Bitcoin Forum

The British government is making plans to have a British coin and Central banks all over the world are also showing interest in having their own coin.
Won't the masses dump bitcoins once these plans are implemented?

What masses? Bitcoin is still tiny and only pioneers see the value in it yet. The average joe is an idiot that is why doesn't own any BTC yet, so there is no masses to dump bitcoin. People that understand bitcoin will not sell for a digital version of fiat since that is pointless.

i dont think so. that british coin would need much time to overtake bitcoin. btw, from where did you get this information ? is it true that the british "government" is making a "pump and dump" based coin ? if it is really true then im sure that the british people will migrate to a different country which has a better government lol.. i cannot believe in your words.

Government coins can never overtake Bitcoin because:

1) Government coins are closed source
2) Inflationary (infinite supply)
3) The devs will suck compared to Core devs

british coin?

you do realise that from a real world point of view bank customers wont notice any difference.
uk banks already offer instant bank transfers so speed wont be any different. all it amounts to is security of the banks that can sack a few staff because they can run more efficiently. but for bank customers they will still have funds 'managed' by banks, so bank customers wont see it as a big deal or notice any difference.

all in all a bank using blockchain is just like a bank announcing a new type of secure mysql database.. meaning nothing to bank customers

bitcoin will still offer alot more than what banks can offer, because people wont see the benefits of a bank using blockchain based currency

people need an reason to use these coins. if they are forced to use it, then this could be ugly.
if the use good marketing, then they could have a good chance, since not to many know about bitcoin.
but i think i would be good for bitcoin, since first you get hocked and can then switch to bitcoin.

So let's compare the current status and the potential government coin and how they compare to Bitcoin.
Current system : Government Coin
1) Centralized system - Centralized system (It's highly doubtful that it will be otherwise).
2) Censorship - Censorship (standardized practice).
3) Mutable/reversible - Mutable/reversible (otherwise they have no control over it).

Bitcoin:
1) Decentralized system.
2) Censorship resistant.
3) Immutable/irreversible.

---

So please explain why would people go back to the same stuff that they wanted to get away from in the first place?

Those coins will be centralized for sure, and people love bitcoin more for being decentralized and anonymous. Those coins they will distribute may based on blockchain tech and provide better security and transparency than the usual electronic payment systems banks have but i am quite sure they can't damage bitcoin.

If that's the case, then I see that the coins will be the rival bitcoin. But I think the price offered british coins will not exceed the bitcoin and I am sure that bitcoin will remain superior in prices. But I don't know about user bitcoin, whether they are still loyal to use bitcoin or switched to the british. Only time can answer

I would not trust any coin being owned and manipulated by them, just look at the way the fucked up the fiat system. Also prepare yourself for the end of physical cash, if this happens. The governments

of the world want to control every aspect of people's finances, and if they can eliminate cash and it's associated anonymity, they would just be too happy to dump physical currencies. Bitcoin is still in

the hands of some very open minded people with the same views... once this change, we should dump our coins.  ::)

I dont think people holding bitcoin will dump their holding because of this news.  As for the record, people who holds bitcoin are not only from UK, besides, I believe even with this centralized coin owned by banks, people will still choose to have freedom on the blockchain, and will prefer decentralized system.

why would people dump bitcoins then? it would be just a centralized crypto no one would be into using them, it must be a joke :D

Well..... What usually happens with something when being taken and controlled by Governments? Same thing would happen with Bitcoin too. It would become a bad currency, everyone will leave it and it will get killed slowly overtime.

it won't make one freaking ounce of difference in the short term apart from speeding up normal banking. a government crypto won't change one single thing from their present agenda.

In the long term a government crypto allows them to inflate, impose negative interest rates, spy on your every transaction and cut off your money supply if they don't like what they see.

what chance do you have to escape this tyranny? it starts with a BTC

well in my opinion it wont affect anything, crypto coin is based on the usage in order to be alive and to be valuable, so if the government want to create coin to challenge bitcoin then its depend on the user, if the government coin can provide a better service than maybe there will a coin switching, but if nobody interested then the government coin will just become another alt coin

Faint and vertual coins are both diffrent concepts.of government tries to make a lot of new coin then that will cause a huge diflation in price and can also currept the coin feom the market  ;D and of they don't then also its almost impossible to stand beside bitcoin price level

It has a great future if fallen into good hands .well u cant trust the goverment for the bitcoins .its useless ..they have the power of doing everything .keep bitcoining until and unless its illegal in ur country ..kudoos :)

I agreed on your opinion, I think also other government wont use the
bitcoin as cyrptocurrency. Others maybe wont use and also it will not
be successful. They likely more not interested and will not enjoy the
bitcoin freedom.

Eventhough the government create their own coin, we still dont know whether any user want to use or not, so i think bitcoin will be fine, because the user prefer the coin which doesnt has anything to do with government

Not only the British Goverment but other governments make plans to develop their virtual currencies. On the other side, all of the bitcoin features are lost. That is decentralization, transparency and freedom as you are the bank. That is these will be virtual currencies but no bitcoins

Why do you think that this coins could endanger Bitcoin and take its place? Just because they will be backed up by governments? I don't think so. At the moment there are over 650 coins and none of them is not even near to take Bitcoins place. This will not be that easy. I'm not saying it's impossible but it can't happen just over night.

This is a serious issue in some Countries and always a little more troubling when I hear it coming from the U.K due to other Countries adopting similar rules after they have been tested there. Not to worried about Canada unless it copycats and I say this because their last attempt was brutal and failing.

As for putting the death nail in bitcoin,I do not think it will. It may attract a small group but I suspect it will have overlap and mostly new users if government pushes these coins on the masses. Those of us that believe in bitcoin will stay and those that are more nefarious or freedom loving will also shun government interest.

But I do worry about potential regulations in a mafia type sense that would push bitcoin into a corner and make it hard to use.

Think the Canadian version was called MintChip:

http://business.financialpost.com/news/fp-street/canadian-mint-pushes-ahead-in-murky-world-of-crypto-currency-with-mintchip-project

And a few years later:
 ;D ;D

http://blogs.wsj.com/canadarealtime/2014/04/04/canada-puts-halt-to-mintchip-plans-could-sell-digital-currency-program/

You couldn't have said it any better! Those governments are simply chasing shadow by at one hand admitting their undying love for the blockchain technology, while at the other hand, pretend/deny the relevance of bitcoin and wish it dead. But bitcoin is here to stay, you and I know why they would rather the last is heard of bitcoin.

I think that govern digital coins will have the some of the same problems that fiat money has. And with fiat money people could use gold to protect from devaluations. With digital money users will think about storing some of its money on bitcoin to protect from devaluations.

I don`t understand how the central bank coins are going to work?

Are they gonna be the same as bitcoin,or different?

Will they use blockchain?

You mean centralized crypto-currencies that are just as much valuable as the fiat currency equivalent? I'm sure I wont quit Bitcoins, just look at the price of Bitcoin, it seems to rise every moment and there's so much value in it that people look at it as a commodity rather than a currency or a valuable asset just like Gold and silver for long term investments. The benefit of Bitcoin is the 21Million limit, after which nothing can be mined and thus there would be a really huge value for the Bitcoins that you hold. What the Governments are doing are all short term plans to overtake what Bitcoin has achieved till now, they're studying the blockchain technology and monitoring Bitcoin's performance and to benefit in areas where Bitcoin's fall short. I'm sure there can be many soft forks and offchain technologies that can get those sorted.

This is upto what the coins will be converted, if the coin value is estimated in bitcoins then their wont be any effect ya but if the coin itself is valued according to the coin like fiat currency then i dont think it will get success

I don't see any reason for people using those coins made by their governments if they have nothing new in them, if they are under the control of government then using them would be same as using fiat, while if someone uses bitcoin it means they are not under control of any third party, and that is the reason why those coins wont be able to overtake bitcoin at first place.

It's fun to watch even the greatest financial analysts and banksters worldwide talking bs about how much they don't want Bitcoin and how much they like the Blockchain concept. Let's face it: Current banking cartell will NEVER adopt Bitcoin, because Bitcoin provides everything, that banksters don't like.

Agreed that if there is nothing new, just using the fiat in digital form doesn't get the attention of public. Another reason is that when government creates such coin, it will be accepted within the country and won't get accepted in countries where they use just fiat for all needs. Such coin generated from each countries won't affect the bitcoin adoption or the growth.

agree with you sir, better to using bitcoin which having a good future than to other coins. maybe the government wants to make challenge with bitcoin and they want to see what is people react about their plan and i am sure that they have a plan behind of this but for bitcoin itself, i think bitcoin is going to be stable.

No, bitcoins will become more growing up if the british government makes their coins and it (british's coin) will become is like fiat money and can not be replace bitcoin, due to actually they are just copycat of bitcoins and they can not control bitcoins. We knew bitcoins is decentralize.

Agreed, I know there are many countries have tried to build there coin and most of them are not succeed in bitcoin world. And from 2009 up to now I never read that masses can dump bitcoin. That is totally ridiculous  to be heard actually.

They better used Bitcoin more than try to overcome it. I think this will be just another failed experiment and an attempt to influence Bitcoin at least somehow. However, maybe this won't be such a fail and people will just use British coin instead of GBP after some time.

They really did not see it coming and now it is too late to do a thing about it. As a matter of fact, the more they hit hard at bitcoin, the more popular and valuable it becomes. This is indeed a true taste of freedom for the people and all thanks to Satoshi, even if he never meant it that way.

Just like the fiat currencies, they only have some value because people accept them as means of settlement and store of value, so also does cryptocurrencies depend on acceptability to worth something. Without people's support, it is obvious that the government coins are doomed to fail.

Not sure you read is true, I think that Bitcoin remain the strongest currency in the world.