Bitcoin Forum

I have been saying this all along that governments appreciate the many innovative feature of the blockchain technology but there is just one thing they can't take and that is the lack of controls once they would let the whole beast roam. That is why they always want to establish regulations so as not to lose the thing that makes them as the government.

We should expecting that soon there would be central banks who can be using digital currency platform to launch their own version of cryptocurrency and these coins can be competing directly with Bitcoin. But as the man above is telling us: never be fooled as we should know what side are we siding with.

Fair assertion, but a war lol! i think is been a bit exaggerated. Off course governments want regulation, that is what makes them governments and keeps them in business. Most will do the same in their shoes. People will find a way around these so called regulations if necessary.

Why? Why not just support the Govt issued currencies? Why to hide your transactions from government?

The war has already begun for anyone who is sensitive about the way things are going in the crypto currency industry. The way its being seen as just an attack is because while the people on the side of government are launching, the bitcoin is defending and thats not how war is being fought. Government and its institution knows that the future is a digitalized one and they want to come into the picture but with their own backed currency and that is why they  why they are trying to weaken bitcoin, before launching theirs.

The winner of the war will now depend on the side in which majority of the population will belong to

1. The side of those who already know about bitcoin and wont want to sacrifice that for anything else more importantly backed by government, and

2. The ones that will be coming in after government launches its own currencies.

All that can be said is let the best candidate win.

The truth that I am still a newbie towards this Cryptocurrencies, but after engaging and reading more in the forum, I have seen that there is no such war between different Cryptos but the unity in each and every one of them, they have all common features and I think there are common goals between each and everyone of them, so in my perspective there is no enemy or ally but a symbiosis of each and every cryptos.

I think he's reaching a bit. Banks were already going digital before Bitcoin was invented. I'm pretty sure that countries like Sweden were moving towards a cashless society before Bitcoin existed as well.

But it certainly has moved things along. It's clear that both consumers and governments want to shift towards electronic payments (the former because it's more convenient, the latter because they are more trackable). I do think he's right about the coming war; China is set to roll out its blockchain currency soon.

I guess we all started as a newbie. And it is common for them ask around. But i guess its not termed as war because they dont technically go against each other. but each has its own strategy to attract users and it is in us to utilize or not there services.

The cryptocurrency market is very promising and therefore it will always be tough competition. If there is war it is not known. The fact that the government will fight with all the cryptocurrency that's for sure. They will not give up the Fiat position without a fight.

I think we'll have BOTH decentralised coins like bitcoin and fiat-digital coins issued by central banks, at the same time.

When the banking crisis hit, the govt investigated whether they needed to bail out the banks, could the central bank (the Bank of England) handle all the transactions instead? Turned out that the BoE could only handle about 500,000 a day - they were only set up to handle huge transactions between them and the banks.

So the govt was forced to bail out the banks just to maintain the payment system.

Blockchain technology however gives the central bank other options. The BoE is investigating putting the Pound Sterling on a blockchain. The reasoning is, that if there was another banking crisis, instead of a bailout to preserve the payment system, they could just move everything to a blockchain maintained by the BoE.

At the same time decentralised coins like bitcoin will continue to exist. Fiat blockchains arn't a threat to bitcoin, they're a threat to the banking system because who needs them as a payment processor anymore?

I do agree even lots of countries want to implement blockchain technology and want to enhance decentralised database but they are really afraid about the controlling they are loosing on their currency soon there will be big changes happens towards cryptocurrency.

I actually thought it would be governments that would first come up with a digital currency since many times we don't really use paper money. I think governments would just phase out paper bills, forcing people to use their digital currency. So yeah, we'll probably end up with both. At least, cryptos already got a head start. It's frightening if all your money is in digital fiat and the government suddenly decided to disable your access to it.

Whenever the govts thought about phasing out cash, they were stopped by the thought of the credit card monopolies (VISA and Mastercard) gouging the customers/voters with fees. Voter backlash stopped it.

But if they can do the fiat blockchain right with low fees and completely by-passing the banks and intermediaries, they'll do it. Contrary to common belief, they didn't enjoy bailing out the banks because they got so much abuse from the voters for it, and a fiat blockchain would mean never having to do a bailout again.

Yes there will be a war

as country is turning digital

means this currency will be used in the whole world so there will be a war as such currency to use

How’s that camera in your bedroom working out? Bathroom?  Why hide anything from the government?

I guess if you don’t care about liberty, then you’d be okay with someone monitoring everything you do, but some people care about freedom.

Whatever digital currency banks might issue to "combat" Bitcoin will merely be the next iteration of fiat. I am often reminded that, despite other new uses for Bitcoin, it was first created as an alternative digital currency. Crypto/blockchain is still in its infancy, with little pronounced real world use. So no one is can be blamed for going with the convention of lumping all crypto into a convenient "cryptocurrency" label.

But once this age has passed, I do believe that there will be only a few "true" currency. Bitcoin being foremost and possibly the only one to enter true economic use. I see Ether and others to power their own networks, niche currencies like Monero for their specific purposes will always remain outside of mainstream.

There won't be a war, though. That's just sensationalist talk. Comes out from all sides of discussion. This did get me thinking about fiat's main weapon: paper money! No fees ever to transact ;)

In less than a decade we have seen a major increase in the digital way we lead our lives really fiat is in the catch up game here. I'm going to make the assumption that most of us live cashless nowadays and with that the global banks are playing catch-up. They will try and integrate a crypto currency into the way they operate but from this point they will only be seen as another ico. Businesses across the globe are going to have to accept that bitcoin is here to stay and can only grow as a result.

Overall , it will depend on people choice whenever they want to use bitcoin or new one , as long as it can be use for global transaction and it's not against the wall, I think it's no problem


In this digital era, everything gone advance very quick , I won't be surprise if there are many new invention that will occur on next few year

Why not use fiat, then? lol

So what a decentralized fiat currency. worse than fiat paper because it can be tracked. Only sheeple would use it.

Sweden was almost cashless, (the percentage hasn't moved a lot in the last years as it is already 98%) before 98% of the users here knew anything about bitcoin.
Eastern Europe has made huge steps in that direction and I think even my country has passed the 50% digital transactions mark.

It's not a move against bitcoin is a normal thing  in evolution with improving technology.
And no matter what some say I feel safer with just a plastic card in my wallet than a bunch of notes.
Besides, if the National Bank would want to rob you it will do an India style move and all your mattresses full of cash will be worth cents.

But,I think I missed that.China??? own currency???

It's a good sign that we are heading toward stabled cypto currency era. We will have a government issued digital currency in the market alongside with different altcoins. People will only choose which digital currency is accepted for whatever transaction they make.

Because govt has absolute power over their currency. If you are talking about a Digital currency issued by the Govt, you might as well use FIAT. Bitcoin is all about freedom and decentralization.

well it wont be a war because it will be as it is now, FIAT or Crypto
FIAT is definitely moving towards a digital useage and we are becoming
less and less a cash economy.

I still think there will be those happy to use the Government controlled
Digital FIAT and those that want sonething alternative that is not
controlled but decentralised, opensource, unregulated . . .

thats why we are here on BCT! good article though . . .

I wonder if the US govt will try to get their fiat into crypto to move themselves away from the FED and control their own currency instead of the banks.

Edward Snowden said that NSA workers would grab photos from people's computers and phones, pass them around the NSA office and have good laughs at the photos.

Obviously, there is no reason to support government related things only. There are digital assets available for all of us out there and this is showing how beautiful the crypto world is.

The struggle for control is already underway....

Yeah no need to hide the use of the bitcoin because using bitcoin is not the sin, actually bitcoin is not good according to the government because now more people use bitcoin instead of the legal currency. It is the time to be worry for the other currency users because soon the bitcoin currency will become more popular and it will be legal when almost everyone will start using bitcoin.

It is obvious that there can be many successful currencies. Hell there are many successful legacy curriencies and those have the disadvantage of the possibility of infinite inflation. At least with crypto there can be controls. Many crypto's focus on competing by offerring an innovation. Many are crap. But, those that really innovate can be successful and there is no arbitrary limit to how many can be successful.

I think before any cryptocurrency war happens (which most certainly could) we will see a large crash. The price will dip down below $2,000 again. People are forgetting that 6 months ago crypto was under $2,000. This rate of growth simply cannot be sustained for much longer!

There can be a war among digital currencies on which one of them want to becomes the world's dominance, a lot of ICOs and tokens sprouting like a mushrooms on a grasslands every month and ignoring them to grow and competing in the saturated crypto market working who will be the best.Unregulated and non-standardized crypto could be a bubble, regulation and government policy compliant is a must as soon as possible to sustain the cryptocurrency,blockchain is unstoppable but the users can. Transactions on the blockchain is anonymous but the users can't, anonymities are for criminals, drug lords ,gangsters and villains, if your are a good citizens then why hide your identity if you have no intentions of doing bad things. In the first place Bitcoin cryptocurrency concept was not intended for illegal activities.There can be war if there are no men standing in the middle.

I've always believed that governments will eventually go away from paper and coin money and will transition to electronic money of some form. Major countries already conduct many transactions that way anyway with credit cards, PayPal, etc. I don't use much cash myself. It's going to happen.

However, government money will be different from decentralized currencies like Bitcoin. Government run digital currency will be controlled by the government and the rules can change such as the number of digital dollars in circulation just like they do now. They won't be able to control Bitcoin this way.

The war between the digital currencies and the governments of states is already taking place and this stage was inevitable. We need to go through it and move on. Governments will inevitably try to subordinate the Crypto-currency and if they see that they can not do anything to it, they will have to retreat. Then the crypto currency will continue to develop more freely.

Good idea, but what is the difference if the state currency is on blockchain or it's the old fiat? Why there's no need to bail out the banks if the currency is on blockchain? Banks still need to be solvent in case the crisis hits again, to be able to serve the people if they want to withdraw cash from ATMs.
Or, the idea is to eliminate cash totally, not to let people to use cash anymore, just digital cash via phones, bank cards, etc?

If such an event occurs, most likely will be the most promising crypto-currencies needed in the future for the socium, with the economy in the code and mass popularization. Already, there is competition in the plans of start-ups, therefore only the strongest will survive. All the slag will disappear, there will be a prospect. Therefore, invest thoughtfully and knowing what. Read white papers and road maps.

Bitcoin was an unexpected event for central banks and governments. They had been wanting to make cash disappear for a long time and when digital money was becoming widely used, an increasing every year, bitcoin and cryptos appeared.

They reason they give citizens for abolishing cash is that in an only digital money world, fraud would disappear. However, that’s only true for small and medium fraud. Big fraudsters, usually linked with the world power, don’t need cash to commit fraud. It is done via international transfers and groups of companies.

The birth of cryptos was very important because if all money became digital and they didn’t exist, we would be in their hands. So, I think the war between digital currencies is actually a war between citizens and the powerful.

I'm pretty sure that some governments realize the inevitable truth that they can't stop cryptocurrencies. The CFTC gave LedgerX the green light to offer BTC futures markets, for instance. Canada is set to have an ETF on its listed markets in the near future.

And major Japanese corporations seem comfortable enough with the government's legal stance to dive into the mining industry in competition with Bitmain.

today, there has been a lot of cryptocurrencies.

Any social phenomenon has what is called externalities. For example, antibiotics allow you to treat the health. But their thoughtless application leads to diseases with resistance to antibiotics. In such a situation, society should begin to decide on the use of antibiotics.

As for crypto currencies too. It is necessary to think about what externalities have crypto-currencies. I'm not talking about terriers and drugs. For these things, there is already a good solution - cash.

If governments really want to make a Fiat digital currencies to whoever then they must act fast as the value of Bitcoin is increasing exponentially and maybe before they make a coin for their local countries all of the market capital of their economy is inside of Bitcoin. Let's just wait until that time happen as people will really have to choose to which side will he stay or not but Bitcoin has already set a name and reputation that is really hard to beat easily.

Coming war, i think it is korr of a competition, all altcoins' goal as of now is to beat bitcoin's price, which is a good sign, since withough competition currencies will not work. i think this is history repeating itself again, but this time in form of currency, and to be specific, cryptocurrencies. Before gold was being used by all as means of transsctions, then silver coins came, but if you take a look at it, along that time period, some also use gems, crystals, and other earth minerals to trade goods, but it was not that valuable as gold, if we compare gold to cryptocurrency now, it is true that it can be compared to bitcoin, however,.there came a time that gold was.no longer used, rather it was valued as commodity, along with other forms of currency, excluding fiat, then silver was the means of trading, i think the same will also happen to cryptocurrencies, those altcoins, that are only few in volume, would then cost that much, as well as bitcoin, and probably, a new active altcoin will be used as means of ttanssctions, but still have a relations with the price of bitcoin. I think no altcoin as of now can best the price of bitcoin, but what will happen is they will compete among themselves who is the best cryptocurrency.

Bitcoin has been one of the best performing currencies this year. It has attracted the savings of many , as assets with high investment returns remain scarce on the mainland. Supporters of the new method include Microsoft, the bitcoin exchange Coinbase and a variety of other bitcoin proponents who would like to see the currency used more widely in commerce. Reformers had threatened to stop recognising transactions confirmed by miners who hadn't adopted the upgrade. Though the change is designed to improve capacity on the increasingly clogged network, some miners had objected because it could reduce transaction fees they collect.

It can hardly be said that the digital currencies will be at war with each other. Most likely it is necessary to call it a competition for the best impact on human life and for increasing the demand for them. It will be an honest and positive competition, which is necessary for the digital currency to be improved in general.

As Bitcoin's current growth has reached about $ 4000, some Altcoin also do not want to miss it. In the past week, there has been intense competition with Top 10 CoinMarketCap.
Interesting enough to see that some crypto signs are being replaced by other crypto signatures. This is evidence of the fact that no entity has a monopoly in a particular position.
I hope there will be no central government bank that manages the digital currency.

 Here is a little something that may make you feel better:

https://fee.org/articles/imf-head-predicts-the-end-of-banking-and-the-triumph-of-cryptocurrency/

I do agree that governments would create their own digital currencies as a competitor to bitcoin.But,i don't think that it would be possible for all the governments to join together and create a common digital currency to compete with bitcoin world wide.Regionally released digital currencies by the governments would in no way be accepted universally and it would in no way be a competitor to bitcoin.

If that would be the case then these central banks are all cheaters and that would literally make other digital currency a more exciting to own by this time around. And if government might get involved in the blockchain technology I don't think many bitcoin enthusiast would prefer to have them because if that happens digital currency will also be taxed and that is the one I hate the most, government will corrupt the blockchain too.

Bitcoin has been one of the best performing currencies this year, lately trading above US$3,000 per coin. It has attracted the savings of many Chinese investors, as assets with high investment returns remain scarce on the mainland.

Not really expecting that but its a possibility so lets assume that they'd created their own cryptocurrency which is centralized i assume. what are the odds of it overpowering

bitcoin? or even having a close competition to it? of course they will make lots of advertisement of it now people will be divided to two 1). people who are interested to use 2).

people who can't comprehend how to use. As the people who are interested dwell deeper on the governments cryptocoin, it is inevitable to know bitcoin and soon they will realize

that its better so bitcoins users will just increase. i'm kinda confident tho that if ever it happens bitcoin will retains its place besides governments cryptocoin is not mandatory

right? because if its is then they plan to use it to be a primary money which is impossible unless they provide a free internet for the whole people.

If they (governments) want to get rid of bitcoin, they will simply ban it. There's no reason why they would compete, when they can just ban the competitors. They don't really need to create new cryptocurrency for a country, it's enough if they digitalize the existing money somehow. Blockchain just can be a solution to get all done in a cost effective way, but it's not a must, it's an option.

Clearly government ts are already planning for digital currencies. I think the thing that is at play is really control. With Bitcoin, the control is pretty much hardcoded in from the beginning and the economic philosophy was a pretty conservative one. That philosophy is at odds with most modern governments who want to have an inflatable currency.

It is possible to program this concept into the blockchain, but it is difficult to change it at say "a monthly fed meeting".

It is a great article. Thanks

I also think there is going to be a war between currencies. Now ,that they have seen how powerful is bitcoin and altcoins governments are creating their own coins. They are all going to survive but the price is not going to be the same. I am wondering if Usa or China will create their own cryptocurrency what price it would have. Maybe it is goint to surpass bitcoin

In total cryptocurrency market share has reached more than $ 170 billion, this is certainly very worrying for many countries so that all countries agree to banned bitcoin and ICO.

Not all and this is more false rumors and news. Yes there are some that ban both , some just one, but many are trying to adopt it more rather not to ban it at all.
Market cap is something that is good for some indication but more for some experience traders they know what to do with this information, on other site government are more less here to spectate some maybe to take a gamble in all this but for the moment, more will try to adopt it rather then ban it.

I think my money will be on BTC, Ether, and Litecoin.

Market caps mean absolutely nothing, especially not when it comes to altcoins. It's far too easy to manipulate the market cap into an insanely high figure by having hundreds of millions, and even billions of tokens in circulation. You shouldn't forget that you just needs to buy or sell 1 token at a certain price, where after that the market cap instantly jumps to a certain figure. In other words, if you have a coin with 100 billion units in circulation, you purchase 1 at $1, and your coin has a market cap of $100 billion -> what exactly does this tell you?

Bitcoin being decentralized make them lose control so they will always find a way to get back that control of the people. They have been continuously studying blockchain technology to compete to the existing digital currencies and later on would make their own version of it and would insist to people that it should be the one use because it is the legal one. They would make their own version which is the legal one and make bitcoin and other digital currencies already in circulation illegal so that people would avert their attention to their own version. This would not be good on our part being enthusiast already but maybe in the impending war, I might just give in because I want to follow the law.

"A digital society needs digital cash."

Jesus they're dedicated to pushing that meme aren't they.

But when it comes to the "war" between decentralized cryptos and centralized cryptos, it's obvious how the lines will be drawn and how people will divide themselves between the two systems. You're going to have your crypto people sticking to the decentralized stuff, you're going to have some new people moving to decentralized cryptos as it becomes apparent what's going on, and then you're likely going to have your average people who will switch to the centralized cryptos only because they have to.

I read a possible solution for this somewhere, and it was to make computing power parallel  for all cryptocurrencies, this would prevent competition amongst cryptocurrencies, with mining atleast. Miners would be spend X computer power to generate coin A & B & C .. instead of 3X times the power.
this way all crypto currencies would have the same level of security & integrity. using different  blockchains of course, a mega blockchain may have bad implications I suppose.

Hahahaha LOL. So uninformed.

BLOCKCHAIN without bitcoin = SCAMCHAINS
BLOCKCHAINS without bitcoin ARE SIMPLY PRIVATE DATABASES that every small business has even a coffee shop = NO VALUE, its like fiat currency, small minimal value!

BITCOIN BLOCKHAIN = SECURE IMMUTABLE VALUABLE OPEN-SOURCE DECENTRALIZED FAIR (scarce bitcoin supply). Globally people poured over $70Billion (USD) equivelent value into bitcoin and this will increase with time.

Forks creating scamchains are a courtesy brought to you by DCG group of companies led by Barry Silbert with his fellow minion Jeff Garzik and friend Roger Ver. Central banks love to fund their operations so they can get inside the community to circumvent Bitcoin's progress and try to destroy bitcoin.

Luckily their attempts have been marked by continuous failed altcoins...
"Bitcoin Classic" failure
"Bitcoin XT" failure
"Bitcoin Unlimited" failure
"Bitcoin Cash" failure
coming soon..."Bitcoin Segwit2x" (BTC1) failure

Recommend reading post: "Hacks Puppets and Forks - How to destroy Bitcoin"
https://bitcointalk.org/index.php?topic=1834310.20 (https://bitcointalk.org/index.php?topic=1834310.20)

hacks (these people may have been well-meaning previously...but people change...):
Mike Hearn : “the "Bitcoin experiment" has "failed." goes on to Ethereum an app coin.
Hearn - Big Bank Bitcoin Bully - https://medium.com/@tradertimm/hearn-big-bank-bitcoin-bully-c61531c082e#.okh9viyze
Craig Wright - desperately claimed to be Satoshi & then flees fraud trying to file a bunch of IP patents! LOL!
Mark Karpeles
Paul Vernon
Josh Garza
Roger Ver
Jeff Garzik (2017 recent; hard forking BTC1 / segwit2x)
"Jeff Garzik wants you to connect to his Bitcoin transaction analytics (spy) company Skry, by default, in the SegWit2x fork. Jeff is a sneaky snake!":https://www.reddit.com/r/Bitcoin/comments/6n9grc/jeff_garzik_wants_you_to_connect_to_his_bitcoin/
Barry Silbert (and his DCG portfolio of companies-ie Coinbase, Bitpay, sponsoring ilk of Jeff Garzik characters)


Bitcoin has the highest value because of the totality of what it is - if it lacked the features of what it is, then there would be no value.

If it wasn't secure, there would be no value.
If it wasn't immutable, there would be no value.
If it wasn't globally distributed, there would be no value.
If it wasn't so strong, open-source decentralized and unstoppable, there would be no value.
If it wasn't so scarce, there would be no value.
If it was easy to spam transactions, there would be no value
If it didn't have the history of 8+ years (and still no hacker can exploit bitcoin blockchain), there would be no value
If it was exactly like fiat and only did transactions, there would be no value.

Bitcoin has all these together to make the most value and increasing more than any other financial-asset option coming from the fiat central-banking debt-system.


Though it is still very early adoption (most people everywhere don't know what it is)...
Bitcoin has freed, continuing to free, and tomorrow will still free many people globally from the centrally controlled debt-based fiat system that confiscates your wealth with inflation and tax. Bitcoin is a TRUE savings vehicle. Buying Real Estate, Hospital healthcare, Global traveling, College Education gets cheaper as you hold Bitcoin.

And it has become clear that...
Bitcoin CANNOT be controlled.

Bitcoin cannot be made legal. Governments may still attempt to do so. They can never have such domination on Bitcoin.

Bitcoin cannot be made illegal. Governments may still attempt to do so.

Central banks already control and manipulate Stocks, Real Estate, Gold, Interest Rates. Central banks will never have such domination on Bitcoin.

Bitcoin reached escape velocity 4-years ago in 2013 which means it cannot be stopped - cannot make it illegal or legal - governments/banks do not matter.

On the opposite end of the spectrum the global fiat (US Dollars, Indian Rupees, Chinese Yuan, etc) bubble system broke a couple of decades ago.

Fiat around the world is forced to inflate issuance as its heavily infested, burdened and broken with:
-regulatory burden on fiat banks & system (incredibly costly)
-unemployment & other welfare costs
-inflating fiat to keep stock market rising and to keep house-prices from collapsing
-financing conflicts, bombs, and "aid"
-insurance fraud
-false claims and insurance loss-events
-stabilize regions after natural disasters
-keeping monopolies with internet access centralized and search engine crawlers centralized
-money laundering
-chargebacks
-frivolous legal costs (lawsuits bogging the system down)
-state-sponsored corruption and unofficial corruption (governments and gangs, banks and conartists)
-retirement obligations (debasement in value to keep up with payments from government or other retirement-obligations)
-fake credit (goods being transacted with credit-loss, replaced by inflation of monetary base rather than bringing perpetrators & source to justice)
-using enforcement labor to freeze accounts and assets and take away your money
-costs of auditors and budgetors and accountants to governments and businesses

Bitcoin, systemically, is free from these burdens.

Bitcoin is GLOBALLY held and sought after by people in almost every country - see global trade data by country or see this list:
https://bitcointalk.org/index.php?topic=1853019.0

BLOCKCHAIN without bitcoin = SCAMCHAINS
BLOCKCHAINS without bitcoin ARE SIMPLY PRIVATE DATABASES that every small business has even a coffee shop = NO VALUE, its like fiat, currency, small minimal value!

CAN SOMEONE PLEASE STOP BLOWING BUBBLES OF EXTRA FIAT MONEY AROUND THE WORLD? (PLEASE NO MORE USD, EUROS, JAPANESE YENS, INDIAN RUPEES, CHINESE YUAN, MEXICAN PESOS - PLEASE STOP INFLATING AND MAKING BITCOIN SO VALUABLE)...stop this pumping
https://macromon.files.wordpress.com/2017/04/global-monetary-base.png?w=640
https://macromon.wordpress.com/2017/04/26/the-chart-that-floats-overvaluation/ (https://macromon.wordpress.com/2017/04/26/the-chart-that-floats-overvaluation/)

Where are the money there conflicts. It has always been so. Bitco is priced so that's what happens. As it cost $ 50 each, no one bothered him.