Why are banks and governments scared of Bitcoin?

[Reza1893]

actually, banks and the government are afraid if many people are turbulent due to Bitcoin or cryptocurrency problems. Because we realize and know that cryptocurrency is very volatile. And this is very risky for ordinary people.

[Harz58]

The government and banks are scared of Bitcoin because they have no control over it. Cryptocurrencies are a threat to banks because it challenges their very existence. I think this is one of the reasons 'Satoshi' 'Nakamoto' chose to be anonymous because the government could have charged him of commiting a crime with his invention. When people use cryptocurrencies the monies that would have been channeled to banks are now directed to cryptocurrencies. So if this goes on and on they may end up having less patronage.

[Skieleton]

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?

Jamie Dimon, chairman of the bank JP Morgan, did not pick up words, commenting on the increase in popularity of bitcoin. In his opinion, the virtual currency is a scam, and governments will sooner or later take up the cryptocurrency market.

Why is this happening? Because they are afraid of him ...

[avoxosuccesful]

well i the government has been the one and people that are in charge of monetry and fiat currency, they basicslly handle the economy and can also manipulate any how they want to. bitcoin is a threat to the government and banks because they cant control the systerm, bitcoin has actually turn the minds of some investors from banks because the platform is trust worthy and you can invest as long as you can.

[Kay94]

They are afraid because they the want the decentralized nature and also they think its one of the currencies to evade the whole world very soon.

[Zebulun18]

Governments are in the cash business. They make fiat cash and can control to fill a wide range of needs. When you propose to utilize an option that is other than fiat cash as a store of significant worth, the legislature can't control or control it also. In the event that you could collaborate ordinary exclusively in Bitcoin and lived in the US, the US raising loan costs to control the cash supply wouldn't have much impact on you. What's more, banks get all their cash by getting it from the administration, so being inconsistent with the legislature is an awful move for a bank.

[Eugenar]

Actually, governments are not scared but is worried on making Bitcoin and other cryptos a legal currency due to the market volatility which would give risk to the users. The market value of a currency should be stable in order to have equality un the market and it happened that cryptos are naturally volatile. Also, cryptos are decentralized which means government can't take control of it.

[jumail]

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.

Especially with a decentralized system that causes bitcoin cannot be controlled by the government. There are also those who argue that the government is worried about risk, prices that are easy to change, until its abuse as a tool of crime. But that all I feel has not yet been proven, yes some kind of speculation.

[OSEIBOATENG]

Many countries are against BTC because they know cryptocurrencies are the next revolution and that it will take over the fiat currencies is some years to come and they don't want it that way. Also, they are afraid of its decentralized nature.

[Joeyvicky]

Can you truly see it is obvious that they would definitely loss control and touch of our currency. At least the citizen would perfectly be absolutely and autonomy over their hard gain currencies. For example the investors at the bank always become and fall victims at the mercies bank rules which are put in place by government. To them they would struggle with such control and power over bitcoin.

[Hundian]

Because governments are scared of what they cannot control. So due to decentralization of bitcoins so many governments and banks will remain same.

[zxl912157]

Banks and the Government always want the best for the people.
Bitcoin is very anonymous for every transaction.

The Bank and the Government want to have a real look (personal data) for each transaction for its customers.

[Jay51]

actually, banks and the government are afraid if many people are turbulent due to Bitcoin or cryptocurrency problems. Because we realize and know that cryptocurrency is very volatile.

[yoshua27]

because for governments and countries bitcoin does not have a real form so they consider the value of bitcoin to be zero or of no value

[gohan21]

Most of the countries or other governments do not know about bitcoins at other altcoins they have not yet learned about this because of the welfare of their country's survivors so many are still afraid of such things.

[bapetdik]

I think the government and banks are afraid of bitcoin because bitcoin cannot be controlled and bitcoin is anonymous. So maybe that's the reason banks and governments are afraid of bitcoin. I believe that someday bitcoin will be accepted by the government and banks.

[wallstone]

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 they are not afraid on bitcoin , but they are afraid on people who choose to used bitcoin in illegal way. They are not able to control or manage it thats why they cant look for people in bitcoin because bitcoin users are anonymous. Maybe some of them really dont know anything about bitcoin.

[SeVenlast]

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 they are not afraid on bitcoin , but they are afraid on people who choose to used bitcoin in illegal way. They are not able to control or manage it thats why they cant look for people in bitcoin because bitcoin users are anonymous. Maybe some of them really dont know anything about bitcoin.

That's just one of the government's fears about Bitcoin that will happen but Bitcoin is indeed a freedom that you can do with your own money.

[Innerpumper]

they are very scared if their system was replaced by the blcokchain, the blockchain technology. Therefore, they banned the use of bitcoin and perform various FUD about bitcoin

[makanele]

Bitcoin is something that is anonymous, not clear who does it, the government is scared of bitcoin because it is decentralized and nobody can control it and the transaction is tax free will be a termite a major threat in our growing economy and also a major threat to our citizens and our public security. illegal transactions.