What happens to Bitcoin if Central Banks start issuing their own cryptocurrency?

[lighpulsar07]

Posted today on Reuter's wire:

http://www.kitco.com/news/2017-09-17/Too-Soon-to-Determine-Risks-of-Central-Bank-Issued-Cryptocurrencies-BIS.html

They are thinking about it!  Bitcoin has made an inroad, but will it make bankers honest? Or is it just a ploy to regain control of the money supply?

well they already have digital currency which is faster than bitcoin and other crytocurrencies so, why do they need to create an altcoin? they only want is the blockchain technology which is the public legder of all transactions stored in the blockchain and the reason is they want to track all of the bank transactions.

[YuginKadoya]

Posted today on Reuter's wire:

http://www.kitco.com/news/2017-09-17/Too-Soon-to-Determine-Risks-of-Central-Bank-Issued-Cryptocurrencies-BIS.html

They are thinking about it!  Bitcoin has made an inroad, but will it make bankers honest? Or is it just a ploy to regain control of the money supply?

Its just all the same and this news isnt really new anymore which Banks would really issue their own coin but i guess why would they do such thing and would bother to do so? It would be just like on local fiat itself if they would made their own coin and people will really still look up on a decentralized one rather than on a centralized one.They can really stop people on using such thing.

they can surely made their own Altcoins and not exactly like another bitcoin, and I think it will not be very competitive just like other Altcoins today but I think people that knows about that bank will surely use it, banks right now have a tendency to control bitcoin but they don't have the power to do so, so instead of controlling or stopping it, they will make their own.

[krishnapramod]

A government backed cryptocurrency might increase the efficiency of a centralized financial system, but is it going to have any impact on Bitcoin? No. The concept behind a centralized cryptocurrency is the same as the concept behind cash, just digitalized tokens of Fiat money. Unlimited supply, same old flawed monetary system, backed by the government, and still prone to hyperinflation.

The ideology behind Bitcoin as a cryptocurrency is a decentralized, apolitical, permissionless, trustless system. It offers an alternative to people who have lost faith in the flawed monetary system. Representing Fiat as cryptocurrency isn't going to change the underlying flaw.

[Fatunad]

Posted today on Reuter's wire:

http://www.kitco.com/news/2017-09-17/Too-Soon-to-Determine-Risks-of-Central-Bank-Issued-Cryptocurrencies-BIS.html

They are thinking about it!  Bitcoin has made an inroad, but will it make bankers honest? Or is it just a ploy to regain control of the money supply?

Its just all the same and this news isnt really new anymore which Banks would really issue their own coin but i guess why would they do such thing and would bother to do so? It would be just like on local fiat itself if they would made their own coin and people will really still look up on a decentralized one rather than on a centralized one.They can really stop people on using such thing.

they can surely made their own Altcoins and not exactly like another bitcoin, and I think it will not be very competitive just like other Altcoins today but I think people that knows about that bank will surely use it, banks right now have a tendency to control bitcoin but they don't have the power to do so, so instead of controlling or stopping it, they will make their own.

They dont really have the power to control bitcoin and this is why they are making such step so that they would able to recruit those people on the place to use it instead specially to those people who dont have knowledge or awareness on bitcoins existence for sure they would end up on using that coins made by them but for those people who do have known about bitcoin already then they will surely neglect this thing.

[jatin729]

THAN the scenario will change totally,
every country will have own crypto , That may be effect on bitcoin value.
Bitcoin still has advantage if central banks issue own crypto because bitcoin is decentralized,

[kondor1030]

Posted today on Reuter's wire:

http://www.kitco.com/news/2017-09-17/Too-Soon-to-Determine-Risks-of-Central-Bank-Issued-Cryptocurrencies-BIS.html

They are thinking about it!  Bitcoin has made an inroad, but will it make bankers honest? Or is it just a ploy to regain control of the money supply?

Issuing digital currency on a private blockchain is not much different from legacy systems where the central bank has full control over the money supply. If you have a private blockchain then you have a central authority or at best a group of influential players who can change the rules. Countries cannot win this one.

[btccashacc]

Nothing will happen to Bitcoin, because banks are already working with virtual currencies using encryption right now. They will never issue a crypto currency, that

a. is confirming transactions completely decentralized
b. people can mine with their computers
c. has a public ledger
d. has a limited amount
e. is open source
f. ...

Means, that everything a bank will issue might even be called "Cryptocurrency", but it will definitely not replace the idea of Bitcoin.

This is so true. If they issue their own cryptocurrency it's gonna be an electronic money (though they already have it) it's not similar to the bitcoin so it will never replace bitcoin. This is a topic that is always discussed in this forum, I personally think that blockchain will be used by the banks in order to make their service cheaper, faster, and more efficient. There are so many considerations that they must think before issuing their own crypto, like they said in that article the risks of issuing crypto could not yet be fully assessed.

[webtricks]

Posted today on Reuter's wire:

http://www.kitco.com/news/2017-09-17/Too-Soon-to-Determine-Risks-of-Central-Bank-Issued-Cryptocurrencies-BIS.html

They are thinking about it!  Bitcoin has made an inroad, but will it make bankers honest? Or is it just a ploy to regain control of the money supply?

It will be beneficial for Bitcoin unless Central Bank launches it as in opposition to Bitcoin or to eradicate the use of Bitcoin from country.
Otherwise the concept of cryptocurrency will automatically ponder the buzz about Bitcoin among the public. Public would like to keep Bitcoin all along with National cryptocurrency because when people compare the two, Bitcoin will be one with more return as the latter one will be more stagnant since it will be regulated one.
Hence it will only lead to prosper Bitcoin.

[fanbeila]

Even if the banks issue their own crypto currency,i think that it will not get much popular because people would not want once again to deliberately get caught in the hands of banks.Such currency would not be a decentralized currency like bitcoin.It would not gain support globally and in no way,it could replace bitcoin which has been the ultimate choice of investors world wide since it has given them the true financial freedom.Such currency issued by banks may be only bought by people who don't know the true potential of bitcoin.

[iv4n]

Even if the banks issue their own crypto currency,i think that it will not get much popular because people would not want once again to deliberately get caught in the hands of banks.Such currency would not be a decentralized currency like bitcoin.It would not gain support globally and in no way,it could replace bitcoin which has been the ultimate choice of investors world wide since it has given them the true financial freedom.Such currency issued by banks may be only bought by people who don't know the true potential of bitcoin.

Banks and governments can force people to use their currency, if they give salaries in their new crypto currency people will need to use it for many things paying and buying. Country with most population will have high demand for this crypto, because many store's, companies, will sell their products for their own crypto currency.
Bitcoin is good because of the story behind it, countries that make their new alt will have alt that have s flag, and bitcoin doesn't have it. Satoshi Nakomato is you and me, that means everyone. Without a flag, origin and religion, anyone can adopt it and to not be nervous because of it. Russians will never adopt dollar, US will never adopt Kuwait dinar, and so on but bitcoin is suitable for all the countries and people in the world.

[ololajulo]

If the central banks starts to issue their own cryptocurrency then it will not affect bitcoin a lot because people are now smarter and they will use bitcoin more than the central bank's cryptocurrency because bitcoin has a higher potential in profiting because it is decentralized and it is not controllable by the central banks or even the government.

yes, the trust rate and news of the currency will heighten. Since there was no international central currency before now, it will just assume the position. U think Government don't know what it will look like, the only help it bring to government is to have reserve for bitcoin now at a larger  quantity so it can be like every other hardfork.

[senne]

Bitcoin has its own value, no matter if Central Banks start issuing their own cryptocurrency it will be simply cash in form of online money nothing else as it will be controlled by a group of people who can increase and decrease the price according to theirs profit. The biggest difference between these 2 currencies would be that one would be Decentralized that will be Bitcoin and other will be Centralized. So there will be very less effect on Bitcoin.

[countryfree]

Central banks can't manage fiat currencies so I don't see them being successful managing a cryptocurrency, even with the help of the law.
Also, many people invested in BTC for the very precise that it has no link to any central bank.

Does anyone think the Federal Reserve or the European Central Bank, so good at quantitative easing (printing money), can be good at managing a cryptocurrency?

[Ucy]

Altcoin is better than whatever they intend to create. It would be the perfect definition of what some forum members call s*** coin.
They seem not to get it. It is over for centralization, abuse of powers, opaque governance,  extreme Corruption, extreme poverty, currency manipulation, fascism, elitism, domination, lack of respect for fellow citizens, lawlessness, etc..
 IT IS complete waste of time to resist change whose time has come.

[ivrynx]

It will only mean one thing, they surrendered to bitcoin and accepted bitcoin, as the saying goes, if you cannot beat them join them. If central.banks started to issue their own cryptocurrency, the question is how much is it going to worth, since they are also listed in yhe stock market, they can say, it may be priced as the their price in the stock market, but are people.be wlling enough to use their cryptocurrency, if there are other banks that arr much known and has a lot of branches, which fiat will they choose as equivalent to their ctptocurrency. I think banks will really need to to think twice reagarding the creation of their own cryptocurrency, and there is also another thing that they will have to face, if they can make their oen cryptocurrency, so does other companies that has a value than them, so why would people try to invest on them if there is something better. What insee here is, if this happen, bitcoin's price will skyrocket, because if these banks will have cryptocurrency, it will only mean, that they will need to follow bitcoin, and for sure fiat by then is alrrady obsolete and bitcoin will be the standard, it is possible that 1xcoin from the bank will equivalen 1000 satoshis, that's how i see it, since it had happened before with gold, silver and copper, gold still valued high, though a lot are already using silver.

[allthingsluxury]

This is actually old news. We've been hearing about this for years. One of the key points of Bitcoin is the trust the community has in it. While we distrust central banks. Them issuing a crypto currency is not going to make us suddenly trust them.

[ramsdaj28]

Posted today on Reuter's wire:

http://www.kitco.com/news/2017-09-17/Too-Soon-to-Determine-Risks-of-Central-Bank-Issued-Cryptocurrencies-BIS.html

They are thinking about it!  Bitcoin has made an inroad, but will it make bankers honest? Or is it just a ploy to regain control of the money supply?

I doubt that banks will make such thing. But if ever they create their own coins/tokens, I think bitcoin won't be affected that much. Bitcoin, for me, will remain as the best and most reliable cryptocurrency. Also, you can see that a lot of new companies today have created their tokens (most of these are ethereum-based), but only a few (or little) has been successful.

[traderethereum]

Posted today on Reuter's wire:

http://www.kitco.com/news/2017-09-17/Too-Soon-to-Determine-Risks-of-Central-Bank-Issued-Cryptocurrencies-BIS.html

They are thinking about it!  Bitcoin has made an inroad, but will it make bankers honest? Or is it just a ploy to regain control of the money supply?

I doubt that banks will make such thing. But if ever they create their own coins/tokens, I think bitcoin won't be affected that much. Bitcoin, for me, will remain as the best and most reliable cryptocurrency. Also, you can see that a lot of new companies today have created their tokens (most of these are ethereum-based), but only a few (or little) has been successful.

i think that in someday if the banks finished to learn bitcoin, they will make their own coins/tokens. if this is happen then people have more option to invest their money. if they want to use full decentralize then they can choose with the existing coins, but if they want to use centralized then they can use the coins from the banks. and now we can see that many companies is interesting with the blockchain technology and they are released their own coins like above me said.

[Chairul Muttaqin]

They already have a digital currency, what do they need a crypto currency for?

You know what happens? Nothing. It's no different than the fiat currency that central bank already owns and manages. The central authority makes them no different than fiat currency. The cryptology part is secondary to this fundamental principle.

yeah when they really making their own cryptocurrency it will break the tag line of bitcoin (and other cryptocurrency) about "decentralized currency" central bank will control all about their up coming alternative coin which they going to make. we don't see decentralized aspects  coin anymore of their coin.

[Carlsen]

They already have a digital currency, what do they need a crypto currency for?

You know what happens? Nothing. It's no different than the fiat currency that central bank already owns and manages. The central authority makes them no different than fiat currency. The cryptology part is secondary to this fundamental principle.

yeah when they really making their own cryptocurrency it will break the tag line of bitcoin (and other cryptocurrency) about "decentralized currency" central bank will control all about their up coming alternative coin which they going to make. we don't see decentralized aspects  coin anymore of their coin.

A crypto currency distributed by a central bank, I don't see how that wold be any different that the local fiat.
Maybe because crypro currencies get more popular every day the central banks thought they want to participate and bring something similar on the market.
But I don't see who would want to buy a state controlled crypto currency.