Why are banks and governments scared of Bitcoin?

[strideynet]

I think they are not afraid, but try to protect ordinary people from risky actions

[1715264883]

1715264883

[1715264883]

1715264883

[1715264883]

1715264883

[1715264883]

1715264883

[1715264883]

1715264883

[travelgear17]

government and banks desired to maintain the whole lot that's related to business.they're scared from bitcoin as it appears a big competitor for them.

[idex100]

having control over everything is one thing the government cherishes a lot, Government feels bitcoin jeopardize such if it is allowed to thrive, that is why they are scared of bitcoin

[moschinot]

due to the fact that there is no crypto currency in the banking sector, it is unprofitable for them to give live to the crypto-currencies and thereby to take profits from themselves

[olgafox0404]

I think that they are afraid that they will not be able to impose bitcoins with taxes when they are used by all

[george888055]

Bitcoin offers an alternative to the conventional, state-sanctioned banking system. Maybe that's why powerful institutions are so wary of it

[aladlanie04]

i feel banks scared of bitcoin  only for the reason of remittance fee because sending the money to other countries banks can deduct the fee of remittance ,  but bitcoin can send anywhere in the world with less fee they can convert money anytime from website and take money . banks also not transparent sometime holding hiding money from big people   its good banks can use blockchain then it will be so transparent.

[jigsaw97]

government and banks desired to maintain the whole lot that's related to business.they're scared from bitcoin as it appears a big competitor for them.

and they are just think of this currency as an enemy and the thing that are compete them to go through for this currency , well it was been look like this but definitely it was not cause i think that there is so much thing that are good to have this currency and this is not as what the thing that most banks and governments think of this for.

[richman3451]

banks and the government want to have total control over each person to know the income of each and tax them and crito world to each person gives independence from their total control from here and the ban on crypto currency

[John vera]

Because more and more people feel interseted in bitcoin than fiat currency.
 

[PiPiNoooo]

Because for banks they thought that bitcoin will ba a great treat to their financial stability, because bitcoin can offer a great profits to the investment of bitcoin ,and for the government they  like to impose policy to the bitcoin and have supervision on the activities of tne bitcoin.

[UmitatsuKen]

Bitcoin is not controlled by any organization or any individual person. It is a peer to peer transfer. Bitcoin is a digital form of currency. So many countries have banned bitcoin, And also the government thinks it might be used for illegal activities. So they are still afraid to accept Bitcoin.

[federicho]

I think that's because basically bitcoin is a digital currency that is risky, it does not have an investment assessment base. Then, this currency runs the risk of money laundering. the last point is this possibility will be able to create a bubble.

[maloibtc]

I don't think that it is the right word, they aren't scared but btc can prevent them from having an opportunity to control everything. To my mind, it is necessary to define who you are with and defend your standpoint

[Maymuna]

Bitcoin isn't like banks and government. Centralized and redistributed is therefore totally different. the massive distinction makes banks and bitcoin contradicting to every different. Government needs to own financial gain from banks. Banks needs the protection of presidency so as to own a lot of security just in case there'll happen unnecessary  things. There area unit significant issue in each teams as a result of terribly contradictory in our society. Thanks why governments and banks doesn't like bitcoin.

[luffyzxc]

I think why are banks and goverment scared of bitcoin, because they know bitcoin is scam or anything than that, and bitcoin is a so big competitor for banks and goverment, Bitcoin brings fair opportunities for common individuals, and so being at odds with the government is a bad move for a bank.

[lehuong]

Government and banks are afraid of bitcoin because bitcoin will cause them to lose control of the market. For example, if there is no bitcoin then the financial transactions for banking and banking will However, with bitcoin, you do not need a third party to trade, so the bank will lose the profit margin.

[VUKIMTHAO]

There are many reasons why governments and banks do not accept bitcoin. But the main reason for me is that it has a certain effect on the fiat value

[Yadamosan]

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 are scared, they are scared because they  can't control people or they can't get tax from bitcoin and they afraid to be down because government officials is greedy to get peoples taxes even the people can't afford it. As if now many people can't afford the standard because of the tax.