Will governments create their own cryptocurrency that will replace fiat?

[FFrankie]

I think this would be a really cool idea, but how would one get that cryptocurrency, I cannot see a government allowing mining of it. Would they with their unlimited resources mine the crap out of it before letting the general public know? Then would we have to go to the market and trade 20 cans of corn for 1 coin. Would there be a grace period where you could covert the paper money to the crypto

[davis196]

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?

After 100 years the whole concept of using money will be changed.

Maybe there won`t be any need of using money.

Maybe the financial system will be replaced with something better.

[BiTZeD]

I don't think they will. Why would they ? This has no advantage for them, since it could be freely traded and value would be subject to big swings, at the contrary to the relative stability we have today with fiat money's value based on gold savings of the issuer.

[Red-Apple]

for the time being the banks are doing it, they are trying so hard to separate bitcoin and its blockchain and only use the blockchain technology to their own advantage and create their own altcoin.

lets see how successful the will be and how they are planning on using it. then we can talk about the next step which is a real national currency.

[freedomgo]

for the time being the banks are doing it, they are trying so hard to separate bitcoin and its blockchain and only use the blockchain technology to their own advantage and create their own altcoin.

lets see how successful the will be and how they are planning on using it. then we can talk about the next step which is a real national currency.

I will tell you early, it's not going to be successful. Banks has lost its trust by the people since we are not confidential in banks as we think. In bitcoin we are anonymous, we can protect our asset well.

[PokerFace3]

it's not going to be successful. Banks has lost its trust by the people since we are not confidential in banks as we think. In bitcoin we are anonymous, we can protect our asset well.

Other than these practical failures of banks, technically it will not be feasible to have own crypto currency for any government. Because they are already having it, but may not be in the crypto format.
Practically bitcoin was not innovated just to support basic payment system but it was created to have an universal payment system, so country specific crypto currencies will not compete with bitcoins

[icecube45]

I think the government will not make crypto to replace fiat, but I am sure the government will develop a system fiat to make it more modern in the future that could be used better in the future. Because fiat been very attached either in a country that will not be replaced and I believe any government would not want to replace it. Because I think fiat determinant of a country's economy.

[Dux2K]

Reading here someone mentioned Sweden I mean they are top in my list they allready reduce use of paper money in last 10 year so they might be first country that will do this

can see some other countries but it might be some others

[piloder]

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?

1. Actually government/banks have already thought about making all financial transaction through banks/digital banking to keep record of each and every transaction. You can see almost paper cash is out of use in european and american countries, just developing countries and under developed countries are still depended upon paper cash.

2. Government may not introduce cryptocurrency but they have already started researching the possibility of adding blockchain tech in their new digital currency/banking system.

3. Government issued digital currency/financial system will be completely backed by cash, which will also have unlimited inflation just like paper cash, so this will not make any differences.

[Dudeperfect]

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?

See what the basic thing that every government seeks is a control on the whole infrastructure. In next 100 years, crypto currency technology will develop by many folds as of now and thus we cannot deny the possibility that governments can create their own crypto currency to gain control on the financial flow within or even outside of the country.

[Fatanut]

I think the government will not make crypto to replace fiat, but I am sure the government will develop a system fiat to make it more modern in the future that could be used better in the future. Because fiat been very attached either in a country that will not be replaced and I believe any government would not want to replace it. Because I think fiat determinant of a country's economy.

Actually I think that's already here. The banking system is now modernized because you can connect your card into your Paypal account. It seems a success and there's a discussion in this forum already about Paypal Vs. Bitcoin. Both of them have their downside and advantages but I think Paypal which uses fiat for digital transactions are doing just fine. And since Paypal funds is like fiat's cryptocurrency, it's accepted in most online stores unlike bitcoins.

[Red Fish]

In next 100 years, it can happen, that some government will create cryptocurrency, like Bitcoin. Currently anyone can create own cryptocurrency, therefore also government can do the same. Complete fiat replacing will not happen, because too many people use it.

[Qartersa]

I think the government will not make crypto to replace fiat, but I am sure the government will develop a system fiat to make it more modern in the future that could be used better in the future. Because fiat been very attached either in a country that will not be replaced and I believe any government would not want to replace it. Because I think fiat determinant of a country's economy.

Actually I think that's already here. The banking system is now modernized because you can connect your card into your Paypal account. It seems a success and there's a discussion in this forum already about Paypal Vs. Bitcoin. Both of them have their downside and advantages but I think Paypal which uses fiat for digital transactions are doing just fine. And since Paypal funds is like fiat's cryptocurrency, it's accepted in most online stores unlike bitcoins.

Paypal is still a different thing. Paypal is something global, privately owned, and still, relies on fiat currency. It is similar to credit cards and technically it still uses credit cards as its payment methods. It's just a payment processor with additional features. It's no different with you paying with credit card at your local gas station; it just uses a third party to pay for something. And technically if you use a credit card with PayPal, there are now four parties which is the payor, the payee, the bank and PayPal. Additionally, this adds more cost as you do not actually pay directly to the seller.

[shield132]

Why so simple questions? In internet, we use national or famous currencies, also we buy bitcoin with them and there is no need to make govermants their own cryptocurrency, if they'll create, than who will trust them in privacy? What will they offer us which bitcoin can't to do?
There is no need of that and I think it won't happen in at least near future.

[bamboylee]

100 years is a long time. I do not know what will the legislation about bitcoin will be by then. But one thing is for sure, governments do not want to give away control. If it is based on block chain technology, then they cannot control it. So my answer is no.

[Mastsetad]

I think this would be a really cool idea, but how would one get that cryptocurrency, I cannot see a government allowing mining of it. Would they with their unlimited resources mine the crap out of it before letting the general public know? Then would we have to go to the market and trade 20 cans of corn for 1 coin. Would there be a grace period where you could covert the paper money to the crypto

If a government creates a crypto currency then there will also be jobs available for earning that currency as well like fiat, so i don't feel their will be things like mining it or etc as they will all be generated and be in use of the people of that country.

[michkima]

I think this would be a really cool idea, but how would one get that cryptocurrency, I cannot see a government allowing mining of it. Would they with their unlimited resources mine the crap out of it before letting the general public know? Then would we have to go to the market and trade 20 cans of corn for 1 coin. Would there be a grace period where you could covert the paper money to the crypto

If a government creates a crypto currency then there will also be jobs available for earning that currency as well like fiat, so i don't feel their will be things like mining it or etc as they will all be generated and be in use of the people of that country.

If mining was integrated into the state's cryptocurrency, I think there would cause instability with their currency. Mining would mean units that were mined would not represent the something in the gold reserve of that state. Hence, mining would not be an option if governments would adopt their cryptocurrency. Governments will have control over the amounts released to the public and its generation similar to how fiat is currently being used.

[Sir Paijoe]

According to themy opinion it is impossible, if all governments make cryptocurrency then the price will be difficult accept by international citizens.

[carlerha]

I think this would be a really cool idea, but how would one get that cryptocurrency, I cannot see a government allowing mining of it. Would they with their unlimited resources mine the crap out of it before letting the general public know? Then would we have to go to the market and trade 20 cans of corn for 1 coin. Would there be a grace period where you could covert the paper money to the crypto

If a government creates a crypto currency then there will also be jobs available for earning that currency as well like fiat, so i don't feel their will be things like mining it or etc as they will all be generated and be in use of the people of that country.

but to me  i think still it cannot be compare with bitcoin as bitcoin is a decentralize currency while governments cannot offer while in their own created cropto currency, therefore it will not be as popular as bitcoin.

[Pursuer]

I think this would be a really cool idea, but how would one get that cryptocurrency, I cannot see a government allowing mining of it. Would they with their unlimited resources mine the crap out of it before letting the general public know? Then would we have to go to the market and trade 20 cans of corn for 1 coin. Would there be a grace period where you could covert the paper money to the crypto

If a government creates a crypto currency then there will also be jobs available for earning that currency as well like fiat, so i don't feel their will be things like mining it or etc as they will all be generated and be in use of the people of that country.

but to me  i think still it cannot be compare with bitcoin as bitcoin is a decentralize currency while governments cannot offer while in their own created cropto currency, therefore it will not be as popular as bitcoin.

government is printing money so if by any chance in the far future they decided to move from paper fiat to digital fiat they will surely do a closed sourced cryptocurrency which they can print themselves (which means only they can mine it) or it may even have a fixed max amount with no reward on mining blocks. in any case that would be an argument for a very far future.