Will countries launching their own cryptocurrencies affect bitcoin?

[azguard]

Simple answer no. Some have plans to create there own cryptocoin with blockchain. Close to completing this project was Sweden (last time i read about it), and that was news from last year. Dont have any info are they in process of finish or they abandoned this project, but they have good idea. Creating E-Crown for they cuz they are one of countries that dont use that much fiat (paper) money.

[1714758838]

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[bitbunnny]

Not so many countries will decide to issue their own cryptocurrency, they are not interested in something like that. And even if they do that will not affect Bitcoin in any way..Russia has some project but I think russian government is well aware that they will not achieve anything with that and definetely not endanger Bitcoin.

[stompix]

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/

Wow that's a lot of bs there..
Bitcoin thriving in Venezuela.

Now , first, It was not the Greek crisis it was the Cyprus bank crisis that brought bitcoin into the spotlight.
And even that was pretty stupid. Because with banks closed you had no opportunity to buy bitcoins.

Just like now in Venezuela.
How can you buy Bitcoins there? How can you use them? How can you exchange bitcoins.

A stupid blog decided to make a story and put a load of crap and people are buying it like it is real.
His fake story has already been debunked here:
https://www.reddit.com/r/Bitcoin/comments/6d2w1b/bitcoin_is_saving_my_family_from_starvation/

[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/

Wow that's a lot of bs there..
Bitcoin thriving in Venezuela.

Now , first, It was not the Greek crisis it was the Cyprus bank crisis that brought bitcoin into the spotlight.
And even that was pretty stupid. Because with banks closed you had no opportunity to buy bitcoins.

Just like now in Venezuela.
How can you buy Bitcoins there? How can you use them? How can you exchange bitcoins.

A stupid blog decided to make a story and put a load of crap and people are buying it like it is real.
His fake story has already been debunked here:
https://www.reddit.com/r/Bitcoin/comments/6d2w1b/bitcoin_is_saving_my_family_from_starvation/

Let's keep the stupid blog and the guy's crap story aside:

http://www.businessinsider.in/Venezuela-is-cracking-down-on-bitcoin-fever/articleshow/57639110.cms

https://www.forbes.com/sites/realspin/2017/02/03/why-venezuelas-currency-crisis-is-a-case-study-for-bitcoin/

I guess these two sites does not belong to the "stupid" category. According to them, bitcoin users have increased from 450 in 2014 to 85,000 in 2016 in Venezuela. The hyperinflation started from 2014.

The guy has mentioned something about black market, since his story has been debunked it is not worth it to take his opinion into consideration. I do not live in Venezuela, maybe you do so you are better informed than these websites. Unfortunately when I come across a few websites relaying the same information, I deduct their might be some truth in it.

"Thriving" might not be the apt word, not native English. Should have just put it plainly "user base is increasing"

[iamTom123]

This trend of governments or their financial institutions launching their own cryptocurrency is actually a great validation that Bitcoin must be effective and the technology behind Bitcoin is something worth looking at.

However, these coins are just copycats and can also be categorized as alternative coins no matter if their governments will recognized them officially.

These coins would just be a laughing stock and can be symbol of governmental overreach. They are destined to fail right from the very start.

[stompix]

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/

Wow that's a lot of bs there..
Bitcoin thriving in Venezuela.

Now , first, It was not the Greek crisis it was the Cyprus bank crisis that brought bitcoin into the spotlight.
And even that was pretty stupid. Because with banks closed you had no opportunity to buy bitcoins.

Just like now in Venezuela.
How can you buy Bitcoins there? How can you use them? How can you exchange bitcoins.

A stupid blog decided to make a story and put a load of crap and people are buying it like it is real.
His fake story has already been debunked here:
https://www.reddit.com/r/Bitcoin/comments/6d2w1b/bitcoin_is_saving_my_family_from_starvation/

Let's keep the stupid blog and the guy's crap story aside:

http://www.businessinsider.in/Venezuela-is-cracking-down-on-bitcoin-fever/articleshow/57639110.cms

https://www.forbes.com/sites/realspin/2017/02/03/why-venezuelas-currency-crisis-is-a-case-study-for-bitcoin/

I guess these two sites does not belong to the "stupid" category. According to them, bitcoin users have increased from 450 in 2014 to 85,000 in 2016 in Venezuela. The hyperinflation started from 2014.

The guy has mentioned something about black market, since his story has been debunked it is not worth it to take his opinion into consideration. I do not live in Venezuela, maybe you do so you are better informed than these websites. Unfortunately when I come across a few websites relaying the same information, I deduct their might be some truth in it.

"Thriving" might not be the apt word, not native English. Should have just put it plainly "user base is increasing"

It doesn't matter how credible forbes or bi are when the source is this:

With the Venezuelan bolivar essentially worthless and supplies rapidly running out, Bitcoin is rising as an answer. According to Bitcoin brokerage Surbitcoin.com, the number of Venezuelan users skyrocketed, from 450 in August 2014 to more than 85,000 in November 2016.

This is the norm here.
Every exchange , online wallet , casino just adds a 0 or two on their userbase.

They managed to get lets say 100 000 users. But that is users on the platform not bitcoin holders.
There was leaked gox document that showed only 10% of the users actually did some trading, I for example have a btce and bittrex account but never ever used them.

And even if you have those 100 thousands.... why is there no info about a shop accepting bitcoin.
Nothing, nada.

How would that even work?
Buy usd on the black market then buy bitcoins go back to the black market buy groceries with bitcoins and then the seller exchange the bitcoins for usd to buy it's contraband from columbia?

Do you really expect a contraband network that needs to do daily bribes to stand at the mercy of the bitcoin price and risk getting killed (for real) if the price drops before a deal?

[deisik]

These coins would just be a laughing stock and can be symbol of governmental overreach. They are destined to fail right from the very start

That's why there won't be any such coins

I've been hearing about some government going to create their own cryptocoin as long as I've been reading the forum, but I have yet to see even a single implementation of what could be loosely called a government coin (apart from regular fiat, naturally). As I already said, governments may be looking for new payment schemes and systems but there is no chance they are going to create a second currency which would be competing with regular fiat

[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/

Wow that's a lot of bs there..
Bitcoin thriving in Venezuela.

Now , first, It was not the Greek crisis it was the Cyprus bank crisis that brought bitcoin into the spotlight.
And even that was pretty stupid. Because with banks closed you had no opportunity to buy bitcoins.

Just like now in Venezuela.
How can you buy Bitcoins there? How can you use them? How can you exchange bitcoins.

A stupid blog decided to make a story and put a load of crap and people are buying it like it is real.
His fake story has already been debunked here:
https://www.reddit.com/r/Bitcoin/comments/6d2w1b/bitcoin_is_saving_my_family_from_starvation/

Let's keep the stupid blog and the guy's crap story aside:

http://www.businessinsider.in/Venezuela-is-cracking-down-on-bitcoin-fever/articleshow/57639110.cms

https://www.forbes.com/sites/realspin/2017/02/03/why-venezuelas-currency-crisis-is-a-case-study-for-bitcoin/

I guess these two sites does not belong to the "stupid" category. According to them, bitcoin users have increased from 450 in 2014 to 85,000 in 2016 in Venezuela. The hyperinflation started from 2014.

The guy has mentioned something about black market, since his story has been debunked it is not worth it to take his opinion into consideration. I do not live in Venezuela, maybe you do so you are better informed than these websites. Unfortunately when I come across a few websites relaying the same information, I deduct their might be some truth in it.

"Thriving" might not be the apt word, not native English. Should have just put it plainly "user base is increasing"

It doesn't matter how credible forbes or bi are when the source is this:

With the Venezuelan bolivar essentially worthless and supplies rapidly running out, Bitcoin is rising as an answer. According to Bitcoin brokerage Surbitcoin.com, the number of Venezuelan users skyrocketed, from 450 in August 2014 to more than 85,000 in November 2016.

This is the norm here.
Every exchange , online wallet , casino just adds a 0 or two on their userbase.

They managed to get lets say 100 000 users. But that is users on the platform not bitcoin holders.
There was leaked gox document that showed only 10% of the users actually did some trading, I for example have a btce and bittrex account but never ever used them.

And even if you have those 100 thousands.... why is there no info about a shop accepting bitcoin.
Nothing, nada.

How would that even work?
Buy usd on the black market then buy bitcoins go back to the black market buy groceries with bitcoins and then the seller exchange the bitcoins for usd to buy it's contraband from columbia?

Do you really expect a contraband network that needs to do daily bribes to stand at the mercy of the bitcoin price and risk getting killed (for real) if the price drops before a deal?

I went through around 10 posts you made in the last one hour or so. Found this,

Show me the trading volume, not inflated stories.
We know hoe the Chinese volume and usage was faked for years.

I'm not going to stay and listen to the same story about every damn country on this planet.

Some of your posts are solely based on criticism and assumptions, that also not constructive criticism. No offense mate, but you are just blatantly criticizing or disapproving based on your own POV without doing any research or thinking the other way aroynd. I live in India and know the scenario here. Just easy to say, not going to stay and listen to the same story about every damn country on this planet. Apart from this sole sentence do you have anything to backup that bitcoin demand has not increased in India, nope. Instead of asking for volumes or concluding it is an inflated story, if you had put the effort to prove that bitcoin demand has not risen in India that would have been constructive criticism. I guess you got my point.

You have just made a similar point here, that every exchange, wallet, casino just adds a couple of digits to their user base. I believe there is some truth in it. But still the point is bitcoin use has increased in Venezuela. In short, the numbers mentioned on Forbes or BI might not be exact, but at the same time it would not be an assumption that Venezuelan citizens are gradually adopting bitcoin.

https://www.theguardian.com/technology/2016/dec/16/venezuela-bitcoin-economy-digital-currency-bolivars

Farias said that some use the currency to buy food or medicine, while Venezuelans abroad use it to send funds to their families.

Some use bitcoins to buy Amazon gift cards, then order goods and food on the online store in the US and other countries, which can then be delivered by courier to Venezuela – where supermarket shelves are frequently empty.

Others use the currency as safe haven for their savings. “I save in bitcoin and when I need money, I convert it into bolivars, I just changed 0.14 bitcoin and that was enough to live for quite some time,” said Lili Beth Grela, who runs Cryptobuyer’s finance department.

I hope Amazon counts as a shop.

[btc_angela]

These coins would just be a laughing stock and can be symbol of governmental overreach. They are destined to fail right from the very start

That's why there won't be any such coins

I've been hearing about some government going to create their own cryptocoin as long as I've been reading the forum, but I have yet to see even a single implementation of what could be loosely called a government coin (apart from regular fiat, naturally). As I already said, governments may be looking for new payment schemes and systems but there is no chance they are going to create a second currency which would be competing with regular fiat

You have a point. I think if they are going to create their own cryptocurrency, this is to somewhat stop their citizen to buy or get other crypto's specially bitcoin, and not with their regular fiat. But the problem is that I don't think there will a successful government crypto that can compete with bitcoin. So I think they should stop creating their own government sponsored crypto.

[itsallpc]

No it would not affect bitcoins.Those countries have planned to release cyrpto currencies for their own people and not for global usage.No other country's people would show interest in buying another country's coin.But bitcoin is accepted globally and it has investors all over the world.Bitcoin has gained trust all over the world.So bitcoin would not get affected by any of those currencies.

[deisik]

These coins would just be a laughing stock and can be symbol of governmental overreach. They are destined to fail right from the very start

That's why there won't be any such coins

I've been hearing about some government going to create their own cryptocoin as long as I've been reading the forum, but I have yet to see even a single implementation of what could be loosely called a government coin (apart from regular fiat, naturally). As I already said, governments may be looking for new payment schemes and systems but there is no chance they are going to create a second currency which would be competing with regular fiat

You have a point. I think if they are going to create their own cryptocurrency, this is to somewhat stop their citizen to buy or get other crypto's specially bitcoin, and not with their regular fiat. But the problem is that I don't think there will a successful government crypto that can compete with bitcoin. So I think they should stop creating their own government sponsored crypto

That would be an exercise in futility, stupidity and absurdity

If they ever wanted to outcompete cryptocoins (let's assume that), they could easily get there if they made their fiat money itself more attractive. That could be virtually anything, for example, ease of transaction, stable floating exchange rates against major currencies, universal acceptance in the world, and so forth. Really, they would achieve better results if they just outright banned Bitcoin and other currencies. Obviously, it would be only nominally or comparatively better, not that they would somehow succeed at reaching their ends in this endeavor

~

I went through around 10 posts you made in the last one hour or so

That's a well known forum clown

[flower1024]

No it would not affect bitcoins.Those countries have planned to release cyrpto currencies for their own people and not for global usage.No other country's people would show interest in buying another country's coin.But bitcoin is accepted globally and it has investors all over the world.Bitcoin has gained trust all over the world.So bitcoin would not get affected by any of those currencies.

See if any coin come to market and started to build good reputation then automatically the other currency value will come down. See now more people are showing interest in ETH coin. So it will effect on bitcoin users. Newcomers are getting confused which coin they want to use. Maybe the OP is right the other cryptocurrencies are affecting bitcoins.

[ArnoldChippy]

No it would not affect bitcoins.Those countries have planned to release cyrpto currencies for their own people and not for global usage.No other country's people would show interest in buying another country's coin.But bitcoin is accepted globally and it has investors all over the world.Bitcoin has gained trust all over the world.So bitcoin would not get affected by any of those currencies.

although there are thousands of new currencies already created, but they have no effect on bitcoin, bitcoin is number one currency from the very beginning and hope that it will remain as number one currency in the future also.

[Dux2K]

Personally don't think it will have any effect,  cuz i don't see any point in this.
What will they gain and what will they have with this? Nothing just another coin.

[stompix]

~

Still no numbers. Nothing.
I'm really getting tired of those stories about India, China , Venezuela ... Nigeria.

If in 3 years being around this forum you haven;t learned that all this stories are just hype with no real material proof behind then I'm sorry for you.

Fact until you come up with numbers...
Only usage and demand in the us and EU matter. Nothing else.
All the large shops large companies large everything, shops and users are located there.

And it's easy to understand.
When almost all of the wealth is concentrated here , nobody will care is 10 Venezuelans will have 10$ to buy a few satoshi.

Put your indian pride aside and face the truth.You can't invest in bitcoin and make a difference with 100$ a month net wage.

End of story.

Apart from this sole sentence do you have anything to backup that bitcoin demand has not increased in India, nope. Instead of asking for volumes or concluding it is an inflated story, if you had put the effort to prove that bitcoin demand has not risen in India that would have been constructive criticism. I guess you got my point.

Also , before typing make sure you post something that makes sense.

I am the one denying it, you are the one that claims it's true.
You have to come with the numbers and the facts not me.

I'll be waiting.

Meanwhile you can check the animated map here:
https://blockchain.info/unconfirmed-transactions

Of course it is not accurate but it shows the basic idea

[Barbarian]

It is not going to have a big effect those that are smart and are willing to see what it is going on are not going to settle for second  best when they can get the best of the best in the form of bitcoin.

[secdark]

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.

you are right. they will make a coin with that name and make it successful and it will be their digital currency  though if all of the country make a cryptocurrency like that it is just famous with in their country because other country has their own coin thats why.  But it wouldn't be the same with bitcoin that is universal

[mindrust]

http://www.zerohedge.com/news/2017-06-12/putin-meets-ethereum-founder-create-national-virtual-currency

Putin meets Vitaliq to start a national currency based on ethereum, lol.

Ethereum is a backstabbing piece of shit which whores for banks and governments. Bitcoin tried to take the power from banks and govs and give it back to people but sheeple gonna sheepl.

I guess humanity is in love with slavery and slaves themselves like it most.

[SimmonenY]

http://www.zerohedge.com/news/2017-06-12/putin-meets-ethereum-founder-create-national-virtual-currency

Putin meets Vitaliq to start a national currency based on ethereum, lol.

Ethereum is a backstabbing piece of shit which whores for banks and governments. Bitcoin tried to take the power from banks and govs and give it back to people but sheeple gonna sheepl.

I guess humanity is in love with slavery and slaves themselves like it most.

Guess, Putin just found a way to control cryptocurrency. Russia won't accept bitcoin, they will just make their own putincoin and be happy thinking they are progressive.

[ActiveP]

Currency must be simple to use and easy to understand. At the moment bitcoin is being used as a speculation tool and for some the ability to actually buy and invest into their own ideas, philosophies and get rich quick delusions. If countries develop their own coins, it will help normalise bitcoin as a currency and promote adoption.