Why are banks and governments scared of Bitcoin?

[uyenkt]

The government will not have a headache and the government will not be able to control bitcoin
Because the bank has its own management system that manages the finances and the government is afraid that this is the area for corrupt people.

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[HasiViraj]

The main motivation behind why banks and governments fear bitcoin is that they realize that innovation from blockchain is superior to anything frameworks claimed by bargain related banks so they fear losing clients on the grounds that if every one of the clients know about this they will begin changing to bitcoin and blockchain innovation. Banks and governments have cooperated to help the nation's reproduction and with government bitcoins feeling debilitated in light of the fact that they can not control the development of bitcoin costs so they don't profit by each exchange as they advantage from the bank.

[12tribes]

The bitcoin is a revolution and as such there must be a fear by the old traditional finance houses who see the crypto revolution as a serious threat to business as usual. the game changer is here and many who have enjoyed and profited from racketeering are about to be edged big time out of their shady business.

[amber deposit]

Because governments and banks fear bitcoin will disrupt the economy and will rival them. I think many governments and banks work together with the upper classes who control them.

[IndigoRed]

I wouldn’t say they’re scared. Just uninformed. The age of crypto will do to the finance world what the internet has done to information and that is, quantizing it and giving it ownership. These new decentralized applications will naturally create waves and skepticism within banks and governments. They’re free to use it, ignore it and adapt it to their needs. I am a firm believer they will see the light and embrace the many benefits of cryptocurrency.

[RenzCoballes]

There is nothing with these foundation like banks and government as dread in light of the fact that these foundation are the polar opposite of bitcoin framework. Bitcoin is decentralized association that is the reason banks and government couldn't coexist with bitcoin framework. You are simply getting some misinterpretation against these unified and decentralized type of framework.

[PJLimbo]

Banks and government are extremely terrified of Bitcoin and digital currencies since they will lose the inclusion as a broker between the clients. I prepare to stun the world US banks like JPMorgan Chase and Co. what's more, Bank of America Corp. will top the rundown on most terrified banks. The administration additionally need to keep the eyes on their subjects and need to appreciate the part of go between.

[stepman]

Bitcoin brings fair opportunities for general individuals. Anyone can join and invest as long as he is interested and he has capital. Also open transactions for all of them are hassle free safe and convenient compared to banks where every transaction is in constant scrutiny. This is the reason why bitcoin is popular and widely used by many people Anyone can join and invest as long as he is interested and he has a mode

[Tulanpa]

This is bcos banks and government strictly 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.

[Promipunit]

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.Government can not control Bitcoin.

[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

[zubrr51]

Banks and the government are afraid of Bitcoin because they have not fully understood its value and do not know how it can be applied.

[MrCrank]

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 governments are not right.
My opinion that main reason is profit of unemployed individuals and they did not paid taxes.
Also it use for dark market too.

[Tornadocrazy]

Because crypto in essence undermines their business. Basically, it's not about Bitcoin. Transactions and contracts in blockchain are faster and way more secure. The traditional banking structure becomes outdated and they cannot make as much money as they used to.

[Bitcoinislife09]

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?

Since bitcoin user's identity is anonymous, it is somehow better since you can freely transact with anyone anytime anywhere. Also, it serves as their competitor in investment. Though government prohibits its use because of the involvement of bitcoin in illegal usage.

[victorski]

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 governments scared of bitcoins because they not collect taxes of every user of bitcoin, we all know that every transaction of bitcoin is transparent, and even government and banks are not control every transaction, that is why bitcoin is still not accepted in some countries.

[hacsoi2799]

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?

State banks are afraid of bitcoin because Bitcoin transfer costs will be extremely low. If sent by Bitcoin (BTC) in most cases will be less than 1 USD. With the current charging formula, there is a $ 1 million charge that will be only a few tens of cents, even from anywhere in the world. Asking how well this affects banks . At the end of the year, a series of banks in Vietnam are competing each penny of money, up to the promotion to attract depositors. But now the virtual currency can help the sender spend only a few cents, can be traded anywhere, must be remittance companies "do not like this." Even before the BTC, the bank had a headache with informal money transfer channels, hand over money.

[Sakira72]

Not all banks, and not all government was scared on bitcoin, but maybe because bitcoin is very risky in a person who really don't know the nature of it. They are scared that one day, they would be replaced by block chain technology.

[Mcdacillo]

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?

For me the only reason I think why the government is afraid of digital currency like bitcoin is because cryptocurrency may overcome or may defeat or may surpass the fiat currency that we use today. Since there are more news that many people became succesful in using bitcoin rather than using the fiat money that you really need a hard work. Though we also need hardwork in cryptocurrency but the value is much higher than the fiat money.

[Lhaine]

Not all banks, and not all government was scared on bitcoin, but maybe because bitcoin is very risky in a person who really don't know the nature of it. They are scared that one day, they would be replaced by block chain technology.

If many people will see the worth of bitcoin for sure they will invest their money on it  and all their savings will get just to invest in on bitcoin so the bank costumers will reduced. I think bitcoin can be the most competitor of the bank.