krishnapramod (OP)
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June 11, 2017, 09:03:15 AM |
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A couple of countries have launched their own cryptocurrencies and some are planning to do so. The governments know that bitcoins can't be completely centralized and hence creating their own fully centralized version of cryptocurrency. Legalising bitcoin and making it a part of a country's financial structure is in no doubt beneficial for bitcoins growth, but instead using blockchain technology to roll out their own digital currency and ultimately banning bitcoins, would it affect bitcoins progress? What do you think? Countries with their own cryptocurrency, Ecuador, China, Singapore just tested digital dollar via Ethereum blockchain, Palestine is planning to launch their own currency and and a few countries are studying the blockchain technology closely. IMO, governments legalising bitcoins is the best way to achieve mass recognition. On the other hand, if more countries launch their own digital currencies and proclaim bitcoin as illegal then that would definitely halt bitcoins growth, but only temporarily. Banning internet is altogether on a different level than banning bitcoins. So the growth would be halted, but the internet money would bounce back. Streisand effect. The Streisand effect is the phenomenon whereby an attempt to hide, remove, or censor a piece of information has the unintended consequence of publicizing the information more widely, usually facilitated by the Internet.
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1Referee
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June 11, 2017, 09:27:04 AM |
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It's the decentralization aspect that makes Bitcoin unique and loved by so many people. Bitcoin is a way to cut ties completely with the governmental/banking system as your wealth can be safely stored in Bitcoin. Only YOU will be able to access your wealth, and no one can tell you what to do. Remember how the government in Cyprus years ago gave people there a fresh haircut? It's a modern form of theft that people no matter what had to swallow. This could have been prevented if people's wealth was 'locked' into Bitcoin. Obviously, especially back then, no one would dump their entire wealth in Bitcoin, but this example shows exactly how powerful Bitcoin is. Imagine participating in a system with government issued tokens/digital coins - ultimately, they can, and likely will develop such a system, where they can instantly freeze/cut off someone's holdings by just a single click on a button.
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Qartada
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June 11, 2017, 09:56:27 AM |
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Countries will implement blockchain technology over time because it has an unlimited amount of useful applications, from logistics to gun tracking to the music industry to verifying ownership.
However, the public will not look at it like "Country X has just implemented a cryptocurrency", they'll look at it like "this is an easier way to spend" (fiat crap).
Blockchain based currencies =! cryptocurrencies. Governments will implement things like this whenever it's helpful for them, but it will never stem the growth of Bitcoin and it won't have any relation to Bitcoin.
The only thing that would matter about these blockchain based government currencies would be that they reduce fees, making Bitcoin less appealing to some people. But there will still be a huge amount of edgy people like us who continue to use real cryptocurrencies.
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Lorilikes
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June 11, 2017, 10:04:38 AM |
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Yes absolutely, Bitcoin will be affected by widespread acceptance or adoption of alternative digital currencies. The affect will definitely be positive, and will further secure the value of Bitcoin, now and in the future. Fear not!  |
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Lumada
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June 11, 2017, 10:05:52 AM |
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It can affect depending on how good the service ,fees and features of the cryptocurrency they will developed.
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chickenado
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June 11, 2017, 10:30:47 AM |
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Countries? So even if the government will join to launch a cryptocurrency? I think if that happen of course this will have an effect in bitcoin. And of course many people will become interested in bitcoin.
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LFC_Bitcoin
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June 11, 2017, 10:33:38 AM |
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They'll be centralized shitcoin's so I doubt they'll be anywhere near as successful as bitcoin. Effectively they'll just be like online banking in whatever currency the country uses. In other words they'll be a load of dog crap.
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Ethan_Locke
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June 11, 2017, 10:43:59 AM |
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It shouldn't, as everyone else in this thread has said it will still be centralised which is the main reason bitcoin is so awesome. By centralising the currency they are removing the main aspects of why bitcoin performs so well. If its centralised the government or institution can control the amount of new currency that is released, they can manipulate the price as and when they want, they can generate personal revenue via transaction fee's.
The boat has sailed for them, they can try but I do not believe it will halt bitcoins future growth.
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romero121
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June 11, 2017, 10:45:30 AM |
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No, this won't make a big change with our bitcoin, because the government's were just into the digitalized use of fiat. This could help only for the transaction happening within the country. For cross border transaction something similar to bitcoin is a must.
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gabbie2010
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June 11, 2017, 11:09:19 AM |
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Launching of a new cryptocurrency in my country will not affect Bitcoin, in fact there was a move to that effect by a group of individuals taking signatures and contributions in order to start a new cryptocurrency but unfortunately the central bank placed a ban on it and froze their account.
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Juggy777
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June 11, 2017, 11:15:07 AM |
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A couple of countries have launched their own cryptocurrencies and some are planning to do so. The governments know that bitcoins can't be completely centralized and hence creating their own fully centralized version of cryptocurrency. Legalising bitcoin and making it a part of a country's financial structure is in no doubt beneficial for bitcoins growth, but instead using blockchain technology to roll out their own digital currency and ultimately banning bitcoins, would it affect bitcoins progress? What do you think? Countries with their own cryptocurrency, Ecuador, China, Singapore just tested digital dollar via Ethereum blockchain, Palestine is planning to launch their own currency and and a few countries are studying the blockchain technology closely. IMO, governments legalising bitcoins is the best way to achieve mass recognition. On the other hand, if more countries launch their own digital currencies and proclaim bitcoin as illegal then that would definitely halt bitcoins growth, but only temporarily. Banning internet is altogether on a different level than banning bitcoins. So the growth would be halted, but the internet money would bounce back. Streisand effect. The Streisand effect is the phenomenon whereby an attempt to hide, remove, or censor a piece of information has the unintended consequence of publicizing the information more widely, usually facilitated by the Internet.
No I do not think it will have a direct effect on Bitcoin, people will not like Bitcoin as a centralized it looses the core value if it's centralized. I personally do not like centralized Bitcoin what's the use of it. Bitcoin is left as it is it should not be touched or disturbed, and if people are smart they shall dump the centralized one and go for the decentralised one. Government should keep their hands of my Bitcoins. |
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LuciferUA
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June 11, 2017, 11:18:15 AM |
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They will implement Blockchain-based technologies that is for sure. But don't think they will use it as cryptocurrencies that could be exchanged with bitcoins and other alts.
There will be 2 different worlds around blockchain.
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coupable
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June 11, 2017, 11:24:02 AM |
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i don't think that this could nearly happen that Great Banks controls the monetary circulation over the globe and also buy all the financial products. The progress of governments creating their own currencies will destroy the banks empire. Banks are creating money without controls and really from nothing so they are cheating people and cheating the system so i don't think that they are really ready accept all the crypto or the money from internet.
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Ucy
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June 11, 2017, 11:28:26 AM |
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Every country already created their own cryptocurrency long ago. It's called online banking — the government controlled online banking
Unfortunately those countries seem not know why Bitcoin is very successful today... they seem to be doing the opposite.
And are probably lunching Bitcoin clones
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ViceOfBTC21
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June 11, 2017, 11:41:52 AM |
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Yes, I think so. Most people trust more something what belongs to government and some trust more something what is decentralized. I'm in second group and we think if someone will accept both cryptocurrencies, they will exchange fiat to bitcoin in short time.
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carlfebz2
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June 11, 2017, 12:50:59 PM |
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Quiet surprising that there are some countries did already made their own coin I have read previously a certain country but I forgot the place but among all those countries have been mentioned seems like none of them succeeded I guess.I can say theres no effect on bitcoin no matter how good they would create their own coin but the thing would be the limitation of bitcoins full adoption among countries because government would really use their own coins to patched up on bitcoins existence.
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Catmony
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June 11, 2017, 01:06:02 PM |
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I think it will have positive effect on bitcoin or overall crypto market, if government starts to launch their own blockchain based currency than people will start to realize the power of crypto and blockchain that might force them to search for better alternative than those centralized tokens created by their government. What could be better alternative for them than bitcoin because they can have full financial freedom which they can't have when using those tokens/currencies issued by their governments.
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Kprawn
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June 11, 2017, 01:08:16 PM |
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Launching a centrally-controlled Blockchain based private ledger is not a very attractive option for consumers. We have already seen how governments
have exploited Fiat currencies and now they want to implement that in the Crypto currency world too. They know it will be cheaper and less anonymous
than Cash, so they would push for it. {Consumers will not appreciate the fact that ALL their transactions would be traced via a private entity that are in
full control over their finances. We have also seen what happened with Ethereum when Foundations call the shots... now people are investing
large amounts of money into Alt coins like that? Crazy!!!!!
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