Topic: Why are banks and governments scared of Bitcoin? - page 7. (Read 5898 times)
i think banks are afraid of bitcoin because they know that there are a great possibility that bitcoin may replaced them and government hate it because they can not put tax on it.
because we all know, especially in Indonesia, that there are so many people who still do not know the world of bitcoin, bro and if they know they are not necessarily smart and smart at investing ..
In my personal opinion, the government and banks hate bitcoin because they fear bitcoin can replace the currency today and will eliminate banks, in addition to using electronic money the government can not personal income tax, money laundering, corruption ...
banks do not want to be part of the operations of Fiat money in Cryptocurrency. This is for safety. If the issue of transaction control is resolved, banks can adopt this technology
They are scared of being replace by crypto if more and more individuals in their country start to use crypto and not what the banks are able to offer they will slowly get forgotten and being replace
Bitcoin is basically a threat or a big competitor for banks nd government.
They do not feel free as they can not control it but they are not afraid of it i think.
Banks are afraid of them because bitcoin may be a competition for them. On the other side governments are feeling hesitated as they can not get control over it.
The main reason is it runs fully independently and it is odd to the governments and banks.
They can not get control over it and this is the reason they are not feeling comfortable.
The sector of bitcoins is free and open for all. So it may be a matter of concern for them as they can not control it.
The banks and governments are scared of it as they can not control it.
Banks are so many lots of responsibilities. And Bitcoin transactions are so many processing and they can't really control the continuously growing of it. So I don't think they don't have enough time to get interesting about the bitcoin system.
Because they can't control bitcoin transaction
My opinion toward this on why the banks are scared or afraid of the Bitcoin is that, as the days goes by, the community of the Bitcoin is keep on growing as it continuously gain more and more popularity as well as the trust of the crowd. Moreover, because of the features of the Bitcoin being a decentralized one, the government cannot have a control over it.
Banks are very much scared of bitcoin because they can't get control over it and it's easy to use it becomes very much popular.
Because they can't get control over it and it's easy to use it in illegal activities and it has no taxes at all
Due to the non payable tax to government on earning in BTC so it would be more danger to the government and banks and their revenue system so banks and government are scared of bitcoin and they not accepting the bitcoin in their countries
Banks are very much scared of bitcoin because it is also a method which deals with economy and it is really shocking news that within a short time it becomes very much popular.
these two have a different reason why they afraid in the bitcoin but only one goal to achieve. to not control their country by the bitcoin. we know that the bitcoin have many benefits so let's start in the government. government afraid in the bitcoin because we know that it is perfect for doing crime activities because it is untraceable. banks are afraid because we know that the bitcoin cannot collect tax and interest unlike the banks
People should really be educated about this sooner or later. You guys are ruining bitcoin's reputation by thinking that bitcoin is the perfect way for illegal transactions. Before bitcoin, was there no illegal transactions going on? Is it impossible to do with fiat? As a matter of fact, there are more illegal transactions being done with fiat than with bitcoin. Illegal transactions are going on far before bitcoin was there. For the "untraceable" part, it's actually traceable since there's the transaction history. What's untraceable is physical money. You don't know who it belonged before it was handed to you. Look at your money, you have no way of tracing from whom it came from before. This is why, even in the movies, illegal transactions are done with physical money and not digitally.It must be admitted that the negative campaign about bitcoin and crypto became the basis for banks and the government was afraid of bitcoin, even though it was proven that bitcoin could be useful and improve the economy globally.
Sometimes it makes me wonder, does democracy really exist? Does it exist when people are silenced by the government. Bitcoin will truly change the way that we do transactions with each other. On the other hand, the government aren't getting from our transactions. There's no tax in our transactions, just very little transaction fee even when you're sending a really huge amount of money. It's only beneficial to us, the people. But at the end of the day, the government will always be the one in control. That's why I never really believed in democracy. Jump to: