Bitcoin Forum

A couple of countries have launched their own cryptocurrencies and some are planning to do so. The governments know that bitcoins can't be completely centralized and hence creating their own fully centralized version of cryptocurrency. Legalising bitcoin and making it a part of a country's financial structure is in no doubt beneficial for bitcoins growth, but instead using blockchain technology to roll out their own digital currency and ultimately banning bitcoins, would it affect bitcoins progress? What do you think?

Countries with their own cryptocurrency, Ecuador, China, Singapore just tested digital dollar via Ethereum blockchain, Palestine is planning to launch their own currency and and a few countries are studying the blockchain technology closely.

IMO, governments legalising bitcoins is the best way to achieve mass recognition. On the other hand, if more countries launch their own digital currencies and proclaim bitcoin as illegal then that would definitely halt bitcoins growth, but only temporarily. Banning internet is altogether on a different level than banning bitcoins. So the growth would be halted, but the internet money would bounce back.

Streisand effect.

It's the decentralization aspect that makes Bitcoin unique and loved by so many people. Bitcoin is a way to cut ties completely with the governmental/banking system as your wealth can be safely stored in Bitcoin. Only YOU will be able to access your wealth, and no one can tell you what to do. Remember how the government in Cyprus years ago gave people there a fresh haircut? It's a modern form of theft that people no matter what had to swallow. This could have been prevented if people's wealth was 'locked' into Bitcoin. Obviously, especially back then, no one would dump their entire wealth in Bitcoin, but this example shows exactly how powerful Bitcoin is. Imagine participating in a system with government issued tokens/digital coins - ultimately, they can, and likely will develop such a system, where they can instantly freeze/cut off someone's holdings by just a single click on a button.

Countries will implement blockchain technology over time because it has an unlimited amount of useful applications, from logistics to gun tracking to the music industry to verifying ownership.

However, the public will not look at it like "Country X has just implemented a cryptocurrency", they'll look at it like "this is an easier way to spend" (fiat crap).

Blockchain based currencies =! cryptocurrencies.  Governments will implement things like this whenever it's helpful for them, but it will never stem the growth of Bitcoin and it won't have any relation to Bitcoin.

The only thing that would matter about these blockchain based government currencies would be that they reduce fees, making Bitcoin less appealing to some people.  But there will still be a huge amount of edgy people like us who continue to use real cryptocurrencies.

Yes absolutely, Bitcoin will be affected by widespread acceptance or adoption of alternative digital currencies.
The affect will definitely be positive, and will further secure the value of Bitcoin, now and in the future.  Fear not!
 8)

It can affect depending on how good the service ,fees and features of the cryptocurrency they will developed.

Countries? So even if the government will join to launch a cryptocurrency? I think if that happen of course this will have an effect in bitcoin. And of course many people will become interested in bitcoin.

They'll be centralized shitcoin's so I doubt they'll be anywhere near as successful as bitcoin. Effectively they'll just be like online banking in whatever currency the country uses. In other words they'll be a load of dog crap.

It shouldn't, as everyone else in this thread has said it will still be centralised which is the main reason bitcoin is so awesome. By centralising the currency they are removing the main aspects of why bitcoin performs so well. If its centralised the government or institution can control the amount of new currency that is released, they can manipulate the price as and when they want, they can generate personal revenue via transaction fee's.

The boat has sailed for them, they can try but I do not believe it will halt bitcoins future growth.

No, this won't make a big change with our bitcoin, because the government's were just into the digitalized use of fiat. This could help only for the transaction happening within the country. For cross border transaction something similar to bitcoin is a must.

Launching of a new cryptocurrency  in my country will not affect Bitcoin, in fact there was a move to that effect by a group of individuals taking signatures and contributions in order to start a new cryptocurrency but unfortunately the central bank placed a ban on it and froze their account.

No I do not think it will have a direct effect on Bitcoin, people will not like Bitcoin as a centralized it looses the core value if it's centralized. I personally do not like centralized Bitcoin what's the use of it. Bitcoin is left as it is it should not be touched or disturbed, and if people are smart they shall dump the centralized one and go for the decentralised one. Government should keep their hands of my Bitcoins.

They will implement Blockchain-based technologies that is for sure. But don't think they will use it as cryptocurrencies that could be exchanged with bitcoins and other alts.
There will be 2 different worlds around blockchain.

i don't think that this could nearly happen that Great Banks controls the monetary circulation over the globe and also buy all the financial products. The progress of governments creating their own currencies will destroy the banks empire. Banks are creating money without controls and really from nothing so they are cheating people and cheating the system so i don't think that they are really ready accept all the crypto or the money from internet.

Every country already created their own cryptocurrency long ago. It's called online banking — the government controlled online banking

 Unfortunately those countries seem not know why Bitcoin is very successful today... they seem to be doing the opposite.

And are probably lunching Bitcoin clones

Yes, I think so. Most people trust more something what belongs to government and some trust more something what is decentralized. I'm in second group and we think if someone will accept both cryptocurrencies, they will exchange fiat to bitcoin in short time.

can you give us some references for these?
i have been searching for a bit here, and i found out that Ecuador has done that in Feb 2015 (it had nothing to do with ethereum!)[1]
don't know how successful or not this is,

China seems to have dome something similar recently and have been working on it since 2014. again has nothing to do with ethereum blockchain!![2]

couldn't find anything decent about Singapore. and i also have heard India is planning on doing it also.

also there seems to be a lot more of these "national coins" and none of them have anything to do with ethereum blockchain![3]

so i ask my question again, can you give us some references on these?

[1] http://www.cnbc.com/2015/02/06/ecuador-becomes-the-first-country-to-roll-out-its-own-digital-durrency.html
[2] https://www.bloomberg.com/news/articles/2017-02-23/pboc-is-going-digital-as-mobile-payments-boom-transforms-economy
[3] http://www.coindesk.com/coindesk-guide-worlds-national-altcoins/

Quiet surprising that there are some countries did already made their own coin I have read previously a certain country but I forgot the place but among all those countries have been mentioned seems like none of them succeeded I guess.I can say theres no effect on bitcoin no matter how good they would create their own coin but the thing would be the limitation of bitcoins full adoption among countries because government would really use their own coins to patched up on bitcoins existence.

China only assembled their research team in 2014, but I guess they learn over the past 3 years.
according to Bloomberg, it's going to happen soon, so I'm sure they had the time to learn also about blockchain.
you can read it yourself here:
https://www.bloomberg.com/news/articles/2017-02-23/pboc-is-going-digital-as-mobile-payments-boom-transforms-economy (https://www.bloomberg.com/news/articles/2017-02-23/pboc-is-going-digital-as-mobile-payments-boom-transforms-economy)

I think it will have positive effect on bitcoin or overall crypto market, if government starts to launch their own blockchain based currency than people will start to realize the power of crypto and blockchain that might force them to search for better alternative than those centralized tokens created by their government. What could be better alternative for them than bitcoin because they can have full financial freedom which they can't have when using those tokens/currencies issued by their governments.

Launching a centrally-controlled Blockchain based private ledger is not a very attractive option for consumers. We have already seen how governments

have exploited Fiat currencies and now they want to implement that in the Crypto currency world too. They know it will be cheaper and less anonymous

than Cash, so they would push for it. {Consumers will not appreciate the fact that ALL their transactions would be traced via a private entity that are in

full control over their finances. We have also seen what happened with Ethereum when Foundations call the shots... now people are investing

large amounts of money into Alt coins like that? Crazy!!!!!

did you just repost the same link that i myself gave?! :D
also i am not saying if or if not China has done it already, i am saying these "country launched cryptocurrencies" were NOT via ethereum blockchain as far as what i have read so far tells me! so i want to know what OP's reference is for claiming this.

I think that this has a very serious impact on bitcoin, all news related to the bitcoin market have a direct impact and its value on the market. Specific examples have been made recently, as some countries have reportedly accepted bitcoins, which in turn boosted the demand for bitcoin in the population, and the value of bitcoin increased dramatically. .

China has done some trial runs, exact date of launch is not fixed yet, https://coinidol.com/china-creates-its-own-cryptocurrency/

Yeah, I think both the Ecuadorian and the so planned Chinese cryptocurrency has nothing to with blockchain, but with cryptography, like token based electronic payment system.

Singapore Trials its Digital Dollar via an Ethereum Blockchain, https://www.cryptocoinsnews.com/singapores-central-bank-tokenizes-dollar-via-ethereum-blockchain/

India is planning to regulate bitcoins which probably would happen by the end of next year.

A cryptocurrency without Blockchain, https://thestack.com/big-data/2016/09/12/beyond-the-electricity-guzzling-failed-blockchain-experiment/

https://arxiv.org/ftp/arxiv/papers/1404/1404.4275.pdf

I guess this is what the Chinese government is working on.

Actually that is what I really think will happen if some countries would surely make an Altcoins like that, because all of us doesn't really wanted to be controlled, if possible we surely wants something that we can surely trust 100% and we are the one controlling our every earnings, I really think that it will not be successful and if it can surely hit in the market I think it would just be lump with the other Altcoins but let's just see if what will they try to do to make it possible and successful in their part.

No government like the decentralization feature of BTC because surveillance is one of the things which countries have to keep. They need to understand the blockchain technology and can monitor local exchanges but they want total surveillance. It will affect positively as well as negatively on crypto currencies.

Even when they create their own crypto- currency they forgot that the global market is always larger than the individual country market and that's where the superiority of bitcoin comes in. And aside that there is no law that days I cannot own bitcoin and my own country's crypto currency even when they are only giving it to already users of bitcoin and if they are promoting it, they are equally promoting bitcoin as well.

Yes, and the governments of those countries are not so stupid to not know that. I think by now there were many attempts to create a "national cryptocurrency" and not only in the countries you've mentioned. All those attempts affect Bitcoin in a positive way because either you want it or not, you can't not mention Bitcoin when talking about your national crypto in the news.

A cryptocurrency controlled by a government has no advantage over bitcoin. It would be like fiat in digital form. It is the very same thing bitcoin is designed to avoid and combat. Even if countries will have their own cryptocurrency, people will still choose bitcoin over it.

Centralized digital asset that some countries are trying to introduce is just digital fiat in my opinion and nothing more.
I don't see how creation of another payment system - this time fully digital, and cryptography backed -  will have any impact on sovereign cryptocurrency like BTC.
This national crypto will share every property with normal fiat - plus it will be easier for government to control it, so there won't be a reason to use it over Bitcoin.

Agree, if a country create a cryptocurrency, I not think user Bitcoin/Altcoin in the world choose it, because purpose crypto want not need controlled by a country or anyone and can't tax it! A cryptocurrency created by a country only look like as FIAT and can tax fee, although it can trade online but I not think I call it is a cryptocurrency, I will call it is a Digital Currency

i think its not affect with bitcoin as long as the government is not interfere the coins and don't trying to make cheat movements for their coins. i think peoples will thinking before they want to invest their money, they will choose the best investment because what they only want is making profit from what they invest.

What you are telling is also true but the main reason of bitcoin success is decentralized and their are so many gambling sites where you can gamble with bitcoins and you dont have to give any documentation , even on cryptocoins trading exchange also you dont have to give your identity documentation, that is why the bitcoin got success. But in the country launching cryptocurrencies they will have full centralization just like fiat currency then their is no use of this cryptocurrency so it will mostly wont get success.

As to me, these efforts have nothing to do with Bitcoin or blockchain

Most likely, the question is about introducing some novice payment system which would be based on an already existing fiat currency. I simply cannot see any advantage in creating another fiat currency which would compete with an existing one (unless the government is doing some monetary reform when two currencies can exist at the same time for a while). What is the purpose of that? Governments can create special tokens (like bonds) redeemable for local currencies, but that wouldn't affect the majority of population

It looks bitcoin is the currency to stick to at the time of a crisis. Greece crisis brought bitcoin to spotlight and now the hyperinflation in Venezuela has forced the citizens to use bitcoins to buy food and groceries. All this is happening while the Venezuelan government is going hard on bitcoin users by blocking bitcoin related websites and mining pools. A crisis, government trying to block access to people's money, a classic example of how bitcoin is going to thrive in Venezuela.

https://www.cryptocoinsnews.com/opinion-venezuela-proves-bitcoin-future-money/

I think not at all,not even if that cryptocurrency launch by them will totally dominate the market that its going in,but still impossible to affect bitcoins since this cryptocurrency coins are just newly realeased

this si again nothing new, any government seriously thinking that he can overcome bitcoin by simply creating a centralized version of it didn't understand what bitcoin is all about, decentralization

also this was done in the past i remember, but never worked, in fact i'm no hearing any more news about those centralized fiat


interfer in what way, why the government should interfer by issuing his own coin? if he want to interfer he should close the exchange of bitcoin which would put a serious dent on bitcoin, because people will have an hard time to buy more coin

I don't think that it will affect bitcoin in a negative impact. I think many countries has tried to create their own crypto's but failed miserably. I think the general public don't like centralized crypto's. But if ever they have succeeded, it will still have little impact or no impact at all at the bitcoin ecosystem. Bitcoin has its own's followers already and will not just shift to any government sponsored coins, I think the general public will probably took advantage of both. So its still a win-win situation for all of us.

NO bitcoin has too many advangtages being open source


also most countries that have a use for adoption on bitcoin have the most corruption

the advantages I see below

BTC is easier to move with an inet connection and  plunk it on www.coinbase.com (http://www.coinbase.com) if nothing else. NO crooked gov't /banks/ bribes etc ..assuming

you can move it.



The other thing is I can send a picture/ pdf file/ video/ email/ and or anything else thru my phone/computer via Internet

but you before BTC and crypto COULD NOT send $$$ because that had to go thru banks and elites (and or above corrupt gov't actions I mentioned)

damn hard to have an 'embargo' on the grandmother still in Cuba if they all have cell phones now (why Trumps new embargo on cuba will fail)


So if BTC has real world use. Continues to be transparent and open source (watched by a bunch of impartial geeks) considering the options in a lot

of 3rd world countries in the world....I'd bet on the geeks.

Thus my bet, thus my hoard of BTC, thus my miner mining ltc to btc (mostly) etc etc


So again...if you are in a country that has issues and such ...open source or your previous gov't that is likely pushing their centralized crypto coin

folk are gonna bet on the worldwide geeks instead

it happened with unix/ linux etc no reason why it can't happen with the internet of things with crypto and btc imho

Anyone or any country can come up with their crypto currencies and it wont affect bitcoin,the idea behind bitcoin is to have a decentralized economy which is not controlled by anyone and that is the sole reason bitcoin purist started using it as time passed people are coming in because of the monetary advantage,after all it is going to be just another copy coin. :P

This is pretty possible. People are inspired with bitcoin success and it's technology. I am really believe that one day it may appear local USAcoin or RUcoin and other like that.

Simple answer no. Some have plans to create there own cryptocoin with blockchain. Close to completing this project was Sweden (last time i read about it), and that was news from last year. Dont have any info are they in process of finish or they abandoned this project, but they have good idea. Creating E-Crown for they cuz they are one of countries that dont use that much fiat (paper) money.

Not so many countries will decide to issue their own cryptocurrency, they are not interested in something like that. And even if they do that will not affect Bitcoin in any way..Russia has some project but I think russian government is well aware that they will not achieve anything with that and definetely not endanger Bitcoin.

Wow that's a lot of bs there..
Bitcoin thriving in Venezuela.

Now , first, It was not the Greek crisis it was the Cyprus bank crisis that brought bitcoin into the spotlight.
And even that was pretty stupid. Because with banks closed you had no opportunity to buy bitcoins.

Just like now in Venezuela.
How can you buy Bitcoins there? How can you use them? How can you exchange bitcoins.

A stupid blog decided to make a story and put a load of crap and people are buying it like it is real.
His fake story has already been debunked here:
https://www.reddit.com/r/Bitcoin/comments/6d2w1b/bitcoin_is_saving_my_family_from_starvation/

Let's keep the stupid blog and the guy's crap story aside:

http://www.businessinsider.in/Venezuela-is-cracking-down-on-bitcoin-fever/articleshow/57639110.cms

https://www.forbes.com/sites/realspin/2017/02/03/why-venezuelas-currency-crisis-is-a-case-study-for-bitcoin/

I guess these two sites does not belong to the "stupid" category. According to them, bitcoin users have increased from 450 in 2014 to 85,000 in 2016 in Venezuela. The hyperinflation started from 2014.

The guy has mentioned something about black market, since his story has been debunked it is not worth it to take his opinion into consideration. I do not live in Venezuela, maybe you do so you are better informed than these websites. Unfortunately when I come across a few websites relaying the same information, I deduct their might be some truth in it.

"Thriving" might not be the apt word, not native English. Should have just put it plainly "user base is increasing"

This trend of governments or their financial institutions launching their own cryptocurrency is actually a great validation that Bitcoin must be effective and the technology behind Bitcoin is something worth looking at.

However, these coins are just copycats and can also be categorized as alternative coins no matter if their governments will recognized them officially.

These coins would just be a laughing stock and can be symbol of governmental overreach. They are destined to fail right from the very start.

It doesn't matter how credible forbes or bi are when the source is this:


This is the norm here.
Every exchange , online wallet , casino just adds a 0 or two on their userbase.

They managed to get lets say 100 000 users. But that is users on the platform not bitcoin holders.
There was leaked gox document that showed only 10% of the users actually did some trading, I for example have a btce and bittrex account but never ever used them.

And even if you have those 100 thousands.... why is there no info about a shop accepting bitcoin.
Nothing, nada.

How would that even work?
Buy usd on the black market then buy bitcoins go back to the black market buy groceries with bitcoins and then the seller exchange the bitcoins for usd to buy it's contraband from columbia?

Do you really expect a contraband network that needs to do daily bribes to stand at the mercy of the bitcoin price and risk getting killed (for real) if the price drops before a deal?

That's why there won't be any such coins

I've been hearing about some government going to create their own cryptocoin as long as I've been reading the forum, but I have yet to see even a single implementation of what could be loosely called a government coin (apart from regular fiat, naturally). As I already said, governments may be looking for new payment schemes and systems but there is no chance they are going to create a second currency which would be competing with regular fiat

I went through around 10 posts you made in the last one hour or so. Found this,


Some of your posts are solely based on criticism and assumptions, that also not constructive criticism. No offense mate, but you are just blatantly criticizing or disapproving based on your own POV without doing any research or thinking the other way aroynd. I live in India and know the scenario here. Just easy to say, not going to stay and listen to the same story about every damn country on this planet. Apart from this sole sentence do you have anything to backup that bitcoin demand has not increased in India, nope. Instead of asking for volumes or concluding it is an inflated story, if you had put the effort to prove that bitcoin demand has not risen in India that would have been constructive criticism. I guess you got my point.

You have just made a similar point here, that every exchange, wallet, casino just adds a couple of digits to their user base. I believe there is some truth in it. But still the point is bitcoin use has increased in Venezuela. In short, the numbers mentioned on Forbes or BI might not be exact, but at the same time it would not be an assumption that Venezuelan citizens are gradually adopting bitcoin.

https://www.theguardian.com/technology/2016/dec/16/venezuela-bitcoin-economy-digital-currency-bolivars


I hope Amazon counts as a shop.

You have a point. I think if they are going to create their own cryptocurrency, this is to somewhat stop their citizen to buy or get other crypto's specially bitcoin, and not with their regular fiat. But the problem is that I don't think there will a successful government crypto that can compete with bitcoin. So I think they should stop creating their own government sponsored crypto.

No it would not affect bitcoins.Those countries have planned to release cyrpto currencies for their own people and not for global usage.No other country's people would show interest in buying another country's coin.But bitcoin is accepted globally and it has investors all over the world.Bitcoin has gained trust all over the world.So bitcoin would not get affected by any of those currencies.

That would be an exercise in futility, stupidity and absurdity

If they ever wanted to outcompete cryptocoins (let's assume that), they could easily get there if they made their fiat money itself more attractive. That could be virtually anything, for example, ease of transaction, stable floating exchange rates against major currencies, universal acceptance in the world, and so forth. Really, they would achieve better results if they just outright banned Bitcoin and other currencies. Obviously, it would be only nominally or comparatively better, not that they would somehow succeed at reaching their ends in this endeavor


That's a well known forum clown

See if any coin come to market and started to build good reputation then automatically the other currency value will come down. See now more people are showing interest in ETH coin. So it will effect on bitcoin users. Newcomers are getting confused which coin they want to use. Maybe the OP is right the other cryptocurrencies are affecting bitcoins.

although there are thousands of new currencies already created, but they have no effect on bitcoin, bitcoin is number one currency from the very beginning and hope that it will remain as number one currency in the future also.

Personally don't think it will have any effect,  cuz i don't see any point in this.
What will they gain and what will they have with this? Nothing just another coin.

Still no numbers. Nothing.
I'm really getting tired of those stories about India, China , Venezuela ... Nigeria.

If in 3 years being around this forum you haven;t learned that all this stories are just hype with no real material proof behind then I'm sorry for you.

Fact until you come up with numbers...
Only usage and demand in the us and EU matter. Nothing else.
All the large shops large companies large everything, shops and users are located there.

And it's easy to understand.
When almost all of the wealth is concentrated here , nobody will care is 10 Venezuelans will have 10$ to buy a few satoshi.

Put your indian pride aside and face the truth.You can't invest in bitcoin and make a difference with 100$ a month net wage.

End of story.


Also , before typing make sure you post something that makes sense.

I am the one denying it, you are the one that claims it's true.
You have to come with the numbers and the facts not me.

I'll be waiting.

Meanwhile you can check the animated map here:
https://blockchain.info/unconfirmed-transactions

Of course it is not accurate but it shows the basic idea

It is not going to have a big effect those that are smart and are willing to see what it is going on are not going to settle for second  best when they can get the best of the best in the form of bitcoin.

you are right. they will make a coin with that name and make it successful and it will be their digital currency  though if all of the country make a cryptocurrency like that it is just famous with in their country because other country has their own coin thats why.  But it wouldn't be the same with bitcoin that is universal

http://www.zerohedge.com/news/2017-06-12/putin-meets-ethereum-founder-create-national-virtual-currency

Putin meets Vitaliq to start a national currency based on ethereum, lol.

Ethereum is a backstabbing piece of shit which whores for banks and governments. Bitcoin tried to take the power from banks and govs and give it back to people but sheeple gonna sheepl.

I guess humanity is in love with slavery and slaves themselves like it most.

Guess, Putin just found a way to control cryptocurrency. Russia won't accept bitcoin, they will just make their own putincoin and be happy thinking they are progressive.

Currency must be simple to use and easy to understand. At the moment bitcoin is being used as a speculation tool and for some the ability to actually buy and invest into their own ideas, philosophies and get rich quick delusions. If countries develop their own coins, it will help normalise bitcoin as a currency and promote adoption.

I've been following this since Ecuador launched their's a while ago, Overall I think it would be great for BTC, because these coins aren't gaining much success and lack the meaning of cryptocoins of volatility and decentralization, but in the same time it makes usual citizens accept the idea of Crypto easier, and when the country legalize BTC then BTC would get massive adoption instantly.

For me. The countries that launching their own cryptocurrency have a effect to the bitcoin but only a slight effect. This effect is only makes the bitcoin to have a slow progress and having many competitors in the cryptocurrency world.

Yes, it will affect the bitcoin because of the possible demand that can be lessen in the total or overall demand for bitcoin. If the users of bitcoin in that particular country already have a good thinking that they see a good potential then they will transfer to it and they will not use bitcoin anymore and that is how it can affect the bitcoin.

It is not a problem to the bitcoin. If the different countries is launches their own cryptocurrency it has no effect to the bitcoin. Because bitcoin is now very powerful that no one altcoins can even stand or replace.

For me, it not affect bitcoin because in other country many have uses bitcoin so it will not affect bitcoin. In some other country bitcoin is still popular and investors accept bitcoin in some other countries so its not affect. Even if they launch their own the bitcoin will always familiar and not down. Many countries still use and remain use bitcoin and it will not affect bitcoin. And even if their own currency the bitcoin is continue to rise and demand to other country especially in investors and people want to invest. It could not affect in other country.

Whatever happens, bitcoin has revolutionised how currency is perceived and transmitted. You already have clones like ripple backed by some "banks". Ecuador has tried, I also read about the possibility of a Russian backed national currency powered by its own blockchain. Competition is good, I don't think bitcoin will remain number one forever, but it's main advantage over any nationally backed coin would be decentralisation.

Yes, the acceptance of the Bitcoin by various countries and also looking for to accept the bitcoin countries have played a great role in the increasing demand for the bitcoin. This have made the Bitcoin more trustworthy for the people and therefore all sort of people came to know about the reality and existence of the Bitcoin and want to achieve the benefits from the Bitcoin.

It will affect Bitcoin to a certain degree because many Governments and central banks will create digital currencies and utilize blockchain technology and people will want to move to those if they trust the banks enough, but many people still like Bitcoin because it goes against the norms which is what Bitcoin is all about.

I think it will not affect bitcoin because
it has a strong foundation that will not
easily brake.

Bitcoin is really so important to me. Because bitcoin can help me with my financial needs and it is really helpful because it is not time consuming and by your minimum time you are able to earn a lot of bitcoin.

Yes, what makes the bitcoin a unique currency is its formation and the reality that the government have no control over the Bitcoin this is what actually attracts the people towards the bitcoin from almost all over the world.
A currency launched by the government will only be a digital currency just like the one we still witness in the banks i.e. the electronic transaction of money and nothing else. So, I think it can never be a threat for the Bitcoin.

How come a centralized crypto currency released by a government have any affect on bitcoin,people are attracted to bitcoin because of the freedom it gets from the centralized government economic system which is corrupted and if you think that a release of a crypto currency backed by a government will reach more people and thereby they will hear about bitcoin and will be hooked in it. :D I really do not think we need those kind of exposure.

It’s been in a whole bunch of news and vlogs that stated that Banks will be useless real soon and the Bitcoin will not have a chance for survival because so and so is building a Cryptocurrency. I see those articles yet there is nobody that actually made a successful coin from what I know so far.

Ofcourse they will try that. It is up to people to choose for centralisation or decentralisation. 

i only can say maybe because its not as easy like we move our hand to give affect bitcoin, beside that, bitcoin is still the number one crypto currencies. but every countries is possible to launching their own crypto currencies and people can used their crypto currencies as long as their government is not limited from being using bitcoin and only used their crypto currencies. i think the affect for bitcoin is not big and i think crypto currencies from one country can help us to grow our bitcoin.

Countries making their own digital currency is a form of taking their own economic system towards the next level. This doesn't has anything to do with bitcoin or other altcoins. Same as that a specific currency getting used within a particular Country, these digital tokens will get used.

Yes probably, If the country is like Ecuador who banned Bitcoin and enforced their own altcoin then definitely. We will be losing members in the Bitcoin community. This means fewer transactions and less demand. Thus price will decrease.

Yeah some countries are planning. I think India may launch its own. There were rumors about LaxmiCoin a few years back. Instead of legalizing bitcoin they may launch their own.

No it won't affect anything on bitcoin, the coin that the government create is no difference with alt coin that is not decentralised, and the first purpose people.using bitcoin is because they don't want to be supervised, the coin can affect bitcoin if the government implemented the coin into many shops and a lot of country, but I don't think that will happen so   people will still used bitcoin

This is what all countries are going to do. They are not to ban Bitcoin or anything like that but bitcoin is not going to displace national currencies, this is not going to happen. Goverments will take advantage of this technology to create a "digital version" of national currencies and I think this will be good for bitcoin adoption. People will get use to digital currencies and when they know about bitcoin and realise that it can help them to keep their privacy in their transactions they will give it a try.

People repeat the same nonsense year after year

All countries already have "digital versions" of their national currencies. In this way, they don't need to create anything since electronic money transfers (since this is what digital currency ultimately boils down to) existed decades before Internet itself was born. And what's more, the amount of digital fiat in most (if not all) countries by far exceeds the amount of cash in circulation. You seem to be posting from a very backward place or just severely uninformed (no offense intended)

i wont be surprised if each country and their government launches their version of bitcoin or any other crypto coin based on the blockchain.

it will have good a effect on bitcoin, if its not related to bitcoin and cant do exchanges with bitcoin with that currency.,
but if its totally autonomous currency then it will have bad effect on bitcoin, if a whole country's population starts using their coin, then there is noy much reason to use bitcoin.

but that's just my thinking. and i may be wrong.

thanks

I think Bitcoin would be the international digital currency while the cryptocurrencies launched by respective countries will function like a national or local currency. I still think that Bitcoin will serve as the major platform of exchanges and transactions because of its unique characteristics that can't be found on those cryptocurrencies.

My fault. When I said "digital versions" I should have specified that I was talking about "blockchain digital versions", I mean, they will create some kind of coin/token backed by fiat money a 1.1 ratio.

Although some states legalize bitcoin, but I think the state will not make its own cryptocurrencies, remember that free cryptocurrencies, are decentralized. Let alone each country already has its own national currency, which is more easily controlled price

Yes it is very independent of Bitcoin just as their local fiat currencies, they don't have any direct influence on Bitcoin and as such no matter how many cryptocurrencies that the various governments around the world are going to launch it won't affect Bitcoin.

I voted for no because countries launch their own currency it may be affect altcoins but not bitcoin because it's having limited supply and also it is the original form of crypto currency

In what way do you mean, will it affect Bitcoin? There are actually two different ways to ask this question. The first is, will people prefer to use government-issued digital currencies instead of Bitcoin? And the other is, will governments wage a war against Bitcoin so that they can be the only provider of digital money, and so people will have to use their digital currency?

The answer to the first question is; for the people who want the government to be involved in the economy, with regulations, price fixing, taxation, and public spending, those people will probably choose to use government-issued digital currency. The people who don't want the government to be involved in the economy and don't want taxation and public spending (people who want there to be a real free market, with the price of money entirely determined in the free market), those people will choose to use Bitcoin.

The answer to the second question is, the future of Bitcoin will ultimately be determined by the people. Even if it were banned many people would continue using it.

I think those local crypto will be connected with national fiat currencies and their price on the world market. Bitcoin will stay dominating no doubt, but only the future will show what effect national crypto will have.

Agreed its natural to connect it to their fiat currency otherwise whats the point in creating a digital blockchain currency. I guess it depends how well these national currencies do if they have any effect at all. I'm not sure one can conclusively say bitcoin will dominate but for sure there will be a mixture of current cryptos and fiat based ones.

But what's the purpose of that?

If it will be a decentralized coin (something likely dubbed as "people's money"), they will be just starting another altcoin, which makes no sense since there are already quite a few altcoins sticking around (and even more kicked the bucket by now). If it will be centralized, then the whole idea makes no sense since they already have fiat which is by definition as centralized as fuck. There is simply no use for blockchain technology as far as fiat currencies are concerned

Those coins will be centralized, that´s for sure, and controlled. I guess the banks will play a key role. They are researching on blockchain technology time ago. About the purpose my guess is that goverments are seeing the potential o cryptocoins and want to "offer" population "their" coin so they will be able to control the movement of money, I am sure that there will be no privacy or anonymity with these coins.

If each country launches their own cryptocurrencies, then what is the difference with fiat, each country has its own currency, can be controlled and regulated, if only make digital money, they do not need to launch their own cryptocurrencies, simply use their currency but in digital form , Such as credit or debit card

Till the people who are trading in bitcoins still continue to use it, it's not going to affect the currency. There were few countries that banned bitcoins as they noticed their citizens dropping the use of their fiat currency and using bitcoins which could harm their own economy. With bitcoins it's not the same and even if every country launches a similar cryptocurrency like bitcoin while the market of bitcoin remains the same, there won't be any change.

And what did come out of that?

I've heard such talks for years already but I haven't yet seen such a "coin" for real. And if it is centralized, who and how will be mining it if we talk about the blockchain technology? And why would they waste resources (electricity, labor, equipment) if they can just draw figures in the spreadsheet on their servers? Apart from that, how do you picture people "transacting" with this coin if it is issued by government and it won't be fiat? In other words, how will it be different from fiat, in practice?

There could be two reasons why a government would want to launch their own cryptocurrency:

1. To limit the usage of bitcoins by their citizens.
2. Solely because they want to upgrade their financial system through blockchain technology. They know it has future and are well aware that this technology could be implemented in many fields, what better place than to launch a cryptocurrency.

https://www.cryptocoinsnews.com/singapores-central-bank-tokenizes-dollar-via-ethereum-blockchain/

Singapore tested digital dollar via private electrum blockchain.



Credit/debit, ATM, and other online payment options could be termed as electronic payment systems but from electronic to fully digitalize fiat, government needs cryptography/blockchain technology. Would it be similar to fiat? Yeah, centralized and it would share some major properties with fiat? Would it be similar to cryptocurrencies? Yeah, if blockchain technology is involved then there should be some similarities.

Most of the countries are going cashless now. Paypal is centralized, but still it has a huge user base solely because majority of people prefer convenience over being anonymous. A government backed cryptocurrency would get a lot of media attention + if it does have cryptocurrency properties then ease of access and quicker transactions would make it more preferable than credit/debit card + if it is available for day-to-day use it would get popular.

This is just simple logic, bitcoin is decentralized and the other centralized like fiat. People who want to use a decentralized pseudonymous currency would always stick to bitcoin and those who are using fiat might see a government backed cryptocurrency as something superior than credit/debit cards or other means of online payment system.

So in short, government would just be upgrading its financial system through the launch of its own cryptocurrency and it has no direct correlation with bitcoin, but indirectly it might slow down bitcoins growth to a small extent.

I believe it when I see it. I'm still not sure what the point behind a govermental cryptocurrency / centralized blockchain is. Most fiat is already virtual anyways.

As to me, it is a strange way to limit the use of decentralized cryptocurrencies

Did you read about it somewhere or it was entirely your own fantasy to somehow justify the original claim? Other than that, I don't really see how blockchain can help governments. Note that the question is not about money transfers as such (which is what your link is about), it is about creating a new government currency based on the blockchain technology which would circulate along with a local currency. I guess you will have to explain how this "upgrade" could make the existing fiat systems both more efficient and effective

Not fantasizing. I did not make any claim, it was just a question, a hypothetical one.


Time taken for transactions, transparency, system resilience, and reduction in cost of record keeping. All this is implemented into the existing fiat system by making it digital, guess it would be enough to "upgrade" the existing fiat system to make it more efficient and effective. Hope my explanation is satisfactory.

And what does it have to do with the creation of a new blockchain based government currency?

This is what the question is about if you missed the point. Further, it was said that "governments [...] want to "offer" population "their" coin so they will be able to control the movement of money". As you can see, this is quite different from what you say (the piece by the link you posted talks about money transfers, not making a new currency). Basically, what you say is inconsequential to the point that governments might want to create their own cryptocurrency. So why would they want that, i.e. create a separate coin based on the blockchain technology (apart from "limiting the usage of bitcoins by their citizens")?

Countries may launch their own cryptocurrencies, but it will never affect bitcoin. Altcoins do exist because of bitcoin, but it will never be the opposite, that bitcoin do exist because of bitcoin. But their price depends on bitcoin, if the bitcoin's price is too high, then automatically Altcoins price would go on its DUMP state, and would be the other way around if bitcoin's price would be on its DUMP state.

I guess it is a matter of time until countries will start to use the blockchain technology.
I'm not sure that the blockchain based currencies will replace the fiat money even in 50 years.
The only question is whether countries and governments will ban the use of alt coins or will allow it to be another method of payment.

i pretty  agree that it may effect the other altcoins but nothing to worry about bitcoin because being the first and being the father of all crypto currency it has its own representation in the market and i don't think so any of the cryptocurrency can effect its value or importance.
but the way many countries launching their own altcoin it will help both their economy  and importance of cryptocurrency..

You wanted to know why government want to launch their own cryptocurrency. Gave two reasons.


Why would government want to implement blockchain technology into their financial system?



I guess this is about the involvement of banking system with cryptocurrency. How do you think a centralized cryptocurrency would work? Through banking system only. It is cryptocurrency because it is using distributed ledger/blockchain technology and digitalized tokens of fiat. Without involving banking system it would be just another decentralized currency like bitcoin.

Yes because if there would be cryptos in their country they would try to make use of it.  And since it is new its price still low and many could afford it.  It will affect the bitcoin but not that much.  Cause prices of cryptos in their country would depend on bitcoin .  

This kind of actions are already been done by other or most of the big countries because they think that it is too late to adopt bitcoin so they just try to make their own and get profit from it and we can see that nothing affects bitcoin because it is a very strong currency and also the king of all the cryptocurrency in the market so it is not that easy to get affected by just a small cryptocurrency.

If don't talk only about bitcoin and see coins market cup, we will see that there are ethereum, litecoin and etc very serious altcoins which even are better than bitcoin but still can't beat bitcoin. So imagine new coin launched by countries which everyone knows will be manipulated, how will it be more popular than safe and anonymous bitcoin? There is no way and also before bitcoin they have to beat altcoins and that's very hard.

Yes all that can happen if it is bitcoin already widely accepted by all countries and can be inaugurated its existence because if until now bitcoin not only can be inaugurated by some countries how can the country is able to create crypto for each country itself.

There are already countries that are trying to roll out their own cryptos (and I believe Russia has one that they're developing right now) but they're always going to be nothing more than a form of digitalized fiat that will do absolutely nothing to the market aside from trying to follow a fad and appear to be relevant. If countries started to produce their own cryptos that incorporated systems for contracts and the like, then we would have an interesting competitor. Since that doesn't exist, they're all no better than just fiat and essentially worthless compared against other cryptos.

You are apparently confusing two adjacent but still different things

Namely, a payment system with a currency. In case of Bitcoin these are essentially the same. But this is not so in respect to fiat currencies. First, there is cash which has absolutely nothing to do with digital fiat. They are entirely different systems of money itself (not even payment systems as such) which don't intersect, though they still represent the same currency. If we talk about digital fiat, there can be numerous ways in which payments can be made, for example, through wire transfers, card-to-card payments, payment processors, etc. What you try to explain here refers to yet another payment system, not a new currency per se

Countries launching their​ own digital currency will always help the financial advancement within the country. This doesn't have anything to do with the bitcoin as the bitcoin as the features bitcoin has got can't be used anywhere else.

It will affect Bitcoins and other altcoins in many ways, think about the reason why countries want their own currency, so that they can manipulate the value of it and if they gain popularity then the next step would be banning other cryptocurrencies.

The launch of new altcoin in a country will still have an effect on bitcoin because after all it will still use bitcoin as a price benchmark, altcoin are not directly paired with fiat because the cryptocurrency is a system that can only be applied in online space. Of course this will also affect the bitcoin price because the volume of altcoin-bitcoin conversion will automatically increase.

But it seems to me that the difference will be small, if today there are many crypto currency Bitcoin feels very well among them. Then I'm not surprised that countries create their own crypto currency and there is nothing bad in this.

Already,some countries have created their crypto currency.For example..E dinar.Those currencies are for their country use only.No people from outside the country would show interest in buying such currencies.But bitcoin is a universal currency bought by people of all countries.Such countries are centralized and controlled by governments.But bitcoin is not centralized and uncontrolled by governments.So bitcoin would be in the favourite list of investor and such currencies would not affect bitcoin.

Bitcoin will crash them all because those cryptocurrencies will be localized and nobody will know it beyond the birders of those countries. Likewise the only the exchanges in those countries will recognize them therefore international transfers might not be possible with those Altcoins. I don't think they are going to have any effect on Bitcoin and they even have feasibility problems.

 maybe some of them
like USA, Japan and EU zone
cause those financial systems are working well and have huge reputation. But i dont think each country could handle to make their own .

I don't think so if it's going to affect bitcoin in any way. The governments of such countries would be using or misusing there so called cryptocurrencies in the same way they have been their fiat currencies. The cryptocurrencies developed or designed by them will have the same flaws their fiat currencies have so it will never affect bitcoin. Bitcoin is unique and original. Bitcoin has taught us all what an ideal currency should be so no threats for bitcoin from such so called cryptocurrencies backed and supported by the governments of various nations.

It would only appeal to newcomers. Many of the early bitcoiners joined for the very precise reason that they do no trust their government, the central bank and/or local currency. Imagine China or Russia launching its national cryptocurrency. No foreigner would buy it, and locally, only hardened government' supporters would get it. They're all doomed to fail.

if countries will launch their own coin then they will like people to adopt their own coin and they will convince everyone to use only their national coin so it will affect bitcoin but still bitcoin will used for international use.

I think in that case a situation will be created like what is now created in the fiat currency. like every country have their own currency and they are using them for their national use while there is another currency wich is dollar which is used for worldwide use so when every country will have their own coin then their coins will be used for national use and bitcoin will be used for worldwide businesses.

well those mention countries are a well known countries that surely can adopt this system and create their own project, but because of some possible concerned they are not implementing or making it to public bitcoin already gather much attention mainstream and surely a lots of established countries already notice the big potential.

By taking a look at a few exchanges and seeing their list of coins you'll realize that no matter how many other coins decentralized or not.

Bitcoin is the king and will remain as so. what is the difference between a country's currency whether it's in digital form or not? I'll tell you

Nothing, there is no difference, even now with the platforms such as ethereum it's very easy to launch a crypto coin than ever before.

You'll just need to set the total supply and that's it you have your coin just like that, I don't see any of them having any impact on Bitcoin.

I wonder what the crystal ball gazers on here say about bitcoin becoming the world index reference, much like USD are today or gold used to be.

A growing acceptance of crypto currencies, be them centralised or otherwise, will only have a positive effect for Bitcoin. I have noticed that the more 'genuine information' people discover about Bitcoin, the more they like it.

What an analysing man, yes you are right now every country having their own currency but we can use Dollar anywhere in the world. This becomes like global currency like that suppose if all countries created their own crypto coins then the bitcoin will become the global crypto coin. We can exchange any coin with bitcoins.

Yeah, as a part few of the grown Countries have adopted bitcoin and few have made their own digital tokens. Few of which are Korea, Australia, Switzerland, but none has got it much popularized as it's used for transactions within the country. So such things won't make a big impact on bitcoin growth.

The only way it's going to do anything is if this country is going to be promoting this cryptocurrency as the new official currency and the only one that can be used within the country. If they're doing this, it's going to force BTC and other mediums to be stuck and to kinda have to be stopped usage in the country or risk repercussions from the government. If a country is just launching one to launch and try to ride on this market or something that's not going to do anything in the least.

So, maybe it'll affect bitcoin if this leads to Bitcoin becoming illegal in some places due to the government not wanting to compete at all.

There is no way it wont affect bitcoin but not massively because majority of users of bitcoin are not basically just using it for local transactions only rather for dealing with citizens of other countries which I feel national crypto-currencies will be limited and there wont be any difference in the way the current fiat is. But at the same time if there is no restriction to the use of the internet then I see no serious threat against the continued dominance of bitcoin over other national crypto currencies.

I don't think that many countries will creat an own cryptocurrency.
All the cryptocurrencies you see right now can be devided up in two groups:
Those who are completely obsolete and those who are assets.
I see no cryptocurrency at the moment that would be a medium of exchange.
But that is exactly what a currency should be!
The big ones are objects of speculation, the small ones, honestly I don't know why they exist.
I think that governments have already noticed that trend as well.