There are lots of reason why banks & Governments are scared of bitcoin:
1. They are scared because their currencies not get less recognition.
2. Banks could fall with such recognition of bitcoin and their income in the form of transaction fees, interest charges etc. are not taken from clients.
3. Government can think that people joining crypto currency work would lie about their incomes and their taxes.
Topic: Why are banks and governments scared of Bitcoin? - page 84. (Read 5870 times)
Day by day the usage of bitcoin keeps on increasing, which make banks fear of bitcoin and other digital currencies. Governments fear about the decentralization without understanding the true potential. Possibly when more countries adopt bitcoin, scenario will change.
Banks and governments scared /fear bitcoin because banks systems don't carry the risk of bitcoin over centralized fiat paper money. Governments fear Bitcoins as a same case.
Bitcoin is decentralized- the absence of central authority is the top reason why governments hate bitcoin. Conventional currencies are issued and controlled by the government and also they collect taxes from it. Regarding banks, Bitcoin and other cryptos doesn't need one because the currency is created in cyberspace. If these cryptocurrency will be widely accepted, the banking system might become irrelevant.
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.
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?
As far as bitcoin has a store of value and as a digital currency with a feature of anonymous transactions, and not controlled by any institution every government will use every possible means to ban, regulate and impose restrictions on such a currency, banks are having shortfalls in their income revenues due to people having of options of saving their fiat in form of digital currency rather than banking it. What do you think is the reason behind this?
Because Bitcoin is decentralized so the government can not monitor and take advantage of Bitcoin transactions and ownership. while the government wants it as it does when the government is monitoring banks today. in fact this has been anticipated by the government, and my opinion is that Bitcoin is a threat to the government, so the government is really afraid of it.
Well, I think the only main reason why some governments ban bitcoin is that they're only protecting their own national currency and also concerned for money laundering activities or any other illegal transactions.
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?
I refused to acknowledge that there are so many countries that are against Bitcoin existence but rather we say they are few countries that are really against and these countries are really few compare to the numbers of countries that adapted the Bitcoin investment. Now, these countries that are against the Bitcoin existence are afraid of Bitcoin because they think that it may ruin their economy to think that there is regulation to address all of their issues against Bitcoin but rather they become close minded institution which is a selfish act because maybe they have their own hidden agenda of their own.
If bitcoin enters into the country it will dominate the local fiat. People use only nitcoin for their transactions and they forget to use local currency. And another reason the government has face the tax problem. People invest their money in bitcoin largely. Defaultly this will affect the government. Invest in bitcoin will give more profit than invest in local currency in banks.
Probably because they foresee that technology might eliminate centralized banking in the future. And accessible decentralized currencies are more efficient than going to banks just to inquire or apply. But still, bank is needed when en-cashing these to our local currencies, except if cryptocurrencies in the future will conquer monetary units.
Not that they are really scared, its because they believe in countering money laundering and sees Crypto as opportunity to do that easily..
Banks and Governments always fear anything that they can't control. So, in case of Bitcoin, no wonder they will oppose.
In part, they fear Bitcoin will not be able to control the market, and some fear that investors will abandon their investment in Bitcoin. So they will not have the capital to lend to the project. As such, the banking system will freeze.
because by using a cryptocurrency transaction a person will be spared
from different taxes by having real money to be taxed,
and that's where the government fears because it will lose income tax.
from different taxes by having real money to be taxed,
and that's where the government fears because it will lose income tax.
yes you are right now there are so many governments and banks from all over the country who are frightened by the circulation of bitcoin, and I think bitcoin can scare them because of the transparent bitcoin technology and can see all the transactions but do not know the owner so it makes it hard to track and the government is afraid if bitcoin is used as funding for terrorists.
Bitcoin is open to all, it is hassle free safe and convenient compared to bank where every transactions is in constant scrutiny. Banks and governments were very happy with the way things were, they had all the power, they could taxed it, freezed it and you cannot do anything about it. When Bitcoin surface in the scene, they lost their power and control because Bitcoin is using Blockchain decentralized technology. Governments and banks are not satisfied with this situation it is not profitable for them, that is why it worried an scared them.
I think crypto helps banks.
Here is an example. Before I got into crypto I was living pay check to pay check, and I never deposited money because I didn't have enough.
Then I discovered bitcoin and soon realized that in order to earn a large amount of money (i.e. btc), I needed to buy low priced coins over time and accumulate large numbers.
This has led me to use the bank more often. That to me shows bitcoin and altcoins help the economy and banks. If banks want customers so they don't fail, they should be happy to serve crypto investors.
If banks are against crypto, they have been misinformed, or they misunderstand crypto completely.
Here is an example. Before I got into crypto I was living pay check to pay check, and I never deposited money because I didn't have enough.
Then I discovered bitcoin and soon realized that in order to earn a large amount of money (i.e. btc), I needed to buy low priced coins over time and accumulate large numbers.
This has led me to use the bank more often. That to me shows bitcoin and altcoins help the economy and banks. If banks want customers so they don't fail, they should be happy to serve crypto investors.
If banks are against crypto, they have been misinformed, or they misunderstand crypto completely.
I think the government and the bank are afraid of bitcoin because of so many causes and I can only provide some of the causes most likely banks and governments are afraid of because transcendation of bitcoin is so transparent that it makes them difficult to corrupt.
Because the government cannot control over bitcoin. Every individual are free to join and transact bitcoin easily and lot of people getting rich because of bitcoin. So its really a big threat to both government and bank institutions that they can't control every transactions because if its being controlled by them higher revenue maybe collected from it. That's why some countries bans bitcoin because they think that it is a threat to their economy because of its decentralized resources.
The Banks and Government are scared of Bitcoin because they do not have control over it, the financial its giving to the investors and don't want to be left out.
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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?
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