Why are banks and governments scared of Bitcoin?

[ambar33n]

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?

[Kiran Sehzadi]

Because banks and government wants something that they have control over. Where there are people who manages its every transactions and if something goes wrong they have someone to blame or accounted for. But with bitcoin it will never happened because of its decentralized nature.

[Noor Shafaq]

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?

Clearly because they want to monitor what you are doing in this world and use of crypto is something that can stop them to stalk on you. + They can't charge transfer charges on crypto transfer like they do on cash transfer.

[Najma zahra505]

actually the bank does not prohibit gan, because crypto can not be in control by the bank, but probably because there is no regulation aja so banks forbid .

[sibolis]

In my opinion scare is not the right word.  As we know, fiat currency is backed by gold but bitcoin backed by nothing.  They must be careful, fiat currency already tested for hundred or thousand years.  Bitcoin is new.  Banks and governments are not stupid, because they study in Harvard, Oxford.  Time will tell.

[Falcon]

The government couldn't interfere with crypto. That means they don't have benefits from it only the individuals who knows how the system of crypto currency turn into fiat. Without paying tax the beneficiary can withdraw the money. That is why government scared bitcoin of nothing to gain.

[Icon]

When people invest in bitcoins, they wouldn't be investing in banks and the banks will collapse. That is why they are against bitcoin

[Najmazahra404]

it is caused because the bank or bank company is afraid that if you do not use again the cash currency, and cash is not in use again, this is why the bank is prohibited, but crypto positive impact is also safe and not less

[Zahra99]

it is caused because the bank or bank company is afraid that if you do not use again the cash currency, and cash is not in use again, this is why the bank is prohibited, but crypto positive impact is also safe and not less

it is true that, in due to fear of cash can not be used again, and already no one's interest in cash, what more banks, to invest each month his money not bertqmbah even reduced, while bitvoin not decreased but even increased .

[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 Bitcoin is so popular and more profitable than banks. It is the reason why banks scared of bitcoin.

[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?

Bitcoin has many advantages. Bitcoin is the best payment method, Best of investment. It is the reason why banks and government scared of bitcoin. Because For Now Investor prefer crypto than banks.

[dekafee79]

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 many investor prefer invest in crypto currency than banks. The goverment alsa cannot controll bitcoin over.

[trofim21]

there is an explanation, because people who earn on it do not bring money to the state and this is simply not profitable for it

[Zuriel]

Because bitcoin is a big threat for them that their investors may switch their support from them to bitcoin.