Can the government or banks create their own crypto?

[CryptGuardian]

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

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[crazyjack]

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

Since you are new here, you must be aware that the large part of BTC is already in the hands of FBI, CIA, NSA, etc.

They dont need to create another crypo, with the unlimited amount of money they have, they can easily destroy this "dance" we are having now.

They are the puppeteer, and we are...well you know.

[Marry Finch]

Banks can create and create their own digital currency. An example of this is a ripple coin. These coins will work in their narrow sphere of banks and will not compete with the original bitcoin. States can also create their own centralized crypto currency. Most likely, she will also walk mostly inside this state and will not have much support. Therefore, I believe that such a digital currency simply can not compete with bitcoin.

[Janation]

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

Everyone can create their own crypto currency, the thing here is how many people will be investing or supporting that crypto currency in the circulation. So the obvious thing that a user can do is to be aware or cautious of that crypto because they will think that it may be a trap of the government and may be a crypto currency that is not decentralized.

[jseverson]

They could. Some governments have bared their plans on creating their own digital currency, and some banks have pledged to support them. It is unclear what effect that would have on Bitcoin and other crypto at the moment. We don't even know what kind of features they will implement. They won't really need to pump it because (most of) it will be based on fiat from what I've read.

[susila_bai]

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

anyone can create a new coin so why not government , or banks cannot , they can also but the thing is how are they going to promote and maintain it, because if they create their own coin then they have to work separately as if other banks have their own coin then how will the funds will be transferred from one bank coin to another bank coin. So their are lot of difficulty if everyone create their own coin,. so bitcoin is much better to use it.

[ajmapalo22]

Yes they can actually anyone can create their own crypto currency as long as they can provide capital. I thinks there's a posibility for government and banks to create their own coin so that they will have full control over its market the only problem is if this coin will be accepted by the people and supported by majority of investors when introduce.

[sumangs]

Yes they can but no one will become interested since the banks could control the user of their cypto's funds. It contradicts the principle of why bitcoin is made and supported by investors. That is the only problem I can see and they will getting a hard time to maintain the life of the crypto coin they'll made.

[poliy1219]

The NSA government and banks can create money, but they created bitcoin currency and is completely different, the creation of government NSA and bank notes, it can be controlled, is completely centered, and bitcoin is to the center, this is the biggest difference. At random, I don't think it's possible for the government to create coins like bitcoin.

[Dudeperfect]

Yes, why not. Since blockchain technology is offering better speed, features and fees for any transaction as compared to that of our traditional infrastructure, governments would definitely try to build its own infrastructure to facilitate fiat currencies through Blockchain technology. Now it is getting the issue of survival for the banks so if they are not transforming their business models and system infrastructure then it will be very difficult for them to survive in the market. I am sure, we will have at least 2 to 3 countries testing their own cryptocurrencies in the year 2018-2019.

[VitKoyn]

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

Anyone with enough understanding and knowledge in programming can make their own cryptocurrency. Some known countries that already have their own cryptocurrencies are China and Russia. But the thing is if government make their own cryptocurrency that is backed by their fiat currency it will kill decentralization because they will surely want to have control of it, people wants and will always support a decentralized payment method, investment and store of value that is why government issued cryptocurrency will never defeat Bitcoin.

[bitcoincollector03]

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

Banks already started projects using blockchain, Jpmorgan, SCB, UBS,
Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street have joined the group developing the “utility settlement coin” (USC), a digital cash equivalent of each of the major currencies backed by central banks

It was long back so since today no update on the media. But yeah just wait. Soon it will be integrated and that time it will be centralized lolz

[polymerbatt]

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

To defeat bitcoin ? Nope, it won't happen. The government or banks can create their own crypto, even you and everybody here can create your own crypto too. The problem is, is there anyone who want to use your crypto/token/coins ? Even token that is from project ICOs is not always success.

[nareshrohra]

They absolutely can. And many countries are indeed doing it. The reasons for that are quite simple. They will have more control over the cryptocurrency and they can decide which exchanges(s) it can be traded on. The later will also allow them to impose stricter KYC norms

[0t3p0t]

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

Yes of course. We know already that governments and banks has billions or even trillions of funds to start for any projects they want to create but the question is, How about the community, do they really like to support centralized type of crypto? Though I know one coin that is the best example for this matter and it is no other than Ripple (XRP). Look at the status of Ripple now it supassed the MarketCap of Litecoin and is listed as top number four coin in the market with high cap. It always depends on the community if they are investing to the coin banks and governments created. Some issues with such projects are safety and privacy which investors are looking for before investing because they thought there are ways banks and governments has to use their own cryptography to have an eye with our funds since it is centralized.

[Palmholder]

   Russian Central Bank declared recently they plan to create cryptorubble. But how a currency may be cryptic if a bank operates it? Especially if "crypto" rubble will be correlated with fiat rubble then what is a point of it?
   The part of society which is in trust with fiat bank system will eat that bait, but bitcoin users got no reason to change their tends. So this act will not be able to strike bitcoint price. Does not bitcoin mean anarchy in good sence?

[pearlmen]

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

With the way the crypto is, even you as an individual can create your own coin or say token with little or no effort, just having some amount of money to.cover the logistics not to talk of government that have all the resources at their disposal. Tlak about the media, the unlimited fund to push it, and even the force of the law to.ensure compliance and much more. How will they not be able to create their own coin but maybe their interest is into something else or they feel the time is not ripe yet to push something like that but sooner or later, it might get to that level.

[Ayush rana]

If government like to add their own virtual currency into market then yes they can create their own crypto currency, but to make their own crypto currency more valuable the government has to ban other currencies so that the inflow and outflow can increase.

[bettor_earth]

The World is much more complicated than just money & currency.
To know more about this read this: https://bitcointalk.org/index.php?topic=2392894

Or you can go straight to https://angelteam.wordpress.com (No any kind of commercial, just pure information)

[Welsh]

Let's be brutally honest here, if the government did release their own coin why would anyone trust it? It's not likely to be decentralized, and if it is then we are making progression. Maybe, banks will try a version of a cryptocurrency in the future, probably something which acts like shares and pays out on that.