Why are banks and governments scared of Bitcoin? - page 36.

Shimmiry

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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?

Government wants to being control of everything, more specifically in terms of money. If crypto currency fired up and the government of those countries who didn't accept digital currency, there is a huge probability that they may face breakdown. On the other hand they make think that theres no safety in bitcoin, but bitcoin is now slowly generating and growing therefore it is a great idea to invest in crypto currency.

Phinoy

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Quote from: mendra_2009 on May 02, 2018, 10:44:13 AM

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?

the fact is banks are very afraid of the existence of Bitcoin because it will be a competitor for them, imagine if many people who withdraw their money from the bank in large numbers and invest it into Bitcoin of course it will be very detrimental to the bank. but the government thinks I am not afraid of the existence of Bitcoin, they just want that Bitcoin can be controlled with clear government rules that are part of the government's stabilization in the economy and can help the government's economic growth with that rule which leads to a tax of Bitcoin income and etc, for state and government finance. that's what I can describe about government and banks.

I think Bank's are not afraid of technology even in cyber technology right now and bitcoin are part of cyber technology Banks are not afraid of the technology. They can use it (it's open source), ignore it or adapt it to their needs. Let me be bold and say that Bitcoin as a technology doesn't solve big problems from the current agendas of big banks. But they are helping each to make a better relationship in the black chain market.

sacred32700

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In some issue they scared because they know the value of the bitcoin may decrease and the bank do not have any earn cause of low value in cryptocurrency

BBQ_NMT

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Basically, banks charge fees for doing anything with money, even just holding on to it. That is because the banks have created trust that transactions passed smoothly.

jobel

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Banks and Governments scared of Bitcoin it is because we will not be very dependent to them if we will own a Bitcoin. We don't need to keep our money to banks and we can be able to manage and monitor our money by our own.

I know a lot of people too have think about this.

tebzzz

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simply getting the job done

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One of the major reasons why government are scared of bitcoin is, they are afraid of losing their tax revenues as bitcoin transactions are untraceable. therefore for such investor to pay tax will not be possible. and some government sees it as means of money laundery which could affect the economy of their nation.

which you mentioned is indeed the most fundamental factor for the current government's inability. tax revenue factors and the use of crime using bitcoin are very risky in government. cases of bribery, corruption, and money laundering are very easy to happen and will not even be detected by the state.

OscarWatson3213

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The reason seems obvious, goverment would not allowed tax on bitcoin and many banks will closed.

wahyu5

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Bitcoin prices are unstable, can rise very high and can go down very low. This situation if left unchecked will be able to disrupt the stability of the country's economy as well as banking continuity. Maybe that's why banks and governments are afraid of bitcoin.

hogriderr

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I think the reason the government is feared by bitcoin is the existence of crime and money laundering and also its use as a terrorism fund
and the government is also worried that investments into large bitcoins can reduce investment to the national real sector.

thegreatdodoy

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Quote from: kitwalker on June 24, 2018, 05:21:19 AM

because basically in the banking world does not want to be competed by any party, because they want to be the best in terms of finance. however, bitcoin remains the most financially viable and heavily fortified the world's economy becomes more advanced and popular

Yes Agree and now competition is started for bitcoin and banks most people before are invested their money to banks but now they prefer to invest their money into bitcoin because of it's promising profit returns.

kitwalker

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because basically in the banking world does not want to be competed by any party, because they want to be the best in terms of finance. however, bitcoin remains the most financially viable and heavily fortified the world's economy becomes more advanced and popular

chickenfacts

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Quote from: SamsonFlores on June 23, 2018, 09:55:45 PM

Cryptocurrency scares and its core technology-the blockchain, the database in which all information is stored in an accessible and secure form. The state can influence banks, control them, but in the case of bitcoin it is impossible.

They can control bank because they're owning that banks lol, there is no way they can control Bitcoin just because they do not own the blockchain system.

setialovers

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The answer lies in the idea of creating a crypto currency! The idea is to remove the banks from the money transfer chain from person to person, and it will be anonymous, quick and much cheaper! Since many banks belong to states, their disappearance is extremely unprofitable for governments! But in addition to the merits of crypto-currencies, there are shortcomings, terrorism, drugs and money laundering.

Bitcoin created maybe because satoshi think banks is corrupt institution and i think its true. Banks always print money without proper audit and central banks always creating inflation by flooding money in market. Bitcoin want new monetary system era and maybe thats why banks afraid.

SamsonFlores

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Cryptocurrency scares and its core technology-the blockchain, the database in which all information is stored in an accessible and secure form. The state can influence banks, control them, but in the case of bitcoin it is impossible.

darkphoenix2610

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Quote from: dE_logics on April 29, 2018, 12:53:30 AM

Governments are in the money business. They create fiat money and are able to manipulate to serve all kinds of purposes. When you propose to use something other than fiat money as a store of value, the government can't manipulate or control it as well. If you were able to interact everyday solely in Bitcoin and lived in the US, the US raising interest rates to curb the money supply wouldn't have much effect on you. And banks get all their money by borrowing it from the government, so being at odds with the government is a bad move for a bank.

Agreed, banks and governments will be against bitcoin, Why? because they are in money business, The government wants to put taxes in all that they are regulating, It is not easy to predict what is in the mind of every government officials, all they want is to have gain in some profitable and circulating currency, the banks also have a reason for not accepting bitcoin, maybe if bitcoin will replace the countries currency it will be over for the bank business, If the blockchain proves that their system is accurate than banks.

careCentre

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Banks and government want something that they have control over. Where there are people who manage its every transaction and if something goes wrong they have someone to blame or accounted for. But with bitcoin, it will never happen because of its decentralized nature. Banks do not like cryptocurrency because it is directly influencing fiat money and their benefits. they are afraid of the idea that if the existing model of currency that already established under their control will slowly be replaced by the bitcoin as a new model of cryptocurrency.

specsmuluk

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why banks are afraid to of crypto or bitcoin currencies because they are afraid of competition. clear crypto currency is in need by people to transact practical and comfortable, so from that everyone supports bitcoin as crypto currency which in formal in general

gvnsrbtc

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The bank and the government can't control and handle bitcoin because its out of their reach. Bitcoin is something that they cannot affect and its causing headaches for them as people are generating money out of their hands. On the other hand other reasons why the government is afraid of Bitcoin and other cryptocurrency because of its potential.

Bitdressa

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why banks are so worried about bitcoin, because bitcoin is increasingly rampant today compared to banks that take the system that is still not so simple than the bitcoin who can see our money only through the internet even through a sophisticated smartphone.

military

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Because they haven't a lot of this currency.I think that this is the reason. But in future, I think that this guys will on the one side with crypto

Topic: Why are banks and governments scared of Bitcoin? - page 36. (Read 5900 times)