Bitcoin Forum

Many cryptocurrencies are currently being developed like bitcoin, dogecoin, dashcoin , litecoin etc. Just like now we have different paper currencies for different countries. It is possible that in the future each country will decide or develop its own cryptocurrency?.  What do you think about this? Please share your views.

I think the idea behind these crypto currencies is the decentralization and anonymity of the individual right. Said this.. due to the technology like blockchain countries might come up with something of this sort but along with them other ones community made will always strive .

It is most likely to happen because different countries will have different opinions, laws and government norms. Even though the of bitcoin invention is by Satoshi Nakamoto, I guess western countries will be ahead in this buisness.

I do think it would happen but the only difference will be Countries would keep an  eye on the address owner like coinbase does  ::)
Any of the government provided facility does not gives you anonymity and it will never. And countries like USA and China will never give anonymity to their citizen. The same implies to India also, Gov will make several laws before allowing a user to use a gov run crypto currency.

Indian government will definitely make laws and there will be argument about it. Bitcoin system is working pretty well now and anonymity is one of the reason for its success. Many websites now accept donations in the form of bitcoins. If anonymity is lost, bitcoin users wont be happy.

Each country(eg https://en.wikipedia.org/wiki/Auroracoin), religion(for eg, https://bitcointalk.org/index.php?topic=986527.0 (https://bitcointalk.org/index.php?topic=986527.0)) or other divisions creating their own coins will simply create more confusion among people. Cryptos are meant to be anonymous, and creating restrictions for who can use certain cryptos, will be fundamentally flawed.

Cryptos like bitcoin, dogecoin, dashcoin , litecoin are successful cause they does'nt have any T&C with them. So, I think each country developing their own crypto isn't a good idea.

Oh u are right, but govt wont be making anything similar to bitcoins. I am saying is that they will use the blockchain technology for their own purpose.

I had read a news recently that a Private Bank in Japan are releasing their own virtual currency. Now that is something very interesting.

Government issuing a crypto currency may not be that hard but managing it would be lot harder. There are many questions that needs to answered regarding who would mine for transactions, management of inflation, fixed or variables priced, transaction fee (if not charged there would be lot of spam) etc. So such currencies can only be used for special purposes than for daily use of the common man.

My question is why do people want to stay anonymous?Many people like bitcoin or other crypto because they give them anonymity during transaction but if one is not involved in any illegal,anti-social activity,why would one want to stay anonymous?

Yes not everyone want to be anon everytime. I think along with anon it is the ease of use. Give the address, put in money and hit send. done !

I have answered your question in detail here: https://bitcointalk.org/index.php?topic=1171588.msg13933683#msg13933683

Don't know what is your intent behind asking this again & again.

Skang. Very well explained there. Well i think this is the kind of thing more people should understand is what i meant by awareness.

maybe,but i don't think so.because crypto currencies is already defined as universal currency. so what do you means by different crypto currencies for different country?
we use bitcoin and many other currencies for no getting exchange problem while Sending to others countries.

Exactly.

It is impossible, given current science, to develop a pow blockchain that can be contained in a country.
You can do it with a special form of PoS but it will have a dishonest origin of money problem like all POS chains. Eg: PayTM type currency can be done.

Given our current knowledge it is impossible to tie a cryptocurrency to a dynamic geography.
Proof-of-location is a theoretical concept and measuring distance from the 14 nearest pulsars is not feasible at the moment.
Every other point-of-reference in the universe we know of is dynamic.

Theoretically, you cant even define a country's boundary because geography is changing all the time.
There is a reason why land is measured by patwaris w.r.t nearby geographical landmaps and not GPS coordinates!
Think about it - if we simply define everyone's land precisely as per coordinates, a technology that every smartphone has, there will be no land disputes right?
Awesome. Why don't we do it then?
Because land changes and thus we measure it relatively and not absolutely.

Also, any logic that justifies national cryptocurrencies would also justify state cryptocurrencies or even a village/town specific cryptocurrency. (dillicoin, rampurcoin, etc.)

The only counter argument that would not, is that the jurisdiction and people would want a common national cryptocurrency to allow for trading valuations.
But this stands against the very principal of design of cryptocurrencies wherein an individual could posses multiple national cryptocurrencies and be trading in them in this globalized world, being restricted only by exchange of physical goods (whereas digital goods incur no such restriction and thus renders the digital trader indistinguishable from the native of land).

That's a yes but state-endorsed cryptocurrencies may be backed by gold or some other cryptocurrencies and the government
anyway, this isn't possible unless every citizen is stable enough to have a smartphone/minimal computer to hold the coins and network... Also the mining will probably be done by government, so as the demand grows the government will need to mine it and optimize it as well.

This is correct, however in part wrong,
You are forgetting that a cryptocurrency is a protocol and it works on a network of computers.
You can tie a walled-garden infrastructure like DPRK's own intranet which is national to a intranet-specific cryptocurrency.
If then, a intranet's cryptocurrency can be distinguished by any other cryptocurrency and it may work within a country's borders.
Mining protocols can be blocked by the state government so the government can only mine it as minting is done by traditional fiat.

No, wait btvGainer, why am I anonymous? I'm also a Indian...
I'm anonymous because of social threats, if I go against a specific authority, I may be humiliated, and what not?
If you read news, then you must know of death threats, rape threats, home rampage...
Then, will I want that?
No, I believe everyone has a freedom of speech and one must not be threated based on what he has said, if he has said something that is backed by facts, then he must not be threated.
Do you get it? Do you?

India allows me to have anonymity, at least, I'm thankful to the government that they haven't put such a shit law to destroy my rights, and be like China.

I will spam this every time anyone says Bitcoin is anonymous.

Yes I do.If there is someone who doesn't get the point, it is you.I also support the freedom of speech and is against maltreating anyone for his views,ideas,beliefs,speech and actions but we dont need to be anonymous to exercise our right to speech,we need not be hide for expressing our thouthts etc

I need to be pseudonymous at least.
Because if I am not anonymous, someone can trace my usage back to me and may mistreat me for my doings, which is not what freedom of speech is meant to endorse.

what will you spam that bitcoin is anonymous or not?
i think if you are mastermind in bitcoin network you will say;No,bitcoin is not anonymous.

I'll spam this:

And really, Bitcoin is NOT anonymous, it's pseudonymous.

If you isolate a network (intranet) it is by definition irrelevant for use over the internet.
How do you ensure that a node operator is only connecting to the intranet network? (Thinking more about it it, a node runner will want to secretly open his node to big foreign miners for a cut.)

If you are restricting mining to government only, why mine at all & why not simply form a federation? Do you understand why a blockchain without PoW is not possible?
I hope you did your research before posting.

yes users will not happy due to anonymity of bitcoin .but in case of if government make crypto currency for India they will must require pan card,aadhar card,bank details like bank to creating a bitcoin walllet.because Indian government has been tired of storing black money by indian big leaders.

if government support crypto currency in india they will must create their own crypto currency because bitcoin owner is still anonymous. so government will never allow their citizens to use product of anonymous person. ;D

How is it pseudonymous?can you please elaborate.Bitcoin doesn't use any identity can you tell who sent you coins by just knowing it tx id?

You can if you are monitoring the mempool & the network and other similar forensics.

You can either 1) Use POS 2) Stop making a cryptocurrency.

Node operator is only connecting to the intranet network? Yes, it's possible to break free of that network, but different transactions from different addresses relayed by a single node would easily expose it.

I'd update this later, I'm too tired.

A single miner is indistinguishable from a mining farm operating through a single node.
POS has origin of money problem & nothing-at-stake problem. Of course it will work like I mentioned "simply form a federation". It will be like our current system with only advantage being cost of paper saved.

It is possible, but people will still lose trust in a government based cryptocurrency. Because it is likely that the government will retain a tight hold on their cryptocurrency, however decentralized they may claim it to be.

Altcoins might not last long because most of them are pump and dumps. Bitcoin I believe will be used as currency in the future.

People trust in government controlled fiat also why wouldn't they trust government owned cryptocurruncy?Just because something is controlled or owned by government,doesn't mean it becomes bad

exactly bitcoin is already first crypto currency.so now its price is highest. its also now professional crypto currency.
now bitcoin price will never reduce or none currency can touch bitcoins price in future till something happened wrong with bitcoin network.

well i'm against for different crypto currencies for different country.but i seen this this thing i became confused.
you just type bitdollar on Google or read this article
http://www.newsbtc.com/2014/12/14/can-bitdollar-link-bitcoin-u-s-government/

you will find that America will make their own crypto currency.
now whats is your opinion on it? ???

I think it will going to help bitcoin because crypto currencies will get global recognition and will clear all the doubts that some people may have regarding blockchain

Guys we can dream and I am not saying it is never possible, but national cryptocurrencies are impossible given the current state of human knowledge.

@btvgainer
People don't trust government fiat lol. They use it out of fear cause you would be punished by force if you issue your own.
Also, yes if anything is government owned in India, it is, or will become, corrupt because the judiciary to enforce it is corrupt.

How many people want to issues their own currency? and why would someone want own currency in the first place?It is trust that keeps any currency alive.People do trust in INR thats why they accept it

Go read history. Every single Indian kingdom issued their own coin. We stopped doing it since we stop changing regimes. (Really though, we did not stop doing it even after independence from british rule; we just don't change the face on the note but governments totally change the monetary policy behind it. We have been lucky, unlike the US, Japan etc. to have very intelligent economists, hence you don't feel the effects. )

As to why one would want their own currency. Well there could be multiple reasons. Satoshi's reason is the first para of the whitepaper. You should read it. Also, read bitcoin's first block. You will find a news headline there. Go read that news and then go read about bailouts in other countries.

I use INR because nobody else accepts anything else because it is illegal to do so.

All of this is soon going to be obsolete brother.
There was a time when people asked, why would anyone need their own newspaper?
Now, everyone has a blog.
Well, you may say you don't, but your facebook profile is a blog.
Soon, everyone will have their own currency.

+1

+1 to Unocoin, +1 to skang.