Bitcoin Forum

It's happens.
https://cointelegraph.com/news/danish-central-bank-to-digitalize-national-currency


Denmark is the one of bitcoin countries friendly, which it's possible if they create own digital currency.

But there's the flaws for this implementation, it's can same as fiat, centralized, just in digital form.

Your thought?

Well people from denmark would be most benefitable people from the world in future days. However I wish my country's government should adopt bitcoin as soon as possible. If that happen, I will be so happy because my business is like that.

Its not really surprising for me that a certain government would create their own digital currency which I expected already since technology is developing fast and now it really happens but I doubt if they could able to implement that easily since creating a crypto for the whole nation isn't easy and it would really takes time for people to get used to it specially to those people who don't have enough knowledge on technology.

Interesting, good move for denmark I am just waiting now for the EU to issue their digital currency which is bound to happen before we see all the EU countries with their own.

It is great to see this, though what they are creating is just another altcoin and will do nothing to bitcoin's price (or even decreases due to people dumping BTC to buy that altcoin)...

And when they need, they can modify the source code and add supply to the coin (aka printing money). A major altcoin, dogecoin, have did this to make the total supply from 100 billion to infinite coins. Not surprised to see if a government is going to do that.

Denmark is a somewhat small, intelligent and developed country so it is not a surprise, that they think about something like this. It would be really interesting to see in detail how they want to achieve that since you have to do it right or it could end up in a disaster and put all other projects like this on ice for a long time. Still not sure if this would be good for Bitcoin.   

It's pretty much natural progression and we will see more and more of this. Im wondering how they will "secure" that network and how it will be implemented. Introducing this digital currency should not affect BTC in any way, as that digital currency is same as cash (regulated from Denmark goverment etc.) and its primary function will be as backup and replacement to Danish currency. I dont really see ppl selling BTC to buy it more than ppl selling BTC to buy Danish standard currency. Those that will buy ekrone would be buying normal one one way or another so no loss for us.

It is really nice to hear that small country are starting to implement the latest technology in their country and now they are realizing the worth of digitizing their country, but making national currency will be more difficulty, instead of this they should have legalize it and made it as an asset taxable that would have made more benefit for denmark financial status.

I think this is a good news for all bitcoin users, especially users of bitcoin in denrmark. Because with the government of dernmark adopting bitcoin, and if it goes smoothly. Then all countries will begin to dare to adopt bitcoin. Thank you

Although the direction their looking to go at is promising, it's certainly has it's own flaws. There's still the issue of making e-krone traceable in a way of giving it some serial numbers while looking to giving freedom and privacy, meaning what they want to do from one end, does conflict the other end. Overall it would be a good reserve currency, as long as they don't overdue some aspects in which in most cases they tend to do because of having controls one way or another.

Digitalization is getting prioritized in many countries on the same base of converting the present fiat to digital form. One amongst which is gonna get its digital currency is Korea. The coin comes to world wide investors by February 2017 and named as boscoin.

Seem that more and more countries are involved in digital currency sphere. We have Iceland, Sweden is developing also there own now Denmark also we have Korea and Japan. Do we see next year as starting point of creating much more of this.

A digital currency minted and regulated by the government is just another form of the fiat currency. How is it going to be any different from other digital forms of payment, such as Paypal, Skrill, Payza, and Payoneer?

They what the advantage of bitcoin technology with they own digital currency and not to be left behind. I think for any government that will be more convenient to reduce the fiat currency in circulation and save money at the same time. Furthermore, for the people that will be the same thing as any regular fiat currency with inflation, centralized and losing purchasing power every year.

if government want to remove black money problem and curruption issue than governments have to develop their own Digital currency. But it will be interesting to see when it will happen.

its not new
its not related to bitcoin

its just a more efficient way for the bank to manage and secure its CLOSED network.

dont expect customers to mine it or see the transparency of it.
infact it wont change much for customers in the way they do banking.
its not exciting for citizens.

its all just behind the scenes stuff.

dansmark bank has been talking about it since last year

It seems like an old stuff franky and what about the other was doing by the other countries also not related with bitcoin? Canada? IMO, it will be related into bitcoin for un-directly.


So totally just the improvement by the denmark banking system.

Its good to see that countries are adopting to new methods but this is not even similar to Bitcoin not even close. Bitcoin is based on decentralisation and this is centralization, which is controlled and manipulated by the government. So they are making steps but in the wrong direction, simply say a old service packed into new package.

All fiat currency is digital these days, well maybe not cash yet. The bank keeps a record of my account details in a computer ledger, and I can transfer funds in or out virtually immediately at no cost. The bank probably keeps a sequential transaction file for security and backup purposes. They've been doing this for years. Junking the ledgers, and calling the transaction file a blockchain would move them into the 21st century - or would it? :)

i think its possible for denmark to create their own digital currency but the question is, how did people will be react for this, do they want to use their digital currency like they use bitcoin? because the government can not push their citizen to use their digital currency, its about people decision and they should realize this. i think digital currency is about freedom for every people so they have to make their own decision without interfere of the government.

No, it's not happening as they just consider to digitalize their physical currency.
Because the problem is privacy freedom of people who have the money.
However, another problem that arises when failing to anonymize a currency is the inevitable outrage from the Danish people who expect to be provided with financial freedom and privacy. Rohde hasn’t decided yet if the central bank should monitor and track the transactions of its people.
Not happening because they still far away to make any decisions of it, they need go through a long way discussion and consideration.
The Danish central bank is still far from figuring out the technical aspects of their digital currency

that was stuff discussed in 2015 and again in i think march. from what i have searched. they have played around with a few concepts. and done a few aplpha tests.. they are further along then you think

Governments will never accept bitcoin, they may be neutral towards it at best, but never positive. Maybe in special places like Switzerland they will be positive and officially accept it as national currency, but in most places they will not, they will develop their own closed source crypto that is controlled by NSA. This is why we need segwit fast so we can have all eh privacy features that come with it. Anyone not supporting segwit is a NSA agent by side effect.

They will never accept bitcoin since they know that they cant able to control it besides they will just create a crypto that would only based for their nation and would like to have the full control out of it.Regarding on the news above i could say that making an own crypto is really possible and its already starting.

Possible Cases on other country making their own crypto is real that is why there are some that are really want to know who and where is Nakamoto but they have fail it finding him but the possibility in making their own has a high chance and we are in a certain age of higher technology now.

I feel sorry for them.... {the citizens} .... They will have ZERO financial privacy with the e-krone and the ledger will be in control of the Danish

government. So if they want to block your money, or re-direct it to their coffers.. then they can do it. Those citizens are effectively giving their

government their wealth. You will not even be able to buy sexy lingerie for your spouse, without them knowing it. They plan to insert a serial

number within every e-krone to trace everything.  >:(

 “All money held by Danes will eventually end up in the central bank in the event of a financial crisis, and we will indirectly end up doing a bailout because we become a creditor to all the banks.”  :o :o :o

well it is a good thing that some country already aware of digital currency, but the digital currency that people want is free from control, so nobody can control the price, if the government create digital currency but the government control it, it is just the same with fiat, i don't think there will be a lot of people interested in that digital currency

I agree and I add to that governments and  banks they want only to reduce the operating costs and simultaneously to have under their control all the money of their citizens since cash would simply not exist. They are interested in blockchain technology but with a completely different concept from that bitcoin transactions use. So digitization of their fiat currency enables them to have greater centralization and control of the money of their citizens than this they have so far.

There is no crypto currency like Bitcoin...it beats all...it is here to stay.they are embarrassing bitcoin in asia countries already

I think they are just trying to ride the blockchain hype by creating a new version of electronic fiat that uses the fancy new "blockchain technology".
Seems like nothing new, the same fiat again.
Do you need to submit identification to be assigned an account, or do you just create a key-pair?
Is the blockchain public, or only known to the government?
Can you use a mix net?

I would not think that the ledger would be public, I mean wouldn't that break several privacy laws?
Not saying that there isn't any cause for concern, but I'm sure they would not just open the records for everyone to see.

Long ago, I saw there's possibility that US may use a "fedcoin" basically a digital money to replace paper money, not sure where are the thoughts now:
http://andolfatto.blogspot.com/2015/02/fedcoin-on-desirability-of-government.html

It was always expected, we always knew that countries wont accept bitcoin itself but they can surely make their own digital currencies because the concept is really wonderful and deserves adoption but they wont accept bitcoin because they can't control it, so this is what they can do.

So it's like bitcoin except the supply, distribution, and price are controlled by a central bank and can only be used in Denmark according to the rules laid out by a government.  :-\

I'm curious, did anyone actually read the article? What Danish Central bank seems to be doing is not related to either Bitcoin as such or the blockchain technology itself. The governor of the Central bank responsible for overseeing cash production (as per article), Lars Rohde, says himself that "the challenges the Danish central bank currently deal with aren’t related to Blockchain technology or alternative FinTech technologies". Really, why would they need the blockchain technology at all if they can do basically the same stuff through a completely centralized approach and do it more efficiently at that?

In short, much ado about nothing


Yeah, the same fiat in allegedly Bitcoin disguise

Bitcoin is open source. Noone needs Nakamoto to create their own BTC. Noone needs Nakamoto for anything really anymore...BTC is out of hes hands, he let it go and only thing he (or they) may have from it is value they have in their BTC wallets (if they have access to them)

Most people in Europe and especially eastern Europe always think about their future and always pan ahead to avoid problems especially when it comes to economies, and especially after the hacks that hit the bank in Greece that opened a lot of windows and made them think of a serious solution , and the best alternative was bitcoin.   

Thanks for sharing!

Government are known to stick to the "tradition" . Even with technological advancement, modification and updates, they always make sure they follow the "tradition".  What they are making is just an exact opposite of Bitcoin in my opinion even if there is some similarities in technology.  So I think the digital currency they are planning is the same fiat currency but disguise as digital currency to ride the hype and trend.

Digital currency but not bitcoin for sure, the government will only make a currency who are under their control and since bitcoin is decentralized, it's not possible to use bitcoin and promote to its people.

They can still use Bitcoin if they wanted to, they would just have to influence the right people to do it. Bitcoin developers are definately a target for them, as we have seen with people like Mike Hearn and Gavin Andresen. They can also over regulate Bitcoin to monitor and control it's use and we see this happening already with centralized services like Coinbase. The Bitcoin protocol gives you Pseudo-anonymity and the use of these services takes it away.

So they do not use Bitcoin, but rather centralized services to obtain their goals. ^hmmmmm^

I think that countries developing their own currencies will only help bitcoin, as people get used to using them then they will realise that bitcoin is a better form of money and will  flock to it.  ;D

Well, I guess now is the time when the governments start to realize that people want to use btc or something close to it and that they have to win in the battle with btc. I heard the same news about Sweden planning to make their own cryptocurrency. Unfortunately for them, I guess this will be a little disaster, because btc is too powerful now and if a country makes their currency instread of btc it will become easier for people to realise the differences. However, it's a nice move that Denmark is btc friendly as well.

Government can not stop the power of bitcoin as we know government is not favor of bitcoin because they can not get taxes from it. Like in Israel and other countries, their government banned bitcoin because of this issues.
Yet, they still can't absolutely control people to deal with bitcoin.

You should look at a show called "Mr Robot", in season 2 there is an episode whre they talk about bitcoin competing against a government centralized currency called "eCoin" and how bitcoin poses a treat against them because that gives people freedom outside of the control of that governmental issued currency.

http://www.dailymotion.com/video/x4tcp17_mr-robot-clip-from-s2e11-talking-about-bitcoin_fun

Definitely worth the watch. This series is predicting the future accurately and people will realize this years from now.

The coolest thing since Bitcoin was created was the fact that it is a alternative to escape from government domination, because in a very "good" view of the currency, it's people's currency, guided directly by the feeling, wishes and the expertising of people --- even if they use it for a bad or good things. I'm currently following the Venezuelan case and Bitcoin is a escaping plan to many suffering people around there. Or like in Mozambique where the government steal (confiscated) people's money from the banks and nowdays they're very happy with the Bitcoin alternative.

This is good thing with Denmark since they already have developed country and smart people I guess it won't happen of what other country tried making their digital currencies

I read that Canada is the first country that has done that but it failed,I don't know how will it be,but I love to see at least two country successfully  created their own digital currency,other country can pattern it and it will be like a domino effect..

Well Nordic people are super bitcoin friendly, so i think they will make it and then many others countries will follow the thread

Just like I was thinking: a government would never implement Bitcoin. The first step to globalization is each country creating their own digital currency similar to Bitcoin, and THEN comes the one world currency. We have to understand that the globalization is NOT a conspiracy anymore. It's the truth, the moment we're living right now. Bitcoin will continue to be the first though, it will be the new Gold for the e-currencies.

Well its already been done here in my country i heard about PSB or pesobit here but actually i really do not know if they are control by government it was a digital currency and crypto currency which is treding few months ago but right now they are getting decreases after few months until now.. i think there is some government are running their own digital currency.. but i will stay in bitcoin since it is more reliable to use and more business are accepting bitcoin as payment..

What's the purpose of creating their own version of Bitcoin?

If this copycat would be centralized, I don't see how it would be particularly different from any centralized fiat money we (they) already have. If it should be something decentralized in the true sense of the world (i.e. no governmental control over it), I see no reason why would any government want to do that in the first place at all, since they would be essentially creating just another altcoin. We already have Bitcoin as the "one world currency"

Yes i thats not possible at all government will not allow bitcoin as a standard currency of the people because tax wasn't their control if they allow digital currency like bitcoin. Fiat still the currency that government mostly allows but my country allows this because online wallet site was still collecting charges from it.

Government digital currency this possible because they can gain control over it and as well make it well know to people and also make use of it accept it any were but bitcoin is decentralizes they don don't have control over it so they have not really brought it to the knowledge of the citizens with time people will get to bitcoin as a digital currency as well.   

It does not surprise me. There are many other countries are developing their own digital currency while we are sitting here and discuss this issue. HOwever, i do not think that the "government currencies" will be popular like Bitcoin. In fact, people will try not to involve in these coin because they know that if they use that coin, they will be controlled by the Government

I thought with bitcoin it will make corruption more bigger, it because bitcoin anonymity features. It will make tracking money more difficult.

I see 2 big problems with such idea.
Digital currency created and controlled by the government? Why anyone would like to join here?
What are potential benefits of government digital currency?
Anonymity? No way!
More security? I don't think so.
Also, government have their own currency already, so what will be their reason to create another one?
Any explanation?

What am i currently thinking right now is that this does not help bitcoin that much tho it is a key fro the crypto currency system. Why am i saying that this may not be a big help for bitcoin community? because in my perspective they would only just have to create their own digital currency which for me makes no difference in fiat bitcoin relationshop anyways.

All government issued so called crypto/digital currency will have that flaw and also add unlimited supply/inflation on top of being centralized and highly monitored.

Few governments are researching on blockchain tech and some may come up with working prototype but those will not have anything similar to bitcoin other than encrypted, blockchain based and decentralized (more likely in servers which government fully controls and monitors).

So this is their plan about controlling the people property, isn't it ? clever, very clever. Good luck Government. No one will use it at all, I can ensure about that. It is not very different from FIAT, instead of an ability to use it online. Creating a Government digital currency is just a new strategy to improve their centralized system which can make them easier to control the people

Denmark country is really focusing on good future really they allowed good technology to people of denmark, really bitcoin will really help to denmark. Very soon government will authorize this new technology and they should accept bitcoins also.

Whatever their plan is, but there are people who will use it but they have to, what if they ban fiat currencies and say that just this new crypto currency system will work from now? Then the people living their will be compelled to use it in any condition, they have no option in that case.

its really good that government digital currency and i hope that all government will be adopting crypto currency for their currency and i think crypto currency is very important nowadays for online transaction so bitcoin is very good currrency to adopt it.

this is a very long term plan, and it needs a very long time. it is a transition and it needs adoption too. people have to accept it first before government can enforce it. it wouldn't be like you waking up some day and see monetary system has moved to crypto currency instead.

i think not only Denmark but so many other countries are also thinking about how to legalize bitcoin, or at least start their own digital currency in their counties, so as to fulfill the demand of the new generation.

The most important thing is if the the issuance is PUBLIC or PRIVATE.  With bitcoin the issuance is public.  If people claiming to be representatives of Denmark (or other nations) make a digital coin, even if centrally controlled and variable issuance (i.e. they can create as much a they want) - if the issuance is PUBLIC then at least people will know!  This is a huge improvement over the privately issued scrip which we call fiat, where nobody knows for certain how much has been created. 

If goverment creates a cryptocurrency, it is centrailzed and it would be an opposite to Bitcoin and to all cryptocurrencies. It would be just money in a digital form, not a cryptocurrency like Bitcoin. Cryptocurrencies are not made to be centralized and goverment ruled and owned, no one should control or own them.

Nipe anyday. No matter how good a country is on their regulations, I'd still prefer using a decentralizwd digital currency for my needs. It's been proven a million times already; anything that the government creates in the financial side has a high tendency to fuck you up in the end. So nope, I won't use it, no thanks.

If it's gov't made, would they make it in a way that reduce anonymity? That would be most people's concern. They moved to altcoins to get the gov't of their heels. Whatever they do with it, if it don't impact the price of non-state altcoin then I'm fine with it.

Yup, and that's why I don't like altcoins either. You never know when an altcoin can become a government owned currency. For now, I hope Bitcoin isn't but nobody knows what can happen sooner or later but it's been so many years, we're approaching 10 years since the release and yet no government showed us that they want it.

Government-made digital currencies are essentially destined to fail due to the inherent nature of cryptocurrencies and their goal, being the freedom from control of governments and being controlled by the people. If a crypto cannot be free from control such as this, it often fails to gain a following due to people not having interest in it, because -government-.

A government crypto is no better than a fiat currency.

I think this just helps spread the word about Bitcoin. It is interesting that countries try to use digital currency, in a way that can make people's lives easier, but I think that the problem of centralization remains on the scene, which is why people will generally choose to use Bitcoin, because in that way they would be using a strong and stable currency, without being controlled by central authorities.

   I watched documentary movie about Norway couple years ago, even then they had in mind to implement this digital system by the 2020 year. In that time they had just 5 % of cash circulating, rest was in digital form. Some people didnt support that kind of system, cause in that digital form anyone can be followed, and everything would be visible to government. Some people wish to stay under the radar.
   I think this is will come in almost every state, only good thing is that now we have bitcoins as other way, alternative to their system.

Government wont plan on making a digital currency for now. But with time anything can happen.. first they have to learn what the hell is digital currency and then plan on making one.

if denmark create own digital currency whether there will be a tax? considering Denmark became one of the countries with the highest taxes in the world. it may be a one step progress of digital currency

Canada has done it(fail). but it seems the nation crypto was making the complex system for the fiat and totally all of the characteristics wasn't being different with the old system was there in fiat.
Are the crypto nations relating into bitcoin? Totally if this had made for preventing the crypto such as bitcoin and totally useless.

Fiat and crypto are really different, what we are having now is crypto and we cannot integrate fiat in the system, it should be a different thing and with bitcoin there's no government we need and no bank at all as we can do banking anytime we want without a 3rd part intervention.

If they are imposing high tax on fiat then we should expect that they would the same thing too on the times that they create their own cryptocurrency.It doesnt mean that they create a crypto they would evade tax. Creating a new crypto by new government will really takes time to implement nationwide.

it was nice to the digital world and especially for bitcoin cause bitcoin which introduces cryptocurrency

I doubt anybody is interested in the crypto currency that created by government, the point of the government want to create its own coin is because the government want to control our transaction, so i still prefer to use bitcoin

Me either would not love the government to have their own cryptocurrencies. Bitcoin for me is enough being owned by no one which also means that we don't have to worry too much about how we use it.

Obviously government issued digital currency will have same level of tax like for paper money. One of the reason for government to Digitize whole economy is to put tight regulation in collection of tax so even when these government will release their blockchain based currencies they will be subjected to tax.

Well most people are stupid and they will not even understand whats going on, so they will swallow whatever bullshit the government comes up with. Most people don't even understand the concept of decentralization and centralization, which are basic requirements in order to see a point in using bitcoin beyond speculation.

I am not saying that Nakamoto can take control over bitcoin when they see him or they, but the Idea of Bitcoin it a big hit that is why they would try and make their own digital currency that can overcome bitcoin, but In my opinion is a very long process to take because bitcoin had start with no value at all and then it just got popular over the years, and the Idea of taking bitcoin for themselves are as blur as it gets.

This is something that makes the era of evolving digital currency. I see the potential that generated the current bitcoin. if developed better, I'm sure this will be one of the economic power in the world.

The main thing that attracts the digital currency platform is because it is free of rules and regulation by the corrupted and that is the reason people starts migration to bitcoin and when the government starts a digital currency then it is a different vision.

Central banks usually reveal the rough estimates on their sites

I mean monetary aggregates (like M0, M1, M2...) which are used to measure the amount of money circulating in the economy. But, in fact, with fiat it can be really hard to tell for certain how much money exists at this very moment since fiat money is created as well as destroyed endogenously, i.e. inside the system itself by commercial banks. Most part of money in the modern monetary system exists in the form of bank deposits, but these are created and liquidated every now and then. And this is not a fault, this is an intended and valuable feature of the fiat system

I just wonder what would be the advantage of mixing blockchain technology with a centralized system.

I believe this must be a basic controversy as blockchain technology is being used in crypto-currencies just because of having a trustless system. A centralized system cannot be a trustless system so obviously it does not require to record transactions in blockchain. They can simply have a system similar to Paypal.

Yeah it can be similar to paypal if our blockchain system will be centralize. i hope that it can be happen since it is honestly to verified my account that is why i am just using bitcoin because they are need government id becausei do not have any of those identity..

yet it is everyone's wish to have their own digital currency especially the bitcoin so if they want to take an access bitcoin is fast as others which come up to 2 days for confirmation like paypal

People always prefer the original but we still cannot beat the government, when they will announce new system with crypto copy cat, more people will still adopt for legitimate business but bitcoin enthusiast will always remain here.

Governments will know the way to force companies and people investing these coin. And they will be punished if they do not accept what the governments' order. Some restrictions will be promulgated if the government honestly want to improve its coin

No doubt that their attempt to copy BTC will fail, people who are already using Bitcoin will never switch to a centralized digital currency controlled by a government or a bank.
There are no advantages in a coin like this, even fiat money is a much better option IMO.

It makes sense for government to issue digital currency, just like the fiat, but they have better control over the money flow etc. We've been hearing that US Fed is looking into the "FedCoin". I am sure some government will do it sooner than later.

Perhaps at the moment not interested, but when it really happens and if how its use is almost the same with bitcoin certainly people who do not believe in bitcoin would be interested to using it.

Don’t expect that any country is going to create something like Satoshi did, they are going to adopt some ides but leave the rest of the characteristics that benefit them alone, that is why we must  support bitcoin and some other alts since only them offer what we are looking for.

It depends on what the community does with bitcoin. If the community decides to go the big block route + no segwit, we are no doubt at all, fucked. The banks are waiting for something like Bitcoin Unlimited to happen (or god forbid, any of the ridiculously high blocksize increase proposals). They are waiting for the right momeny to turn Bitcoin into Paypal 2.0. And remember, Roger Ver seems to be ok with this:

http://coinjournal.net/roger-ver-paypal-acceptable-risk-bitcoin/

Everything seems to fit together... the whole attack to Core and Blockstream while claiming it's ok to turn Bitcoin into Paypal 2.0 and shilling Bitcoin Unlimited everywhere he can... pretty clear what's going on.

Luckily it seems they are as irrelevant as ever, Bitcoin Core is still king and BU is just another marginal software. Now if we could come into an agreement to get segwit going we would push Bitcoin to the next level and take over the world.