Why are banks and governments scared of Bitcoin? - page 88.

ovcijisir

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Quote from: VergeBeliever on May 02, 2018, 11:53:13 AM

Because they wont have full control of it, Also they do not want us to get rich xD

With time cryptocurrencies will become regulated, like all commodity is. I guess it would take a lot of effort to write all laws and make agreements between countries, but all is going in that direction...

BrewMaster

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i don't really think banks and government are actually that scared of bitcoin that OP thinks or some topics around here wants you to believe it that way. in fact i think they are very excited about bitcoin, specially banks since as bitcoin grows and more people invest in it the banks earn a lot more money from the transactions to and from banks to and from exchanges. and also nothing is stopping them in the near future from offering bitcoin related services like bitcoin credit/debit cards! or bitcoin loans,...

VergeBeliever

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Because they wont have full control of it, Also they do not want us to get rich xD

mendra_2009

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Quote from: AteenaD on April 29, 2018, 12:11:15 AM

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 fact is banks are very afraid of the existence of Bitcoin because it will be a competitor for them, imagine if many people who withdraw their money from the bank in large numbers and invest it into Bitcoin of course it will be very detrimental to the bank. but the government thinks I am not afraid of the existence of Bitcoin, they just want that Bitcoin can be controlled with clear government rules that are part of the government's stabilization in the economy and can help the government's economic growth with that rule which leads to a tax of Bitcoin income and etc, for state and government finance. that's what I can describe about government and banks.

RSM0103

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Quote from: AteenaD on April 29, 2018, 12:11:15 AM

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 is a business so if investors pick bitcoin to use for a transaction, banks will lose its support and no money will enterin their pocket. On the other hand government wants to rule over bitcoin and wants to be the main blockchain and generate some tax according to the recorded transaction made. This only my opinion as what i analyzed in every news that i read about cryptocurrency.

Spontebob

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Quote from: ladydark on April 29, 2018, 02:08:43 AM

Quote from: AteenaD on April 29, 2018, 12:11:15 AM

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?

Governments are afraid of losing their tax revenues as they would not be able to trace the bitcoin transactions.So they are keen to ban cryptos.Banks have started to suffer losses in revenues which they got from transactions and remittances.Also they fear that in future people would totally avoid depositing in banks and would just buy bitcoins which would be a huge loss for them.So they ban the accounts elated to crypto trading.

Using bitcoin in form of a transaction have a high potential for tax evasion that is definitely a big loss for the government and also it can be used for money laundering and can be used for illegal transactions for criminals where they can not be traced because Bitcoin doesn't require proper identification.

vycl87

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The reason the banks are afraid is obvious. Bitcoin and a few coins have even taken on some of the functions of the banks. And the system works so easily. Therefore, the fear of what will happen in the future, the banks are sacked. It is almost impossible for the banks to compete with Bitcoin and crypto money in the future. In fact, a few banks even knew that. For this reason they are negotiating with crypto money.

States are afraid of everything they can not control. Since the cryptos based on the Blockchain are decentralized, it is necessary to give them the right in these fears, unfortunately the problem of illegal use has not yet been solved. If this situation is resolved, I think that the point of view of the states will change.

shield132

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Why, why do you believe everything you read on news website or watch in TV?
Everything is just an illusion they want you to see, no one is scared and in reality goverment needs bitcoin.
What do you think, why is war in syria, iraq and etc? How do some terrorists have gun? Because each gun has it's serial number which is controlled but terrorists still have it. War is because it's a great for money laundering and bitcoin is potential booster of everything.

bitart

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Quote from: ladydark on April 29, 2018, 02:08:43 AM

Governments are afraid of losing their tax revenues as they would not be able to trace the bitcoin transactions.So they are keen to ban cryptos.
...

Governments can gain even more tax revenue if they don't ban cryptos but regulate them. Just imagine, if they will tax it with a bit higher tax rate compared to the wages and other 'normal' incomes, average people will be happy with it, if they can 'legalize' their bitcoins for a little tax.
And the bitcoin transactions are easily traceable, the only question is if they can link the users to specific addresses. This can be done easily, if someone pays online with bitcoin for some goods and he makes the goods shipped to his address.... also exchanges are forced to implement KYC and AML rules, so goverments should not afraid of the anonimity of bitcoin...

Dami15

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It's logical that banks and governments are scared of bitcoin. Banks are scared because less and less transactions passes through them which means less money for them in terms of bank charges that they get from transactions and Governments are scared because they won't get to get tax from these transactions. At least not now yet

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Quote from: AteenaD on April 29, 2018, 12:11:15 AM

So many countries now were prohibiting the use of virtual cryptocurrencies.

How many countries are prohibiting crypto? How many banks are doing so?

Quote from: ladydark on April 29, 2018, 02:08:43 AM

Banks have started to suffer losses in revenues which they got from transactions and remittances.Also they fear that in future people would totally avoid depositing in banks and would just buy bitcoins which would be a huge loss for them.So they ban the accounts elated to crypto trading.

This whole nonsense about them been scared and fighting bitcoin is stupid.

You realize that all exchnges rely on banks to get funds in and out?
Billions are moved and all that with the help of banks who are taking their piece of the pie in transfer costs.
For them bitcoiners are clients, there is a guy I deal sometimes on localbitcoins and when chatting with him he told me this year (it was November if I recall or October, just before the bull run), he has paid almost ~ 500 euros in simple bank to bank fees.

If there would be a real cartel of banks that would aim at waging war against BTC they would shut the bank account of the exchnges. You realize where the price would go?
Scared? Why should they?
I see hundreds of individuals here holding their coins in web wallets and complaining about the fees blockchain.info was asking for a tx. What's the difference between that and having a bank deposit ?

Dudeperfect

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As we all know that Bitcoin and cryptocurrency is are based on the blockchain technology which relies on the principle of decentralization. It's all about taking away power from the centralised controlling authorities and transferring it to the users. On the other hand, governments are greedy for control, they want to control each and everything in your life, blockchain based currencies won't allow governments to regulate it so you will be the actual owner and holder of your wealth and no one can interfere in it without your permission. That's the reason why the banks and governments are scared of Bitcoin.

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Quote from: AteenaD on April 29, 2018, 12:11:15 AM

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?

There is a strong reason behind this issue, Day by day Bitcoin and blockchain system is becoming a very popular platform so that The formal institution is taking this rising platform as a thread for them. Not only that but also Bank is passing a very worst moment in their history that's why they are in a dangerous situation. So they are not tolerating any more competition in this monetary system. That's why They are afraid of Blockchain system.

ladydark

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Quote from: AteenaD on April 29, 2018, 12:11:15 AM

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?

Governments are afraid of losing their tax revenues as they would not be able to trace the bitcoin transactions.So they are keen to ban cryptos.Banks have started to suffer losses in revenues which they got from transactions and remittances.Also they fear that in future people would totally avoid depositing in banks and would just buy bitcoins which would be a huge loss for them.So they ban the accounts elated to crypto trading.

Pursuer

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I think you read to many FUDs online which is why you think "so many" countries have banned cryptocurrencies. you need to stop that. the media is filled with a lot of bullshit these days and while you are busying yourself with those, the wise money is being invested in bitcoin and the future belongs to those who act today.

in any case in rare cases when a country banned bitcoin, if you study the country itself you can see they have a very corrupted country in general from the top to bottom is corrupted. both people and government which is why they ban things like bitcoin because they don't want anything messing with their corruption.

dE_logics

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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.

neerajmittaljii

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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.

First77

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Quote from: ladyinredcoins2018 on April 29, 2018, 12:19:42 AM

Because banks and government wants something that they have control over. Where there are people who manages its every transactions and if something goes wrong they have someone to blame or accounted for. But with bitcoin it will never happened because of its decentralized nature.

In 2012, there were lots of internet talks "Buy 1 ounce Silver. End the Fed"

After all the readings here, Bitcoin got me interested. I will keep an eye on bitcoin whether it is accepted by worldwide people.

Gold and silver are universal so they can also be used as international currency if bitcoin becomes a single currency.

Herbert2020

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Quote from: AteenaD on April 29, 2018, 12:11:15 AM

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.

Quote

Banks doesn't expressly say why it is banning the use of Bitcoin.

because they have NOT banned anything.

raddish

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Quote from: AteenaD on April 29, 2018, 12:11:15 AM

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?

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. I am also not sure of why so many banks are afraid of crypto as we will still need banks for other purpose.

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