Bitcoin is the first and decentralized currency that is transferred without any central authorities and it is a peer to peer payment network. Since this is a decentralized currency and no central authorities involve in this is the only reason for governments to be scared of Bitcoin . Fiat currency is backed by the complete interference of the government authorities and Banks . The people who have earned do not have the right to use their money freely since it is a centralized one.
Topic: Why are banks and governments scared of Bitcoin? - page 70. (Read 5870 times)
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?
Banks and the government were afraid of bitcoin because they cannot control how people earn and succeed without the government earning at the same time. 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?
What do you think is the reason behind this?
Banks and government are afraid of bitcoin because they know that bitcoin is a big threat to their financial stability.
They can't control bitcoin.
I will explain banks first why they are scared on the bitcoin. The reason the bitcoin is the only they competitors. Which one you will put your money. On the banks that can only increase your money 5% per years, or on the bitcoin that can raise your cash 50% only on the few months but there is a chance to lose your funds. If you ask me, Will put my money on the bitcoin, because of the opportunity to increase my cash, to avoid losing it you can monitor the value chart anytime. Government scared on the bitcoin because bitcoin can be a tool to do criminal activities and they easy trace the person behind the crime.
Wait, I didn't understand that part.
The government is against BTC because they can easily trace the criminals that can use it?
If that's the case why should they be afraid?
They should welcome it.
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 reason why banks and governments are afraid to bitcoin is because it is decentralized. They are no institution or government that can control bitcoin. The bankers are afraid to bitcoins because bitcoin doesn't need middleman to make transaction. What do you think is the reason behind this?
Highly corrupt governments often declare Bitcoin illegal, while countries with good governance have an extremely friendly legal framework for electronic money. Fear of Bitcoins is a network of untrustworthy, decentralized and transparent publicity that may have led many governments to question it.
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 will explain banks first why they are scared on the bitcoin. The reason the bitcoin is the only they competitors. Which one you will put your money. On the banks that can only increase your money 5% per years, or on the bitcoin that can raise your cash 50% only on the few months but there is a chance to lose your funds. If you ask me, Will put my money on the bitcoin, because of the opportunity to increase my cash, to avoid losing it you can monitor the value chart anytime. Government scared on the bitcoin because bitcoin can be a tool to do criminal activities and they easy trace the person behind the crime. 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?
What do you think is the reason behind this?
Well I don't really see anything that will make them scared to bitcoin. For me i know that they have their reasons. But I'm glad that in my country tye government allows people to use cryptocurrencies
I think they are afraid because they just concern to the people who will use bitcoin to make some investment and bitcoin will more investors than bank. But they don't need to worry because who knows the bitcoin will the one reason why some bank will become more popular too.
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?
What I think is the reason behind banks hating bitcoins is that they want to eliminate competition immediately. But then again, people buy bitcoins through banks, and the banks benefit from these as well so why do they even hate bitcoins?
Another reason is probably fiat money is losing value to bitcoins.
Bitcoin is digital money, money that no one can set by anyone. Bitcoin and the government can not get along, even the government wants to remove bitcoin. Government and banks are afraid of bitcoin may be scared because bitcoin can threaten the currency of each country. And if banks may be afraid for fear of losing competitiveness with bitcoin, if bitcoin makes its own bank. Since people in this world are already using bitcoin, bitcoin is currently popular.
They can't control the currency. It is decentralized even though governments can ban bitcoin they cannot control the income that comes with iit and such as the Price and intrinsic value iit contains.
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.
you are right, their goal is to create a bank one of them to be able to control money that is quite multiply, which can not be taken indiscriminately, only a certain time. so people prefer bitcoin can be sold anytime.
Bitcoin is basically a threat or a big competitor for banks and government.Bitcoin brings fair opportunities for common individuals.Anyone can join and invest for as long as he is interested and he has the capital.
Undoubtedly true. For me Governments and banks were threatened to Bitcoin because they see that people were very attracted to his forum that to invest and acquire to their systems and I cannot object the fact that Bitcoin is undoubtedly better than a centralized entity in which power were not equally distributed to the people and may be the reason for someone to abuse it.
ofcourse they are scared of bitcoin right now, because it can destroy they centralized system and they don't want to lose too manipulated people, so they scared about that in the future when it happen
The government knows money better than to know bitcoin. Probably because the anonymous bitcoin makes governments afraid to use it and later can ruin their own country.
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?
They are scared to lose a huge amount of profit since most of the people are preferring to invest on cryptocurrency more than bitcoins and if this scenario will continue then the economy will be really affected.
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 they are decentralized, thry are independent one which means no taxes at all and we all know that there are a lot of people that do not wanted to their taxes so thar means that bitcoins can give them those opportunities they wanted. Second one is the bank are threaten because is the people will be more likely to join the bitcoins rather than them then they will be mo one investing on them so how can they give those interest to their clients that can lead into bankruptcy too.
I think the Banks feel threat to their existence from bitcoin. Due to the widespread of cryptocurrency they can also disappear from the face of the earth, like mammoths, dinosaurs, telegraph offices, and telephone exchanges.
Banks and governments are scared of bitcoin, because for the banks they are scared that bitcoin will be their competetor in the financial business and they are afraid investors will turn out from banks and join bitcoin investment, for the government they are scared that they have no hold and can not monitor bitcoin operations in the digital world , and can not impose taxes on bitcoin and other cryptocurrency.
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