If china got their own coin?

[hajimasan]

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

I don't think that it will be big thing because already such types of news are coming from.many countries  , here the recent example of the country India , who gaves the official statement through a newspaper that they will launch their own coin Laxmi
, So here I think china is also looking to do the same thing .
But here I don't think that we should have any thoughts about the future of the bitcoin , Because government owned coins will be fully traceable by them , so people will still use bitcoin only as an priority.

[thirdprize]

It's not coin related but ...
http://www.wired.co.uk/article/chinese-government-social-credit-score-privacy-invasion

[fanbeila]

Even if china launches its own coin,still it would not have any impact on bitcoin since bitcoin is already not dependent on china for its progress.

If the chinese government thinks that if they introduce their own coin,then all the bitcoin holders would shift to their coin,then they would have to get seriously upset.Bitcoin holders would not switch to the new coin since the new coin would not at all be a decentralized coin and it would be fully controlled by the government.Also,it would not be giving such huge profits like bitcoin.So,the chinese investors are not fool enough to buy such government issued coin instead of bitcoin.

[GreenCoin22]

Bitcoin is decentralized, if they are going to do it they are against first rules of bitcoin. If one government is going to do this it'll not have enough interest for people.

[USScrypto]

the key of bitcoin was to be decentralized, without rules that nobody can have control on it. If China government is going to do this it ll be betrayal. And I am sure thet people will not show interest for this coins.

[xBitHodler]

Even if China would release their own cryptocurrency it would differ from Bitcoin. It wouldn't have a fixed supply and it would centralised. So there's no point for them to replace their fiat with cryptocurrency. As far as I know, cashless transactions thanks to Weechat are widely used in China so it won't be difficult to introduce it.

[BartS]

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

You do not understand, why people would need bitcoin in the first place with so many currencies in place? And yet we see bitcoin gaining more and more popularity, why? Because people are slowly realizing that a fiat currency is nothing but a fraud, even if China created their own currency it will have the same flaws as their fiat, so bitcoin will keep being as popular as ever.

[Pleione527]

There's no problem if they will release their own coins besides they already banned bitcoin so it will not affect the market of bitcoin anymore. China is well known in copying things so I will not be surprise if they will did this but I don't think their coin can sustain the market especially that the growing demand in bitcoin almost lose the value of all other alts

[szpalata]

There's no problem if they will release their own coins besides they already banned bitcoin so it will not affect the market of bitcoin anymore. China is well known in copying things so I will not be surprise if they will did this but I don't think their coin can sustain the market especially that the growing demand in bitcoin almost lose the value of all other alts

If they release their own coin then it will serve them right because they have always frowned on bitcoin and i don't expect such a coin to travel beyond the Chinese borders because the same will be accorded to them in kind what they did to bitcoin.

[Cosbycoin]

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.

Well I think it will not work like bitcoin because bitcoin is decentralized and there a lot of things which bitcoin keep hide so bitcoin is not an ordinary currency and I don’t think so any other crypto can replace bitcoin because bitcoin know how to keep it self-stable with high price in market so no need to worry about any other coin in market.

[KuromaYoichi]

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

It doesn't matter if they create their own coin, in the end it will be centralized and the one who want a decentralized one will choose bitcoin. It's not the first time some country want to create their own crypto currency, they are free to do that but the only user will be that country civilians and not the people from other country because they will choose something better.

[AlexW333]

China will not create a own coin!!!!!!!!!!!!!!!!!!

They just recognize one of the coins and will control it

I am sure it wll be NEO

[Vz Ketua]

I think they still need BTC. Even if their potential users are so big with the issuing of new coins there will be no problem. Bitcoin is currently going to be the main coin of coins circulating in the market.

[salihno71]

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

I would say there will always be some kind of relationship between national cryptocoins and btc. China (and most likely also other countries) will surely control miners and it's even question if algorithms will be compatible or not. So it will influence the btc but on a smaller scale.

[justspare]

I didn't mean the Chinese government, I meant the Chinese miners.  It would still be decentralised, just largely around China.  Has there been any attempts?

There are quite a few alts that I've never heard of that were huge in China. But I don't think there'll ever be such a thing as a crypto that sticks entirely to only one country. If there's action then everyone will want in no matter where they are.

And there are now no reliable Chinese markets so something China focused wouldn't get too far.

I think that if China got their own currency it will take too much time for people in the rest world to accept and regularize that currency because there are many currencies in the world which still did not get registration and is not known to the people rather those currencies are there in the market for a long time. That’s why I am suspicious about Chinese currency if they create their own besides bitcoin. Bitcoin is world acceptable currency and no other currency can replace it.

[dmamigo]

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

I would say there will always be some kind of relationship between national cryptocoins and btc. China (and most likely also other countries) will surely control miners and it's even question if algorithms will be compatible or not. So it will influence the btc but on a smaller scale.

I also think BTC will always be interconnected with all othe cryptos.
And not only China mostly all countries have possibility of having their own coin, and they all will be connected.
Bitcoin will always be there.

[BartS]

Even if china launches its own coin,still it would not have any impact on bitcoin since bitcoin is already not dependent on china for its progress.

If the chinese government thinks that if they introduce their own coin,then all the bitcoin holders would shift to their coin,then they would have to get seriously upset.Bitcoin holders would not switch to the new coin since the new coin would not at all be a decentralized coin and it would be fully controlled by the government.Also,it would not be giving such huge profits like bitcoin.So,the chinese investors are not fool enough to buy such government issued coin instead of bitcoin.

Correct, why would anyone want to change their bitcoin for that centralized coin, this is what many governments do not understand they think they are going to fool people by just creating their own crypto with all the old flaws of fiat, people do not want that, people want to be free from their control and that is why bitcoin is being chosen over all the fiats of the world.

[g4vinshreds]

I figure that a lot of the bitcoin miners are probably somewhere in China,  so this might actually be very bad for bitcoin if that happened because they might start mining it instead.  It won't be that bad though,  as it will just be another altcoin,  but it would definitely have some importance as the official cryptocurrency of China.

[ajmapalo22]

I will not affect bitcoin demand if ever China will have their own coin. As expected they banned bitcoin for this purpose.to have control over cryptos and penetrate their earnings making their own coin will not harm bitcoin and aside from that I don't think their coin can remain strong in crypto currencies especially if other countries will not support their coin with regards to trading and acceptance.

[Tashi]

Well, if China got their own coin, it wouldn't possible that they would be using it since China is a country that uses digital/ online transactions. Just like the richest man on China, and that is Jack Ma. If he's going to consider their own coin for his online shopping business, that would be a big hit.