Bitcoin Forum

According to The Telegraph, the Bank of England could release a digital currency as early as 2018 that would be linked to the sterling. With this new virtual currency, the Bank of England would allow British citizens to keep their money in digital form with the central bank itself and to process big transactions in nanoseconds..

The possibility of issuing a national virtual currency has been in the bank’s plans for a long time. The bank aims to provide United Kingdom’s citizens with a virtual currency without the volatility of Bitcoin..

For Mr. Carney, the “most interesting application that would be beneficial for financial stability and efficiency”, would be using blockchain technology for settlements between different central banks. This test has demonstrated the viability and advantages of making payments between two central banks with blockchain technology..

Different countries and central banks are analysing the possibility of issuing virtual currencies. As we have reported, the Canadian Central Bank was studying this possibility with specialists in the field..

https://usethebitcoin.com/united-kingdoms-national-cryptocurrency-ready-launched-2018/

I take back everything I ever said about fat cat bankers now I have come across Bitcoin miners
charging me $80 last week in fees and I was not even buying a car or a house.

Should take second and cost next to nuffing to send a score over the wire not $45 you robbing bastards
and yes I am talking to the 19,000 out of 20,000 miners that we don't even need on the network in the first
place so go back to you X-Boxes and play CoD instead of CPU War with each other because you will all
have more fun!

The elephant in the room is transaction fees

I have no idea why you're paying that much. It has to be voluntary commitment because I'm paying 0.000005/b the whole time and it takes maybe 2 hours to confirm. A week ago it was laggy and I had waited much longer, but we're talking about $20 per transaction, compared to your $80 :D Maybe you just like tipping them or don't know how to manually adjust the fees and prefer the system to do it for you? Usually being lazy turns out to be costly.

Thank you for just quoting the article. Do you have any independent thoughts on this news?


Nonsense! In this case "a long time" means since October 2017. Before that everyone, especially Central Banks, thought Bitcoin was a joke!


You don't know what the phrase "elephant in the room" means, do you?

If you don't like the fees, stop using Bitcoin! Sell it for Bitcoin Cash or Ethereum or Ripple and stop complaining. You're your own bank now, the only person you can blame for imposing the fees is yourself...because you chose to pay the miners that much!

This will be very strong news for the world community. Crypto-currencies will gain high popularity and there will again be a rise in price. I think that many countries will follow this example.

England has always succeeded in the direction of new technologies, which is confirmed by this article. Very happy for the citizens of England, because they have reason to be proud of their own country, which thinks about the future and about its citizens. I will watch the development of this industry in England, and I am sure that this is the right decision and the right approach to the turnover of finance in the country.

That will make a good price on btc. Is there an official link or something?

This is very good news for crypto currencies as United Kingdom seem to be supporting it in a postive fashion rather than going against it. This will certainly have a good impact on the prices of Bitcoin and altcoins. But with the UK crypto currency being centralized will it become more like Ripple?

Nah. This will not bring any help for those who loves crypto and bitcoin in general. This will be a total failure for the Bank of England if ever they are going in this direction. This is nothing but similar to mutual funds or any other investment instruments. If their aim is to let their citizens stay away from bitcoin, they will not succeed. I haven't seen any government back crypto that have been successful and this is no exception as far as I see it.

Why should it? Some people will surely throw their wallets at this centralized currency that is nothing more than an upgrade of the current money management. And the only thing that gets upgraded is supposedly the time of transaction because we all know that when you wire the money it's always done virtually. A bank basically sends an IOU to another bank and then they regulate it once a few months by sending a bag of money to the one that's owed the most.
Bottom line, some money that would otherwise go to real cryptocurrencies will go to the banks. Nothing good, really.

So they are just planning to "digitalize" the sterling. In another word, create a digital sterling and name it a cryptocurrency because it will use the blockchain technology. How it's going to be different?

Same money, same centralized sterling, same problems.

It isn't going to be different but the sheep and the masses will flock to this like it is a money maker and like they trust it with all their heart. Poor souls going to fall for centralization scam again...

That's true, digital currency is not the same as cryptocurrency. This idea only changes the technology behind the same money. UK (and every other country) has already it's own digital money, it's the fiat on the bank accounts. People are already using this digital money (debit cards, credit cards, wire transfer, etc...). The current technology is based on the banks' systems (banks) and the VISA, MasterCard network (the card payment processors) and the SWIFT (international money transfer) so the digital fiat is already is in use.
If they change the system behind to blockchain, the money issuer (the central bank) and the banks will remain in the system, it's only the technology that changes. They want to steal the show from bitcoin...

If it gets more people used to digital currency it could be a good thing I'm not sure how it can be any different from the digital fiat money we currently use though.

If the news are real it would light a green light for every other crypto currency and if UK adopts a thing than the other nations will follow it as dominoes. I hope it happens than we can see the real price of coins.

you defense is that it cost you only $20 in fee's... but..... you still had to wait hours, and at laggy times even longer.

i think you need to re-assess yourself if you think that even $20 is acceptable.
imagine if you bought something in a shop. and the retailer said thats $10.. you hand them a $100 and they say they will give you back $70 in 2-5 hours.

wake up. the dev's behind core have lost all recognition of what bitcoins 2009-2014 ethos was, they are sellouts and have done stupid crap to ruin bitcoin not make it better

and the only rebuttal i ever here is "but the price is rising so good investment, never use it to buy things just hodl" (facepalm)

anyway, on topic
the UK banking system ALREADY for decades now has a banking system that lets people wire transfer funds instantly FOR FREE.. its called "faster payments" only a few lazy second rate banks put a un-needed delay/fee's on wire transfers

I wonder what type of coin they will be using. But, why do these informations are not reported in the news of our country? I am lucky to have read these types of events, thanks.

 I'm not a UK citizen but what are the current fees for money transfers inside the country? In my country such transactions are almost free (and 100% free if both parties are using the same bank). I'm sure that it is almost the same in the UK. The only possible advantage of such crypto is a better speed / lower fees international transfers but there is not much about it in the article and the other banks should accept it to make it liquid.

what will happen is new regulation that only BANKS can create cryptos and any other non bank will get done for counterfeiting and such.

plus it will be smartcontracts, like lightning where people deposit funds into a smart contract so the counterparty has dual control of th funds. thus its not going to be permissionless.. many numbskulls dont realise that lightning IS banking due to smart contracts with a hub/counterparty control

lastly because banks will have access to the funds its not that much different in regards to customer 'ownership' of funds than traditional banking systems.. the only real benefit is to the banks by not needing as much security/auditing personnel.. i see little to no benefit for bank customers for a bank using crypto.

in short. getting excited that a bank makes their own crypto is the opposite to a revolution.
but hey, all im ever gonna read is people shouting "this will cause price rise due to a media coverage and speculation"

Right now I'd only have to wait 15 min to get a confirmation with that fee. We all know what's been happening for the last 2 weeks and that fees went up by 300% on the average because people kept trying to get into the first block like idiots.

I never said that BTC has to be a cheap currency for the masses. Do you really believe people will be using it for buying $10 stuff? I really doubt that even if the fees go back to what they used to be a year a year or 2 ago (1-2$ per transaction) it still will not be worth it. Are $2 fees acceptable? Do you know that some stores don't allow you to pay with a card for cheap stuff because there are fees they have to pay? I agree that $20 fees are too high but they aren't going to stay like this for long.

This is good to know that some countries are now startinh to adopt digital currencies which I also thinks will help to market bitcoins and all other alts but somehow I feel worried about the idea that if a a certain coutries will be having their own national crypto currencies chances are bitcoin will be restricted unless declaration of bitcoin as a global currency will be made

It will be interesting to see where crypto currencies go with countries and governments starting to create their own form of block chain. Personally I cant see any real benefits from banks adopting their own tokens as they will not be any real difference between them and fiat in a digital form.

State issued digital currencies won't do anything for our current crypto market. Governments just try to upgrade their current ancient financial system in the hope that people will choose them over our crypto currencies. It however won't happen. State issued digital currencies are more centralized than ever before, and they are still subject to all the negative aspects of this on debt based system. The only thing people gain from it is that they enjoy a higher level of convenience, but they pay a much higher price for it than ever before. Definitely not something I am looking forward to, and neither should others do. People should understand the danger of these state issued currencies, because it gives the government more control over your wealth than ever before.

This is bad news, they're creating their own cryptocurrency and are going to promote its usage and since they've control of all the money and the media people are going to begin to use these fake coins, however, those coins will still have the same problems as their issued currencies, so bitcoin still has the chance to get more adopters but now it'll need to beat all the forms of their money they decide to print.

Yay, now the government can have even more control over the supply of money. Lmao

With this i think the bitcoin protestants are gradually and systematically joining the cryptocurrency world. Whether they do this through the back door and front door, the truth remains that crypto has come to stay.

I do think it'll have an effect, none of us which know the truth will be deceived by this, but believe me 99% of the world doesn't know how money really works so they'll be deceived and will use these coins as if they're part of this movement of money issued privately when they'll still be part of the fiat system, so coins like these have the chance of slowing down bitcoin and its adoption.

While I hope that this is true, being a UK citizen I cannot foresee our government being so progressive, we are not normally at the forefront of any kind of new standards such as this and I don't see that changing with this one.

yes, I agree with you. the crypto world will get bigger in the eyes of the world, and it seems fiat will weaken, unless the fiat should be able to maintain its reputation in the eyes of the world. and compete with crypto.

That's a good move and a very good example of what UK is planning. I hope that countries around the world will reflect on this event and that somehow will embrace the cryptocurrency for good.

wow,, very impressive, this will contribute well to the crypto world, it seems that in the future the crypto world will be a threat to the fiat currency.

Do you think that it will affect to other cryptocurrency price like bitcoin or maybe other altcoin? I dont think so.
Because at the first he said that tje united kingdom bank central launch this technology to prevent their citizens fall into bitcoin volatility. It mean the technology will get controlled by central bank. Sorry if i mistaken.

If any entity wants to be able to control the price then they need to be able to control the demand or the supply in some way. They said they want lower volatility and so they'll need influence of the price. The easiest way to do this is to have a direct control over supply like with traditional currencies.