Bitcoin Forum

In some countries the central bank launched a digital currency independent in consideration, such as the recent news that the European Central Bank in the euro currency ECB-Coin, consider pushing digital encryption currency bank of Canada on self advantages and disadvantages, Russia must figure out the ruble, even bitcoin is not friendly to China, in consideration of the possibility of independent digital currency， Do you think these digital currencies are similar to bitcoins?

The popularity of bitcoin has been soaring at an incredible speed. The main reason is that it is controlled by any organizational structure. It is a decentralized currency, which can break the barriers of the state and make transactions from all over the world simple and feasible～ :)

Well, they are trying to get along with cryptocurrencies now, because if they don't they will be left out of the future awaiting for it.

which is a good thing but I think countries will have to really think about if it would be better for everyone in the country. I think the banks and centralized systems would be scared of losing their jobs. For the people, yes, it would be better but there is always the threat of hacking. The currency would have to be trackable which would lose the allure for most people. Then you have the credit card operators and bank transfer companies which have huge power. Crypocurrency would put them out of business. As a society, digital currency would be good. Regulations and rules however, would prevent it from being executed properly. If it is not executed properly then everyone would run to get cash, gold or something else that has value.

It will take time before the world is ready for cryptocurrency.

Nice. They are now practicing the world for cryptocurrencies, we will be even richer now. Perhaps, we should support them also.

Finally, the world is going to evolve into a cashless society. Not so long from now, we will be able to buy things without FIAT.

I do not think so, Bitcoin is standard out from whatever circumstances, I see great things happening in 2018

I think this is something that was expected of banks as they knew that with cryptocurrency on the rise and bitcoin in ascenant it would just be a few more time needed to have them being obsolete as a result they are launching their own cryptocurrency

This message is a good thing for encrypted money, because it shows that many countries are beginning to attach importance to the block chain. But I don't think that the virtual currency made by these countries has a good future, because a very important problem is that these coins are not transparent, but not centralized.

Probably what else is at hit and sky trending with the media now none other than bitcoin. Because when probably ask by cryptocurrency they will answer you bitcoin. With the price skyrocketing as much as 11,000 there's no doubt that many more country are here to accept bitcoin as of mode of currency in their country.

I don't approve of such an encrypted currency. These government coins are not really centralization, at least it's not a fair coin in the short term.

But have you seen them being successful though? To my knowledge I haven't seen any crypto backup by the government becoming successful or I might be wrong though. Russia has its own just recently, but the problem is that its heavily tax around 13%. And who would buy that kind of coins if the government will kill them with high taxes?


You don't understand. How can this be good if the government back up crypto is regulated or centralized? The reason why they are creating is just to satisfy their population who loves crypto but with high taxes and heavily centralized, much better to buy stocks or mutual funds or bank notes.

So far, many states have announced the creation of their own crypto currency, but we do not yet have in practice the results of the operation of such a digital crypto currency. National crypto currency can not be compared with bitcoin, since their functions and tasks will be different. The national crypto currency will be fully centralized and controlled by the state, it will go predominantly inside this state, while the bitlocked decentralized crypto currency, which is not tied to a specific state and is not controlled by any state, its boundaries are not limited.
     We can not yet judge the effectiveness of the national crypto currency, since there is no example of such circulation of the national crypto currency. It would be interesting to see how such crypto-currencies will interact with each other.

people who ask this particular question always miss the main point of using bitcoin.
you see people are not using bitcoin just because it is a digital currency. they are interested in bitcoin and use it because it is a decentralized currency. of course there are lots of other reasons such as the rising price, the security, fast speed and cheap fees (at least for high value transactions these days), but the main one is being decentralized.
with that said, all these "national coins" are centralized. there is no difference between using them and using a bank. these may become popular but bitcoin will stay strong still.

They are like.. "If you cannot beat them.. join them!" This means that blockchain technology is being accepted by centralized banking agencies. Soon after that, government will be taxing that too.

Indeed i am also agree with the point that yes now governments are trying to launch digital currency and the reason is that now more and more people are following digital currency like bitcoin but the issue between the bitcoin and the coming launching digital currency that are still planning for launching will centralized and decentralized. people are following bitcoins because they are decentralized while when government launch digital currency then that currency will be centralized and off course there will be no big difference while using bank or that centralized currency.

I think this will be a really great initiative if banks start to launch bitcoin in central banks.

You have to look at the motives to figure out why these central Banks are doing this. One of the motives is control over all transactions being done. < they currently only have limited control over cash > If they run their own little private Blockchain, then this information can be data mined and monitored by them and also entities that are given access to monitor this. < The government & tax authorities will get access first >

Once they implement this and fiat cash is removed, you will have NO financial privacy anymore. ^grrrrrr^

I think the governments of many countries have seen the benefits of digital currencies and blockchain using, on the bitcoin,
etherium and other altcoins example. In addition, any state should conduct its monetary policy and regulate the money issue.
Mass use of crypto currency violates their monopoly. But the usual prohibitions can not stop citizens from using settlements in crypto-currencies.
Therefore, governments have only one way out for themselves to issue their own crypto currency.

It’s a good thing that other digital currencies are going to come market but i believe that bitcoin is different than any other crypto and now bitcoin learn a lot of things in market that what to do and how to do since bitcoin arrived to market from that time till now bitcoin have faced a lot of challenges and bitcoin fight against them and also these challenges tech a lesson as well so bitcoin become strong popular and stable with high price and that’s the reason that every country is trying to accept bitcoin and some of them want to make it legal so It’s very hard to replace bitcoin.

Even Jp Morgan released a cryptocurrency which is called quorum and I heard that China is planning to create their own digital currency, In short, the majority of them are decentralized, yes they provided the solutions for the scaling issues but the problem here is the control and centralization, some of them have good intentions and purposes for their countries and businesses but a lot of them are just greedy as hell, they've just created a coin over the computer but the monopoly and manipulation are still their agenda.

It's just a way to spin the wheel. Using the advantages of crypto currencies and to mix with the disadvantages of the traditional banking system.
A bank can create their own coin it doesn't mean you will have the full control of your funds. One of the ideologies of cryptocurrencies is to be independent of the banks not to be centralized again.

I think it's the same, it's an innovation of crypto development. in the end will be many countries in the world that involve on crypto. the digital era of technology can not be separated from human life today.

it'll be shitty versions and something they have full control over. the vast majority interested in this space will not care.

everyone wants the chance to mint a block of sweet digital computer bits.  :-*

They would be in no way similar to bitcoin.They would be just an other form of paper currency.Same centralized nature.Every user has to be accountable to the government for their transactions.They would not give financial freedom to the people which bitcoin delivered the most.People would not use it instead of bitcoin,but rather instead of fiat currency.A digital currency released by a country would not be welcomed by the people of other countries.So,universal acceptance is highly impossible.

i think it's useless. they are just hyping, nothing serious i think

I think they are entering the alt-coin stage of development. After they lose their shirt with that, perhaps they will cry a bit, then buy bitcoin.  

Central banks and the powers that be are trying to co-opt the movement - it's what they do when they can't control something. Whether it's successful or not will depend on a number of factors that remain to be seen.

I'm hopeful that people don't fall for this and continue on the chosen path. The cat's already out of the bag and I think these attempts by the central bankers are too little too late.

I don’t think the digital currency is similar to Bitcoin. The main difference is that the digital currency is not decentralised. It is just fiat in digital form.

I can't trust those "digital currency", because they are controlled by the bank, and i don't trust the banks :D
And i don't think that they can be total decentralized...
So bitcoin remains the best

It's their inevitable future, they just don't know it yet ;)
The only thing that BTC will have with a government/bank issued cryptocurrency is the encrypted transaction, which could increase the safety of the transfer. But this is not what people are looking for when they're drawn to BTC and other real cryptocurrencies. They want to eliminate the third party and this won't happen when they use a coin issued by a bank. It will be their money from their own bank account exchanged into a cryptocurrency (with a fee taken by the bank) and transferred (probably via bank nodes that will take another fee) to another bank! Utterly useless.

Not even close mate, not even close. They will end up to be miserable alts, believe me. Unless and until there's some sort of regulations added to it's background, they might have some future. Otherwise it's a strong no.
For any altcoin to even come close to bitcoin, there requires a strong, legit and powerful support. Like the support shouldn't vanish in a day's gap, which is quite frequent to literally all the altcoins. Bitcoin is an exception because we saw this year how the prices got influenced and such cases are a rarity now.

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Bitcoin cash has increased and is quite stable in the ~1500$ ,when frankly no one thought such a case will ever be true, eth and litecoin and monero are proven to be better than bitcoin cash but they quite didn't reach level, and given the circumstances bitcoin cash rose real quick. My point here is that one of the minor reasons for the price of bitcoin cash rose is having bitcoin as it predecessor in its name(again a minor reason ,not that big a deal but nonetheless).
So if any central bank is willing to introduce it's own crypto, let it do so ,but it sure as hell is not going to come close to bitcoin's price. We have got nothing to worry about. Take ripple for example. Price has been the same since forever now.  Makes sense, right?

Bitcoin and fiat currency in digital form are totally different. The only similarity is both are powered by technology. I guess the government want transparency and easier for tax purposes.

Of course countries are expected to take line of action because as civilization is advancing so also are countries moving and for those who are very active about the future, they are taking the lead. For me, what they are doing is trying to fit their own objective into the objective of bitcoin and see where they align. One of those places is in the area of cashless economy which is one thing banks all over the world have been trying to push to their citizens. If teeming youth population are now going the way of crypto currency which is purely electronic, then its only fair to key into such objective.

I can say they are similar to bitcoin because they are both digital but not the same because one unique advantage bitcoin would have over others would be the anonymity and decentralization which the ones backed by government banks will never have.