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Author Topic: What will be the fate of Bitcoins in the hands of government coins  (Read 1215 times)
sportis
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November 18, 2016, 07:08:07 PM
 #21

Not only the British Goverment but other governments make plans to develop their virtual currencies. On the other side, all of the bitcoin features are lost. That is decentralization, transparency and freedom as you are the bank. That is these will be virtual currencies but no bitcoins
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November 18, 2016, 07:15:20 PM
 #22

Why do you think that this coins could endanger Bitcoin and take its place? Just because they will be backed up by governments? I don't think so. At the moment there are over 650 coins and none of them is not even near to take Bitcoins place. This will not be that easy. I'm not saying it's impossible but it can't happen just over night.
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November 18, 2016, 07:30:30 PM
 #23

This is a serious issue in some Countries and always a little more troubling when I hear it coming from the U.K due to other Countries adopting similar rules after they have been tested there. Not to worried about Canada unless it copycats and I say this because their last attempt was brutal and failing.

As for putting the death nail in bitcoin,I do not think it will. It may attract a small group but I suspect it will have overlap and mostly new users if government pushes these coins on the masses. Those of us that believe in bitcoin will stay and those that are more nefarious or freedom loving will also shun government interest.

But I do worry about potential regulations in a mafia type sense that would push bitcoin into a corner and make it hard to use.

Think the Canadian version was called MintChip:

http://business.financialpost.com/news/fp-street/canadian-mint-pushes-ahead-in-murky-world-of-crypto-currency-with-mintchip-project

And a few years later:
 Grin Grin

http://blogs.wsj.com/canadarealtime/2014/04/04/canada-puts-halt-to-mintchip-plans-could-sell-digital-currency-program/

Quote
Canada’s experiment with creating its own digital currency appears to be over.

The Royal Canadian Mint said Friday it’s halting development of its fledgling MintChip digital currency program and is now looking to sell the business.
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November 18, 2016, 09:46:56 PM
 #24

Government coins can never overtake Bitcoin because:

1) Government coins are closed source
2) Inflationary (infinite supply)
3) The devs will suck compared to Core devs


You couldn't have said it any better! Those governments are simply chasing shadow by at one hand admitting their undying love for the blockchain technology, while at the other hand, pretend/deny the relevance of bitcoin and wish it dead. But bitcoin is here to stay, you and I know why they would rather the last is heard of bitcoin.

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November 18, 2016, 11:02:41 PM
 #25

I think that govern digital coins will have the some of the same problems that fiat money has. And with fiat money people could use gold to protect from devaluations. With digital money users will think about storing some of its money on bitcoin to protect from devaluations.
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November 19, 2016, 06:23:48 AM
 #26

The British government is making plans to have a British coin and Central banks all over the world are also showing interest in having their own coin.
Won't the masses dump bitcoins once these plans are implemented?

I don`t understand how the central bank coins are going to work?

Are they gonna be the same as bitcoin,or different?

Will they use blockchain?

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November 19, 2016, 06:34:52 AM
 #27

You mean centralized crypto-currencies that are just as much valuable as the fiat currency equivalent? I'm sure I wont quit Bitcoins, just look at the price of Bitcoin, it seems to rise every moment and there's so much value in it that people look at it as a commodity rather than a currency or a valuable asset just like Gold and silver for long term investments. The benefit of Bitcoin is the 21Million limit, after which nothing can be mined and thus there would be a really huge value for the Bitcoins that you hold. What the Governments are doing are all short term plans to overtake what Bitcoin has achieved till now, they're studying the blockchain technology and monitoring Bitcoin's performance and to benefit in areas where Bitcoin's fall short. I'm sure there can be many soft forks and offchain technologies that can get those sorted.


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November 19, 2016, 06:36:22 AM
 #28

The British government is making plans to have a British coin and Central banks all over the world are also showing interest in having their own coin.
Won't the masses dump bitcoins once these plans are implemented?

This is upto what the coins will be converted, if the coin value is estimated in bitcoins then their wont be any effect ya but if the coin itself is valued according to the coin like fiat currency then i dont think it will get success
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November 19, 2016, 06:41:12 AM
 #29

The British government is making plans to have a British coin and Central banks all over the world are also showing interest in having their own coin.
Won't the masses dump bitcoins once these plans are implemented?

I don't see any reason for people using those coins made by their governments if they have nothing new in them, if they are under the control of government then using them would be same as using fiat, while if someone uses bitcoin it means they are not under control of any third party, and that is the reason why those coins wont be able to overtake bitcoin at first place.

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November 19, 2016, 06:46:43 AM
 #30

It's fun to watch even the greatest financial analysts and banksters worldwide talking bs about how much they don't want Bitcoin and how much they like the Blockchain concept. Let's face it: Current banking cartell will NEVER adopt Bitcoin, because Bitcoin provides everything, that banksters don't like.

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November 19, 2016, 06:48:39 AM
 #31

The British government is making plans to have a British coin and Central banks all over the world are also showing interest in having their own coin.
Won't the masses dump bitcoins once these plans are implemented?

I don't see any reason for people using those coins made by their governments if they have nothing new in them, if they are under the control of government then using them would be same as using fiat, while if someone uses bitcoin it means they are not under control of any third party, and that is the reason why those coins wont be able to overtake bitcoin at first place.

Agreed that if there is nothing new, just using the fiat in digital form doesn't get the attention of public. Another reason is that when government creates such coin, it will be accepted within the country and won't get accepted in countries where they use just fiat for all needs. Such coin generated from each countries won't affect the bitcoin adoption or the growth.

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November 19, 2016, 06:49:36 AM
 #32

The British government is making plans to have a British coin and Central banks all over the world are also showing interest in having their own coin.
Won't the masses dump bitcoins once these plans are implemented?

I don't see any reason for people using those coins made by their governments if they have nothing new in them, if they are under the control of government then using them would be same as using fiat, while if someone uses bitcoin it means they are not under control of any third party, and that is the reason why those coins wont be able to overtake bitcoin at first place.

agree with you sir, better to using bitcoin which having a good future than to other coins. maybe the government wants to make challenge with bitcoin and they want to see what is people react about their plan and i am sure that they have a plan behind of this but for bitcoin itself, i think bitcoin is going to be stable.
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November 19, 2016, 06:59:53 AM
 #33

The British government is making plans to have a British coin and Central banks all over the world are also showing interest in having their own coin.
Won't the masses dump bitcoins once these plans are implemented?
No, bitcoins will become more growing up if the british government makes their coins and it (british's coin) will become is like fiat money and can not be replace bitcoin, due to actually they are just copycat of bitcoins and they can not control bitcoins. We knew bitcoins is decentralize.
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November 19, 2016, 08:42:08 AM
 #34

The British government is making plans to have a British coin and Central banks all over the world are also showing interest in having their own coin.
Won't the masses dump bitcoins once these plans are implemented?

What masses? Bitcoin is still tiny and only pioneers see the value in it yet. The average joe is an idiot that is why doesn't own any BTC yet, so there is no masses to dump bitcoin. People that understand bitcoin will not sell for a digital version of fiat since that is pointless.

Agreed, I know there are many countries have tried to build there coin and most of them are not succeed in bitcoin world. And from 2009 up to now I never read that masses can dump bitcoin. That is totally ridiculous  to be heard actually.

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November 19, 2016, 08:43:20 AM
 #35

The British government is making plans to have a British coin and Central banks all over the world are also showing interest in having their own coin.
Won't the masses dump bitcoins once these plans are implemented?
They better used Bitcoin more than try to overcome it. I think this will be just another failed experiment and an attempt to influence Bitcoin at least somehow. However, maybe this won't be such a fail and people will just use British coin instead of GBP after some time.

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November 20, 2016, 11:12:47 PM
 #36

They really did not see it coming and now it is too late to do a thing about it. As a matter of fact, the more they hit hard at bitcoin, the more popular and valuable it becomes. This is indeed a true taste of freedom for the people and all thanks to Satoshi, even if he never meant it that way.

Just like the fiat currencies, they only have some value because people accept them as means of settlement and store of value, so also does cryptocurrencies depend on acceptability to worth something. Without people's support, it is obvious that the government coins are doomed to fail.

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December 05, 2016, 08:05:26 PM
 #37

Not sure you read is true, I think that Bitcoin remain the strongest currency in the world.
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