Bitcoin Forum

China Trials Its Own ‘Bitcoin’ But Here’s Why It Will Probably Suck

After a successful trial, China is one step closer to becoming the first country in the world to issue its own blockchain-based virtual currency. However, it will probably be a far cry from its open-access, transparent and immutable counterpart, Bitcoin.

http://bitcoinist.com/china-trials-bitcoin-suck/

I think the Chinese government just created its own coin so as not to be left out of the crypto-game because the coin is basically digital fiat... we already have credit cards for cashless transactions no need for a government-controlled coin.

Well yeah it will suck at what bicoin is good but transitioning to blockchain technology is not all about anonymity and stuff like that. It may be just better and more secure way to just own and make cash transfers from one person to another (like bank transfers today but better for banks and for us too)

This would mean that the government will have access to the account’s private key, enabling full control and censorship and the ability to block and freeze anyone.

im waiting for next big news of this season.
i wondered if china will make his "own bitcoin" at public, decentralization, full blockchain or smartcontract or maybe just a blockchain payment and centralized ::)

China showed us that they want full control over everything, so the only option for them to achieve that is building their own private blockchain.
I am curious to see how they will manage to secure that network. They would need tremendous amount of hash power to make something more that just big database.