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Author Topic: Will governments create their own cryptocurrency that will replace fiat?  (Read 7849 times)
michkima
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November 24, 2016, 02:45:28 AM
 #1

In the next 100 years, do you think Governments will create their own cryptocurrency or digital currency that will replace fiat currency, i.e. coins, paper money, the paper dollar,  etc.?

If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?
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November 24, 2016, 03:07:43 AM
 #2

I believe this will happen. The world is moving from paper reliance to paperless systems. Usually, utility bills and other periodical bills give the customers option to get their bills via email or other electronic copies. This is the case also in online purchases. They usually just give the customers a copy of the receipts and other documents via email.
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November 24, 2016, 03:21:46 AM
 #3

With regards to this matter, I think in the future governments will introduce new ideas on trade and commerce. This will include the new monetary system of each country. I think they will consider the idea of making their own cryptocurrency that can be used globally. But I think they will not set aside the use of fiat for it is the money that can be held physically by people. Because of the excellent features of bitcoin, maybe they will design those currencies like bitcoin if this thing will happen in the future.
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November 24, 2016, 03:22:14 AM
 #4

I believe this will happen. The world is moving from paper reliance to paperless systems. Usually, utility bills and other periodical bills give the customers option to get their bills via email or other electronic copies. This is the case also in online purchases. They usually just give the customers a copy of the receipts and other documents via email.

i believe too, and i see that a few country start to discuss and learn about bitcoin and if the government approve with this, then maybe the government will create their own crypto currency and maybe they will use tax for their coins. but i think its a long journey before the government start to do this and we should not worried about this.

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November 24, 2016, 03:44:55 AM
 #5

That's a good thought actually, I've never been thinking about it tho, but I don't think so, even if they do, bitcoin will already be widely accepted in the world and it would be hard for that new currency to replace bitcoin or even LTC and they'd probably add the way to tax that currency since they can't, pretty much, do that with bitcoin... So  no.
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November 24, 2016, 04:34:57 AM
 #6

In the next 100 years, do you think Governments will create their own cryptocurrency or digital currency that will replace fiat currency, i.e. coins, paper money, the paper dollar,  etc.?  If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?

As more and more people are getting into Bitcoin due to its many benefits, more and more governments would be looking at the technology involved in Bitcoin and of course, they would be looking at how they can take advantage of the trend and probably copy by introducing their own version of a cryptocurrency.

However, as to how it can be successful, well that depends on many factors. Foremost of which is the adoption. Well, they can muster a law that can compel the citizens to adopt but then again these can just be the digital version of the fiat money leading into the massive realization of a paperless (fiat money) economy.

It would then be interesting to see developments along this line in the coming years. Bitcoin will however be here and will stay as the leader in the cryptocurrency industry.
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November 24, 2016, 05:30:41 AM
 #7

In the next 100 years, do you think Governments will create their own cryptocurrency or digital currency that will replace fiat currency, i.e. coins, paper money, the paper dollar,  etc.?

If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?
As we can see in this era, government especially the banks are interested on technology behind bitcoin the blockchain ( even there are some of them had starting adopt it ).
So i might say that In the next 100 Years they will create their own cryptocurrency, they might digitized the paper money but i think is not enough they have to adopt the blockchain technology in order to make the transaction faster, cutting much cost, and others advantages if they really adopt it, for those reasons this possible for them to make their own decentralized cryptocurrency.

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November 24, 2016, 06:18:01 AM
 #8

In the next 100 years, do you think Governments will create their own cryptocurrency or digital currency that will replace fiat currency, i.e. coins, paper money, the paper dollar,  etc.?

If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?

most likely
for example is Sweden they are creating there own crypto in past 10 years they reduce usage of paper money by 40% and they are going in this direction of creading some coin that will be used in Sweden only at least for now

if this comes ok or with good result think that some other countries or government will use this model for them or they will create something else



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November 24, 2016, 06:19:30 AM
 #9

It could be, nowadays pretty much country want a bitcoin technology, blockchain to use for their government, which it can learning by their govs, and have more possibility create their own cryptocurrency that will replace fiat, because the digital era which need a faster movement. but i need a lot developing and also the cost to implement this, considering people who hold fiat, it will be mass exchange. also educate people who not familiar with computer knowledge is must be considering too.
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November 24, 2016, 06:27:39 AM
 #10

In my opinion , observing how bitcoin (blockchain technology) is getting the attention of financial institution because of the technology attached to it.  There is a big possibility that government will plan and create their own cryptocurrency to replace their fiat.  The government always wants authority so instead of accepting bitcoin itself, they would rather have control and create a centralized cryprocurrency and deploy it to its citizen.




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November 24, 2016, 06:29:17 AM
 #11

In the next 100 years, do you think Governments will create their own cryptocurrency or digital currency that will replace fiat currency, i.e. coins, paper money, the paper dollar,  etc.?

If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?

Today's money does not represent gold, and it has not done so in many years. You can read more about that in this article :
http://thegreatrecession.info/blog/the-morons-guide-to-money-what-gives-money-its-value-and-what-is-the-gold-standard/
I hope this never happens, because governments will then have full control over people's money, and you will have zero anonymity. Cash offer you some degree of anonymity now, and if you sacrifice that privilege for a system where all transactions can be followed and traced, then you will have no financial privacy.

They will know when you buy Tampons at your local store and how much you spend on booze per month and if they want to, they can block every thing.

 

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November 24, 2016, 07:03:09 AM
 #12

In my opinion , observing how bitcoin (blockchain technology) is getting the attention of financial institution because of the technology attached to it.  There is a big possibility that government will plan and create their own cryptocurrency to replace their fiat.  The government always wants authority so instead of accepting bitcoin itself, they would rather have control and create a centralized cryprocurrency and deploy it to its citizen.
Well, just let them do what they want but it will remain a reality that people who invested in bitcoin or adopted does not only  adopt due to the system but more on the independence we can have here, since it's decentralized.



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November 24, 2016, 07:17:34 AM
 #13

I think that's not good idea to every government create it's own crypto currency. There are many crypto currencies today. I think it would be more useful to join them all under some one name. That would be more popular and would attract more users and maybe governments would admit such crypto and use it as some other currencies as dollar or euro.

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November 24, 2016, 11:58:06 AM
 #14

I doubt the government will create crypto currency, the main idea of crypto currency is decentralized and anonymity, as we know it will be impossible for the government to let this happen, the reason government want to meddle up in cryptocurrency because the government want to control the transaction, so if they created a centralized currency it will be the same with fiat, so i don't think it will happen


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November 24, 2016, 12:02:40 PM
 #15

In the next 100 years, do you think Governments will create their own cryptocurrency or digital currency that will replace fiat currency, i.e. coins, paper money, the paper dollar,  etc.?

If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?

I dont think they will have time to do reseaech for changing of currency there are lots of issue in our country that needs to focis more to solve and even to reconstruct. I dont think even in 100 years they will put attention on it maybe if one day a government politicians whose in position and uses bitcoin can do that if he/she dont have enough laws to develop

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November 24, 2016, 12:23:55 PM
 #16

In the next 100 years, do you think Governments will create their own cryptocurrency or digital currency that will replace fiat currency, i.e. coins, paper money, the paper dollar,  etc.?

If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?
100 years is too long , i even heard chinese local bank ready to do it
If i am not wrong bank named people bank of china (PBOC) have a plan to launch it's own digital currency
The rumour i heard few months ago, but i am not sure if chinese government can accept it
And for replacing fiat money , it might will not happened soon , people not yet ready for it.

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November 24, 2016, 12:26:06 PM
 #17

In the next 100 years, do you think Governments will create their own cryptocurrency or digital currency that will replace fiat currency, i.e. coins, paper money, the paper dollar,  etc.?

If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?
I dont think they will create their own crypto currency on the future even bitcoin will be more  succesful in the long run.In fact government will strengthen more fiat currency to established even more and i dont think replacing fiat would really take too long to process because fiat is been here for how many years  and making a cryptocurrency  has no sense at all for me.

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November 24, 2016, 12:28:59 PM
 #18

ofcourse its not impossible to happen right now government knows how bitcoins growing and they're afraid they could lose the fiat money so im sure they're planning to create their own crypto currency that could beat bitcoin . but when you say 100 years i dont know if i still alive in that age haha. but still iwant to invest more in bitcoin because it has a lot advantages for people lazy to go to bank and send money lol  Grin







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November 24, 2016, 01:28:02 PM
 #19

Well i dont believe they will create their own crypto currencie because they are able to do anything they wanna now, with the current fiat system, why would they make something that can make them loose their power, fiat should moove into digital transactions instead printed money and just that.
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November 24, 2016, 02:45:08 PM
 #20

If bitcoin becomes a massive hit and makes its claim as the best currency, I am sure that will threaten the existence of fiat and it could possibly be that another currency, created by the government would becoke a necessity. But that seems to be a long time from now as we see that bitcoin is still very much in its developmental stages and problems are still being encountered left and right.
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