Why are banks and governments scared of Bitcoin?

[Claus]

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?

[jekjekey]

I think the reason is they lost their profit if the bitcoin price goes down many banks thinks about it because the value of digital currencies are not more trustworthy because of volatility itself.

[Angkoolart10]

I see the link here for your question. https://www.mirror.co.uk/tech/why-banks-hate-bitcoin-cryptocurrency-11433562

[Neechan]

It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. That lack of central authority is the primary reason governments are afraid of the cryptocurrency.

[Burdogs]

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?

Banks fear bitcoin, because they see its potential. Many banks have looked into the blockchain technology and are trying to replicate it...purely because the technology is so powerful and out-does all banks by people preference by far. The only reason bitcoin has not taken over yet, is because of the peoples unawareness of it.

[Nur sarimbit]

the government is not afraid. if according to the news I've read the government is still studying the positive impact and the negative side. for the country and its people. if a Bank with so many people investing in bitcoin is a possibility. the more people choose the bitcoin as their place of investment rather than investing in the Bank

[sugarchrisp]

They're afraid of it because it removes all their power in the world.  Governments and banks control wealth around the world, and can extract small amounts from every person millions of times over and over.  Bitcoin and other altcoins threaten that power.  I don't think it should completely eliminate banks or fiat currencies or anything like that, you still need to be able to pay to build roads and schools and things like that, of course.  But the banking industry should not have the power to basically tell you what you're allowed to do with your own money.  Bitcoin is the answer to this, the banking industry needs to be innovative to compete with it, and hopefully their fees and other bullshit will fall in line with cryptocurrency as the years go by. 

[Revofit]

maybe the government is still afraid of bitcoin because the price can not be predicted and tracked. if Banks Maybe they are worried about losing customers.

[Raboni]

Banks are centralized while bitcoin is decentralized. We can't expect good relation between government and bitcoin. As far as I know banks did not like bitcoin because they does not have profit from it.

[Niteroy]

I believe that their fear is justified, because Bitcoin could replace the existing financial and become digital money. But governments and government institutions continue to study Bitcoin, just the article I shared shows the attitude of European governments towards Bitcoin and cryptocurrencies.
https://www.altcoinstalks.com/index.php?topic=31126.msg152344#msg152344

[MelchiZedek]

I think governments and banks are in the first place not willing to adopt bitcoin  because of its decentralization nature. You know that these two groups want to be in control. Also the price fluctuation of bitcoin is one of the reasons and this one is a good reason. In case bitcoin is adopted to replace fiat currency, inflation will worsen due to the fact that its price is volatile. The prices of items had to be constantly changing to meet the price changes in bitcoin.

[rizqillah]

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 bitcoin is so popular and more valuable. many investors use bitcoin for their invest. It is the reason why the goverment and bank scared of bitcoin.

[therozaq]

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 The goverment cannot control bitcoin over and the banks afraid they lose their investor. Bitcoin is more profitable than bank.

[Mbah Jenggot]

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?

Many investor used bitcoin to invest their money transaction with bitcoin. Bank will lose their investor. It is the reason why the banks scared of bitcoin. Government afraid the bitcoin can be used criminal and also their banks lose investor.It is my opinion.

[Master107]

Banks and bitcoin goes in opposite direction. Basically it won't be nice to each other. No good relation to lift up the partnership if possible.