Could a nation completely control a cryptocurrency? Good or bad

[kryptqnick]

The whole point of bitcoin and other cryptocurrencies (well most that is!) is for decentralization to occur with the coin and the community. While it would probably be possible for a government like the US to sink enough money into mining to be able to take over bitcoin or any other cryptocurrency.

I'd think that would end the whole idea to bitcoin and would remove everything that Satoshi worked for, so with that I'd like if governments stayed out of cryptocurrencies and still to their fiat money.

That's what I think about the topic as well. I would only like to add that IMO the whole idea of a national cryptocurrency is a failure. Some countries like Sweden consider the option of creating their own currency instead of fiat but I think nobody would agree to use something like bitcoin but without its advantages (national currency is regulated and not pseudonymous, I suppose).

[xuan87]

I don't see any necessity of a country creating crypto currency, if the country want  a currency that can be controlled by the government then it just the same with fiat, crypto currencies was created so we can have a decentralized and anonymity currency and also a currency that can be used for global transaction, so the purpose of crypto currencies being created is we can have a currency that controlled by the market

[dearbesz1219]

In many ways, a blockchain currency is the ideal form of money for a country.

1. Every single transaction is recorded, no matter what. This is a huge advantage over cash.

2. Relatively cost-efficient (e.g. a US penny costs more to make than it's worth). Compared to having to re-design and re-issue anti-forgery bills every decade or so.

3. Safe as long as it requires multiple identification.

4. Could be designed to be instantaneous and only require internet access.

5. Supply/demand/mining power could be tightly regulated and micro-adjustments can be made.

The only cons (for the govt) I can think of is that it requires a deep internet/electricity infrastructure to be widely implemented, and that it might compete with the existing currency, and the older generations would have to be taught. For citizens, the pro's would depend on what design it takes and the con's would be loss of privacy on your finances.

In countries like South Korea (where more than 50% of the pop live in cities) or Singapore, cryptocurrency wouldn't be difficult to implement. Many of these countries already use e-cash for public transport, ect.

I doubt that a nation would adopt an outside currency but probably would be willing to create their own. Could they completely control such a system, would it succeed, and would it be good for the current community?

If South Korea and Singapore are implementing that things, therefore some other nations too can do the same things what they implemented. I guess someday all around the world we will be use e-cash too for public transport.

[bitllionaire]

I don't see any necessity of a country creating crypto currency, if the country want  a currency that can be controlled by the government then it just the same with fiat, crypto currencies was created so we can have a decentralized and anonymity currency and also a currency that can be used for global transaction, so the purpose of crypto currencies being created is we can have a currency that controlled by the market

currently they may not be feeling the need to but in future when the users of online services will increase. in modern time it is expected that money will be change from fiat to digital  currency, because people are now also using internet for so many other activities. therefore government must start thinking about to create their own digital currency to be used by their people.

[jovs]

I don't see any necessity of a country creating crypto currency, if the country want  a currency that can be controlled by the government then it just the same with fiat, crypto currencies was created so we can have a decentralized and anonymity currency and also a currency that can be used for global transaction, so the purpose of crypto currencies being created is we can have a currency that controlled by the market

currently they may not be feeling the need to but in future when the users of online services will increase. in modern time it is expected that money will be change from fiat to digital  currency, because people are now also using internet for so many other activities. therefore government must start thinking about to create their own digital currency to be used by their people.

I don't think we can change our fiat money to digital money since we need fiat money to convert digital money or to give it a value. Bitcoin is designed to be used online, not for our daily lives. Government can't interfere in the market of bitcoin since bitcoin is decentralized. In my point if view, digital currency and banking needs fiat money to be regulated. In this case, there would be no problem regarding government if they would purseue digital currency since digital currency is independent and it is market based.

[ASHLIUSZ]

Bitcoin has got some features which we cannot expect with the other digital currency. Its been developed by the people for the people. So it doesn't need any government to authorize but with country's fiat it has to be printed based upon calculated value.

[Bjorn Ironside]

if governments adopt crypto, they just dig their grave faster,  all population will be educated in crypto and all of them just start to use bitcoin, not goverment's alt

[novemberwoah]

In many ways, a blockchain currency is the ideal form of money for a country.

1. Every single transaction is recorded, no matter what. This is a huge advantage over cash.

2. Relatively cost-efficient (e.g. a US penny costs more to make than it's worth). Compared to having to re-design and re-issue anti-forgery bills every decade or so.

3. Safe as long as it requires multiple identification.

4. Could be designed to be instantaneous and only require internet access.

5. Supply/demand/mining power could be tightly regulated and micro-adjustments can be made.

The only cons (for the govt) I can think of is that it requires a deep internet/electricity infrastructure to be widely implemented, and that it might compete with the existing currency, and the older generations would have to be taught. For citizens, the pro's would depend on what design it takes and the con's would be loss of privacy on your finances.

In countries like South Korea (where more than 50% of the pop live in cities) or Singapore, cryptocurrency wouldn't be difficult to implement. Many of these countries already use e-cash for public transport, ect.

I doubt that a nation would adopt an outside currency but probably would be willing to create their own. Could they completely control such a system, would it succeed, and would it be good for the current community?

Ya right now many nations are beginning to develop e-cash transactions to make it easier, but only as an alternative fiat. The use of crypto on a nation must also need further study for consideration of better and more mature. Although there are some ideal form, as you say but crypto still have big risks, like the risk of hack and user negligence resulting in the hard disk or server storage of bitcoin is damaged or accidentally erased. Good effect if the nation is to control a crypto is certainly clean from money laundering, while bad effect that maybe some people do not like is the increased cost because it will be taxable. Good or bad maybe each country is different because of the conditions of each country is different, including economic conditions and developments.

[erickkyut]

In many ways, a blockchain currency is the ideal form of money for a country.

1. Every single transaction is recorded, no matter what. This is a huge advantage over cash.

2. Relatively cost-efficient (e.g. a US penny costs more to make than it's worth). Compared to having to re-design and re-issue anti-forgery bills every decade or so.

3. Safe as long as it requires multiple identification.

4. Could be designed to be instantaneous and only require internet access.

5. Supply/demand/mining power could be tightly regulated and micro-adjustments can be made.

The only cons (for the govt) I can think of is that it requires a deep internet/electricity infrastructure to be widely implemented, and that it might compete with the existing currency, and the older generations would have to be taught. For citizens, the pro's would depend on what design it takes and the con's would be loss of privacy on your finances.

In countries like South Korea (where more than 50% of the pop live in cities) or Singapore, cryptocurrency wouldn't be difficult to implement. Many of these countries already use e-cash for public transport, ect.

I doubt that a nation would adopt an outside currency but probably would be willing to create their own. Could they completely control such a system, would it succeed, and would it be good for the current community?

I think the qualities you posted for block chain are very good but we cannot set aside the fact that everyone can use bitcoin anonymously. therefore, a single country or the government cannot control it. They will have a hard time to regulate laws about using cryptocurrency.

[noormcs5]

I don't see any necessity of a country creating crypto currency, if the country want  a currency that can be controlled by the government then it just the same with fiat, crypto currencies was created so we can have a decentralized and anonymity currency and also a currency that can be used for global transaction, so the purpose of crypto currencies being created is we can have a currency that controlled by the market

Yeah, Cryptocurrency mainly created to avoid control of government on currency. If we were to allow bitcoin controlled by nations and governments, then why we do the hassle of promoting bitcoin. We need change and change through bitcoin is that we are not under the governments and are independent with bitcoins. We cant pay taxes to government and bitcoin will help us on that too.

[burner2014]

if governments adopt crypto, they just dig their grave faster,  all population will be educated in crypto and all of them just start to use bitcoin, not goverment's alt

It is a good thing and a good news for all of us if the government will adopt and legalize crypto world because the demand will increase but the disadvantage is they might control the value of bitcoin and imposed a tax or limit the withdrawal. Hoping that things will be better if that happens.

[danherbias07]

Depends upon the currency. If they want to limit it to their country then they might control it. If it is international just like bitcoin then it will be a problem. Because many will try to have it and controlling it would be a problem. What more if that certain country is looking at omr crypto as a good one and could provide convenience for them.

[Zadicar]

Depends upon the currency. If they want to limit it to their country then they might control it. If it is international just like bitcoin then it will be a problem. Because many will try to have it and controlling it would be a problem. What more if that certain country is looking at omr crypto as a good one and could provide convenience for them.

This is true if a certain country would create its won cryptocurrency or e-currency then it would be still a good one since its just an isolated one but it would surely conflict if their money would not be converted to other fiat currency.Manipulation would really be possible if it been used globally.

[hajimasan]

already government of our nation has been doing research on blockchain technology which will definitely boost counties' online banking system and the already cashless campaign is going on and I hope within 3 4 years our country would become a completely cashless nation. and it's probably impossible for any country to control any cryptocurrency unless I have control over that particular currency.

[markyminer]

Depends upon the currency. If they want to limit it to their country then they might control it. If it is international just like bitcoin then it will be a problem. Because many will try to have it and controlling it would be a problem. What more if that certain country is looking at omr crypto as a good one and could provide convenience for them.

i think it is very difficult to control bitcoin because through this way it will lose its value. may be they create their own cryptocurrency. they will exercise it as their fiat currency. but i think people will still give preference to bitcoin, because bitcoin is a universal currency, and one can use it any where in the world without changing it into fiat currency.

[Kprawn]

Not to ruffle your feathers, but this is already being done in some countries. The central bank of Denmark is planning to issue its own

Blockchain-based digital currency called e-krone as its reserve currency.  https://cointelegraph.com/news/danish-central-bank-to-digitalize-national-currency

I am not sure if a "fiat version" of Bitcoin is such a good idea.  ....We will have hyperinflation at a push of a button. 

[target]

There's nothing inherently wrong with a country adopting it's own cryptocurrency. In fact if it hasn't already happened then it's inevitable.

None yet has tried to. But its possible. Its still a lot easy to make transactions with fiat than BTC. You don't even need anything to make transactions but only a paper bill.
Adopting crypto to a country won't make lives easier, crimes will still exist robbing and extortion are happening even here in the forum I'm pretty sure its going to also happen if things fall into the wrong men.

I wonder what will happen to the FOREX market. Trillions of USD are moving everyday to different sessions who would want that to stop?

[justdimin]

I doubt that a nation would adopt an outside currency but probably would be willing to create their own. Could they completely control such a system, would it succeed, and would it be good for the current community?

A country specific country is totally different from what we are enjoying with bitcoin system. I guess almost every country might be having digital cash system for their people (only cryptography part might be missing probably) which will never able to compete with bitcoin.

The purpose and benefits are complete different and unlimited with bitcoin which never be possible by country specific currency (even cryptocurrency). So, they never impact on current bitcoin community.

[beerlover]

I doubt that a nation would adopt an outside currency but probably would be willing to create their own. Could they completely control such a system, would it succeed, and would it be good for the current community?

A country specific country is totally different from what we are enjoying with bitcoin system. I guess almost every country might be having digital cash system for their people (only cryptography part might be missing probably) which will never able to compete with bitcoin.

The purpose and benefits are complete different and unlimited with bitcoin which never be possible by country specific currency (even cryprocurrency). So, they never impact on current bitcoin community.

Yes in my understanding also, some countries/banks will start new cryptocurrency and people will start using it. But the chances of its success and survival of "private" cryptocurrency is highly doubtful as they will be just electronic format of fiat. Once people understand this, they will come back to bitcoin for sure.