Why are banks and governments scared of Bitcoin?

[EddieFx]

So many countries has now prohibited 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? Do they just want to control or do they have a valid reason?

[williamshennie9]

They are afraid of losing control of the monetary supply, in my opinion. The blockchain is decentralized, so the governments around the world will lose control of the very thing that gives them power...

[EddieFx]

43 minutes ago, williamshennie9 said:

They are afraid of losing control of the monetary supply, in my opinion. The blockchain is decentralized, so the governments around the world will lose control of the very thing that gives them power...

So they just want to control the market? I think it's very sad that they do this as all people won't be able to use crypto. It's not fair in my opinion!

[wry]

As @williamshennie9 said, it is a control issue, but it is not just bitcoin, often it is their own cash.  The USA hasn't allowed anything higher than $100 bills since 1969, UK has max £50 note, and the EU just stopped making 500 euro notes.  All of this in the name of stopping money laundering and aiding taxation.  Bitcoin is a far bigger threat than those are to their tracking and monitoring of the financial freedom of their citizens.

So it's not that they want to control the market, they want to control their people!

[Etude]

Banks are definitely afraid of not being able to control the market. Yes as others above has mentioned that cryptocurrency and blockchain as a whole are decentralized.

[EddieFx]

On 10/15/2018 at 8:35 PM, wry said:

As @williamshennie9 said, it is a control issue, but it is not just bitcoin, often it is their own cash.  The USA hasn't allowed anything higher than $100 bills since 1969, UK has max £50 note, and the EU just stopped making 500 euro notes.  All of this in the name of stopping money laundering and aiding taxation.  Bitcoin is a far bigger threat than those are to their tracking and monitoring of the financial freedom of their citizens.

So it's not that they want to control the market, they want to control their people!

I believe they both want to control the market and the people as they make more money that way, am I wrong?

8 hours ago, Etude said:

Banks are definitely afraid of not being able to control the market. Yes as others above has mentioned that cryptocurrency and blockchain as a whole are decentralized.

Yeah, they are and it's not good for us that are in to crypto

[wngo123]

Banks and governments are afraid of cryptocurrencies because cryptocurrencies destroy banks & gov monopoly over currency. People now finally have choice and can have currencies that are not controlled by any country or central bank. This is a huge change Big news. At the same time trust in fiat currencies are record low. If you look at euro currency in EU. Governments and banks spent a lot of time and money to promote that currency (while destroying national currencies at the same time). But at the same time bitcoin didn't have to be promoted to get popular. Bitcoin is more successful than any other fiat currency. We need money that are free from government and banks intervention. 

[peel1]

14 minutes ago, wngo123 said:

Banks and governments are afraid of cryptocurrencies because cryptocurrencies destroy banks & gov monopoly over currency. People now finally have choice and can have currencies that are not controlled by any country or central bank. This is a huge change Big news. At the same time trust in fiat currencies are record low. If you look at euro currency in EU. Governments and banks spent a lot of time and money to promote that currency (while destroying national currencies at the same time). But at the same time bitcoin didn't have to be promoted to get popular. Bitcoin is more successful than any other fiat currency. We need money that are free from government and banks intervention. 

there you have a perfect answer 

[EddieFx]

15 minutes ago, wngo123 said:

Banks and governments are afraid of cryptocurrencies because cryptocurrencies destroy banks & gov monopoly over currency. People now finally have choice and can have currencies that are not controlled by any country or central bank. This is a huge change Big news. At the same time trust in fiat currencies are record low. If you look at euro currency in EU. Governments and banks spent a lot of time and money to promote that currency (while destroying national currencies at the same time). But at the same time bitcoin didn't have to be promoted to get popular. Bitcoin is more successful than any other fiat currency. We need money that are free from government and banks intervention. 

I understand now, thank you! This was a perfect answer!

1 minute ago, peel1 said:

there you have a perfect answer 

Yes, it's actually perfect!

[davinmark]

i think its because the Crypto prices was Fluctuating. 

[bobdole]

I imagine from the banks perspective it's too high risk. I'm not sure it's so much control, from a power point of view, as it is the lack of regulation there is compared to fiat currency. Not to mention the extreme volatility over just the past year. 

[AGreenleaf]

because they know bitcoin and other cryptocurrencies are gonna win

[JEEPERS0029]

of course they want to control, because for them control is also taxes, those that they can't do with cryptomony!so from their point of view we the particular money gane without them receiving anything!so it's unacceptable!XD!you're talking about a bunch of profiteers!!!
on this!!!

😤