Why are banks and governments scared of Bitcoin? - page 58.

BagzMM

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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?

In my opinion, they are afraid of bitcoin it is because investors finds BTC as "a good store of value". This cryto currency have a certain attractiveness given the lack of transparency in the banking system.

uPrefer

newbie

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They aren't controlling this system ofc)

james.james

newbie

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Not all banks, and not all government was scared on bitcoin, but maybe because bitcoin is very risky in a person who really don't know the nature of it. They are scared that one day, they would be replaced by block chain technology.

judejude

newbie

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I think it is not because they fear bitcoin but it is what they think the better for the country because as we know, bitcoin has been used in many illegal activities including scams and etc.

Stephen Martinss

newbie

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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.

mingming0076

newbie

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Bitcoin will become the currency of future. Transactions of Bitcoin are increasing rapidly. It will turn into human resources in the future.The banks and government would not be able to gain any profit through cryptocurrency and also they would be unable to control all the activities of an individual, which in reality they do not want.

maikala

newbie

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Because BTC is a formidable virtual currency, it is more valuable than the national currency, banks are afraid of dealing with BTC.

boddy.dy

member

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Government and banks are scared of bitcoin because there are a small possibility that bitcoin can dominate them. Well those two have different reasons for being scared but for me the government is scared with bitcoin because they cannot control them, they have no power to regulate the system of bitcoin which makes them to follow bitcoin instead. Well in the side of banks they are scared of bitcoin because they for sure lose some money due the existence of bitcoin because instead that the people will invest in banks they are not investing with bitcoin because people says that there are more interest in bitcoin rather than banks.

Firdausiii

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no one can make money theft or corruption so bitcoin becomes a threat to the government and the bank. So I think banks and governments are afraid of bitcoin because bitcoin has a very sophisticated bitcoin technology that can make transactions very fast and transparent and very different from banks

Michael Thomass

newbie

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In my opinion, Banks are trying to prohibit cryptocurrencies because bitcoins allow people to trade directly with each other, cutting out the need for a middleman which, in traditional commerce, is a bank.

fianaindriati

sr. member

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as we know it, the government is afraid of bubbling prices, and the government is also afraid of the risk of stolen risk. because this thing we can feel. let alone the thief is always hanging around. so it's hard to get rid of and get rid of.

SABRINASMF77

newbie

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banks consider cryptocurrency as a threat because they are scared of future incidence such as reduced numbers of customers, declination in access to money and prevention of customers from risky and shady scheme through which bitcoin maybe used for. perhaps that is a strong reason why Banks and governments are afraid of Bitcoin. Just imagine what happens if all people use Bitcoin.

Goldenprog

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The purpose of any company that provides bitcoin services is to help those who can not open a traditional bank account, so it is not surprising that the traditional banks are not comfortable with the competition issued by the system. The banking services they have over people and people and they will do in their power not to let go of it.Bitcoin offers a useful and powerful system for personal money and the only way to fight it is to show the will of people - using Bitcoin's personal banking and personal services. Some of these Reasons Why Governments and Banks Ban / Fear of Bitcoin Cryptocurrency.

Fahad.sheikh

newbie

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They want something that they have control over..

kimpena

full member

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Quote from: SirEGB on June 03, 2018, 03:49:07 PM

I think, because they see bitcoin is competitor for their business, and bitcoin transaction cant manipulate by the government. They scared because many people now invest in bitcoin rather than in bank, so they afraid and they now complaining in government and other legal agency.

Banks and government are afraid to bitcoin because they think that fiat will be worthless once bitcoin fully arise. Especially right now that bitcoin vas so high and many people invest more to it than to any banks, because it was tax free and nit controlled by the government. They are afraid to lose their investors.

bitcoinbot

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I think because bitcoin completely excludes the need to use banks in money transfers. If bitcoin continues to evolve, it will completely change the financial structure!

Cryptoisreal

jr. member

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Banks will continue to disassociate themselves from cryptocurrency and its alternatives cryptocurrency. However, government can the
ani the 95。

Watchy312

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I think the banks and government scared of bitcoin because now it is very powerful and popular. Government afraid it because they can't control it and they can saw bitcoin as a competitor in payment system. It is made by decentralized system so no one can touch it that's why they've scared and afraid of bitcoin because of this.

jjjrmy

member

Activity: 221

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With the new issue of governments being able to get passed sanctions or jurisdiction placed upon them by governing bodies such as Iran and Russia discussing the possibility of using BTC to transact between them and get passed international sanctions, does that add extra pressure on governments to come up with their own form of Crypto in the face of regulations?

kidamazo

member

Activity: 289

Merit: 10

Because of unknown I believe, they are afraid that somebody would take their money and they would be not able anymore to steal

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