Topic: Why are banks and governments scared of Bitcoin? - page 5. (Read 5906 times)
banks creating a system where most should remain silent and submissive and the main non-participant of enrichment is only all general awareness through the fair penetration of each gives a chance...
very many opinions written in this thread! the state wants to control the money in their country, as well as collect taxes! the whole system gave a great opportunity to all people not to show their income and profits! on this and the state is battling in a crypto market! in any case, there will soon be laws in different states that will regulate the crypto market!
Government doesn't scared of bitcoin but the problem is still they are thoughtful whether they would declare it legal or not and the bank scared because they doubt it may hamper their business.
there are many reasons to be afraid. the banks think their interests will suffer, they are actually right. governments argue that illegalism will increase.
Because they wont have full control of it, Also they do not want us to get rich xD
Bitcoin is coin,it will not be control any single guy.Even any Government or Bank can't control it & just that's why they are a little bit of scared Because there are no BTC regulation in their countries.
They scared because bitcoin can make their value of the currency decreasing more and moreover or another reason which cannot be told publicly.
Bitcoin is so decentralized, so banks and the state are very difficult to control, so they can not collect taxes on transactions that negatively affect the national economy. In addition, the anonymous transaction feature can be used by bad people to scam, money laundering. For Bitcoin to be widely used around the world, maybe we have to wait a bit longer.
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?
What do you think is the reason behind this?
In my own opinion why they dont allow cryptocurrency there is no specific reason why they dont allow.. but it allow peoplea to trade directly to each other so that it is cutting the need of a middle man which is the bank..
In my own idea, i think the bank scares of bitcoin because of the possibillity of onlune thief and hackers to easily enter and hack their system, in the side of government i think that money laundering has to do with this. The illegal activity of some people transfering money by using bitcoin and this is possible.
Banks will get very little from working with Bitcoin businesses, while they may lose a lot. Even the largest bitcoins of the company will bring only a few hundred thousand dollars in revenue to the bank, which is a pittance for him. Fraud in the field of credit cards is on the rise. For processing companies, bitcoin can only complicate matters.
Bitcoin is a decentralized currency, so no one controls it.On the other hand traditional financial system is in direct control of the governments, so bitcoin poses a serious threat to the banks and the governments, as they can't control it.
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. But with bitcoin it will never happened because of its decentralized nature. It is more secure from all other currency. It can not control any govt for decentralized.
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?
What do you think is the reason behind this?
For me, the banks as well as the governments do not have to explain to the people why they do not cater cryptocurrencies to their clients or their citizens. At this point in time, there is no sense of urgency for them to provide a convincing excuse why they choose not to accept crypto. But of course the time will eventually come when they will be compelled to give in to the suggestion of their clients or citizens if crypto will become more mainstream.
But if they will explain, they will say that cryptocurrency is volatile and its not consistant and not regulation so there is no way to keep it stay around.
Bitcoin and blockchain system is becoming a very popular. Banks and governments is taking this rising platform as a thread for them
Simply because they don't have control over it. Taxes are not regulated with it. That's why banks and governments, most of it are not likely to use bitcoin with them. They really know that if they will have bitcoin on their side, they will be useless. Bitcoin will be powerful and once that happened we also do not know what is the capacity of bitcoin to everyone. Banks and Governments may prohibit bitcoin for now but if you also want a stable economy, bitcoin is not the answer to it.
Governments are afraid of losing their tax revenues as they would not be able to trace the bitcoin transactions
Bitcoin is competitor for banks and government
Whoever really thinks of banks and Govs. having fear of cryptos because they can let people override the former just like that, well... might be some 15yo playin adult, or a very naive one.
There could be many reasons. Governments and banks like to deal with legal things only. And it seems like there is still no specific legal base for bitcoin or cryptocurrency. I think they just confused about what to do. So it’s a process but in the end i’m pretty sure the bitcoin will be the winner.
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?
It is quiet true now that all of the countries are quiet against cryptocurrency now. But for different country the case is different . As i think some country want sething money that they control , there are some backward country who dont know anything virtual currency ( other than cash ) and dont even know the use of crypto and mostly there are some middle class countries whose a great percentage of total wealth belongs to a few people and these guys wanting to get in crypto to get rid of taxes , these can collapse a economy of a whole country. So , i think it will be good if government apply some regulation ( not some nonsense regulation that will kill crypto ) and make cryptocurrency a taxable asset. What do you think is the reason behind this?
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