Why are banks and governments scared of Bitcoin? - page 82.

francesyrus

sr. member

Activity: 616

Merit: 251

Quote from: AteenaD on April 28, 2018, 11:11:15 PM

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?

Government and banks are scared of bitcoins because they are afraid that someday it will replace fiat money. Also bitcoin is decentralized in nature. Government and banks wanted to control everything.

But I think there are some financial institution that are now putting crypto currency into their system.

Demughni

newbie

Activity: 101

Merit: 0

Quote from: AteenaD on April 28, 2018, 11:11:15 PM

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 why banks and government scared of bitcoin because the banks and government cannot controll bitcoin over, The bitcoin is decentralized currency , it is difficult to cotroll it. It is my opinion.

Nilda

member

Activity: 336

Merit: 14

Maybe because some people are getting scammed and criminals are using bitcoins for money laundering purposes. Not all governments are bad. Banks are businesses that just want to have a piece of the action. I’m sure we can all find a way to coexist for the benefit of everyone, criminals excluded.

Hallmader

sr. member

Activity: 1123

Merit: 253

Quote from: AteenaD on April 28, 2018, 11:11:15 PM

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?

To be fair with the banks, they cannot just make some adjustments to their system in order to accommodate cryptocurrencies because cryptocurrencies are not yet totally allowed in so many countries. They cannot install some upgrades that are still outside the bounds of the banking laws of the country. But once the SEC or the central bank or the government itself gives the green light to cryptocurrencies then that is the time the banks can think of ways to adapt with the changes.

tunapa

jr. member

Activity: 667

Merit: 1

A cryptocurrency is designed in such a way that no one can control it. The blockchain technology is outstanding such that transactions cannot be recovered or traced for recovery. However, the banks and government cannot operate under such technology because they want to control everything. We are undergoing a transition from fiat to to general and global use of cryptocurrency. This is why the banks and government don't want it to stand.

MahalQu2612

member

Activity: 179

Merit: 10

Its because cryptocurrency is decentralized and they cannot control the flow of it. The government and the banks are tandem in currency, and bitcoin and other cryptocurrency is making a hit on them because they cannot hold control of it just like regular currency. Its an outside source of money that they cannot manipulate that's why they don't like it, saying that their scared is pretty much subjective.

StarLucas

newbie

Activity: 46

Merit: 0

Remember the time governments had to pay for all the banks after they speculated with money they didn't have and suddenly the housing bubble popped? Yeah, if banks fuck up again governments will probably end banks. So banks try to not get dragged into another speculation bubble to make sure they still exist in a few years. And governments make sure that they don't have to pay for such a shit show again.

You losing money you had, no problem. Banks won't stop you and the government won't stop you. buy bitcoins - but not with a credit card. A few million people losing tons of money they don't have might end really bad, So i am kinda glad that governments stop that.

Donotfoolme

jr. member

Activity: 115

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because time will come no one will invest in bank .
No to controled currency and yes to bitcoin!

chengyinoing01

jr. member

Activity: 131

Merit: 1

In the age of paper money, the cost of printing money was negligible, and the government had a monopoly on printing money, so it was able to get all the seigniorage.

Bitcoin was born to disrupt the government's monopoly and to resist the exploitation of inflation.

So Banks and governments are afraid of bitcoin.

pekavcilar01

newbie

Activity: 238

Merit: 0

Crypto parcels blockchain based products. Blockchain makes faster and safer transfers. The banks are against this reason.
It is against governments with the reason that money transfers can not be followed. It is known that terrorist organizations use crypto money.

Ariess

sr. member

Activity: 546

Merit: 250

Quote from: AteenaD on April 28, 2018, 11:11:15 PM

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 prohibitive factor is the inflation with the ponzi scheme. this is why many banks ban on bitcoins but not with blockchain technology. the problem is that each country has a local currency that has been legally valid in the eyes of the national law. and crypto becomes an obstacle that could become a problem later on in the banking world.

Suguha

member

Activity: 218

Merit: 10

Quote from: AteenaD on April 28, 2018, 11:11:15 PM

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?

For me, banks are getting afraid to bitcoin is, their client will transfer to bitcoin, their client will invest in bitcoin instead in bitcoin, bitcoin is interesting and can make your money grow in a short period of time, in bank, you need to spend many years to grow your money. Governmemt are afraid of bitcoin because they think that they can't get a tax in bitcoin and they also think that the bitcoin is a threat to the people in their country. (I guess)

oceantiger

jr. member

Activity: 308

Merit: 8

It is just because government can not control bitcoin and also can not get taxes from millions of transactions everyday. Bitcoin is a tool that is being use to redistribute wealth to reach everyone even the poorest of the poor. When you empower someone economically you have empowered him politically.

Ondongeric18

jr. member

Activity: 140

Merit: 1

https://i.imgur.com/Wl0rfMA.jpg

I don't have any concrete idea if banks are really affected by bitcoin. I haven't heard about this in my country except for a warning to avoid scams. So logically considering such idea as true what then makes them fear? The market is volatile for cryptocurrencies and many had incurred loses therefore many might not just involve themselves in cryptocurrency investments and would eventually just go for the banks.

Jcabudx

member

Activity: 236

Merit: 39

Other countries, other banks banned or don't accept bitcoin maybe because they didn't know where it came from or what source supply this kind of huge amount of money in the market. Maybe the owner of bitcoin propose this to government so that they will accept it as a source of income to others. But hope to not manipulate by government or govern it.

MUSFIKAR

full member

Activity: 392

Merit: 100

Yes because you know that Bitcoin and Cryptocurrency are based on Blockchain technology that depends on the principle of decentralization. It's all about taking power from a centralized controlling authority and transferring it to the user. On the other hand, the government will control, they want to control all and all in life. You have to stop it. The media are filled with a lot of nonsense these days and when you busied yourself with them, the wise money invested in Bitcoin and the future belongs to those who act today. in any case in a rare case when a country forbids Bitcoin. If you study the country itself, you can see that they have a very corrupt country in general from top to bottom broken.

SingAlong

full member

Activity: 294

Merit: 100

Government are afraid in bitcoin because of the tax issue and they will not control or manipulate every transaction because it works independently people can use it for illegal doings like transaction of drugs and weapons that is a big threat to government that may lead to terrorism and increasing population of crime rate. While banks thinking bitcoin as a competitor they are afraid to be replace by bitcoin because they are seeing how bitcoin grows all over the world

TamTrang

newbie

Activity: 182

Merit: 0

Why is unemployment? We must also have minds to think and really focus on work but can not sit. The real banks are dominated by their own state, not the real ones. Countries fear that their money will no longer be worth less than bitcoin. And inflation will rise. so they feel scared

proTECH77

member

Activity: 1120

Merit: 30

Bisq Market Day - March 20th 2023

The main reason I think banks and governments are scared of bitcoin is because of the nature and technology behind bitcoin. The mode of operation does not actually require the aid of either the bank or the government and being that they are not in control and cannot actually regulate its usage makes them feel replaced.

Rayver26

newbie

Activity: 266

Merit: 0

Both banks and governments are afraid due to a fact that they will have some loses in their profit.

Bitcoin is a decentralized digital currency, this means that your account is safe and secured, and it is not necessarily need your identity when you have a transactions and the fees are only minimal. So unlike banks they will collect a transaction fee, some banks the fees are high, they are very detailed the fact that sometimes we irritate because of lots of requirements. And the government cannot collect taxes from the cryptos, so deficiency and loses in economics are presence.

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