Will countries launching their own cryptocurrencies affect bitcoin?

[jmigdlc1199]

I've been following this since Ecuador launched their's a while ago, Overall I think it would be great for BTC, because these coins aren't gaining much success and lack the meaning of cryptocoins of volatility and decentralization, but in the same time it makes usual citizens accept the idea of Crypto easier, and when the country legalize BTC then BTC would get massive adoption instantly.

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[KnightElite]

For me. The countries that launching their own cryptocurrency have a effect to the bitcoin but only a slight effect. This effect is only makes the bitcoin to have a slow progress and having many competitors in the cryptocurrency world.

[DoublerHunter]

Yes, it will affect the bitcoin because of the possible demand that can be lessen in the total or overall demand for bitcoin. If the users of bitcoin in that particular country already have a good thinking that they see a good potential then they will transfer to it and they will not use bitcoin anymore and that is how it can affect the bitcoin.

[DevilSlayer]

It is not a problem to the bitcoin. If the different countries is launches their own cryptocurrency it has no effect to the bitcoin. Because bitcoin is now very powerful that no one altcoins can even stand or replace.

[yellow1]

For me, it not affect bitcoin because in other country many have uses bitcoin so it will not affect bitcoin. In some other country bitcoin is still popular and investors accept bitcoin in some other countries so its not affect. Even if they launch their own the bitcoin will always familiar and not down. Many countries still use and remain use bitcoin and it will not affect bitcoin. And even if their own currency the bitcoin is continue to rise and demand to other country especially in investors and people want to invest. It could not affect in other country.

[TrumpD]

Whatever happens, bitcoin has revolutionised how currency is perceived and transmitted. You already have clones like ripple backed by some "banks". Ecuador has tried, I also read about the possibility of a Russian backed national currency powered by its own blockchain. Competition is good, I don't think bitcoin will remain number one forever, but it's main advantage over any nationally backed coin would be decentralisation.

[KingdomHearts]

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.

I think that this has a very serious impact on bitcoin, all news related to the bitcoin market have a direct impact and its value on the market. Specific examples have been made recently, as some countries have reportedly accepted bitcoins, which in turn boosted the demand for bitcoin in the population, and the value of bitcoin increased dramatically. .

Yes, the acceptance of the Bitcoin by various countries and also looking for to accept the bitcoin countries have played a great role in the increasing demand for the bitcoin. This have made the Bitcoin more trustworthy for the people and therefore all sort of people came to know about the reality and existence of the Bitcoin and want to achieve the benefits from the Bitcoin.

[qiman]

It will affect Bitcoin to a certain degree because many Governments and central banks will create digital currencies and utilize blockchain technology and people will want to move to those if they trust the banks enough, but many people still like Bitcoin because it goes against the norms which is what Bitcoin is all about.

[staceyoh]

I think it will not affect bitcoin because
it has a strong foundation that will not
easily brake.

[Haxor321]

Bitcoin is really so important to me. Because bitcoin can help me with my financial needs and it is really helpful because it is not time consuming and by your minimum time you are able to earn a lot of bitcoin.

[el kaka22]

A cryptocurrency controlled by a government has no advantage over bitcoin. It would be like fiat in digital form. It is the very same thing bitcoin is designed to avoid and combat. Even if countries will have their own cryptocurrency, people will still choose bitcoin over it.

Yes, what makes the bitcoin a unique currency is its formation and the reality that the government have no control over the Bitcoin this is what actually attracts the people towards the bitcoin from almost all over the world.
A currency launched by the government will only be a digital currency just like the one we still witness in the banks i.e. the electronic transaction of money and nothing else. So, I think it can never be a threat for the Bitcoin.

[Chin Cheng]

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.

How come a centralized crypto currency released by a government have any affect on bitcoin,people are attracted to bitcoin because of the freedom it gets from the centralized government economic system which is corrupted and if you think that a release of a crypto currency backed by a government will reach more people and thereby they will hear about bitcoin and will be hooked in it. I really do not think we need those kind of exposure.

[jayc89]

It is not a problem to the bitcoin. If the different countries is launches their own cryptocurrency it has no effect to the bitcoin. Because bitcoin is now very powerful that no one altcoins can even stand or replace.

It’s been in a whole bunch of news and vlogs that stated that Banks will be useless real soon and the Bitcoin will not have a chance for survival because so and so is building a Cryptocurrency. I see those articles yet there is nobody that actually made a successful coin from what I know so far.

[ohlawdy]

Ofcourse they will try that. It is up to people to choose for centralisation or decentralisation. 

[maydna]

i only can say maybe because its not as easy like we move our hand to give affect bitcoin, beside that, bitcoin is still the number one crypto currencies. but every countries is possible to launching their own crypto currencies and people can used their crypto currencies as long as their government is not limited from being using bitcoin and only used their crypto currencies. i think the affect for bitcoin is not big and i think crypto currencies from one country can help us to grow our bitcoin.

[AjithBtc]

Countries making their own digital currency is a form of taking their own economic system towards the next level. This doesn't has anything to do with bitcoin or other altcoins. Same as that a specific currency getting used within a particular Country, these digital tokens will get used.

[DOGE12321]

Yes probably, If the country is like Ecuador who banned Bitcoin and enforced their own altcoin then definitely. We will be losing members in the Bitcoin community. This means fewer transactions and less demand. Thus price will decrease.

[sumit513]

Yeah some countries are planning. I think India may launch its own. There were rumors about LaxmiCoin a few years back. Instead of legalizing bitcoin they may launch their own.

[xuan87]

No it won't affect anything on bitcoin, the coin that the government create is no difference with alt coin that is not decentralised, and the first purpose people.using bitcoin is because they don't want to be supervised, the coin can affect bitcoin if the government implemented the coin into many shops and a lot of country, but I don't think that will happen so   people will still used bitcoin

[bartolo]

Yeah some countries are planning. I think India may launch its own. There were rumors about LaxmiCoin a few years back. Instead of legalizing bitcoin they may launch their own.

This is what all countries are going to do. They are not to ban Bitcoin or anything like that but bitcoin is not going to displace national currencies, this is not going to happen. Goverments will take advantage of this technology to create a "digital version" of national currencies and I think this will be good for bitcoin adoption. People will get use to digital currencies and when they know about bitcoin and realise that it can help them to keep their privacy in their transactions they will give it a try.