Why Governments Will Create Their Own Cryptocurrencies

[cparsley]

If this comes to pass, see it starting in either China, North Korea or one of the African countries (where control is still more tightly held). I dont see the Western world doing this, err let me correct that, I don't see the Western world STARTING this would be the more correct statement.

[Beliathon]

Wait, I thought Bitcoin was an NSA honeypot?

LADIES AND GENTLEMEN WE HAVE BEEN MISLED!

[bornil267645]

Govt. like to keep tabs on their citizens all the time and if they initiate a cryptocurrency system they won't be able to do that. The fiat system is working fine for them, they don't need a crypto.

[IDKwhatimdoing]

They're gonna want to compete, and fail miserably, hehe Can't see good comin out of governments taking blockchain technology...... They will try to make people believe their blockchain is more legit than bitcoin!!!

[gogxmagog]

Canada tried this. They held a contest called the "Mint Chip Challenge". They asked "What can you do with Mint Chip?". The number one answer was "Buy Bitcoins". So they canceled the contest and picked a runner up.

http://en.wikipedia.org/wiki/MintChip

yes, in Canada we dont use Mint Chips, we like our chips "all-dressed"
sorry, Canadian humor   http://www.seriouseats.com/2012/10/all-dressed-chips-from-canada-humpty-dumpty.html

anyway, governments all want in on the digital monies thing, and we could see a move to a cashless society facilitated by centralized digital fiat, they have been talking about it for a while now. Basically it will just make it easier for people to get their head around BTC. If they are using a Govt approved crypto anyways the jump to a decentralized user-controlled one would be that much easier. Even though most money used these days is digital anyways (credit and debit cards, bank transfers) most plebes cant seem to get comfortable with the concept of digital property/currency/value-transfer. Sometimes it takes Big Brother to lead the babies by the hand until they learn to walk on their own.

[RitzBitzz]

I doubt the government will create a Cryptocurrencies as bitocin, because Cryptocurrencies as bitocin can't be control by government.

They could easily if they controlled the system that runs the coin.

[Amph]

I doubt the government will create a Cryptocurrencies as bitocin, because Cryptocurrencies as bitocin can't be control by government.

They could easily if they controlled the system that runs the coin.

how they can control a decentralized(so not controllable) system? it sounds like an oxymoron

at best they could limit it to a certain degree

their own cryptocurrency will be some fancy centralized stuff that we already know, and that aim at steal the bitcoin demand

[Benjig]

If they create Alts and stop Bitcoins on their countries with the intention to have more control on crypto money maybe the Bitcoin volume will increase even more. The world is globalized, connected and Bitcoin might be like dollars; The base of the network economy. We maybe do not like it but if dollar falls, the global economy falls because of globalization. Same with Bitcoin

[—]

No Government will ever create a Proof of Work coin, end of discussion.

[Unbelive]

This belongs in the Altcoin section.

Haha yea except a centralized gov't coin is pointless. Why not just use excel or mysql? What's the point of using "blockchain technology" if you take out the decentralized nature of the world wide ledger that can be reviewed or audited by anyone? A centralized blockchain could go back in and change previous blocks relatively easily compared to real cryptocurrencies.

There are lots of altcoins that are centralized. some with high capitalization. For me that are not really coins, just some  crypto tokens being being distributed.

[knowhow]

Im pretty sure they wont,why as the coin each country has ,banks as governments always control it above or down the way they like ,soo with a crypto with a country inside would just end the crypto history of decentralized coin,soo the coin would have value... as no interest of no one to get them.