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Author Topic: Palestine to create their own national cryptocurrency  (Read 635 times)
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May 13, 2017, 12:44:00 AM
 #1

State of Palestine mulling crypto-currency of its own
https://www.neowin.net/news/state-of-palestine-mulling-crypto-currency-of-its-own
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May 13, 2017, 01:10:21 AM
 #2

Meaning a state sponsored cryptocurrency to rival other altcoins and bitcoin. I think it is good on their country to utilized this blockchain technology and be used to enhanced the delivery of government services to its constituents. All will be accountable on the blockchain and transaction is recorded.

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May 13, 2017, 01:13:08 AM
 #3

Now they joining the innovative world. I bet cashless world will happen in the near future. As many countries now are creating their own cryptocurrency. Recently Ecuador https://www.google.com/amp/www.cnbc.com/amp/2015/02/06/ecuador-becomes-the-first-country-to-roll-out-its-own-digital-durrency.html
China https://coinidol.com/china-creates-its-own-cryptocurrency/
Now this. I think it will weaken more bitcoin dominance on market since China is going to have their own crypto. Since the largest volume of traders are on China.


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May 13, 2017, 02:41:25 AM
 #4

I don't think it would have any effect on Bitcoin. Look here, the currency for international commerce is dollar and all nations have their own sovereign currency and they all live side by side as dollar did not kill the local currencies as well as local currencies did not kill the dollar. Bitcoin is that dollar here in the crypto-world and so we expect all cryptocurrencies to be living each other in harmony and even be complementing each other in the near future.

The so-called dominance is just all about numbers and can even be a myth...Bitcoin does not need to be that dominating force to be that useful and to continue to lead. Plus nationally-introduced cryptos can be limited in scope, value and usage...well just like the local currencies we have.

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May 13, 2017, 02:53:12 AM
 #5

Meaning a state sponsored cryptocurrency to rival other altcoins and bitcoin. I think it is good on their country to utilized this blockchain technology and be used to enhanced the delivery of government services to its constituents. All will be accountable on the blockchain and transaction is recorded.

No, they do not choose cryptocurrency to deal with bitcoin, they choose what coin they think is stronger than bitcoin for development. It depends on each person's thoughts. And in fact, bitcoin and cryptocurrency do not confront each other, they compete and support each other to generate a profit.

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May 13, 2017, 03:24:51 AM
 #6

That becomes more and more often nowadays, I'm assuming countries and the banks are starting to poop their pants when they see massive amounts of money flowing not only to bitcoin but to cryptocurrencies as well. It is the only question of time when banks will start going bankrupt again and the new crisis start. Also Palestine coin isn't the craziest thing I've heard, anyone heard about fedcoin before? Yes, usa is planning to launch their own cryptocurrency, it's just ridiculous, hopefully the inflation of their coin won't be as massive as the us dollar Cheesy

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May 13, 2017, 04:39:28 AM
 #7


If they implement it then Palestine becomes the first country to choose a cryptocurrency as their national currency. Since it is going to be a country specific cryptocurrency, it is not going to affect bitcoin or other altcoins. Palestine has its reasons, no singular official currency, no money printing facility, no control over money supply. Sure this new currency is not going to be as decentralized as BTC.

Many countries are testing the blockchain technology and if some developed countries come up with this same concept then that might affect bitcoin.

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May 13, 2017, 05:05:21 AM
 #8

They should rather use the Bitcoin and declare it as their national currency, rather than inventing yet another altcoin. Also, if the currency is controlled by the Palestinian Authority, then it will not be a decentralized cryptocurrency.

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May 13, 2017, 05:29:32 AM
 #9

They should rather use the Bitcoin and declare it as their national currency, rather than inventing yet another altcoin. Also, if the currency is controlled by the Palestinian Authority, then it will not be a decentralized cryptocurrency.

And exactly that's why Palestinian Authority wants to make their own currency. They dont want their money to be controlled by people all around the globe. And thats why governments wont accept Bitcoin or any other cryptocurrencies.

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May 13, 2017, 05:37:33 AM
 #10

They should rather use the Bitcoin and declare it as their national currency, rather than inventing yet another altcoin. Also, if the currency is controlled by the Palestinian Authority, then it will not be a decentralized cryptocurrency.

And exactly that's why Palestinian Authority wants to make their own currency. They dont want their money to be controlled by people all around the globe. And thats why governments wont accept Bitcoin or any other cryptocurrencies.

why not? in the first case they would not change their global economy in the second yes, they would receive more money from other countries

every country that adopt bitcoin instead of his own fiat altcoin, it's like will receive a gift from other people around the world that buy and increase the value

doing what they are doing it's not different than remainig with their fiat money, minus maybe some lower cost because they would use the blockchain technology
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May 13, 2017, 05:56:42 AM
 #11

Well that's rather new because i heard btc adapted by japan and why not a country making there own crypto currency?. And i think it's good to invest here because in time other countries would want to make there own currency and low chances of scams. But if these would happen countries that would make there own currency will make most transactions around the world in the blockchain or some the same sort and banks would be useless.

                                     
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May 13, 2017, 05:59:38 AM
 #12

Provided that cryprocurrency network's can be prone to remote attacks K don't see why an entire state would really on a national one. Perhaps this is just another piece of fake news because I don't see how this could be true.














 

 

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May 13, 2017, 06:01:33 AM
 #13


This sounds more like joke.Maybe Izreal will control this new cryptocurrency.
I don`t know how many people in Palestine have computers and electricity?
It`s better for them to adopt btc instead of creating altcoin.



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May 13, 2017, 11:00:53 AM
 #14


If they implement it then Palestine becomes the first country to choose a cryptocurrency as their national currency. Since it is going to be a country specific cryptocurrency, it is not going to affect bitcoin or other altcoins. Palestine has its reasons, no singular official currency, no money printing facility, no control over money supply. Sure this new currency is not going to be as decentralized as BTC.

Many countries are testing the blockchain technology and if some developed countries come up with this same concept then that might affect bitcoin.
Sure,it will be much helpful for palestine's progress.They are suffering a lot due to economic crisis and bitcoin has surely shown a new way for countries to create their own coins.
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May 13, 2017, 11:12:57 AM
 #15

Provided that cryprocurrency network's can be prone to remote attacks K don't see why an entire state would really on a national one. Perhaps this is just another piece of fake news because I don't see how this could be true.

what is a "remote attacks K"?

anyways this is my understanding of these cryptocurrencies:
these things are usually a centralized altcoin they create to make their internal transactions safer and it is not open to public like bitcoin or altcoins. this means it is like how banks are communicating with each other now but in a much safer manner and using a different technology to keep the records also on their internal blockchain.














 

 

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May 13, 2017, 01:12:03 PM
 #16


If they implement it then Palestine becomes the first country to choose a cryptocurrency as their national currency. Since it is going to be a country specific cryptocurrency, it is not going to affect bitcoin or other altcoins. Palestine has its reasons, no singular official currency, no money printing facility, no control over money supply. Sure this new currency is not going to be as decentralized as BTC.

Many countries are testing the blockchain technology and if some developed countries come up with this same concept then that might affect bitcoin.
Sure,it will be much helpful for palestine's progress.They are suffering a lot due to economic crisis and bitcoin has surely shown a new way for countries to create their own coins.
Progress?I doubt it.
They have far to many problems that can't be solved with a crypotocurrency.

And this whole thing is actually bad for bitcoin.
It would mean that once Palestine wants their own crypto probably they will take measures against bitcoin and any other altcoin.

A government or entity wanting more control over something is always bad news.





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