Will countries launching their own cryptocurrencies affect bitcoin?

[Red-Apple]

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.

can you give us some references for these?
i have been searching for a bit here, and i found out that Ecuador has done that in Feb 2015 (it had nothing to do with ethereum!)[1]
don't know how successful or not this is,

China seems to have dome something similar recently and have been working on it since 2014. again has nothing to do with ethereum blockchain!![2]

couldn't find anything decent about Singapore. and i also have heard India is planning on doing it also.

also there seems to be a lot more of these "national coins" and none of them have anything to do with ethereum blockchain![3]

so i ask my question again, can you give us some references on these?

[1] http://www.cnbc.com/2015/02/06/ecuador-becomes-the-first-country-to-roll-out-its-own-digital-durrency.html
[2] https://www.bloomberg.com/news/articles/2017-02-23/pboc-is-going-digital-as-mobile-payments-boom-transforms-economy
[3] http://www.coindesk.com/coindesk-guide-worlds-national-altcoins/

China only assembled their research team in 2014, but I guess they learn over the past 3 years.
according to Bloomberg, it's going to happen soon, so I'm sure they had the time to learn also about blockchain.
you can read it yourself here:
https://www.bloomberg.com/news/articles/2017-02-23/pboc-is-going-digital-as-mobile-payments-boom-transforms-economy

did you just repost the same link that i myself gave?!
also i am not saying if or if not China has done it already, i am saying these "country launched cryptocurrencies" were NOT via ethereum blockchain as far as what i have read so far tells me! so i want to know what OP's reference is for claiming this.

[foxbat]

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. .

[krishnapramod]

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.

can you give us some references for these?
i have been searching for a bit here, and i found out that Ecuador has done that in Feb 2015 (it had nothing to do with ethereum!)[1]
don't know how successful or not this is,

China seems to have dome something similar recently and have been working on it since 2014. again has nothing to do with ethereum blockchain!![2]

couldn't find anything decent about Singapore. and i also have heard India is planning on doing it also.

also there seems to be a lot more of these "national coins" and none of them have anything to do with ethereum blockchain![3]

so i ask my question again, can you give us some references on these?

[1] http://www.cnbc.com/2015/02/06/ecuador-becomes-the-first-country-to-roll-out-its-own-digital-durrency.html
[2] https://www.bloomberg.com/news/articles/2017-02-23/pboc-is-going-digital-as-mobile-payments-boom-transforms-economy
[3] http://www.coindesk.com/coindesk-guide-worlds-national-altcoins/

China has done some trial runs, exact date of launch is not fixed yet, https://coinidol.com/china-creates-its-own-cryptocurrency/

Yeah, I think both the Ecuadorian and the so planned Chinese cryptocurrency has nothing to with blockchain, but with cryptography, like token based electronic payment system.

Singapore Trials its Digital Dollar via an Ethereum Blockchain, https://www.cryptocoinsnews.com/singapores-central-bank-tokenizes-dollar-via-ethereum-blockchain/

India is planning to regulate bitcoins which probably would happen by the end of next year.

A cryptocurrency without Blockchain, https://thestack.com/big-data/2016/09/12/beyond-the-electricity-guzzling-failed-blockchain-experiment/

https://arxiv.org/ftp/arxiv/papers/1404/1404.4275.pdf

I guess this is what the Chinese government is working on.

[YuginKadoya]

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!!!!!

Actually that is what I really think will happen if some countries would surely make an Altcoins like that, because all of us doesn't really wanted to be controlled, if possible we surely wants something that we can surely trust 100% and we are the one controlling our every earnings, I really think that it will not be successful and if it can surely hit in the market I think it would just be lump with the other Altcoins but let's just see if what will they try to do to make it possible and successful in their part.

[johnwest]

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. .

No government like the decentralization feature of BTC because surveillance is one of the things which countries have to keep. They need to understand the blockchain technology and can monitor local exchanges but they want total surveillance. It will affect positively as well as negatively on crypto currencies.

[olushakes]

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.

Even when they create their own crypto- currency they forgot that the global market is always larger than the individual country market and that's where the superiority of bitcoin comes in. And aside that there is no law that days I cannot own bitcoin and my own country's crypto currency even when they are only giving it to already users of bitcoin and if they are promoting it, they are equally promoting bitcoin as well.

[Betwrong]

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.

Yes, and the governments of those countries are not so stupid to not know that. I think by now there were many attempts to create a "national cryptocurrency" and not only in the countries you've mentioned. All those attempts affect Bitcoin in a positive way because either you want it or not, you can't not mention Bitcoin when talking about your national crypto in the news.

[bamboylee]

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.

[Hazir]

Centralized digital asset that some countries are trying to introduce is just digital fiat in my opinion and nothing more.
I don't see how creation of another payment system - this time fully digital, and cryptography backed -  will have any impact on sovereign cryptocurrency like BTC.
This national crypto will share every property with normal fiat - plus it will be easier for government to control it, so there won't be a reason to use it over Bitcoin.

[MRlong]

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.

Agree, if a country create a cryptocurrency, I not think user Bitcoin/Altcoin in the world choose it, because purpose crypto want not need controlled by a country or anyone and can't tax it! A cryptocurrency created by a country only look like as FIAT and can tax fee, although it can trade online but I not think I call it is a cryptocurrency, I will call it is a Digital Currency

[traderethereum]

i think its not affect with bitcoin as long as the government is not interfere the coins and don't trying to make cheat movements for their coins. i think peoples will thinking before they want to invest their money, they will choose the best investment because what they only want is making profit from what they invest.

[susila_bai]

i think its not affect with bitcoin as long as the government is not interfere the coins and don't trying to make cheat movements for their coins. i think peoples will thinking before they want to invest their money, they will choose the best investment because what they only want is making profit from what they invest.

What you are telling is also true but the main reason of bitcoin success is decentralized and their are so many gambling sites where you can gamble with bitcoins and you dont have to give any documentation , even on cryptocoins trading exchange also you dont have to give your identity documentation, that is why the bitcoin got success. But in the country launching cryptocurrencies they will have full centralization just like fiat currency then their is no use of this cryptocurrency so it will mostly wont get success.

[deisik]

Centralized digital asset that some countries are trying to introduce is just digital fiat in my opinion and nothing more.
I don't see how creation of another payment system - this time fully digital, and cryptography backed -  will have any impact on sovereign cryptocurrency like BTC.
This national crypto will share every property with normal fiat - plus it will be easier for government to control it, so there won't be a reason to use it over Bitcoin

As to me, these efforts have nothing to do with Bitcoin or blockchain

Most likely, the question is about introducing some novice payment system which would be based on an already existing fiat currency. I simply cannot see any advantage in creating another fiat currency which would compete with an existing one (unless the government is doing some monetary reform when two currencies can exist at the same time for a while). What is the purpose of that? Governments can create special tokens (like bonds) redeemable for local currencies, but that wouldn't affect the majority of population

[krishnapramod]

It looks bitcoin is the currency to stick to at the time of a crisis. Greece crisis brought bitcoin to spotlight and now the hyperinflation in Venezuela has forced the citizens to use bitcoins to buy food and groceries. All this is happening while the Venezuelan government is going hard on bitcoin users by blocking bitcoin related websites and mining pools. A crisis, government trying to block access to people's money, a classic example of how bitcoin is going to thrive in Venezuela.

https://www.cryptocoinsnews.com/opinion-venezuela-proves-bitcoin-future-money/

[Astvile]

I think not at all,not even if that cryptocurrency launch by them will totally dominate the market that its going in,but still impossible to affect bitcoins since this cryptocurrency coins are just newly realeased

[Amph]

this si again nothing new, any government seriously thinking that he can overcome bitcoin by simply creating a centralized version of it didn't understand what bitcoin is all about, decentralization

also this was done in the past i remember, but never worked, in fact i'm no hearing any more news about those centralized fiat

i think its not affect with bitcoin as long as the government is not interfere the coins and don't trying to make cheat movements for their coins. i think peoples will thinking before they want to invest their money, they will choose the best investment because what they only want is making profit from what they invest.

interfer in what way, why the government should interfer by issuing his own coin? if he want to interfer he should close the exchange of bitcoin which would put a serious dent on bitcoin, because people will have an hard time to buy more coin

[Kemarit]

I think not at all,not even if that cryptocurrency launch by them will totally dominate the market that its going in,but still impossible to affect bitcoins since this cryptocurrency coins are just newly realeased

I don't think that it will affect bitcoin in a negative impact. I think many countries has tried to create their own crypto's but failed miserably. I think the general public don't like centralized crypto's. But if ever they have succeeded, it will still have little impact or no impact at all at the bitcoin ecosystem. Bitcoin has its own's followers already and will not just shift to any government sponsored coins, I think the general public will probably took advantage of both. So its still a win-win situation for all of us.

[Searing]

NO bitcoin has too many advangtages being open source


also most countries that have a use for adoption on bitcoin have the most corruption

the advantages I see below

BTC is easier to move with an inet connection and  plunk it on www.coinbase.com if nothing else. NO crooked gov't /banks/ bribes etc ..assuming

you can move it.



The other thing is I can send a picture/ pdf file/ video/ email/ and or anything else thru my phone/computer via Internet

but you before BTC and crypto COULD NOT send $$$ because that had to go thru banks and elites (and or above corrupt gov't actions I mentioned)

damn hard to have an 'embargo' on the grandmother still in Cuba if they all have cell phones now (why Trumps new embargo on cuba will fail)


So if BTC has real world use. Continues to be transparent and open source (watched by a bunch of impartial geeks) considering the options in a lot

of 3rd world countries in the world....I'd bet on the geeks.

Thus my bet, thus my hoard of BTC, thus my miner mining ltc to btc (mostly) etc etc


So again...if you are in a country that has issues and such ...open source or your previous gov't that is likely pushing their centralized crypto coin

folk are gonna bet on the worldwide geeks instead

it happened with unix/ linux etc no reason why it can't happen with the internet of things with crypto and btc imho

[Marma Kalari]

Anyone or any country can come up with their crypto currencies and it wont affect bitcoin,the idea behind bitcoin is to have a decentralized economy which is not controlled by anyone and that is the sole reason bitcoin purist started using it as time passed people are coming in because of the monetary advantage,after all it is going to be just another copy coin.

[Taki]

This is pretty possible. People are inspired with bitcoin success and it's technology. I am really believe that one day it may appear local USAcoin or RUcoin and other like that.