Bitcoin Forum

So far I think its only people or organizations that are trying to create a new crypto currency to just be out there and maybe one day compete with bitcoin. But what if a government decides to create a country's own and legit altcoin? How would that affect the whole scenario? Will it be an instant success, especially if the country is big enough in population or has decent enough international trading going on.

If people were using Bitcoin and Altcoins for no real reason and simply because It's faster and has lower fees then most people may switch otherwise no one is going to use it as governments wants to control and It's impossible for them to make something decentralized. Those who use crypto currencies in Darknet and care about their privacy will never switch.

No it will not be an instant successful although the country are big enough in population or has decent enough international trading, due to bitcoins was need a lot of time up to there are many users and the new coin will be considered as other altcoins that can become scam coin.

just imagine yourself explaining what is cryptocurrency to a 80 years old lady.

Most countries have banks, banks earn their living with fees and loans. If that's all gone everyone (government  organizations) would be in deficit so there is no point in creating "official" altcoin

fiat altcoin will not be any diffferent than current fiat owned by governement, people come here for one reason, because altcoin is anonymous, and not control and it lead to easy money, with a fiat altcoin, you would not get easy money and you would be controlled like with usd and euro, no point

I think explaining part won't be much hard, the tough part would be to convince them to use or persuade them to switch.

i don't think that government will do this because they should know about the technology first and make a study and research before they want to apply this. i think it will make an affect with crypto currency business but its not a big problem with other altcoins since the coins from the government is new and people still don't know what is the main benefit of that coins. if there is many of benefit from the coins, then people will be make use in trading like other altcoins.

It depend on what country is this,but definitely the growth and adoption will be rapid,because  the resources of that government will be used to create massive adoption for that country and id they succeed other country will follow.

You will be seeing about that soon. China,Sweden, and Canada.
http://www.coindesk.com/sweden-central-bank-digital-currency/
https://www.reddit.com/r/ethereum/comments/4oesvj/canadian_central_bank_experimenting_with_crypto/
https://www.cryptocoinsnews.com/chinas-plans-launch-currency-might-affect-bitcoin/
They won't get immediate success, however, will different if they will use the power of government.
force their civilians by regulation.

What government can do in near future is;
Create own blockchain based currency backed by their own fiat/paper cash to digitize their ecosystem. But this can't compete with bitcoin as all this tokens/coins will be just like the way you have electronic banking system with full control of banks/governments in your money.

Just the tech behind bitcoin and these coins could be same but they can't have same functions and properties or even get international acceptance.

IMO it would be impossible :D
From the other hand if you look from the governments perspective it could be success if they would try to introduce in multiple steps, lets say in first step would be able to pay their taxes came from online incomes, since these people probably are more familiar with these online and virtual stuffs.

It's a currency like the USD.

naah. many people are just sceptic with stuff they dont have physically in their hand

Sure, everyone uses cash for everything.....

people make altcoins to make more money from pump and dump and this is true about 99% of them.
that leftover 1% are some projects that the developers try to make something good but they usually don't succeed!


it would not be a success.
it may be used but since there is no difference between a government created altcoin and fiat, people won't be so willing to switch to it. whereas they use bitcoin because of what it offers: the decentralization mostly.

A state/government can just create its own currency and you can use it via CC for example. You don't need to "touch" it. Most of the money in circulation are just numbers on someone's screen. Sweden is soon most likely to be the first cashless country in the world. The question here is not IF, but WHEN. Blockchain technology can be still considered as fragile and it would take (imho) at least 5-10 more years, until banks implement it.

everyone is talking about government issues altcoins these days for some weird reason! and i think if they do this we are all going to use it as we are using fiat right now without any problem and thinking twice but at the same time that doesn't mean that altcoin can replace or threaten the place that bitcoin and some of the altcoins have, because simply put nothing can beat decentralization.

I guess you were sleep this all time dude, governments are already doing this just by transferring bits of code as valued credits and then you could get your hands on paper cash at the end just like any crypto currency.
Also using open source ledger stops the governments influence that's why they use as closed source.

I think yes there will be a great chance for that altcoin if the government will push that project to create their own specific altcoin that is exclusive in their country. If a country has a great government and fair enough amount of investors then the coin will become a successful coin because of its high potential.

Probably, it's a big maybe like if US creates a altcoin and doesn't have any taxes on its transactions then it may become successful, but the thing is ultimately it will still be a altcoin and it's price will depend on the traders and miners. Still I think it would be more successful than the current altcoins atleast.

As we know bitcoin first then altcoin second so the risk for being second is it must work harder to make it better than original !
But sometimes life can change based on luck so if you want to keep inventing another altcoin, you need learn more and more since there will be new altcoin that keep occur and keep competing !

DECENTRALIZATION - that is what crypto is all about. A Gov is just another form of centralized fiat for the fractional banking system. That can not compete.

This idea isn't strange for me, because there are few countries declared that they will create their own digital currencies, China one of them, they want to hire blockchain experts in order to create a digital currency, I also heard the same about Sweden.

Yes you are right, the government will not do this because country has it's own fees structure on banks, as bitcoin free structure is very low so government won't show much interest on other altcoins, now many countries are impressed with bitcoin technology so the government will plan to install this new technology for further access of buying and selling bitcoin, same as other commodities.

This should have little affect as it would be controlled which sort of defeats the object of crypto.

as per my view it will be success but it will take time and manipulation will also be high as the coin will be used by all the people just like fiat currency but even then i think main Bitcoin wont get affected much as it is used by full world and who ever is in crypto world will be knowing this

What they are trying to do is to counter the effect Bitcoin in particular is havingor going to have on their on central banks. Most people that are into Bitcoin now prefer to have thei money in BTC rather than save it banks and if this trend continues they are in for a big problem because it will be difficult to control bitcoin

Here will come George Soros  ;D

Not sure if its really possible for a country to have thier own altcoin, country's central bank would mean useless.
But granting this can happen, bitcoin might just be one of the coin with high value. It will be good for us.