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Author Topic: Country's creating their own Crypto Currency  (Read 5150 times)
Wind_FURY
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December 27, 2016, 03:45:43 AM
 #81

I suppose Venezuela can benefit from this, if they'd try. The financial situation there is a mess.

Really? How? What kind of a cryptocurrency implementation do you think will benefit the country? I think you are only talking out of your ass and do not really know what you are talking about.

If you are talking about a trustless Proof of Work coin supported by the miners, the developers and the community but controlled by no one then would it not be better to use Bitcoin instead? But really what are you talking about? A national crypto ponzi scheme?


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December 27, 2016, 04:22:07 AM
 #82

if countries wanted to regulate and control a crypto currency creating their own Crypto Currency would be their best option to start with but this would be expensive to build
but to me i think still it cannot be compare with bitcoin, as the alt coin make by the countries will also be centralize, while bitcoin is a decentralize currency, having same value all over the world.
actually the governments are not realizing the increasing the demand of bitcoin, people are now giving preference to online trading using bitcoin, therefore government may have decided to create their own currency and implement it in their own country.
In my country our government not thinking about this bitcoin. So maybe it takes some years to create own cryptocurrency in my country. The online gambling is still not popular in my country. People are playing hidden gambling in some hidden place. So when this online gambling becomes more popular, then bitcoin will become familiar later our govt will think about own cryptocurrency.
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December 28, 2016, 08:43:50 PM
 #83

Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?
It is a good idea for countries to create their own unique crypto currency but I don’t think that that it will be something for regular people to do  , it is a good way for investors and huge companies to exchange money or to send money overseas much faster.

Still, that will create a disatvange because if each country has their own currency there will be high exchange rate and low exchange rates , so the only solution is to use one international currency.

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December 29, 2016, 12:46:12 AM
 #84

The only way it could be any where close to bitcoin is if the country does 100% premine. It will still be decentralized..... Yes/no?
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December 29, 2016, 11:00:55 AM
 #85

Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?
It is a good idea for countries to create their own unique crypto currency but I don’t think that that it will be something for regular people to do  , it is a good way for investors and huge companies to exchange money or to send money overseas much faster.

Still, that will create a disatvange because if each country has their own currency there will be high exchange rate and low exchange rates , so the only solution is to use one international currency.

The government cryptocurrency is just a change form of paper money to digital currency, which means the network, system and uses is same as paper money, centralized. The government will not let people let it be, always wants to control people, no doubt.
This thread provide if the country have a plan to make their own cryptocurrency: https://bitcointalk.org/index.php?topic=1717688.0
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December 29, 2016, 12:12:20 PM
 #86

There is a country that create their own crypto coin, but it is not to replace their fiat, and to be honest i dont know why a country want to create their own coin, the coin will be the same with fiat only in digital form, impossible a country will create decentralize crypto, if that happened nobody will want to use fiat again

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December 29, 2016, 12:24:13 PM
 #87


actually the governments are not realizing the increasing the demand of bitcoin, people are now giving preference to online trading using bitcoin, therefore government may have decided to create their own currency and implement it in their own country.

From my point of view the opposite happens. Governments and banks have been aware of an increased interest of bitcoin all around the world. For this reason they have in their plans to create their distributed ledger and their own currencies. Some or them they already have experiment with digital currency (Estonia, CUBER – LHV Bank).
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December 29, 2016, 12:28:43 PM
 #88

Not country, but bank in India is doing so.

Here's the excerpt from ICICI Bank's wikipedia page-

"In October 2016, ICICI Bank, in partnership with Emirates NBD, became the first Indian Bank to successfully execute transactions in international trade finance and remittance using blockchain technology. The blockchain technology replicates the paper-intensive international trade finance process as an electronic decentralised ledger that gives all the participating entities including banks the ability to access a single source of information. It has enabled the Bank to exchange and authenticate remittance transaction messages as well as original international trade documents related to purchase order, invoice, shipping & insurance, among others, electronically on blockchain in real time.[50]In addition, ICICI Bank is currently working to put together programs that will let people transfer money inside and outside the country through the Stellar (payment network) blockchain platform."

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December 29, 2016, 01:35:36 PM
 #89

There is a country that create their own crypto coin, but it is not to replace their fiat, and to be honest i dont know why a country want to create their own coin, the coin will be the same with fiat only in digital form, impossible a country will create decentralize crypto, if that happened nobody will want to use fiat again
Yes agree with you till now there is no reason for governments to create Crypto currency and if governments want digitization than Banks already performing digital transactions, you just need online banking option active with bank.

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December 29, 2016, 01:52:34 PM
 #90

Nationally run/created cryptocurrencies defeat the whole concept of what bitcoin is. I don't think any of these proposed cryptocurrencies will ever take off, not with people actively & knowingly using them.

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December 29, 2016, 01:56:59 PM
 #91

There is a country that create their own crypto coin, but it is not to replace their fiat, and to be honest i dont know why a country want to create their own coin, the coin will be the same with fiat only in digital form, impossible a country will create decentralize crypto, if that happened nobody will want to use fiat again
I do not see the idea of why countries create theirown crypto currency. To govermnet would me more profitable to admit bitcoin as ordinary payment instrument, on the same level with fiat and just to put necessary taxes on the use of crypto currency.
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December 29, 2016, 02:29:35 PM
 #92

if countries wanted to regulate and control a crypto currency creating their own Crypto Currency would be their best option to start with but this would be expensive to build
but to me i think still it cannot be compare with bitcoin, as the alt coin make by the countries will also be centralize, while bitcoin is a decentralize currency, having same value all over the world.
actually the governments are not realizing the increasing the demand of bitcoin, people are now giving preference to online trading using bitcoin, therefore government may have decided to create their own currency and implement it in their own country.

I think the government are aware of the increasing popularity and demand of bitcoin.  Government have intelligent people working, I bet they already researched and discussed about bitcoin in their conferences.  With the success and impact of digital currency, they probably find it useful if they create their own, since they cannot use bitcoin because of several factors and one of it is control and regulations.

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December 29, 2016, 02:54:02 PM
 #93

The recent news today is that China is planning to create a fiat digital currency which also has blockchain technology and is like bitcoin. This cryptocurrency concept that will replace Yuan is purposely made to combat tax evasions, forgery and money-laundering, etc. Though it is not clear if this currency that they are going to create is decentralized or not, but in my opinion it is centralized and monitored by the government otherwise they cannot implement their war against tax evasion and money laundering if they cannot monitor it.

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December 29, 2016, 02:59:41 PM
 #94

One of the main advantages of Bitcoin, over other modes of online payment is that it is decentralized. If a country is creating its own currency, then it will be controlled by the central bank of that country, and therefore it will not be decentralized.

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December 29, 2016, 03:16:24 PM
 #95

Every nation could possibly create their own cryptocurrency but based on their fiat I thought which mean from physical fiat into digital currency. It doesn't matter, they won't compete with bitcoin due to bitcoin still has the best benefits.
As long their crypto backed by central banks, the system still the same and we can consider nothing change except the form of the money.

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December 29, 2016, 03:42:01 PM
 #96

Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?
I think not, there are no countries that building their own coins at least for today.
I don't think so, I think the government will choose gold or silver becoming money and control it.
Because gold or silver are more stable values than bitcoin or other digital coins, the government will not taking risk with use digital currency on their countries, bitcoin and other coins are still new in the world.
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December 29, 2016, 04:33:57 PM
 #97

cyptco coin until now still anonymous
so is imposible govemernt can created to crypto coin
govement to regulate bitcoin is dificult

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December 29, 2016, 05:18:53 PM
 #98

Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?

it could be possible that there are some Nations/Countries who did or just planning to make their own crypto-currency but I don't it will be that successful same as bitcoin and as if that they can make most people to migrate on that certain crypto-currency as most people really loves to support bitcoin . they can never be able to make a crypto which is very similar to bitcoin that has a lot of better feature than bitcoin .

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December 29, 2016, 06:39:22 PM
 #99

There are some small countries that have tried to make their own cryptocurrency. I don't know if they were successful or not. I think I heard that either Greenland or Iceland tried it.

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January 10, 2017, 06:53:06 PM
 #100

I think the interesting one is Royal Mint Gold
http://www.royalmint.com/aboutus/news/the-royal-mint-and-cme-group-to-launch-royal-mint-gold
It appears to be a recognition by the UK government that existing fiat currencies may have a limited life, and that gold backed currencies may be the future. Using "digital gold" allows them to continue with fractional reserve banking without the bad associations with fiat money. At the moment it is not peer-to-peer, but no doubt developments in the future will rectify this.

I think this is such and interesting development that I registered English.Gold to build a site to discover what is going on. It's a bit early, so I have not found out much so far.

royal mint -> CME group -> hyperledger

im still shocked people are not hating on hyperledger as being the competitor to bitcoin.

is it simply that due to blind devotion of blockstream, that they cannot hate hyperledger because that means they have to finally fall on their own sword and hate blockstream too, knowing blockstreams involvement in hyperledger..

Listening to the podcast now - http://www.forbes.com/podcasts/unchained/#3a7d8e40389e - thanks to today's Forbes article What Is One Of The World's Largest Derivatives Exchanges Doing With Bitcoin?.
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