Why are banks and governments scared of Bitcoin? - page 22.

Dark_raven007

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Quote from: ladyinredcoins2018 on April 28, 2018, 11:19:42 PM

Quote from: AteenaD on April 28, 2018, 11:11:15 PM

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?

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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.

I think this is the most accurate answer to the author's question. I hope that banks will become part of bitcoin, since they will never be able to subordinate bitcoin to themselves

Stormyblue

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Quote from: AteenaD on April 28, 2018, 11:11:15 PM

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 stands in a position to destruct the traditional systems operated by the banks and governments.
Also some governments related the fear they have of Bitcoin to its anonymity and the many scam activities that Bitcoin is used for.

cherryganda

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BEcause with this BITCOIN they will never control it.
they will never have the capability to control with blockchain and BTC.
this coin is made for the freedom of the people.

colvis

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banks and government are scared, of BTC because they don't know where it is going to.
the Banks are afraid because Bitcoin is like making them lose customers like never before. the government are afraid because they think if Bitcoin has made all the youth millionaires they might rise up against them one day

jerowacik

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Because btc can’t be regulated, so monetary policy can’t be applied to it. Also using btc allows crime and terrorist funding to pass freely

Sam San

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Quote from: Cj29 on July 10, 2018, 10:17:07 PM

I think government is not scared on bitcoin. Infact bircoin is scared on government. Because anytime government can banned bitcoin. The only scared is the bank. Soon bank will no more

the government may not be afraid, but countries generally protect their conquered rights from citizens and do not want some of the rights and freedoms of citizens to be restored. countries want more control over the population.

skibikipapa69

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Banks and government are scared of what bitcoin can do and that is changes. Government likes to have control with everything they govern and bitcoin is one major threat for them because they can't control it. Every transactions made with bitcoin is hard to trace which makes it hard to tax.

SingAlong

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It is simply as this government are scared to bitcoin because bitcoin is decentralized and no one can control on it that was the reason why government are scared because they an track and manipulate the money flow inside and they can identify if the transaction is whether good or bad. That was a big threat in our security and economy. While banks are afraid on it because they are threatened that bitcoin will known as the new payment system and banks will lose their customers and will forget by the people because bitcoin has good opportunities and chances than banks.

Relax Mama

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Banks and Govt. can control over paper money. They sure can't control cryptocurrencies. Moreover its an untraceable currency. Often Govt. plays tricks to catch a terrorist or a smugglers with traced money. Now they can't do that. Yes unemployment rate will surely go down for it. But some troubles will surely go up with it.

Alex_Kidd

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Quote from: AteenaD on April 28, 2018, 11:11:15 PM

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 think that they are scared because they can't really control bitcoin just like they do with the fiat money etc, it would be beyond their power, and of course they don't like it.

BryanRoseWalker

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People are now investing their money in bitcoin rather than keeping it in the bank because by investing in bitcoin they earn more profit than the increase they get each month or every year by saving their money in the bank.Because banks do not want electronic money to grow to compete directly for their profit, or for many other reasons we can not know.

The government is afraid because they can not control it and they can see bitcoin as a competitor in the payment system.

Ruffian1314

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I think they are prohibiting bitcoin because of its decentralization and they cannot control it do whatever they want in that way. Also one factor that they don't want bitcoin is because of its volatility and very unpredictable price. Its very far diffenrent than fiat money.

blckhawk

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They are prohibiting the use of bitcoin because they based on the rumors that bitcoin is the number one way of underground transactions. Drugs, unlicensed weapons, etc. They are focused on the negative side of bitcoin. They never noticed the positive side of it. How many lives changed by bitcoin. I guess they also looked on the educational effect. There are persons that did not graduate but richer than the educated one. What's the purpose of education if you already got the good life you aspire.

nightfury

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Quote from: heavenknows on July 10, 2018, 08:58:43 PM

Because in the future, bitcoin can replace fiat. It can change the way we shop and pay bills. Imagine cashless payments you just need bitcoin for every purchase transactions.

I don't think bitcoin can really replace fiat in the future because fiat is the most basic payment medium where every people can use with no hassle. One thing that i can say that bitcoin can't replace fiat is due to the reality that you can't use bitcoin if you are not connected to the internet.

I think banks and government afraid of crypto because they can't ask for a tax in bitcoin because it's decentralized and banks are afraid too because more and more people will be utilizing the service of blockchain rather than going to the bank and pay for a charge for money transfer.

wengden

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As we can see bitcoin is like an anti bank. Government and banks are afraid of bitcoin. One reason is bitcoin has the capability that could lead to bank's downfall. People will use btc rather than banks. It is easier to earn in btc than banks. Whilw government also is afraid of btc because of it's power. BTC has the power to produce criminals. It means that criminals will use btc as their way of transactions and the government will not detect it.

dillpicklechips

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There are some possible reasons why they are scared to bitcoin. Banks are scared to this or should I say threatened because they are afraid that people will use rather than banks due to that it may lead through the fall of of banks because they will lose customers and the demand will get low. While government are afraid because of the tax revenues and the security of the citizen and our economy because it is decentralized no one can trace or control the system so government cannot trace the money flow and transaction inside.

PAKYU

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bank are threaten because is the people will be more likely to join the bitcoins rather than them then they will be mo one investing on them so how can they give those interest to their clients that can lead into bankruptcy too.

Vickyrichy

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Quote from: AteenaD on April 28, 2018, 11:11:15 PM

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 don't thinks banks and governments are scared of bitcoin, they just don't buy the idea of decentralization of the financial system and the idea of no one controlling it.

Cj29

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I think government is not scared on bitcoin. Infact bircoin is scared on government. Because anytime government can banned bitcoin. The only scared is the bank. Soon bank will no more

heavenknows

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Because in the future, bitcoin can replace fiat. It can change the way we shop and pay bills. Imagine cashless payments you just need bitcoin for every purchase transactions.

Topic: Why are banks and governments scared of Bitcoin? - page 22. (Read 5906 times)