Why are banks and governments scared of Bitcoin?

[Larrycool]

It is a Threat to bank because,  Banks generally charge fees even just holding our money. Bitcoin and other decentralised cryptocurrencies, actually allow people to trade directly with each other cutting out entirely the need for a middleman(bank). What's more, knowing that bitcoin has the potential to become a currency free of their control is remarkably a big big threat to their business. Adding all these facts, cryptocurrencies can potentially make central banks obsolete which is not good for them.

[buwad suka sili]

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?

Maybe because cryptocurrencies is decentralize in monitoring and not need any bank to manage like our Fiat money .

[Gankstard]

Maybe its because days like today. Every thing look way to volatile for banks and goverments to adopt in the current situation. When everything settles and is way more adopted they might think to participate and promote bitcoin as a viable addition to the world. Appart from that the bitcoin is still a treath to the current grip banks and goverments have on society.

[Steavenson19]

The existence of the bank is threatened. It's normal for a bank to hate bitcoin cause bank will not be needed. The government will also lose country revenue if everyone invests in bitcoin and no taxes. Bitcoin scares banks and government cause they are decentralized, paperless, fast transaction, secured, autonomous and advance in technology.

[edutBTC]

Governments wanna prohibit everything so i’m not even surprised when they try to ban cryptocurrency. On the other hand, banks want to have money control. They wanna dominate the economy somehow and they don’t want other alternatives like crypto.

[Neved1975]

The bitcoin is a revolution and as such there should be a worry through the vintage conventional finance homes who see the crypto revolution as a extreme chance to business as common. the sport changer is here and many who've loved and profited from racketeering are about to be edged big day trip of their shady business.

[provalentine]

Governments wanna prohibit everything so i’m not even surprised when they try to ban cryptocurrency. On the other hand, banks want to have money control. They wanna dominate the economy somehow and they don’t want other alternatives like crypto.

You are right to some extent but I think that everything is much simpler. Most people are afraid of change. And bank managers or heads of state are the same people who are afraid of change.

[arsenti]

They feel that crypto will make them weaker. But if rightly used I think crypto and banks can complement each other.

[moonami]

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, I think governments and banks are scared of bitcoin because they think that bitcoin will replace them in the future and they can't collect tax from bitcoin because bitcoin is decentralized. So they banned bitcoin to stop replacing.

[phanquan5111994]

Yes!!!
They may be afraid of something in Bitcoin !!!
May be a security issue !!
Maybe they are afraid that Bitcoin will die!
So they are afraid of that and are banned from using Bitcoin !!!
I think so!!!

[Elips1]

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 not so many countries that against with bitcoin because for nowadays the journey of cryptocurrency is continuosly improving.
Maybe you are believing the fabricated news from tv and internet.

[Kasliono]

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?

In my view, maybe the government think that the using of bitcoin can effect the economy of the countries, and It couldn't be controlled. So, it is so dangerous for the economy of the country. On the other hand, maybe the bank afraid of losing their customer and do not get money from fee payment from their customer because their customers are moving to bitcoin

[werner52911]

I've only heard of a few countries that have actually banned cryptocurrencies. These are mostly dictatorial governments. Many countries have introduced regulations to beat fraudulent ICOs. That's a difference.

But you have to keep in mind that the basic idea of Bitcoin, most politicians in the world, can not like. Banks and their businesses are part of political action.

So far, governments do not see any need for bans on Bitcoin and Co. It's going to be hard to enforce. But that does not mean that there are no regulations. The state wants to keep control and power over the monetary system.

[Boris_sahnevich]

Bitcoin is somewhat anonymous, which prevents the state from controlling the movement of finance. This makes possible the unimpeded withdrawal of money from the country.

[SBAWEJA2]

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?

ITS STRANGE, BANKS AND GOVERMENTS NOT TAKING RIGHT DECISION ON CRYPTOCURRENCY

[Cryptocb]

The main reason why bank and government officials are scared about bitcoin is because of the functionality, because is a digital asset, which no one can be predicted, because of money laundering.

[BennyK]

The governments and banks are scared of Bitcoin because it oppose their evil intentions of gaining absolute control over the financial transactions of the people. Bitcoin takes this power and give it back to the people.

[Loreto Padolina]

Bitcoin cannot stop that's why they are scared

[alex3.alex03]

It should be understood that even bitcoin in comparison with the monetary history, which was built for hundreds of years in the minds of people, is a very young project. No matter how you treat the crypto currency, but in any country it will compete with the state in the financial system.

[LoupGaroux]

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 that only the most wise from them are actually concerned about cryptocurrencies because all the banks with area of third world are thinking that cryptocurrency will pass and it's not an actual threat for them.