Topic: Why are banks and governments scared of Bitcoin? - page 69. (Read 5898 times)
Banks fear of the increasing usage of btc compared to their services. They never believe that banking system is a must and what they've lost is massive. To overcome the problem some banks have begun to create their own cryptocurrency. When it comes to government, they fear of the decentralized functioning which might affect their economic growth.
To be able to transfer money, a person needs a financial institution, such as a bank as an intermediary. But beyond that, there is currently a bitcoin with Blockchain as an alternative.
Born in 2009, bitcoin using Blockchain technology was created to overhaul the circulation scheme. Through it, transactions between people to others can happen without intermediaries, in a shorter time, cheaper, and even much more secure than transactions offered by banks or other similar institutions.
of course it makes banks and the government uncomfortable with the bitcoin-led revolution, and I think the main problem is that governments and banks are afraid of losing control of the circulation of money in society.
Born in 2009, bitcoin using Blockchain technology was created to overhaul the circulation scheme. Through it, transactions between people to others can happen without intermediaries, in a shorter time, cheaper, and even much more secure than transactions offered by banks or other similar institutions.
of course it makes banks and the government uncomfortable with the bitcoin-led revolution, and I think the main problem is that governments and banks are afraid of losing control of the circulation of money in society.
I think it will become a larger scale and it will grow and grow the paper money will be disappear and will change by crypto , goverment would not allowed tax on bitcoin and many banks will closed.
The reason seems obvious, but I suppose they will invent something to stay on thr top of the wave even in the crypto era
Bitcoin - and other decentralised cryptocurrencies - allow people to trade directly with each other, cutting out the need for a middleman which, in traditional commerce, is a bank.
Banks generally charge fees for doing anything with money, even just holding on to it. That's because the banks have created a level of trust that transactions pass smoothly and everything is recorded and accounted for correctly.
But as the financial crisis of 2008 proved, banks are not above abusing trust to line their own pockets.
Banks generally charge fees for doing anything with money, even just holding on to it. That's because the banks have created a level of trust that transactions pass smoothly and everything is recorded and accounted for correctly.
But as the financial crisis of 2008 proved, banks are not above abusing trust to line their own pockets.
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 it is the other way around, bitcoin should fear the government because anytime, the government can stop and restrict all the transaction and usage of bitcoins in a country. 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. What do you think is the reason behind this?
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 not about scared bro...it is as all the illegal works are done using bitcoin only...hope you all know about dark web...there each and every transaction is using bitcoins or cryptocurrency only.. What do you think is the reason behind this?
It seems that the banks and governments are wary and afraid of bitcoin is because bitcoin is something that is anonymous but has a very high value. It makes many people suspicious and unbelieving, how can a high value asset but no physical form.
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 all of the above is not true, government and bank are not afraid of bitcoin, instead, they want it to be centralized so that they can collect taxes and have a preventive measure to detect any illegal wrongdoings involving bitcoin. What do you think is the reason behind this?
It is simply because some or other government (im not saying all because some of them are good) wants to control everything under their roof. Bitcoin is an independent currency and government doesnt get anything on it, unless they join bitcoin. There scared is because one day all of the every countries currency will vanish and replace by bitcoin. Then government cant control that.
Governments want to control everything and also would like to trace the money especially international transfers. Block chain technology allows you to transfer your money without government trace and take the control away from their hands.
it is plain, banks and government don't support bitcoin because it has somehow made individuals all across the globe independent. people no longer depend on government and bank to regulate things. also banks usually use money kept with them for business and later give peanuts but bitcoin has offered so much within a short period of time, coupled with the fact that one can do all kinds of transactions at the comfort of their homes.
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?
because maybe if bitcoin is picked up in the world they would prefer to invest here because they are sure to grow their money here even if they have little investment here and they are secure because they know they will not be stolen.
It is not that they are scared of Bitcoin but it is because they are not knowledgeable enough to control Bitcoin or other Cryptocurrencies. They only know that Bitcoin is a type of money which can actually overthrow them in power but only if it is used in bad situations. The government cant control Bitcoin because they do not know where it came from and how to actually control the Cryptocurrency values.
Bitcoin is decentralized, so the government and the Bank can not regulate it. perhaps that is a strong reason why Banks and governments are afraid of Bitcoin. Just imagine what happens if all people use Bitcoin. then the activities of the bank will be quiet, and the Government does not get income from the financial tax.
I think some banks or governments scared of bitcoin due to its they can't gain some money because of no tax pay every single coin I mean every getting some bitcoins.
bitcoin price growth has made many new bitcoin users including big capital investors interested in investing in bitcoin, so the less investors who keep their money in the bank and choose bitcoin as long-term investments have an impact on the government's tax revenue and government revenues, hostile to bitcoin with various issues and restrictions.
The reason why both banks and government are afraid tof the bitcoin is the fact that this cryptocurerncy is so strong it can easily put the regular money i.e. fiat in danger or make them less and less popular.
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?
Banks do not want to be rivaled by bitcoin hence the banks are afraid of bitcoin and for the government probably because it will shake the economy of their country.
The government are not terrified on the bitcoin. I think the banks are the one terrified on the bitcoin. The government they just need to show to utilize that they have worried to the general population. Following the client of the bitcoin isn't the primary issue on the bitcoin. The main cannot do to how to abstain from utilizing the bitcoin in criminal actives and the decentralized of the bitcoin this two. I think the real issue of the government on the bitcoin. Some nation to solve the issue on the bitcoin they boycott or ban the bitcoin.
Jump to: