Why are banks and governments scared of Bitcoin?

[RasicaOla12]

The reason that banks fear bitcoin is because they fear bitcoin is a currency market turmoil and they will lose control of the bitcoin and they will not control them since they fear bitcoin.

[reality18]

The banks and governments are in for one thing and that is, to gain absolute control over the finances and all its transactions between the people in order to gain more power. Bitcoin and the Blockchain does not allow  that due to its decentralized mode of operation and as such Bitcoin takes the power back to the people.

[fairytale]

both banks and the government are scared of bitcoins because they dont have any controlled into it.Bitcoins are decentralized and goes into a blockchain where there are no intermediaries and consists of a series of chain of blocks which holds a number of data that are secured and can be manage by a number of people.Some government are thinking that it can also use it terrorism which i think it will not.They just want to have controlled in all finances in their localities.

[Strange9]

Because bitcoin affects the central bank of that country by directly or indirectly affecting the currency of their country

[doodle07]

Banks and governments are scared of bitcoin in the fact that bitcoin is a hard competition for them, knowing the fact that it is decentralized they will not get taxes from it. The fear that bitcoin brings to them is superb, maybe it will be used more than fiat by the time all of us have the knowledge about cryptocurrency especially bitcoin.

[spadaccino]

They can lose their power to control the whole world as they have been doing since the beginning. It's a crucisl point this situation because they have understood they can no longer defeat us , so they uave to join the world and take in consideration to adopt crypto as a real currency.

We're getting back HUGER guys!

[worldofcoins]

Since Bitcoin appears, many individuals speculators on Bitcoin instead of depositing their money in banks, which in turn causes the nation's banks to lose large amounts of money, so banks and governments fear. Bitcoin is growing and the number of Bitcoin speculators is increasing, which is not good for them.

Yes, its because  it pushes them into out of profit zone. Bitcoin would literally pull banks customers right from under them and why wouldn't people go for BTC when its all decentralised and with no government's control?

[bitfocus]

2 reasons

1- They can't control it
2- Bitcoin can destroy current government central-banking business

[Xalata]

Believe me they are not only scared of bitcoin but any thing that has to do with digital currencies and the concept of decentralization. The use of bitcoin and other digital currencies would make banks lose income because they cannot chage any fees or taxes on transactions of digital currencies. Let's not forget that when the banks loses the Government also loses at the end of the day.

[jocker00]

banks and government afraid bitcoin because of its many reason .there are many cause.some of them are given below,

=they afraid that many terrorist will use this method to transfer their illegal money across the world.
=they believe that it will control all the currency in the world if it published publicly .
=people will use this to invest rather than banks and banks will become bankrupt that's why banks are afraid.
=it will be available everywhere because of that many people can use this in bad way that's why government is does not permit this in many country .

etc there are many reason for not giving it permit according to everyone culture i think.

[nowlscor18]

Governments are in the money business. They create fiat money and are able to manipulate to serve all kinds of purposes. When you propose to use something other than fiat money as a store of value, the government can't manipulate or control it as well. If you were able to interact everyday solely in Bitcoin and lived in the US, the US raising interest rates to curb the money supply wouldn't have much effect on you. And banks get all their money by borrowing it from the government, so being at odds with the government is a bad move for a bank.

They got scared because they have the same intentions. Only that bitcoin is more helpful and can at least take away the burden of millions of people. It is like a cycle, people to government and to banks, and the other way around. They felt threaten knowing that bitcoin is more helpful for our economic growth nowadays.

[Dadaro]

Well bitcoin is a direct threat to the banks. With unhackable technology and no middleman no excessive fee for transactions and no one to control it but the people themselves? I think it's something that they really should be afraid of.

[Letty sits]

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?

.
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.

but that's not why the government has banned Bitcoin, some countries have banned it for security reasons. and also the great risk because the price of fluctuating and bitcoin prices can not be controlled by the government therefore some banks and governments forbid it.

[vonnyaries]

there are many scam and ponzi schemen in this cryptocurrency especially in bitcoin , i think government dont want this happen, because if this happen, inflation will happen in this happen, so the government dont want to makes inflation happen, so they will stop and block bitcoin in their country

[KIKI.loi]

because investing in bitcoin is very high risk. prices can go up and down quickly in just minutes. the government is not liable for damages. now just your courage. take risks or not, amid the uncertainty of bitcoin prices will occur double or bubble. look alert.

[Nanot]

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?

Banning bitcoins and also affraid to make thier currency be coverd up ..since bitcoin has the highest currency value it make other currency be cover..bitcoin also too expensive so that many currency wills spend while buying a bitcoin. So thats what the reason on how they banned and  maybe banks also

[account78]

"Why are banks and governments scared of Bitcoin?"
A pretty question !!!
For a very simple reason
Banks and other government organizations are not as close to bitcoin as they are about domestic finances.

[mr_enoc]

Simply because btc is the newest technology now and the banks are afraid that someday the people will used btc more often than money. Someday banks will not be needed my anyone because of the online transactions and transfer that we can do at home without their help.

[jake zyrus]

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?

Simple because they think bitcoin can be a threat to them since some people choose to invest in bitcoin rather than banks. And because they cant control it . Government thinks that bitcoin is a scam and it can only used in illegal transactions.

[joshuab028]

Okey, we all know that we can earn freely in bitcoin as long as we are knowledgeable on it. I think the thing they are afraid of is that, when the came that all people can accesed in it, they would not have investor already beacause they cant control it