Bitcoin Forum

What do you guys think in a near future there gonna be coins like "Bit-America" or "Canada-coin", backed up by public assets, would that be a good idea

It will be a good idea for the governments but not so great for us..
They will be able to manipulate them as they please just as the current fiat currencies are and be able to track you even more than before..

That is great if it happens. We will not need cash to buy anything.

No, they're the only one who will benefit at all. Manipulation of the price will be at peak and a centralized cryptocurrency? No, this will break the whole concept of cryptocurrency. Look at what had happened Petro token of Venezuela's government. Its an example of how a corrupt government of some countries took advantage of their powers when dealing with their so-called own-made crypto/token.

It seems that it is not good if I think, because we know that crypto coin can not be controlled by anyone or government.

If there is a coin that will be supported by the country I think it is good also for the development of the world of crypto.

That is not good for our investors.  that only benefits the government of that country.  It was a bad idea

I think it's a very good idea if the state or government uses Blockchain technology to create their own coin, and yet I think the country's coin must also be under a bitcoin platform

will there be such coins? yes, this has already started and some countries have even released their own coin and so many others are thinking about it.
is it a good idea? it is hard to say. there is a lot of benefits in a cryptocurrency and it can be very useful but it is a little strange to see the centralized version of a technology that was created to be decentralized. i guess we first will see coins in some countries such as Venezuela, India,... as a testing ground and then if it were successful the others will follow. 2018-2019 will be very interesting years for that matter.

No it'll be fiat packed in a new form there'll be nothing new except it'll be slow and sluggish won't give you returns but will take your money away, plus make you pay taxes. I don't understand what good is such a coin going to be but I feel government should not spend money on this. They should spend on development and all. This is a big no from the view point of public, spending public money on useless project.

There's one already the "Petro Coin" a coin from Venezuela.
I would invest if these big countries will make their own coins but I doubt that they would do. They are against to crypto's so why would they create one?
Another thing is this is not the section for this topic, move it to altcoin.

This may not be good if a crypto coin is in control, but if it aims to capitalize on the development of crypto in the country and benefit from the development of Blockchain technology.

Some countries have already released their centralized digital coins, some said that they will be released soon. We still have no way to influence this process. We can only observe from the side. If we are confident in the advantages and viability of decentralized coins, then we have nothing to fear. Such competition with centralized coins will only benefit them.

I agree with mostly people here who are sceptical about country backed coins. Why we would need centralized crypto? Governments would have full control of it and I wouldn't be surprised if they would try to make manipulations of price. I think that such coins just would be not worth to invest. And not so many countries are currently interested to release their own cryptocurrencies.

I still don't understand why some governments or even big corporations would want to create such coins but they are doing it anyways so to answer your first question, yes we will see many coins like that which are created by the governments and are backed by some real assets like Petro which is backed by oil.
these are still going to be centralized coins though and there is not much of a difference between them and the fiat that the governments are already issuing except the fact that it may be a little bit more transparent about the supply and circulation of the coins.

The central banks and all the government agencies, will love to be able to see where there coins are at any given moment. Most money in the western world are already digital, so the move will not be that big, if they go to block chain.

Invest in what?
All the coins that are going to be created by a country are going to have their values pegged to their national currency.
What stops you know for getting rupiahs and when they launch the coins the value will soar...right?


Propaganda, cheap funds from morons, ways to distract the public from their problems.
And now honestly, you don't believe that whole "backed by oil" carp from Maduro, do you?  ;)

No not at all. We are all here because we don't want FIAT. Making a FIAT crypto makes no sense at all

Honestly I do think such "coins" will exist in the future. Theres no doubt in that. As we are seeing high rise in electronic payments and with governments learning about cryptocurrency and blockchain it wouldn't surprise me if we see such thing. However then mostly these will be centralized, or at least there will be some part of centralization put in place. I might use them I wouldn't say I won't, but I don't look at supporting them.

Eventually, this is what will happen because as the worlds moves away from paper kind of money, the government will move with as well or else they produce money that no one will use and at the same time they are bringing out policies that would aid a cashless economy which digital currencies supports this objective as well. What would make it different from the crypto we have is because this one would then be controlled by government, the acceptance would be wide because of the legal backing they would give to it, there would be massive deployment of training and in other to increase its penetration in the economy.

Other than the above, it would still be not different from our individual country's currency that is not acceptable outside the border but this would then create a new market just like the foreign exchange market where currencies are traded. It is in this market that the bitcoin and other crypto currencies that would survive till then would have their day.

there wouldn't be much of a difference between those currencies and actual Dollar etc. Just the technology would be different, but centralization would have remained.

Cryptocurrencies are now in trend, and no one will be surprised if governments will issue their own coins instead of the usual currency. At the same time, the whole basic idea will be lost. This currency will not be such as bitcoin or any altcoin. After all, it will be controlled by the state. Then it makes no sense.

i think it's not a good idea because governments can control it. and the most benefit comes from them,not us.

The main exclusivity of the cryptocurrency is that it is not regulated by anyone including the state. Country-coin will be the same on the Euro and the dollar on the blockchain.

Each country having its own national crypto currency , well we have the exact same situation now but the only difference is that now it is in form of physical fiat money and what you are seeking is in form of digital currency.

This is a good idea, and maybe it will happen in the future, if a big country backs coin then great things will happen. Big countries have a lot of financial power so they will help their coin beat Bitcoin and it will certainly attract all investors.

In my opinion, this is not a good idea especially for crypto community and existing coins. Those countries will ban other coins to promote their own coin.

The existence of coin in the state can be said to be good if all countries do it cause the ease of buying a product can be done instantly I mean,crypto can be manipulated at a centralized value and this is a bad devastation to our trade in case it can cause harm to players with large capital like government This case can be said there are two parts good and bad.

The Venezuelan coin is really a good example what many government coins can end up being! A huge scam, legalized by their own estabelishment!

I will not have the features that the likes of Bitcoins and the other cryptos have like decentralization and anonymity because once the government created this, they would sure want to be in control of their own coin.

Yes, some governments are trying to launch their own cryptocurrencies but I don't see much excitement in it because even in that case, governments won't let us control our money like decentralized cryptocurrencies and that's against the core ideology of decentralization. Governments will keep the control with themselves so there won't be any fundamental change there.

Russia already have this, they created a cryptocurrency backed by their own currency, and some other countries. And people that will earn using it should pay taxes while the supply can only be distributed by the government. So what I mean is if governments will create their own cryptocurrency, they will surely make it a centralized one, in that case they can still control the flow of the money, opposite from the original concept of cryptocurrency which is being decentralized. And of course they will benefit from it because they will put huge taxes to people that will earn from it.

That's true it's not good for us because theres possibility that the government manipulate the market. It's alright if they do that but no hiding agenda because once they know how the crypto works it maybe cause always crashing of the market.

I don't think so. The idea of crypto coins is to be decentralized. Centralizing it by a particular region would not be a good idea. I think crypto coins are meant tp be world wide. Just naming them for a country would not make it easy to accept through out the world.

Is the coin created only for their own country? If it can be traded for public and the price is relatively cheap maybe I will agree. and withdraw it there will be trade competition with other coins

The world is gradually tilting towards this plan. Governments don't want to be left out of decision-making and control of their currencies. So they might employ this style of creating country-backed coins. It is good for the government but not so good for cryptocurrency as it banishes the idea of a decentralized market

In my understanding, I do not think it will be good for a country to enter and make their own cryptocurrency in the market since it could be just the same as fiat money which is dictated and controlled by the government. The only difference is that it is a digital currency but having the same function as the fiat money.

I think that's a good idea if there is a coin that is supported by his country in terms of security and the law may be reliable but I am afraid because of the coin that is supported by his country it will arise many of these requirements and it is the same as banknotes that have become the currency of the world and filled with rat rats politics thus creating new corruptors

Its goint to replace cash in the future and its as good or bad an idea as fiat is.

If and when governments implement it people wont have a choice but to accept it
It will become the financial norm. I dont like it because all buying and spending will
be traceable by governments.

People will see the negative sides to this and move to bitcoin

Wouldnt that be just a national currency, if a country offer or agreed upon backing up a crypto that just a form of strategy to strengthen their economy, much like I rmb a country that used crypto as medium for their oil barrels in which is like mehh, but definitely price are much more stable and investors wouldnt lost intetest in matter of weeks, even months

That will a great news for cryptocurrency community. If that happen, cryptocurrency will be more attractive and market will have a fresh blood to move because government already involve

It'll be like block chain based fiat currency . Which we're trying to avkid by using Bitcoin. Because we don't like to use fiat. that's why we're using crypto rather than fiat . If we starting to use those country based currency even in blockchain.The crypto revolution will loose it's first rules

If the states start issuing their own digital coins, it will be the same as with the El Petro coin in Venezuela. In any case, some countries will issue such coins, some will reinforce them, others will not. We still have to see this and see what this will bring to people and the state in practice. In any case, such experience is necessary for humanity and we will use it. In any case, if centralized coins of individual states appear, it will not be worse for anyone. If for people such coins will not be of any interest, they simply will not use them. However, for the whole of the crypto currency, this will be good in any case. Any use of crypto-currency at the state level will benefit the Crypto-currency.

I think this is not a good idea especially for crypto community and existing coins.  It is only good for the government but not so good for cryptocurrency. So it is bad idea.

I don't think this is a good idea. If the coin is controlled by the state, it goes against the centralization of the block chain technology, which is the core value of a coin.

And what then will be the difference between bitcoin and fiat, if crypto money will bear the names of the state.  I believe that the crypto currency must be independent of all countries so that no one can manipulate it.

I think this is a good idea, but it will be too regulated and might turn out to be centralized. But generally, govt can back crypto or any coin existing that meets their criteria and have god realized life use cases. This I think will be better.

It would be just digitalizing fiat currencies, it would break everything a cryptocurrency stands by - like decentralization and anonymity. I doubt anyone would use that since we already have fiat, the goverment would control both so those coins wouldn't be anything special or innovative like Bitcoin is.

I think it is good idea. Normally, governments are against crypto, if they are planing to create country coin, those country could leading the new world. :)

The whole idea of cryptocurrencies is for it to be decentralized and introducing country specific coins will be against that same thing. And why would governments introduce a decentralized currency when they already have fiat currency which they have 100 percent control over.

why not? eventually, every country will go Crypto and Bitcoin will be a global reserve system
https://www.bitcoinmarketinsider.com/bitcoin-will-become-the-global-reserve-asset/

I think this is not good idea especially for crypto community and existing coins. because it is only good for the government but not so good for cryptocurrency so it is bed idea.

I am sure that one day advanced countries will make the currency move with the financial system that can be controlled by the government in that country

That would basically almost be similar to what we currently have with fiat currency but instead it would be backed in cryptocurrency. I personally do not think it would be a good idea because one of the main reasons for cryptocurrency is for their to be a decentralized economy and if each country has their own coin then those governments could regulate it to their liking and we would still be back to having separated currency.

Yes,crypto currency have to be centralized if it was created and backed up by something then it is same as the fiat money system and it won't bring any changes apart from the current system.So it is not a good idea though for us because we will not get any additional benefit from using those centralized currency.And there are some countries already started to think about the crypto currency for their own but still no country created I think.

As mentioned earlier, if governments comes in an introduce their own currencies then the whole decentralization that is valued  by the community falls apart! We will be back at square one! The only difference would be now the governments will have their own blockchian. And some how they will control the system, the currency as well. So my opinion is countries or their respective governments coming up with their is just a wasting time!

Soon, many countries will have their own digital currencies. That’s partly because they’re all trying to do away with paper money—a very unfortunate trend. Cash gives you a lot of privacy and flexibility. Governments hate it because it facilitates tax evasion. They’d rather everyone use digital currency, where there’s zero privacy, and they have instant access to everything you own.

I think this is not very interesting, if a country creates their own coins, of course they will apply strict rules under it. There will be no decentralization, no tax free, only coins created for personal gain, with the frills of the people's welfare.

How can crypto and government co exist in the same phase? :)
I can`t imagine coin developed and operated by government..
Would consider it as an Apocalypse.

a good thing because it will certainly make crypto increasingly has its place in various countries. Surely this would be a great change in the value of the crypto will make its value higher. even this course would also be a good thing for other cryptos as bitcoin who will also be raised in value.

That would simply defeat the whole vision of Satoshi Nakamoto and the very reason for Bitcoin to exist. Such a theme doesn't even have any reason to be in this forum nor in the Bitcoin community. It's governamental garbage - nobody needs it.

The transition from FIAT to crypto I do not think it can happen in an economically avant-garde country, there are too many institutions like banks, industries, shops etc that will use FIAT for many years.
Otherwise the transition from paper money to virtual currency has already been happening for several years now, the problem is that the current digital currency is centralized.
In conclusion, I believe that the transition to a national crypto currency can only take place in third-world countries at risk of economic default.

cryptocurrency originated as an opponent of the state, but smart contracts and the truth would help countries

I think that the crypto currency should be free. It does not need to be legalized by the government. After that, it will become more flexible to manipulation by the government. I think that this is not very correct.

of course it's a very good idea, with real government support. surely it will quickly grow the value of the coin itself, and potentially be very brilliant in the future. thus investors are comfortable investing. and can sleep well at night.
 ;D

I would say that was a really great idea, with government support. surely will make more people interested in investing. make sense!!
thanks.

I think that could happen in the future. As many countries nowadays do not accept bitcoins and altcoins, they need to follow the modern trend when the need to buy without using the fiat of people increasingly. As such, the nation's published Coins will be the way for governments to accept crypto as it will be administered in accordance with regulations.

I think this is a good idea, and probably my idea it will happen in the future. If the country returns to the currency then great things happen. Because the bigger countries have more financial strength, they can return their coins to coins. This will certainly attract all investors and users, and the Bitcoin allies.

I think it's possible. And I agree that it's a good idea. I believe on blockchain and I hope it will develop.

Yes, it might be good.  It seems to me that everything goes, and that countries will soon release their stablcoins!

It can be because already too many country said about that. They wanted to create their national currencies.. In my opinion advertisement is always advertisement.
So every news about crypto will be good for crypto's future. Sometimes they can be bad for shortterm. But in long term i believe everynews is good for crypto.
Actually i feel excited about national currencies. Maybe we can pump our national currency :P..

It's a funny suggestion but I think, there's no point in renaming national currencies in the nearest 50-70 years. But some enthusiasts have created Putincoin and Trampcoin just for fun!