Why are banks and governments scared of Bitcoin?

[ParveZ219]

Mainly because the drug peddlars,gun smugglers,dark web everywhere all the transactions are done by cryptocurrencies even the government is not having the power to trace those transactions as bitcoin is anonymous...then can only do is to ban bitcoins...and bitcoin only depends on the internet so there is no question of controlled by the government.

[Bulljcak]

Bitcoin is basically a threat or a big competitor for banks and government.Bitcoin brings fair opportunities for common individuals.Anyone can join and invest for as long as he is interested and he has the capital.

For me,its either btc a threat or not people have a choice to where they will going to invest.I will go for both btc and a bank.The more investment,the more profit.

[Chooroz]

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,

The reason why there are some banks and goverments are very scared of bitcoin is because the future of bitcoin is really good and many people now in different countries is starting to have a huge interest investing in bitcoin that's why they are afraid that people will choose to put there money on bitcoin over than the banks.

[Carlos Caprio]

One of the strengths of government is the ability to control the currency in the country. While banks are financial operators that interact directly with the community. For bitcoin, the government can not control price or turnaround because everything is online, and globally. So, if bitcoin will be used more widely in the world, governments in every country must make rules governing bitcoin.

[buttonmc]

Government and banks need to know and have control of your money and know who you are. People in real time want to be independent from all of that, so they decide to invest into bitcoin and work with it.

[stewart2012]

There are bunch of reasons for banks and governments to scared. And i see you already wrote some of them, lol. Governments are dealing with lots of problems to hold a country in a good circumstances so it’s not that easy for them to accept crypto so soon.

[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

[rezurect]

They can currently control their respective currencies, they love that. Would you be scared if something uncontrollable comes into play?

[Bella Thorne]

They can currently control their respective currencies, they love that. Would you be scared if something uncontrollable comes into play?

For me banks are scared to bitcoin because a lot of people now is getting known bitcoin and a lot of people now are want to invest on bitcoin over than the banks and goverments are scared are really afraid on the best crypto  because they can not control bitcoin.

[anil_saini01]

They are scared of being replace by crypto if more and more individuals in their country start to use crypto and not what the banks are able to offer they will slowly get forgotten and being replace. I am also not sure of why so many banks are afraid of crypto as we will still need banks for other purpose.

[Tapyaks72]

They are scared of being replace by crypto if more and more individuals in their country start to use crypto and not what the banks are able to offer they will slowly get forgotten and being replace. I am also not sure of why so many banks are afraid of crypto as we will still need banks for other purpose.
Because

Banking system is totally different but for  sure bitcoin is big nightmare to the banking system, in which blockchain technology will make banking system no place in the system.

[A Feeder]

Many countries are still not accepted bitcoin because their government is banned it. Bitcoin brings fair opportunities for common individuals, that why governments is scared of bitcoin because they worried losing their tax revenues as they would not be able to trace the bitcoin transactions, the government can't manipulate or control bitcoin.

[corariku]

i think crypto are empowering people. they giving greater manage to user which government relaxed with. the usage of crypto the dependency of human being on government money is reducing and bank don't like tools that take the manage over human far from them.

[Pepito Manaloto]

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 can all observe, bitcoin can do what banks and governments do in a more beneficial way for the citizen. Banks and governments are threatened by bitcoin since people might end up patronizing it sooner or later making it harder to enslave all of them. We are slave from the fees banks are requiring us and also by the abuse government is doing to us always.

[anil_saini01]

They are scared of being replace by crypto if more and more individuals in their country start to use crypto and not what the banks are able to offer they will slowly get forgotten and being replace. I am also not sure of why so many banks are afraid of crypto as we will still need banks for other purpose.

[novikov433]

They are afraid that all transactions will become transparent, since in 2025 all transactions will be fully automatic, which completely undermines the traditional system. I think that this will be better for everyone, since the users themselves, and not the banks, are responsible for their own funds. In addition, the additional advantage will only be in proven sources, and it will be possible to analyze the statistics of the movement of other people's money.

[Quinaquen]

government scared bitcoin because it would be impossible for them to steal money from its citizens via taxes and inflation.

[aqrulesms]

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 would not say that they are scared about cryptocurrency but they are concerning that those individual that you pointed out who will earn from cryptocurrency are not paying taxes, so the economy of country is harmed about that.

[Luthfiyaaa]

I think banks and governments are afraid of bitcoin because prices are unstable and difficult to control. they are afraid that if bitcoin continues to dominate the cryptocurrency market, government income about investing in digital currencies will decrease because there is bitcoin. bitcoin also affects people to invest in bitcoin because of its large profits, which maybe also reduce people to invest in banks or government businesses.

[perova93]

I believe that for the government as well as for banks, global changes are terrible and do not know how to start working with such innovation as a crypto currency, well, the most important thing is to be afraid that the economy of the country has not collapsed.