Why are banks and governments scared of Bitcoin?

[frankydoodle01]

Banks are not just scared of Bitcoin but with all crypto and altcoins as well. Why? Because there would be no more centralization of money. They won't be able to hold the people's money anymore and their business will fall quickly. However, if they will adopt this and ride the wave, FIAT and cryptocurrency could live together because banks could still have the custody of money if in the future cryptos are the way to pay and receive payments worldwide if they have still the private keys of their customer.

[@Royale]

Bitcoin along with all cryptocurrencies are decentralized [allowing people to trade directly with each other. No need for intermediary], anonymous nature, and beyond the reach of tax authorities. That's why Banks and governments across the world are highly skeptical to cryptos. These qualities poses a sure threat to their authority, as well as their revenue streams but most especially their very existence. Cryptocurrencies are something truly beyond their control.

 
 

[pelana vreo]

I support cryptocurrency because the crypto transaction system is very fast and better than the bank.
If the bank rejects crypto, the progress of technology will not develop.
I understand the banking system why they reject crypto, because they will lose a lot of their customers because of the better crypto system

[Abiodun]

Bitcoin is basically a threat or a big competitor for banks nd government. Bitcoin brings fair opportunities for common individuals. Anyone can join and invest for as long as he is intetested and he has the capital. Also the transaction is open to all it is hassle free safe and convenient compared to bank where every transactions is in constant scrutiny. This is the reason why bitcoin becomes popular and widely use by many people all over the world and with this banks and government are seeing bitcoin as a threat and a competitor especially that they cannot control nor profit from it. 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 dont think cryptocurrencies or bitcoin is a threat to the government, and another thing about bitcoin is that it's very decentralized and it's not profitable to the government what's so ever unless it's been regulated and moreso, if its not regulated on time it will also reduce the authocratic power of the government and this only should be the only reason why the government dislikes it..

[tonymillions84]

before the advent of banks, trade by barter and the use of precious materials was the only of of payments.  technology has can the modern day world. everything revolves around money. the banks has been the number source for fund but it is centralized. the governmnet and rich people has a say on the bank. bitcoin breaks the barrier between the poor and the rich. everybody has an option. bitcoin is decentralized. nobody controls it. this the mean reason the government are scared of bitcoin.

[VladEx]

They are scared because Bitcoin and other altcoins don't belong to them, they can't control cryptocurrencies