Why are banks and governments scared of Bitcoin? - page 34.

BETAWI

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Quote from: ladyinredcoins2018 on April 29, 2018, 12:19:42 AM

Quote from: AteenaD on April 29, 2018, 12:11:15 AM

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 agree with your statement. your answer is very clear. and may be concerned about disrupting economic stability. because each country must have its own policy.

Solomonkingdom

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Because the nature of the government is to manage the currency. They are financial regulators of each country. If the blockchain replaces that position, then the government and the bank will no longer stand. No cash transactions will be made. As it is infinite, it can print out without the need for a reciprocal amount of gold. It is called inflation

Faizan aslam

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The reason seems obvious, but I suppose they will invent something to stay on thr top of the wave even in the crypto era

pinoyden

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Quote from: cramcram21 on June 28, 2018, 03:14:14 AM

They couldn't control it and they couldn't implement tax over it ,
And people would stop using banks if the crypto currencies take over people would be more interested in crypto and stop using banks .

yes they cant control bitcoin but they can still control the people of their country to not use bitcoin. that is why there are still some countries that restricts the use of it because the governement of these countries are maybe guilty for being a corrupt. they are already aware that they cant tax bitcoin , that is why the best thing that they do is to ban bitcoin on thier country although good to know that majority of the country are still okay with bitcoin because there are still more supporters than haters.

Falmera

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Quote from: AteenaD on April 29, 2018, 12:11:15 AM

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?

Maybe they are afraid to lose more clients. Our wallet is more secure than that of the banks. And we can earn more than investing in a bank. So maybe that us why they are afraid.

KieranWilson886

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in my opinion, perhaps the bank has many considerations in this regard.because bitcoin has been booming and acceptable across the globe, which takes government and Bank un aware.

Heri adul

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They hate Bitcoin because Bitcoin offers a system that restores control and power to the real money owner and the only way to fight for it is to show the will of the people - using Bitcoin's banking and personal services.

cramcram21

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They couldn't control it and they couldn't implement tax over it ,
And people would stop using banks if the crypto currencies take over people would be more interested in crypto and stop using banks .

dillpicklechips

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According to some basis, the issue of government about bitcoin is the the money flow inside it and the transaction inside the system. Government cannot tracked and control what is happening inside the system that's why they are afraid on it there are many possibilities that it can be used in bad things. While banks are afraid on it because of the capabilities, benefits and Advantages that bitcoin has. They are afraid that they lose their customers and one day they will be forgotten by the people.

jrrsparkles

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Quote from: aishyoo17 on June 27, 2018, 12:35:22 PM

Banks are scared of bitcoin because they know that they can't control bitcoin and the technology of bitcoin is very useful so they expect people would want to use bitcoin in the future. And if that will happen then people will stop using banks and prefer to use bitcoin for transaction.

Yes we know one fully can't control the crypto currencies but it still can be manipulated that is why lot of factors controlling the prices so even governments can do this by heavy restrictions on the crypto currency usage then people may lose their interest on using the crypto currencies.

cryptoguy1234

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Since the Government can't control over bitcoin. Every individual are permitted to join and execute bitcoin adequately and part of people getting rich because of bitcoin. So its to a great degree a noteworthy hazard to both government and bank foundations that they can't control each trade in light of the way that if its being controlled by them higher pay maybe assembled from it. That is the reason a couple of countries bans bitcoin in light of the way that they trust that it is a peril to their economy because of its decentralized resources.

HasiViraj

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Governments are in the cash business. They make fiat cash and can control to fill a wide range of needs. When you propose to utilize an option that is other than fiat cash as a store of significant worth, the administration can't control or control it too. On the off chance that you could collaborate ordinary exclusively in Bitcoin and lived in the US, the US raising loan costs to check the cash supply wouldn't have much impact on you. What's more, banks get all their cash by getting it from the administration, so being inconsistent with the legislature is an awful move for a bank.

akram143

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Quote from: aishyoo17 on June 27, 2018, 12:35:22 PM

Banks are scared of bitcoin because they know that they can't control bitcoin and the technology of bitcoin is very useful so they expect people would want to use bitcoin in the future. And if that will happen then people will stop using banks and prefer to use bitcoin for transaction.

I think people will not afraid of the currency some banks afraid of currency vs because due to some other nieces but not to be sure people will not accept Bitcoin due to many reasons for them.

aishyoo17

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Banks are scared of bitcoin because they know that they can't control bitcoin and the technology of bitcoin is very useful so they expect people would want to use bitcoin in the future. And if that will happen then people will stop using banks and prefer to use bitcoin for transaction.

olyolali

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Banks and the government are afraid that the bitcoin currency is correct. Because the electronic currency is strong, in the future people will use electronic money, they will not use traditional money, in addition to using electronic money government can not tax personal income, money laundering, corruption

iSparta

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It is natural that they are afraid to lose their monopoly to print the money. It is a good instrument to manipulate the people. Crypto makes more freedom and lets people to be more independent that’s why they do everything to stop new age of digital currencies.

yabutzxc

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There is a strong reason behind this issue, Governments can gain even more tax revenue if they don't ban cryptos but regulate them, the reason the banks are afraid is obvious, Bitcoin and a few coins have even taken on some of the functions of the banks.

Morvarid89

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I think this is just a way for the sharks to gather goods for themselves. Look at the history of the bull market.

wengden

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Banks are scared of bitcoin because at first bitcoin is an anti bank. Banks are so afraid that they will lose their customers. In bitcoin it easy to save money in it without interest. Maybe in the future, if all the people will use btc to save money than bank then banks will go bankrupcy.
Government is afraid because bitcoin can use against them. Some terorist are now using bitcoin.

Wolfgang.Smith11

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The increase in bitcoin may be a factor in creating stability rather than destabilizing the current financial system.The government who wants to regulate BTC for them to gain money and to prevent elligal use of BTC.

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