Why are banks and governments scared of Bitcoin?

[PM.coins]

There are still barriers between government, banks and bitcoin. The reason why banks are afraid or scare to bitcoin because bitcoin has more opportunities and fair monetary and payment system than banks that's why banks are trying to bring down bitcoin they are afraid to lose their customers and investors. While government are afraid to this because they can't control or trace transactions and mone fllw inside. They will not know if the transaction is whether good or bad and may affect our country's economy becaude it is not taxable.

You are right. I agree with you. bitcoin, bank and government.
perhaps bitcoin is considered a threat to the economic system. bitcoin became popular, so it was in the worry of bank investors turning to bitcoin. and that will reduce financial income.
the government is worried about bitcoin because it can not be fully controlled.
transactions and also reduce government revenue through taxes.
thanks

[elpape225]

OptiToken gonna open around $6 or $7 on C2CX

[Mat_Myers9844]

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?

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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.

Totally agree with you because they don't have control on Bitcoin or other Cryptocurrency. They even can't control or manage transaction thats why government of many countries started banning cryptocurrencies.

[Senja Kemuning]

Many factors and reasons that make banks and government scared of bitcoin, because it is easier and simpler than the bank then bitcoin transactions make everyone prefer select bitcoin and this is a threat to the future of the bank to make the bank disappear.

[karman383]

If it says so many banks prohibit cryptocurrency activities they just want to protect their customers from the risks they get if no one can bear the harm they get.
Of course, banks have ties with governments in every country under their control. It is only a matter of time that banks can cooperate with bitcoin or all of them for the common good in the future.

[lissandra3612]

Banks control governments, who control the use of Bitcoin through mining fees. Bitcoin prices will go through the roof now and banks will risk losing control of the world they have. People have lost economic freedom again. No government can and no one can control it. The less payment fees for users and investors, the bank may become unrelated to our society.

[GeckoTrader]

Big Banks want to destroy Bitcoin before it destroys them.

Bitcoin, the “people’s currency,” has the potential to become a new currency, free of the control of big governments and big banks.

That’s why they both want to limit this potential. Each one in their own way. Big governments by stepping up regulations of Initial Coin Offerings (ICOs) and by shutting down cryptocurrency exchanges, as the Chinese government has announced recently, crushing cryptocurrencies.
(source: https://www.forbes.com/sites/panosmourdoukoutas/2017/09/14/why-big-banks-attacked-bitcoin/#63f20bab6c53)

[Samuel188]

just because the fact is that bitcoin doesn't gather in the same place so banks and governments can not control bitcoin in anyway. Moreover, Bitcoin acts in deep wed and the government will never keep it in their hands so they have to scare bitcoin.

[Mr.grin]

just because the fact is that bitcoin doesn't gather in the same place so banks and governments can not control bitcoin in anyway. Moreover, Bitcoin acts in deep wed and the government will never keep it in their hands so they have to scare bitcoin.

I do not know, it looks like that, but there are some banks that support the development of bitcoin, and there are also some governments that support crpyo. well, life is full of pros and cons, always have visions that seem to disagree, and there are always parties who agree.

[Cryptogid]

Government and banks scared of Bitcoin,simply because it will rub them off there powers,as well as criminals using to hide money,its not taxable,..

[florianuhlemann]

the reasons are obvious-it is impossible to control the speed of transactions. accordingly, it is impractical to use it. it's not time yet

[beliveinsomeone]

The government fears this because they can not control or track transactions and moneys inside. They are scared because many investors are currently investing with crypto rather than banks because they can not earn more with their investment in the bank. More and more people are adopting it when it comes to saying that electronic money is going to spread all over the world, so the government does not have any source of income across the country.

[dillpicklechips]

Basically, they are afraid on it because they can't control and manipulate it because of the characteristic of bitcoin for being decentralized. Government are against of it because of the illegal activities that may occur here inside bitcoin like illegal transactions and also it would be a big problem because it is not taxable. While banks are afraid on it because of some insecurities bitcoin has more opportunities to earn a lot and the possibilities that they will lose customers and investors.

[Emjohn.]

They're afraid because bitcoin is real threat and compared to transactions in banks, bitcoin has the safest way in transactions using blockchains. Government is quite scared of bitcoin because there are illegal activities and transactions going in there and they might not locate who is it.

[developno1]

The risk of losing the national finances is also a cause for fear. Bitcoin trading without third party interference is a threat to the market share of the user

[toreserve]

The government has no source of income across the country. This is a significant threat to their business. If we do not have the cost of the miners, People have lost economic freedom again.

[zhanyiguai261315]

The gambling currency speculation is prevalent, causing many bank users to put money into the currency circle, resulting in the reduction of bank funds and the bank's revenue;
The cryptocurrency cannot be controlled and supervised. Whether it is transfer or cash, the funds do not go through the bank, which reduces the market share of the bank!

[Jackolantern]

They are scared because understand that btc is really powerful and with time digital currency may replace even dollar. they don't want any changes and that's why feel scared to my mind

[Sowik]

I wouldn't say they are scared but rather tryig to keep the people save from scams for now, crypto will be adopted tho.

[cruz06]

 i think that maybe the government and the banks are scared of bitcoin is because of its power.  when talking about bitcoin its about a vey big business.  it involves so many people and so many money,  and that factor can affect the governments or banks if they tried to manipulate or banned the bitcoin. although there are some countries prohibiting virtual crypto currence,  i think it os impossible for them to control the people of using it. Internet is so broad and to powerful .