If china got their own coin?

[BartS]

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.

If they created their own crypto then it will be just like their national currency, no one uses the Chinese currency out of China so it will only be a local coin, I know that I would not want to hold such a coin for even a second, and taking into account the draconian control of the people the Chinese want to have it is unlikely that foreigners are going to be allowed to hold it either.

[brush1]

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

[richardsNY]

I know that I would not want to hold such a coin for even a second, and taking into account the draconian control of the people the Chinese want to have it is unlikely that foreigners are going to be allowed to hold it either.

It may definitely add a certain degree of usability versus their regular currency, but that's not even the point. Bitcoin offers a constantly increasing market, and the most important aspect is that it allows us to store value outside the governmental and banking system. You can spend your value whenever you want, where you want, and at whatever quantity you want -- no one can block anything, and you don't have to justify anything. From there it's safe to say that even when they enjoy a great level of in-country usage, these national digital currencies will never be a threat to Bitcoin or basically any other crypto currency.

[hassanchahrour]

If China has their pennies then it is a barrier to bitcoin in the Chinese market, bitcoin will take the lead.

[sofi@]

Just in case China will be having their own coin I guess it will not mean that they will no longer use bitcoin because for sure they will be having an exchange for bitcoin especially now that tge value is really high. In terms of bitcoin demand I don't think it will be affected even if China has large population because bitcoin is a global currency so for sure many people will still use bitcoin

[ASHLIUSZ]

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.

If they created their own crypto then it will be just like their national currency, no one uses the Chinese currency out of China so it will only be a local coin, I know that I would not want to hold such a coin for even a second, and taking into account the draconian control of the people the Chinese want to have it is unlikely that foreigners are going to be allowed to hold it either.

Yes, the currency that's been created gets used within the country letting people use it for transactions within the country. For cross border transactions surely there is a need for a common platform. Bitcoin will serve as the common platform and will get used. Upon this reason, China creating its own digital coin won't affect bitcoin as well altcoins big.

[Zandar]

Since China banned crypto it would be counterproductive to create their own coin. The goverment does not even have a need for this. They pulled the plug on crypto and the rest of the world survived it.

[Mike Mayor]

I think it's a great idea that China use their own crypto currency. It can be a thing if pride as well. I'm just not sure I'd the government would like it so much seeing as they communistic and everything. If that can be overcome then maybe china will mostly mine their own currency while the rest of us handle Bitcoin mining. I have no idea what that would do to mining difficulties though.