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Author Topic: A government issuing crypto currency pegged to its currency kill bitcoin?  (Read 159 times)
lottoken@lottoken.org
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November 01, 2017, 05:10:56 AM
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Would a stable government like those in EU region issuing its own crypto currency which is supposed to be identical to the actual currency kill bitcoin?

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krishnapramod
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November 01, 2017, 05:57:18 AM
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Is there a difference between a government-backed fiat currency and a government-backed cryptocurrency? No. Then how is this going to kill Bitcoin, a decentralized, censorship-resistant, free market currency.

By launching their own cryptocurrencies governments would be able to establish a parallel payment system where both Fiat and digital tokens of Fiat would exist with the purpose of gradually phasing out cash and thus having more stringent control over the finances of their citizens. Compared to existing electronic payment systems, DLT based central bank-backed cryptocurrencies would be better as a payment system, but still it is tied to the existing monetary, political, and economical policies that are prone to inflation and manipulation.

The question really isn't about Bitcoin. It is more about how cash-based societies would accept a government backed cryptocurrency, knowingly giving control of all your finances to the government.
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November 01, 2017, 05:59:15 AM
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No. A government-issued cryptocurrency would be no different from FIAT, and wouldn't have the merits of Bitcoin.
Bitcoin is transparent, trustless and decentralized. It's also anonymous to a certain degree, in that you can't link an address to one's identity.
You'd most likely lose some of those merits with a government-issued cryptocurrency which would automatically make it inferior to Bitcoin.
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November 01, 2017, 06:30:25 AM
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Would a stable government like those in EU region issuing its own crypto currency which is supposed to be identical to the actual currency kill bitcoin?

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I dont think so that they will kill bitcoin by issuing their own cryptocurrency. Bitcoin is the strongest cryptocurrency now because many investors invest with bitcoin. A lot of issues has been raised in order to kipl bitcoin but then again bitcoin is unstoppable.

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November 01, 2017, 06:47:21 AM
 #5

How they can issue a cryptocurrency when they don't even know the meaning of it? That thing will run on a server, controlled and needs permission for anyone to have access. Only uninformed individuals will actually adopt those.
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November 01, 2017, 06:52:24 AM
 #6

It depends on a lot of factors :

1. Will these governments ban all other crypto currencies, when they issue their own Crypto currency?
2. Will the citizens of those countries willingly support the government with these ideas? < votes can change the government >
3. Will these citizens trust governments to implement a technology that can track every single transaction you make?
4. Will people still use Bitcoin in underground/decentralized markets?
5. Will people see the difference between private and public Blockchain technologies?

We can only predict the behaviour and how people will react, once we know to what level these governments are prepared to take these actions.

Use your vote <if you can> to support a government that supports the freedom to use Crypto currencies. ^smile^

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November 01, 2017, 06:59:25 AM
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Nope they will just make a stupid coin that is centralized and regulated like a fiat money it is like a digital fiat owned government instead of crypto currency, they cannot kill bitcoin now unless they shutdown the entire internet in the world, they cannot do anything whether they will adapt to its system of blockchain, stay on their old traditional monetary system or create their own digital fiat money but it is just like the traditional having the difference is only the technological execution.

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November 01, 2017, 07:28:27 AM
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Bitcoin is decentralized and a crypto coming out from a country is most likely going to be centralized and even where it is also decentralized, it is going to operate parallel to bitcoin and so, would not change anything from bitcoin nor kill it.

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November 01, 2017, 07:43:05 AM
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Bitcoin is a universally accepted currency beyond national boundaries.Also,it is decentralized currency totally uncontrolled by any one,especially governments.That's the main reason it is trusted by most people.

But a crypto currency issued by a particular government would only get attention within the country and would be bought only by its citizens.Even its citizens too would not want once again to get caught in the hands of government.Also,people from other countries too would not show any interest in buying such currencies.

So,it would be in no way a threat to bitcoin.
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November 01, 2017, 08:02:56 AM
 #10

Would a stable government like those in EU region issuing its own crypto currency which is supposed to be identical to the actual currency kill bitcoin?

Thoughts?

None of the present users of Bitcoin would touch such Crypto currencies with a pole. It would be equivalent to handing over all your financial records to the government. And we know how much that can be misused.
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November 01, 2017, 03:26:55 PM
 #11

It might not work i mean the developers will ve government employees while bitcoin is a complete anonymous system when government get's involved it means it will be decentralized and tax will be charged then what will make people switch to their coin instead of bitcoin



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