraid of bitcoin because btc market has occupied a large number of customers of banks. They worry that the banking market will be frozen if the crypto growth rate is as high as it is now

[aleksej.rozhkov]

I agree! Vis and the master of cards have long declared war on the crypto market! you just think how much money is not now serving these organizations! Vis and the master of cards lost large percentages of commission due to the appearance of a new payment system!

[ir.yance]

banks and governments are afraid of bitcoin because bitcoin is a new currency that has many benefits. many people use bitcoin to trade and to invest so someone can get rich from working on bitcoin.

[Quoctuan]

I think now only some countries are banning bitcoins.
the reason a country forbids bitcoin is a feared state if bitcoin is used to commit a crime such as terrorism and money laundering.

[iASIC]

I think now only some countries are banning bitcoins.
the reason a country forbids bitcoin is a feared state if bitcoin is used to commit a crime such as terrorism and money laundering.

I think the banks and the government are afraid of Bitcoin because they have not figured out how to manage Bitcoin effectively in the economy without taking advantage of illegal activities. They may need more time to get the most out of it and make Bitcoin able to help their economy become more active....

[anilsaini0327]

Governments and banks are afraid because they have no control over bitcoin. Bitcoin brings fair opportunities for common individuals. Anyone can join and invest for as long as he is interested and he has the capital. Also the transaction is open to all it is hassle free safe and convenient compared to bank where every transactions is in constant scrutiny. This is the reason they are afraid of bitcoin.

[Wonderced]

because many people we use programming payment and maybe use that to entertain, scared to scam and other people we use to share at the sametime people we use to scam.

[anilsaini.jaipur]

It's logical that banks and governments are scared of bitcoin. Banks are scared because less and less transactions passes through them which means less money for them in terms of bank charges that they get from transactions and Governments are scared because they won't get to get tax from these transactions. At least not now yet