Bitcoin is a virtual currency. It doesn’t exist in the kind of physical form that the currency & coin we’re used to exist in. It doesn’t even exist in a form as physical as Monopoly money. It’s electrons – not molecules.

Anonymity, that is mostly the reasons. It is hard to trust really for the government with something so trivial and something that they can't regulate in their point of view. Though good example for this is Russia which banned Bitcoin and other cryptocurrencies but look at them now who is recognizing and legalizing Bitcoin like Japan because they see the potential and can truly help them in the financial crisis they have been facing. I hope that other countries my see it as well.

Banks fear bitcoin, because they see its potential. Many banks have looked into the blockchain technology and are trying to replicate it...purely because the technology is so powerful and out-does all banks by people preference by far. The only reason bitcoin has not taken over yet, is because of the peoples unawareness of it.

Not only banks but also government fears crypto currency. Banks fear bitcoin, because they see its potential. Many banks have looked into the blockchain technology and are trying to replicate it, purely because the technology is so powerful and out-does all banks by people preference by far. The only reason bitcoin has not taken over yet, is because of the peoples unawareness of it.