Topic: Why are banks and governments scared of Bitcoin? - page 75. (Read 5898 times)
The major frightening factor of BITCOIN for banks as well as governments is the income. 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.
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 are afraid of bitcoin because it wouod mean less investments and less s money for them. People can actually make descent money from bitcoin by trading and bounties. Government is afraid because they cwnnot control bitcoin. It is hare to track and go after tax.
I do not know about governments, but for banks BTC network is virtual competitor, which works for very small fee, without banks staff etc. and users can use it 24/7. So of course banks are not happy with that. 
Bitcoin will become the currency of future. Transactions of Bitcoin are increasing rapidly. It will turn into human resources in the future. Bitcoin also has a number of benefits that government-issued and government-backed currencies simply cannot offer.
I think banks and the government are afraid of bitcoin because bitcoin has a very sophisticated bitcoin technology that can make transactions very fast and transparent and so different from the bank so no one can do the theft of money or corruption so bitcoin such a threat to the government and the bank.
For the banks it's all about them losing their customers to the newly emerging crypto currencies and with the governments, its because they want to regulate something that they don't have control over and be able to stop those who uses it for crimes like money laundering and tax evasion. 
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?
maybe the price and bitcoin value is higher than the local currency in circulation and maybe bitcoin can also access the transaction without going through the financial system or other word through third party that is the government and the bank itself What do you think is the reason behind this?
Because banks and government want something that they have control over but bitcoin is transparent so anyone able to see the transaction that made so that is way government scare of bitcoin.
Because it affects the value of the country's own currency so they fear the existence of bitcoin. The value of the currency will become weaker and hamper the economic growth ity they think.
the state does not forbid in my opinion it's just that many countries today are still thinking about making a regulation about bitcoin so bitcoin is not in use in the negative.
I think banks and the government are afraid of bitcoin because bitcoin has a very sophisticated bitcoin technology that can make transactions very fast and transparent and so different from the bank so no one can do the theft of money or corruption so bitcoin such a threat to the government and the bank.
Banks and governments are scared of bitcoin because They just don't know how to handle bitcoin in such a way that they will rule over bitcoin. Government can't devise a way to tax crypyocurrencies yet while banks will soon lose a lot if its customers because more people will realize how handy and cost less bitcoin is.
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 maybe because banks are scared to be defeated by bitcoin. They know that they cant compete with bitcoin because they know the capability of bitcoin to help people more than what they give. What do you think is the reason behind this?
The reason for this is because Bitcoin is a tool to uplift people. Banks don't like tools that takes the control over people away from them. All banks are controlled by one bank and that one bank is owned by the wealthiest family in America. If you are wealthy and you see something could potentially jeopardise your source of income you will also go after it hard. That fact that those guys are so afraid of Bitcoin means that we are on the right track. We need to free ourselves from this endless cycle of poverty which was designed by the ones in control of all the wealth.
Bitcoin is a free and independent platform that offers its users total anonymity and keeps the transactions untraceable, The fact that its free and independent means that No governmental or central governing institution has control over it, its transaction cannot be traced and therefore the government cannot tax it, This Denys the government a chance to earn Income tax on its huge transactions, which is considered by many a threat to the national Economy. The banks on the other hand feels like bitcoin will render them null and void
banks are afraid of bitcoin if from my point of view, bitcoin can drop the bank business, if many investors switch from bank to bitcoin then many banks will go bankrupt, it is a threat to the bank, therefore the bank is very afraid of bitcoin and do not want to recognize as exchange rate.
BAnks and governments are scared of Bitcoin, actually not only on Bitcoin but all altcoins or so called digital money. They are being treatend by its presence and afraid of loosing fiat one day. And we cannot remove the fact that when digital money will progress it might be a source of fiat extinction.
they might be scared when the price of bitcoin dropped and many will be bounced and if they buy expensive bitcoin then the bitcoin price drops so knowing they are afraid but you can just stock your bitcoin in your wallet
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 this is very easy. why do so many countries / governments prohibit crypto currency?What do you think is the reason behind this?
1. the price of the crypto currency is very volatile, so the risk to get big losses.
2. Many scams use crypto currency. and for criminals because crypto money is anonymous
3. crypto currency has no regulation and can not be controlled by the institution.
This is the main reason. They don't like what they can't control! It's a very simple thing. And of course the banks love interests and you owing them and they love commission fees etc. In one word the banks want to own you and Bitcoin (and the rest of crypto currencies) are decentralized and free of that bull.
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?
because they think that bitcoin is not ah good in in out nation.So that we have to share it to nation because it can help us and our family so that we should accept the bitcoin. What do you think is the reason behind this?
So many countries now were prohibiting the use of virtual cryptocurrencies.
no not really. there are some handful of them that actually banned them. i think there is either 2 or 3 countries. the rest have banned illegal activities such as money laundering and ICOs not cryptocurrencies.Quote
And to think that many unemployed individuals were beginning to uplift their way of living because of their dealings with cryptocurrencies.
you are wrong again.there has been many people who invested in them but at the same time many of them were idiot enough to invest in bad things such as ICOs and lost a lot of money.
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Banks doesn't expressly say why it is banning the use of Bitcoin.
because they have NOT banned anything.I agree. Banks have not banned it (yet) and I don’t think they ever will ban cryptocurrencies. It’s still relatively new to the lot of them but they know that they will need to understand cryptocurrencies and the technology(ies) behind it to keep abreast with the times. Otherwise, they’ll soon be rendered obsolete.
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