Why are banks and governments scared of Bitcoin?

[cjmalicious]

Bitcoin is fundamentally a danger or a major contender for banks and government. Bitcoin brings reasonable open doors for normal people. Anybody can join and contribute for whatever length of time that he is interested and he has the capital. Likewise the exchange is available to all it is without bother protected and advantageous contrasted with bank where each exchange is in steady investigation. This is the motivation behind why bitcoin winds up prominent and generally use by numerous individuals everywhere throughout the world and with this banks and government are considering bitcoin to be a risk and a contender particularly that they can't control nor benefit from it.

[anilsaini.jaipur]

Yes, they are afraid of a thing that is decentralized. 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.

[eyyou]

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?

As we as a whole realize that Bitcoin and cryptographic money is depend on the blockchain innovation which depends on the rule of decentralization. It's tied in with taking endlessly control from the unified controlling experts and exchanging it to the clients. Then again, governments are ravenous for control, they need to control each and everything in your life, blockchain based monetary standards won't enable governments to manage it so you will be the real proprietor and holder of your riches and nobody can meddle in it without your authorization. That is the motivation behind why the banks and governments are frightened of Bitcoin.

[Rustandy]

The government controls the currency. They use the central bank to remove or destroy money from thin air, using what is known as monetary policy to exert economic influence. They also dictate how currencies can be transferred, allowing them to track currency movements, dictate who benefits from the movement, collect taxes for them, and track criminal activity. All of this control is lost when bitcoins are allowed.

[puruntung213]

For me i think the reason why the government and the banks afraid in bitcoin its a virtual money and if you using cryptocurrency now a days theirs no need to keep your money in a bank and the government is the one who handling the currency

[mdrakibul]

Bitcoin is not like banks and government. Centralized and decentralized is so different. The big difference makes banks and bitcoin contradicting to each other. Government wants to have income from banks. Bitcoin's a bit complicated and governments might be clueless on how it really works. The issue on How to impose taxes on it and maybe how to control or regulate it. Anonimity is also one of the reason why some government prohibits the use of bitcoin from their country.but, future will change human perspective, let see who will win, bank or cryptocurrencies.

[GawirZZ]

probably because bitcoin is very easy to access and get because the government is afraid of bitcoin and one of the factors is because adaladh bitcoin is the currency of transfarance if you lose it you can not prosecute legally.

[Azha]

  Bitcoin is actually banned in many countries. The reason that any country is banned is not suitable for it in many countries. Maybe it may be the reason for banning it. I do not know if there is any other reason. 

[Yazrielle]

The bank doesn't expressly say why it is banning the use of Bitcoin but rather highlights regular forms of payment. 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.

[Lazykarl]

In opinion,bitcoin is centralized and the price can in addition to alter at any period following than price increases and price reductions that can not be regulated by banks and doling out.with the high bitcoin prices cause many people to go without share from the bank and invest it into bitcoin

[Tashi]

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?

Well, Bitcoin is decentralized, by means of decentralized meaning no government or banks are controlling it. Addition to that is they think that it is risky since it fluctuates.

[vvaswert]

The increase in bitcoin may be a factor in creating stability rather than destabilizing the current financial system.
But at the present time, some governments and big banks do not see things that way.

[Subwooferred]

While some governments are scared, in some countries, the government is looking for a way out of the situation
According to John McAfee, Ukrainian Authorities Agree to Regulate Bitcoin and Other Cryptocurrencies as Financial Instruments.

https://cryptonewmedia.press/2018/07/22/ukrainian-authorities-agree-to-regulate-bitcoin-and-other-cryptocurrencies-as-financial-instruments/

Of course, a government needs taxes as much as fish needs water. On the other hand, crypto community needs certain legal protection. Let's hope it brings us closer to the future where we all have more freedom and don't have to hide away with our digital gold

[Almirante3]

Bitcoin's rapid growth in value, as well as adoption and general acceptance, led banks - and regulators to become very nervous and instigated some unthinking reactions. These reactions are, however, simply stating that Bitcoin is a legitimate disruptive threat.

[gesdan]

government and bank is not accepting bitcoin because of they afraid if the bitcoin is distributed and legal in their country it will affect the main currency in the country so they don't want to that happen so they banned bitcoin and makes their country is clean from bitcoin and other cryptocurrencies that can't regulated

[spider15]

I think they are afraid that bitcoin may overtake the fiat currency totally. If that happens banks will be useless and government will have no income.

[angchosenone]

Bitcoin is essentially a danger or a major contender for banks nd government. Bitcoin brings reasonable open doors for normal people. Anybody can join and contribute for whatever length of time that he is intetested and he has the capital. Additionally the exchange is available to all it is without bother sheltered and advantageous contrasted with bank where each exchange is in consistent examination. This is the motivation behind why bitcoin ends up mainstream and broadly use by numerous individuals everywhere throughout the world and with this banks and government are considering bitcoin to be a danger and a contender particularly that they can't control nor benefit from it.

[Jay51]

Because bitcoin is centralized and the price can in addition to alter at any period following than price increases and price reductions that can not be regulated by banks and doling out.

[Ladyechy]

The government and the banks do not get any from the bitcoin circulation in the country. There is no tax binding on bitcoin transactions, freedom will be very detrimental to banks and governments. Not to mention the lack of legislation to regulate bitcoin.

[taxli]

This thing is very relative because band in my country is not even thinking about cryptocurrency and they do not recognise it as something important that you need to pay attention to,