Why are banks and governments scared of Bitcoin?

[emma.lee1890]

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?

[pragna]

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?

Actually at present time banking system need more employee to handle and if everybody use BTC or altcoin for their daily life many men will lose their job. So banking system are scared about BTC and crypto currency. But no matter, another system will come when everybody will use BTC in their daily life.

[Asebaby]

They are scared because of it is a decentralized nature of Cryptocurrency,this give them much concern because it need no third party for it transactions and the government will not be able to Taxes investors.

[MUGNIA]

banks and governments are afraid of bitcoin because it has the main reason bitcoin cannot be controlled for  the number of trades, the fixed price, and certainly the bitcoin owners usually do not pay taxes

[Moshaid]

One of the reasons on this is how versatile bitcoin is. Government and banks are in panic thinking bitcoin is here to outcast their existence which is not so.. If only they can see the potential behind it I think they should be able to open their door to such opportunity.

[Gastonic]

Government cannot get taxes on cryptocurrency that is why they are against with it and the banks will disappear when digital assets are used by the people.

[alyanov]

Maybe they are afraid of losing their income as a third party from a financial transaction, because the bank and the third party from a transaction receive a fee from the transaction, with the presence of bitcoin and altcoin, third parties are no longer needed with the concept of peer to peer from the third party, my opinion might be different.

[PRIBO247]

They are not scared of Bitcoin per say, just what it represents. To the government it represents a non income avenue because it cannot be taxed. To the banks, it represent alienation because once people adopt digital assets, banks services might become obsolete.

[Seeyy]

In my opinion, they are afraid of losing their income as a third party from financial transactions, because banks and third parties from transactions receive fees from transactions, with the presence of bitcoin and altcoin, third parties are no longer needed with the concept of peer to peer third parties, my opinion may different.

[Baroksz]

I think the government wants to reduce the risk of crime in the Cyber ​​world. because if BTC and Crypto are legalized, it is increasingly difficult to monitor if a crime occurs. The Bank and Ctypto are complementary, therefore the Bank should not need to be afraid of BTC.

[levyashin]

Actually governments are unproblematic about crypto they are looking way to regulate only.

But if crypto become mainstream the biggest hit would taken by the banks so they don't want to lose their huge profits as expected.

[vaysar]

Banks receive huge sums from the budget in the form of financial support. This is taxpayer money. Bitcoin can deprive banks and governments of such methods of enrichment at the expense of citizens, ensuring full control of the latter over their funds and becoming a protection for people. Bitcoin is still not accepted, because rulers are afraid of losing control over people.

[Bobcrypto]

In addition, decentralised cryptocurrencies such as Bitcoin, which work using blockchain technology, allow users to trade directly with each other without the need for a middleman. In today’s modern day commerce, a bank usually takes on the role of the middleman. Bitcoin has helped to remove this middleman obstacle and bring in freedom.

[Munareal]

Banks and government control the fiat currency with monetary policies but the cryptocurrency gives power to its user. Nobody either government or individual control the cryptocurrency. The government and banks will lose control if cryptocurrencies are used. They will not be able to generate their exorbitant fees with crypto

[kreiskleidolon]

some financial entities might broke down. others in the finance will also loose their job. if all people accepted crypto. there can be a chance of crisis or new birth humanity's easement. anomalies are on the other side waiting to be unfold.

at some perspective. it is quite easier using real hard money.