Why are banks and governments scared of Bitcoin?

[mark 5]

Think that you run a factory and a revolutionary machine is built that makes your older machines obsolete, than will you feel threatened by it or not? Similarly the decentralized nature of bitcoin threatens the monopoly of governments and banks over money and that is something that they fear very much.

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[InboundMercury]

Governments are not scare of bitcoin they are still unclear about the conception of butcoin and banks consider bitcoin as their enemy and they think it may replace banks.

[Walionn]

I think that the government sees bitcoins and other crypto currency as a factor that can cause a much greater problem for their country, bitcoin is used in illegal online transactions that can not be tracked. Also banks do not like bitcoin for the reason that bitcoin takes away their work.

[thevlox]

They will lose their power to bitcoin the way they are and bitcoin who they are afraid of because bitcoin does not have to pay tax on his own here. but banks and govenment wants tax reciprocity Banks and governmet want to issue power on everything but it is not possible in butcoin. Power on bitcoin is not possible to run.

[Verde_Mantis]

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?

Until now they knew they could do whatever they want but if bitcoin goes mainstream it's a problem for them, because they have no way to control it, they can't print bitcoin of fake the transactions.

[semutracing]

In my opinion, governments and banks are afraid of bitcoin, they may feel that they have a new competitor in it.

crypto bitcoin currency is not a competitor of local currency controlled by government banks, bitcoin is a technological advancement in banking, we all need changes in technology to grow forward, and bitcoin is one example

[merrillolive]

The fact that the BTC is so vigorous that the market share of the bank makes the world economy stand out because of its rapid growth.

[jhonnydeep87]

Every individual is free to be able to join and transact bitcoin easily. Many people get rich because of bitcoin. It really can be a big threat to government agencies and banks do not control every transaction by them. Bitcoin is a threat to their economy because of that resources are contracted globally.

[SummerBliss]

because cryptocurrency is giving an alternate monetary system which is out of their (govt and banks) control which is indeed scary for them. They manage the central economy of a country. Something like cryptocurrencies which gives anonymity and ownership to the hodler is of course a thing of concern for central authorities. Many are trying to regulate it as they can't really effectively ban them.

[Nasonn]

Banks are afraid that Bitcoin and other cryptocurrencies will replace the banking institutions and people will no longer have need for them, Governmennts on the other hand are afraid of Bitcoin because they can't control it the way they do fiat.

[florianuhlemann]

cryptocurrency will still weed out the lazy and all return to their work. therefore, bitcoin will not change anything for those who are not used to studying and learning

[Rony24h7]

I think there are lots of countries out there who are accepting crypto coin as a new currency and they are upgrading their money system in a new form so they can be used to with modern and digital world and I think its the right thing to do that.
Otherwise, we see many countries in the world who are really afraid to accept this coin as a currency even their banking system also very afraid to approve it as a modern currency.
There are many causes behind it so that banks and countries are afraid to approve this as a currency. The 1st cause is they don't understand this currency and they are not willing to do that they think this system will harm their economic system and take over the money form them.which will not gonna happen. So they should learn about this to kill their fear.

[Zalaster]

Do not worry, when banks and government will find a way to subordinate bitcoins and regulate its price, they will stop fearing it. Other reasons I do not see.

[pedropenduko001]

They aren't afraid they're just greedy for control over it but they can't do that because bitcoin is made to be decentralized

[MIZANUR5033]

I love to start this answer with one of my favorite quote and this is “PEOPLE FEAR THOSE THINGS WHICH THEY CANT UNDERSTAND”. See the matter of btc is the same for the people who are fear this new and the most advance system of currency. Now they are not realizing this thing important but very soon they are going to hire people to understand this simple thing. Many banks and government do not allow this coin because they think this coin will take over the cash system which this coin already did. So it will be very wise to accept this coin and be modern, peace.

[naveenchandradasa]

Government is doing finance business. They are made with money-notes and can perform all kinds of tasks. The government can not control it when you suggest that you use something other than fight currency as a valuable store. As well all the international dealings can't be tracked. If you live in Bitcoin every day, the interest rate increases to control money supply will not have a huge impact on you. By getting loans from the banks, banks will get all the money. Hence, reaching an agreement with the government is a bad step taken by a bank. Therefore in 3rd world countries put their steps to ban Bitcoin in their areas.

[BCTalkaccountforsale]

Cryptocurrency has brought about tremendous potential for changing the history of the existing trading and trading system; The central bank will pay great attention to this technology. There is even an apathy, of how many people still take a negative view of adopting a new technology. But their fear is perfectly reasonable, as Bitcoin and the Blockchain technology system will likely lose the power of some of the forces that have controlled the financial system over the decades and opened up the muscle. Fellowship for the vast majority of people.

[solkinsolali]

The governments are not really scared of Bitcoin. Their main concern is the fact that some people may be exploited as a result of the cryptocurrency system. The banks on the other hand are scared that people will no longer depend on them with the emergence of Bitcoin and cryptocurrency.

[wall101]

i think they're just unclear what bitcoin concept is and they don't have power to control it so they just don't like the idea of decentralization

[112tigra112]

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 they do not know how promising this currency is. It seems to me that they think that this is something absolutely uncontrolled and not backed up by the coin, and that sooner or later it will all collapse. Or, on the contrary, they are afraid that people will be able to pay a crypt currency and the state will not be able to hoard it in its pocket.