Why are banks and governments scared of Bitcoin?

[iwuwi12ueiei212]

Governments control fiat currencies. They use central banks to issue or destroy money out of thin air, using what is known as monetary policy to exert economic influence. They also dictate how fiat currencies can be transferred, enabling them to track currency movement, dictate who profits from that movement, collect taxes on it, and trace criminal activity. All of this control is lost when non-government bodies create their own currencies.
That why they afraid bitcoin.

[Rooster101]

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 all banks are prohibiting the use of cryptocurrencies because some of them are planning to make their own cryptocurrency in the future. Some banks also welcomes the increasing use of these virtual currencies and they are already studying it for possible use by their clients. Many banks are planning to fully digitize their operations and promotes cashless transaction that uses virtual currency. Other banks are still banning the use of cryptocurrencies because of its decentralized nature but they will eventually accept it if go into full mainstream.

[andika2018]

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.

If its about money laundering or criminal activity, paper money can used for that. Bank and government afraid on cryptocurrency because they can not controll the supply and the price. For banks, bitcoin is a threat because peoples can open wallet as they like and dont need banks for transaction when using bitcoin and its saving a lot cost

[kangkilokang]

fear only applies to governments and banks that are non-proactive, I believe if in the end they want to be directly involved and conduct research, there will be no negative things.

It is only natural that the government is afraid because if they do not master it, they will be afraid to be responsible to the people who will become active users. every problem will not be resolved, crypto system is very different from fiat financial system, I think they have no experience and only look from the outside so that they behave like that.

[menoharrison]

Governments may fear Bitcoin because its value is determined by users and not  the Government. They use central banks to issue or destroy money out of thin air.
Bitcoin, the “people's currency,” has the capacity to become a new currency, free of the influence from governments and big banks. Bank also fear of losing control, The goal of any company providing bitcoin services is to help those who can not open a traditional bank account.

[beryziq]

I think banks and governments are afraid of Bitcoin because they misunderstand bitcoin. they think that bitcoin will be difficult to regulate. whereas, actually, if only they understood that actually bitcoin was not much different from other money that could follow the rules that apply in a country.

[OffGrid54]

Government doesn't scared of bitcoin rather governments are thoughtful about it and the banks are scared of bitcoin because day by the users of bitcoin increasing.

[Uyiosarugue1]

Governments are scared of bitcoin because they feel they can not control it

[sagittarius1]

Bitcoin is essentially a danger or a major contender for banks and government.Bitcoin brings reasonable open doors for regular individuals.Anyone can join and contribute for whatever length of time that he is intrigued and he has the capital.

[nancyjewelmcdonie]

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 too. On the off chance that you could associate ordinary exclusively in Bitcoin and lived in the US, the US raising loan costs to check 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. As we as a whole realize that Bitcoin and digital currency is depend on the blockchain innovation which depends on the standard of decentralization. It's tied in with taking without end control from the brought together controlling specialists and exchanging it to the clients. Then again, governments are ravenous for control, they need to control each and everything in your life, blockchain based monetary forms won't enable governments to direct it so you will be the real proprietor and holder of your riches and nobody can meddle in it without your consent. That is the motivation behind why the banks and governments are terrified of Bitcoin. It's sensible that banks and governments are terrified of bitcoin. Banks are terrified in light of the fact that fewer and fewer exchanges goes through them which implies less cash for them as far as bank charges that they get from exchanges and Governments are frightened on the grounds that they won't get the opportunity to get impose from these exchanges. In any event not presently yet Why, for what reason do you think all that you read on news site or watch in TV?

Everything is only a hallucination they need you to see, nobody is frightened and in actuality goverment needs bitcoin.

What do you think, for what reason is war in syria, iraq and so forth? How do a few psychological militants have weapon? Since each weapon has it's serial number which is controlled however psychological oppressors still have it. War is on account of it's an awesome for illegal tax avoidance and bitcoin is potential sponsor of everything.

[RyhaniFoyej]

Bitcoin prices always goes up and down. When the price rise, the investor or holders get a huge profit. But  when the price goes down they fall in lose. This is the main issue for their scare. They think if they invest in bitcoin or accept bitcoin as a transaction system like other fiat currency then they cannot handle it like the fiat currency because it is not their under. Also nobody knows who is controlling it. For this reason banks and governments scared of Bitcoin.

[tazmannia]

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?

And why do you think that banks are afraid to work with bitcoins, they just do not know how to work with it! It seems to me that soon the banks will issue bitcoins on credit, and receive % will be in the Fiat currency. That's why you think banks are afraid, they just think how to make sure that the Fiat system does not collapse.

[Austin143]

Haha yes truly indeed. For me it's because the first reason is they can't control it or imply their own rules over bitcoin so they are afraid losing much money and gained nothing but bankruptcy in their end.

[fighter55]

I think they afraid of bitcoins because they can get taxes to it.

[lonerangerh]

simple. They are the third party under the supervision of the government and control the exchange of financial activities. Bitcoin will deplete the third-party value because the bitcoin is validated by the block chains in the network. auto validation. I think. What is important is our thinking. 3rd party is really important

[Kennedy]

I think most governments and banks don’t want people to get wealthy as an individual. Their all job is about money (banks) and if people get wealthy so much, they don’t even need them and it effects the profit of banks in a negative way.. It’s a simple idea but it’s kinda true.

[GotNow]

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 idea why they don't like crypto currencies because they are affraid that they lost their costumer and maybe if the crypto currencies will be famous all over the worl, the bank will bankcrupt of least costumers.

[binting]

many unemployed individuals were beginning to uplift their way of living because of their dealings with cryptocurrencies doesn't expressly say why it is banning the use of bbitcoin...governments are afraid of losing their tax revenues as they would not be able to trace the bitcoin transactions they are keen to ban cryptos they have started to suffer losses in revenues which they got from transactions and remittances  they fear that in future people would totally avoid depositing in banks and would just buy bitcoins which would be a huge loss for them they ban the accounts elated to crypto trading...

[reality18]

The banks and governments are afraid of the decentralized nature of Bitcoin which eliminates the function of any middle person or authoritative body which may interfere with transactions. Bitcoin operates on a p2p hub which takes the power back to the people.

[renggileh]

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?

they are afraid of the way the transparent blockchain system works, all activities are recorded and cannot be deleted.
the reason why many countries are against bitcoin, if for example a country applies this system there will be no more corruption.