Russian's own Bitcoin - What will be the impact to the original Bitcoin?

[freebutcaged]

They can take those freely available to buy and sell coins and shove it up their white and sorry asses mate for

All I care, right now dollar being in digital form and on the move between banks across the world is affecting

Bitcoin in a negative way? you are missing what is important in crypto, no government adoption and opposition

Should affect a decentralized system. any coin called something other than BTC will run a different blockchain

And will have a different market, I don't see the relevance here mate.

[FlightyPouch]

It wont affect bitcoin

I think that if enough of those centralized government created coins are created, eventually people are going to realize how much better bitcoin or any other alt that is decentralized are, so this may have the opposite effect than the one they are looking instead of people using the centralized coin, people are going to want to use bitcoin, thanks to all the good characteristics bitcoin currently posses.

I think there will be no problem here about Russia making another cryptocurrency/altcoin. Many countries done the same thing and it's effect is just the people are more in favor of using bitcoin. That is right, these digital currency that will be made will be surely centralized, after using a decentralized currency, I think they will be confused.

[shield132]

To my mind this step from russia means something inportant because they wouldn't do such thing for nothing and especially when their major state-controlled bank plays important roll. To my mind their coin will have important affect on bitcoin and it's price but really can't imagine how will price go. Maybe they will manipulate with their coin's price and that's why they want their coin and also good way for their goverment for dark transactions.

[crazyivan]

Ha, ha, ha, that s such a stupid idea. These controlled state interventions have never achieved any success anywhere in the world. Look at socialism, look at North Korea. You cannot force people to use artificially created cryptocurrency, especially state owned and created.

It takes away all beauty of decentralisation and privacy. Big time failure, wouldn't not touch it with a stick. Also, will definitely have no impact on BTC. Russian BTC market s not that big anyway.

[audaciousbeing]

Russian is planning to have its own version of Bitcoin backed by the Sberbank.   

"Sberbank CEO Herman Gref has “agreed” on the development of a Russian national cryptocurrency with the country’s central bank.  Sberbank is Russia’s major state-controlled bank. In unofficial reports from local news aggregators, the so-called “Russian Bitcoin” will use Sberbank as its base and will be “the only cryptocurrency freely available for sale and purchase” in the country. “All other [cryptocurrencies] will only be available via exchanges or trading platforms,” the Telegram news channel DeCenter reports Friday."
https://cointelegraph.com/news/russian-bitcoin-will-be-countrys-only-freely-tradable-crypto-sberbank-ceo

What type of impact(s) will this have on the original Bitcoin?  Would the Russian Bitcoin survive?  Would the original Bitcoin be treated as a lower "second tier" crytocurrency in Russia or even in the world?  Would the original Bitcoin value goes down? 

What is your thought on this?

Other countries that have tried it have failed woefully and not only that, they have even succeeded in promoting bitcoin more and I have a feeling that the case of Russia won't be an exception. They really need to understand the reasons behind bitcoin which is largely because it cannot be controlled by government. However, my fear is that Russia as a formidable country might ensure force by banning bitcoin in other to increase the acceptance of its own which might have effect of bitcoin  price.

[Bitcoin Guy]

I guess any countries are free to create their own digital currencies and that would only impact their own monetary supply.  It is like printing new money or exchange the paper money with the the digital counterpart.

[stompix]

You cannot force people to use artificially created cryptocurrency, especially state owned and created.

Really?
If we take the word crypto out of this 6000 years of human history have told us that you can pretty much force people to use a centralized state owned and created currency.

And North Korea , as sad as it is is a genuine example of what you can do to the people for nearly half a century without consequences. What is worse is that some are really happy with it.

However, my fear is that Russia as a formidable country might ensure force by banning bitcoin in other to increase the acceptance of its own which might have effect of bitcoin  price.

Nobody gives a damn about what Russia will do against bitcoin.
With an economy the size of Netherlands they can try whatever they want.

Economically they are nothing in this world.

[niisarearning]

I think its going to like the changes done in japan for crypto currency legalisation same going to happen here . If any country owned crypto currency  is using it ultimately benefit bitcoin

[azguard]

Many have tried and most are fail attempts, maybe Russia will be first one that will succeed in complete it. This will not influence current development and price of bitcoin but if they finished and even if they finished this will still not effect bitcoin in any way.

Maybe this isn't such great news as the name of countries that want this but still final product wont influence much in BTC price.

[Bitcoin Guy]

Just read two news articles today  - one regarding Russia and one regarding China, that they are interested in Ethereum.  If they use Ethereum blockchain to run their R&D crytocurrencies, it will boost the demand and, therefore, price of Ethers.  This may cause investor to move from Bitcoin to Ethereum.  But if they decide to use their own blockchains, then no effect will have on Ethers.

https://www.bloomberg.com/news/articles/2017-06-06/putin-eyes-bitcoin-rival-to-spur-economic-growth-beyond-oil-gas

https://www.nigeriatoday.ng/2017/06/researcher-from-chinas-central-bank-discusses-an-ico-regulatory-sandbox/



 

[phr0stbyt3]

No there is surely no chance it is even going to reach as close as price of bitcoin nor it is going to give any sort of competition to bitcoin as it is been made by a bank who may now claim that they won't control the price , but there is no chance that they won't do it. Bitcoin is independent and has already proved that no one can control it , and we already have many bitcoin alternatives which we named as altcoin , so this new crap is just another altcoin

[Bitcoin Guy]

No there is surely no chance it is even going to reach as close as price of bitcoin nor it is going to give any sort of competition to bitcoin as it is been made by a bank who may now claim that they won't control the price , but there is no chance that they won't do it. Bitcoin is independent and has already proved that no one can control it , and we already have many bitcoin alternatives which we named as altcoin , so this new crap is just another altcoin

Actually, I was thinking the same before, but after I do enough research and reading about it, I found that Ethereum technology is quite demanding. 

They fixed the scaling and speed problem which Bitcoin is facing right now when it forked a year+ back .  Their blockchain can incorporate "smart contracts".  Many big companies are working with Ethereum right now and they need Ethers to fuel the blockchain process for their transactions.  Here is an article regarding that:

http://fortune.com/2017/02/28/ethereum-jpmorgan-microsoft-alliance/
"Thirty big banks, tech giants, and other organizations—including J.P. Morgan Chase, Microsoft, and Intel—are uniting to build business-ready versions of the software behind Ethereum, a decentralized computing network based on digital currency...."

As bitcoins and Ethers are somewhat subtitutes, Ethers may pull some market share away from bitcoins and slow down its demand and the price increase.

Just my 2-cent.

[Lizzie_Girl]

Weither it works or not it still brings some oride to the people and I think it's a good idea and a step towards the future. Even entire countries realize the potential of the blockchain. Why use fiat when your country can have a digital currency ? It will be very interesting to watch and see what becomes of this.

[Bitcoin Guy]

Weither it works or not it still brings some oride to the people and I think it's a good idea and a step towards the future. Even entire countries realize the potential of the blockchain. Why use fiat when your country can have a digital currency ? It will be very interesting to watch and see what becomes of this.

Agreed.  I think having more countries participate in the crytocurrencies will increase their people's awareness on Bitcoin as well.

[azguard]

Weither it works or not it still brings some oride to the people and I think it's a good idea and a step towards the future. Even entire countries realize the potential of the blockchain. Why use fiat when your country can have a digital currency ? It will be very interesting to watch and see what becomes of this.

Agreed.  I think having more countries participate in the crytocurrencies will increase their people's awareness on Bitcoin as well.

Not just that it will come to that it will go more demand for bitcoin with this in mind, price for one bitcoin will go up with certain percentage of demand. This will be good for us and effect will be good for bitcoin and crypto community.

[itsallpc]

Russian is planning to have its own version of Bitcoin backed by the Sberbank.   

"Sberbank CEO Herman Gref has “agreed” on the development of a Russian national cryptocurrency with the country’s central bank.  Sberbank is Russia’s major state-controlled bank. In unofficial reports from local news aggregators, the so-called “Russian Bitcoin” will use Sberbank as its base and will be “the only cryptocurrency freely available for sale and purchase” in the country. “All other [cryptocurrencies] will only be available via exchanges or trading platforms,” the Telegram news channel DeCenter reports Friday."
https://cointelegraph.com/news/russian-bitcoin-will-be-countrys-only-freely-tradable-crypto-sberbank-ceo

What type of impact(s) will this have on the original Bitcoin?  Would the Russian Bitcoin survive?  Would the original Bitcoin be treated as a lower "second tier" crytocurrency in Russia or even in the world?  Would the original Bitcoin value goes down? 

What is your thought on this?

Russian crypto currency would have no impact on bitcoin as bitcoin does not depend on Russia for its survival and bitcoin is universally accepted.Already,some countries have created their crypo currencies,but nothing could match with bitcoin.

[Jody.Drummer]

I do not think there should be any new bitcoin, do not let the original bitcoin value become weak because of the new bitcoin, maybe if left later it will appear bitcoin from other countries also.

[jpoker272727]

It wont affect bitcoin

I think that if enough of those centralized government created coins , eventually people are going to realize how much better bitcoin or any other alt that is decentralized are, so this may have the opposite effect than the one they are looking instead of people using the centralized coin, people are going to want to use bitcoin, thanks to all the good characteristics bitcoin currently posses.

Bitcoin is getting centralized a bit from those exchanges that are requiring many different verification proof such as ID, proof of address, bank statements etc, in these way they are able to identify which users are sending money to x address or x exchange.

Russia can't own bitcoin and never can because bitcoin is expensive and it is needed a large budget to "centralize" bitcoin but still there will be some rooms that can't be owned by Russia nor any other country.

[avikz]

Russian is planning to have its own version of Bitcoin backed by the Sberbank.   

"Sberbank CEO Herman Gref has “agreed” on the development of a Russian national cryptocurrency with the country’s central bank.  Sberbank is Russia’s major state-controlled bank. In unofficial reports from local news aggregators, the so-called “Russian Bitcoin” will use Sberbank as its base and will be “the only cryptocurrency freely available for sale and purchase” in the country. “All other [cryptocurrencies] will only be available via exchanges or trading platforms,” the Telegram news channel DeCenter reports Friday."
https://cointelegraph.com/news/russian-bitcoin-will-be-countrys-only-freely-tradable-crypto-sberbank-ceo

What type of impact(s) will this have on the original Bitcoin?  Would the Russian Bitcoin survive?  Would the original Bitcoin be treated as a lower "second tier" crytocurrency in Russia or even in the world?  Would the original Bitcoin value goes down? 

What is your thought on this?

It will surely impact bitcoin in positive way. What I understand that Russia is planning to develop their own digital currency based on blockchain which will compete with bitcoin. So it will make bitcoin even more serious business to the newcomers to the blockchain industry. They will take bitcoin more seriously when they will hear about this news.

I don't see it as a threat to bitcoin in any way, but expect bitcoin price to further increase if it happens. People who will take bitcoin seriously, will start  investing in good amounts in bitcoin which will further increase the market cap of bitcoin and so the price. Russians adopting digital currency will increase bitcoin's popularity for sure.

[L00n3y]

I think it will have a big impact on bitcoin. Russia as we all know is a very large country so when country with that scale create an altcoin the world will notice and be on watch in the world of cryptocurrencies because the russian government has its own way of resolving things. I think people will buy their coin if it the history repeats itself, in the end they will just go all to bitcoin resulting to a boost of its usage and a massive price hike.