Bitcoin Forum

Hi everyone,

I have some thoughts about the future of cryptocurrencies. At some point, even if they do not get to be regulated, still the countries will have somehow their own digital currencies issued. How do we make sure that BTC will dominate the respective national cryptos of each country? Or BTC will eventually turn entirely into an asset, leaving space for other currencies as means of payment?
Simply thoughts about the future from a new guy.

You can't. You can make it competitive by making it cheaper, faster, etc. but at the end of the day, people will choose what they want to use based on their needs. Bitcoin will always have two key advantages though: decentralization and cross-border acceptance. Only time will tell if those are enough to keep it relevant against state-backed digital currencies which will undoubtedly be heavily favored by regulators. Bitcoin should at least be able to carve out a niche based on those qualities though, so I don't think it will be dismissed as an asset and nothing else either.

I have the confidence that bitcoin will not be the market leader in the near future. The leader will be more technological cryptocurrency.
Concerning the national cryptocurrency, they will be regulated and will be successful, only within each individual country

When a country starts its own crypto currency, it has finally understood and agreed the strength of crypto currencies. Just like other ICOs, when they start up, they need to go through ICO journey and get through to gain values. Every action is depend on bitcoin. So either way, the country has to adapt bitcoin at the beginning. Not every new crypto gains its place in the market. So one needs to get adapted to crypto currencies. National cryptos still become one of the altcoin anyways.

That's not going to happen. Currently we're already in a time where technologically, Bitcoin has been outclassed already, and that for a long time. It didn't even dent Bitcoin and never will. On top of that, what other crypto currencies offer can Bitcoin offer too, but I doubt it will since no one even uses these features. If we look at all the crypto currencies being technologically more advanced than Bitcoin, then it's safe to say that people don't seem to care about them. I said it yesterday as well, and I'll say it again, what are all these features worth when people don't actually use them? They are called gimmicks. People just want to move value back and forth and store value, and that's exactly what Bitcoin allows them to do.

It would never be an asset and we know why bitcoin is created in the first place which it would really just remain as it should be but we cant deny the fact on what we are seeing now which National crypto coins is heavily backed by a certain country which we would able to see the disadvantage compared on decentralized coins.You said was right the decision would really be entirely depending on people on which coin he would choose up. Sticking with national cryptocoins would be just still the same on using your traditional local fiat.

So, you're confident that a cryptocurrency that doesn't exist yet will take over, and it's going to happen in the near future :D Good joke.
The reality is that BTC is paving the way for all the other altcoins. If it fails somehow, starts looking like a fad, the altcoins will take an even greater hit.

As for the decentralized vs centralized cryptos, I believe that decentralization will win. We just need people to realize that everything the government touches turns to shit.
There will be another wave of the financial crisis and another (yes, wave, because we are still in a crisis), and finally they will have to open their eyes.

The thing is, this isn't necessarily a negative to most people. Crypto people would hold their heads high on their high horse and give lectures on economic freedom, the evils of inflation, the beauty of decentralization, and whatnot, but the fact is, most other people don't care. Fiat is all they've known, and they'd probably be the first to tell you that it works for them. If digital fiat is able to copy most of Bitcoin's best features, they'd probably be more likely to choose that (for utility as a currency, at least) over Bitcoin.

People will used btc if btc got the unique feature that suit them, for sure to be able to keep on dominating bitcoin will need fast transaction speed and cheap fee, one thing that makes people using btc is because its decentralised and pseudo anonymous, when the country issued their own digital currency they wont be able to make feature like that, but to be able to make btc into currency it will need cooperation from a lot of people, for now we will need to see how people's going to accept btc, if in the end btc only become asset I don't think people will objected

Creation of crypto currency for their country make no sense because they already have fiat system for their country so creating the national currency may not change anything among the crypto users.And the main aim of the crypto currency is to provide decentralization on the money system so if they create national country then people may not use it.
But in future anything may happen so we need to wait and watch the crypto currencies will be created by the respective governments or not. :D

We should remove our mind from bitcoin stopping any other coin to dominate and the national coins too can't be limited. Moreover, the national coin would grow and become popular base on the growth, development and stability of the country. We don't expect that a backward country would have a coin so popular to take a lead.

Cryptos are international currencies no one cannot be able to stop using the bitcoin and alts. That is the power of decentralized cryptos on the market mate, if you compare the cryptos with national currencies you have the better value with in the country.
If you go to any other country first you that currency in your hand.
Then cryptos can be go to anywhere in this world with cheap fees but other national currencies there will not work like that.

Though some countries are getting attracted to the prospect of issuing their own cryptocurrencies...we have to remember that this can not be done that easily and there will always be repercussions when the government is involved with the whole thing. And even if there will one or two countries that can do it successfully there is no guarantee that the same can be copied elsewhere with the same level of success. Getting into the digital world can be so hard for the government most especially if there is a great amount of corruption, ineffectiveness and ineptness. Bitcoin will still be on the top of the whole game no matter if some are claiming to be much better than Bitcoin...the market is still deciding in favor of Bitcoin.

Technically, bitcoin is being regarded as an asset currently as it cannot be a currency. Some countries do even consider it as an alternative payment for various services and products in the market relatuve to their laws. In order for bitcoin to continue dominating the market, it must attract new investors and retain old ones, it must be generally accepted in every country, it must conform to the laws and regulations imposed and it must retain its high price.
Its high volatility makes it a perfect investment tool for short or long term goals and its  accessibility is relatively easier compared to other investment mechanisms.

Only people who are eager to move the bitcoin function from the payment system to an asset. Bitcoin will be the primary choice as a payment system if a country accepts its system. Although they make a virtual national currency they bitcoin users do not necessarily use bitcoin as an asset.

I prefer looking at bitcoin as a payment system or an asset. By having these two advantages, the user will continue to use bitcoin even though there is a national virtual currency. Just the only now bitcoin can still be said not worthy to be used as a payment system for a volatile reason, but sooner or later there will always be ways to overcome it.

a 'national' crypto would have the exact same problems as current currencies. you think they'll launch something resistent to inflation and debasement? of course not. a government controlled crypto makes all the horrible things they do now a whole lot easier.

if every nation had one then it would inspire more people to look to currencies independent of government meddling.

And I do not support the statement above saying that BTC won't be the outstanding leader in the market in the nearest future. Can't see the more powerful competitor. At least yet.

Well, in my view I also don't have any possible currency that may have a potential to compete in the bitcoin status as of now.
But who knows it is hard to predict cryptocurrency that what will happen in the nearest future, BTC as of now is leading of all cryptocurrency and have an asset of being profitable, so it is continued growing up until it is primarily used to the people in the whole world. No, other cryptos will replace.

No doubt on that part which even myself would consider that digital fiat over crypto if the time comes because we do know its being backed by the government which we do really feel security and think of that it wont easily inflates or do have a stable value and as part of human nature we would normally choose up things which wont really give any headaches to us.We do always like to play safe that's why we normally choose things when we saw theres stability.

The future of crypto currencies at this time still remains in a dicey scenerio at this time but your fear is a valid one though because at some point when government decides to accept the reality of crypto currency, they would surely come up with their own crypto and because of the power of legality, the media to push it, the agency to enforce it, its more likely that those might be more popular than the bitcoin or other crypto coins that we have now.

However, if there is any consolation, there is one thing that btc will have that those wont have which is the anonymity and control. We all know that when government comes with their currency, there control will surely be present and I dont expect some already involved with this current situation be appealed with whatever is coming. Another reason is that so far one country launched its own crypto, I am sure others are towing the same line which then means they would be competing against each other and while the local crypto might be winning in their respective countries, btc will have its way internationally.

It can all happen for the future, but I do not think it's as easy as you say, because we understand that bitcoin has the belief of the world community.

When bitcoin become popular , every one try to make similiar copy for bitcoin , well it's normal.
Let's take a look on amazon and Ebay , they are similiar but different ,right ?

For who able to win people's heart , it can keep exist longer than other unpopular !

In this case competition is good, but in what way do altcoins contribute towards competition? It's not that Bitcoin has to prove anything, especially so when you take into consideration that if I use Bitcoin as form of payment, why should I use another coin in the same way? Altcoins have to make sure they differentiate themselves from the crowd in their own way, and that's exactly what we see happen. On the other hand, Ethereum hasn't really much competition in its own ecosystem range either. Just like Bitcoin is the one and only in its own ecosystem range, Ethereum is so too, which perfectly explains why it enjoys such popularity. Having that first mover advantage is very important....

National cryptos, if it is realized it is a government effort in controlling cryptocurrency is safe and has an official administrator. So far the prohibition against bitcoin and altcoin is of a decentralized nature so that it can not be controlled by the government. So with the national cryptos, the government can control it, but inevitably it will depend on bitcoin prices.

Yes it could happen that bitcoin will be made in their national currency but this can be a time or a very complicated process to apply.

I don't think any altcoin is a threat to bitcoin. If it happens to be a threat, by now we would have seen an impact especially when market is over burdened with thousands of altcoins. Same goes with national crypto currency as well because a national crypto currency will have boundary limitation and it will be strictly centralized. So the users of bitcoin will continue to use it without even giving a second thought. Probably some percentage of their portfolio will go to their respective national crypto but bitcoin will remain as the king of all time. I don't see any competition between these two.

I know only one national crypto is Venezuelan Petroleum or something like that. It's hard to judge the situation with national crypto currency leaving in another country on the other continent, but as I see from news everything is going well and Petroleum has some kind of success. It would be interesting to hear opinion of the insider, so if any of you have something to share, please, reply.

I don't think it is possible that having an altcoin to threaten bitcoin near in the future, so far there is no other cryptocurrency that having potential who can replace by bitcoin level. And national crypto will the same an altcoin but one thing I am sure this coin will be centralized and the price was controlled by the government, while on other hand bitcoin and other cryptos were not due to a decentralized coin.

I have some question that ruins in my mind, time to time countries adopting cryptocurrency it has a possibility that cryptocurrency or bitcoin will be legalized it has a chance of being centralized coins?

Bitcoin wont eventually turn into an asset nor to be a coin to dominate when it comes to digital aspect or transactions.We are already gradually seeing now that government do create their tokens inspite on using up bitcoin.Why? This simply answers that they dont like to consider to buy or use up to those things which cant really be controlled.They are already aware into its feature this is why they do come to a point or do have idea to create a coin instead which will be entirely controllable by them.

the best thing is when a country agrees with the existence of bitcoin they should be able to regulate it and make its own regulation for bitcoin use because bitcoin can destroy their economy if not regulated.

the best thing is when a country agrees with the existence of bitcoin they should be able to regulate it and make its own regulation for bitcoin use because bitcoin can destroy their economy if not regulated.

I don't know about some cryptos. Bitcoin i've only knew! So, maybe that national cryptos is not popular?

We like and trust the ideas behind the decentralization,We love that there is no need for intermediaries,By the different coins there is no need to hire someone to achieve our business or another special goals,Let's get ethereum how strong and smart is it...So I just want to say that the key is the idea behind the concrete project and if people have trust in it cryptocurrencies will be the number one,Anyway everything depends on how people value it...

It is inevitable mostly when something is gaining too much attention it will gather more people that are too curious that's why it will easily could gain some attention and will lead to a popularity. Bitcoin was not that too popular to everyone since it was not legal and it is just merely used in the black market until most people are starting to use it as a type of untraceable transaction of the owner, that's why most people that likely to use it are those people who buy in the black market.

over the past few years the rise of bitcoin to date and this is a sign that bitcoin is getting popular or arguably more digital or crypto currencies are using worldwide.

Everything is really not yet certain where the direction is about that, which obviously I think it will be difficult if Btc replaces the common currency and will be prioritized, fiat will still be the most preferred. I think crypto will only be a virtual currency (alternative currency) that will not go extinct.

It would be really interesting when there is a competition takes place between fiat's and crypto,  a competition between crypto currencies enters which would cast a new violation. Let's push up crypt movement amongst nations.  Let bitcoin or other crypto rule the nation's and bring economic growth standard to next level.

I think so too that fiat will still be existing along with other cryptocurrencies as a mode of payment as the crypto payments will not be fully implemented in all places in the world because of some technological problems. As for making national cryptocurrency, Japan is already planning to do it so it is to be expected that other countries that accepts crypto will consider doing this as well since they know that blockchain technology is a big help to minimize cost with more efficient transactions.

The coins develop so far are decentralized which means no one controls it except maybe for Ripple but when the government decides to create their own cryptocurrency then it would be centralized since they have control of it.

Take a look at this article https://www.coinspeaker.com/2018/05/16/mufg-japans-largest-bank-plans-launch-cryptocurrency-2019/