If china got their own coin?

[xuan87]

Everyone and every country can release their own coin, but the most important question is whether they are going to get users or any support, without any users the coin will just useless and worth nothing, and coin that come out from the government is not decentralize

[nidacoinlove]

Everyone and every country can release their own coin, but the most important question is whether they are going to get users or any support, without any users the coin will just useless and worth nothing, and coin that come out from the government is not decentralize

Yeah it's all about the users who support a certain coin. It's not necessary that every alt will be successful nor can we say that every alt could be unsuccessful. The coins success is measured by the number of its users. Bitcoin is successful because it has a global support without a label of any country. If China introduces it's owner cryptocurrency it is not even sure that all the Chinese will support it and surely the many people will ignore it due to the fact of Chinese label on it.

[Snaic]

If the Chinese government issues its own crypto currency, I think it will not have much significance in the world of crypto currency. Since it will be fully centralized, it is likely to be used primarily domestically. It is unlikely that international treaties will be concluded with its use. the Chinese market is, of course, huge and this crypto currency will be able to find its place, but for the economy as a whole it will not matter much.

[kueyen]

I agree with everyone saying what matter is not who owns the country, but rather how much trust people place in the currency... However, don't you think that a certain country (especially a powerful one like China) standing behind a currency would increase its legitimacy for the average person, so that it would increase the coin's popularity and take rate? The average person is skeptical about cryptocurrencies anyways, a country standing behind one may make it easier for them to buy into the system.

[dreamer81]

They can try. But it will be centralised. So what is the point. The idea behind bitcoin is decentralisation. China making their own will just be RMB on blockchain. It has no store of value as they can make more.

So forget that idea. It will never be good.

[rommil]

Bitcoin it's like a gold, if China will get their own cryptocurrency, bitcoing will go up 100%

[Kakmakr]

Would they need BTC?  With 1.3 billion potential users wouldn't that be enough?

A government issued coin <GovCoin> will be no different than fiat currency. The government will manipulate it and they will make sure that every citizen is linked to a specific address. This will destroy anonymity and it would be even worst for the people who will be forced to use that currency.

Do not think for one moment that the Chinese government will allow a decentralized/unregulated currency like Bitcoin, forever?

[cah ndablek]

Would they need BTC?  With 1.3 billion potential users wouldn't that be enough?

I think it's very good for bitcoin advancement in the future Because China is a country that has big capital to create various projects that will emerge later and will create opportunities for anyone in job search and income each month.

[lepricoin]

China has a huge potential of human strength and they use it in their own production. the government could have made its own coin, which would have had a successful growth.

[Yakamoto]

Would they need BTC?  With 1.3 billion potential users wouldn't that be enough?

That's assuming that the potential users would even consider using their own coin.

The big thing that you likely aren't considering about all of this is that just because there is a potential market, it doesn't mean much when you consider that a lot of Chinese involved in Bitcoin use it as a means of escaping their national currency (which is often getting devalued). Having a currency that is just mirroring their own currency, in an inverse relationship, with no hope of moving it out of their own currency and into, say, USD, that would not be acceptable for ma lot of them.

[ab007]

If china got some sort of currency then it will be totally in the hand of china government and they will look after it but as for bitcoins is concerned its totally decentralized and no one about each other but having trading and investing in it

[Ucy]

I doubt this would work. Cryptocurrencies aren't like Social Media or any other Centralized sites. Real Cryptos aren't controlled by any country or region. Most countries governments especially China could be quite emotional when it comes to companies owned or controlled by another country.

[iram3130]

Eventually every country will make it's own cryptocurrency as they can't control these. Government's will never approve decentralized currency as they'll be in trouble is something happens to their economy.

[amla]

Yes possibility is there because there is huge number of farm in china but it will be totally different from bitcoins because if china do so it will be regulated by the china government and check balance after each user will be there but in the case of bitcoins it is not that so and its the world first decentralized digital currency.

[HabBear]

Would they need BTC?  With 1.3 billion potential users wouldn't that be enough?

What are you referencing? Is there an article you can link?

When you say "China got their own coin" you are literally not saying "China got Bitcoin". But then you say "Would they need BTC?"

A lot of governments are setting up their own blockchain based currency. It's kind of funny, technically they're hard forking their own fiat currency! Hahaha.

These moves are kind of ploys to get citizens to subscribe to the fiat backed blockchain based currency. It's really no different than the fiat currency. But it gives the government visibility into every transaction, supports their will to get rid of paper money, and potentially offers a small investment opportunity (although this last point depends on whether these governments are issuing a finite supply of coins or if they'll be able to increase the money supply as they do for fiat currency.)

[Ucy]

Eventually every country will make it's own cryptocurrency as they can't control these. Government's will never approve decentralized currency as they'll be in trouble is something happens to their economy.

Every country already owns its own "Cryptocurrency", it's called Online Bank. trillions of dollars of citizens wealth are controlled by those "Nationalized Cryptocurrency banks"
By the way, as soon as any crypto becomes Centralized , it ceases to be called a Cryptocurrency.

[googs84]

After seeing benefits and success of cryptocurrency not only china but many other economically developed countries Sweden, Canada started their own digital currency. Chines government is not yet confirmed this news but Central Bank of China  has already developed its crypto and tests are going on. Cryptocurrency may get supported by blockchain, it has the potential to decrease the rates of fraud and counterfeiting, which would be of service to the government’s attempts to reduce corruption and fraud, hacking, money laundering etc. Chinese crypto get regulated by its government, so it will not affect Bitcoins popularity

[olushakes]

Would they need BTC?  With 1.3 billion potential users wouldn't that be enough?

If they have their coin based on the population there then its no different than what is currently obtained with their fiat currency because it will only be used within their jurisdiction and the moment they allow it to be traded to BTC and vice versa, it then means that they are back from where they started from.

China is a trailblazer country that I believe rather than going that way, they would prefer to expand their control towards that direction and if that won't work, they would rather ban everything all together.

[jc89]

Would they need BTC?  With 1.3 billion potential users wouldn't that be enough?

I think China already have their own coins just like other countries. And I'm positive that those coins are decentralized which means they have control over it. So if you are asking if they still need BTC then my answer is yes. Well, their citizens do and I'm pretty sure some of them really have btc in their stash. Who could resist owning btc right now, right? China is all about having control so of course there will be people there who is tired of being manipulated and maybe that's the reason why there are China town all over the world. Citizens choosing to live far away from their homeland as much as possible.

[Visbay]

Would they need BTC?  With 1.3 billion potential users wouldn't that be enough?

Having their own crypto coin for improving their economy is a pretty smart move . But the support will only be shown by natives .
Obviously China's population will somehow strengthen their local coin ( even though a lot of population includes elderly ) . But the support that is with bitcoin cannot be shaken by any other local coin . The main proof is the rise of bitcoin even after the China ban . But if every country starts making their own crypto coins then that might be a reason of big concern for sure.

I think its not about that anyone can make crypto because it’s not easy job to make crypto and then keep maintain its high price bitcoin is actually decentralized and it’s not going to easy to defeat bitcoin is going to do hard work in market and it keep its price maintain with high price and bitcoin is such a challenger currency in market.