what happened to Bitcoin and cryptocurrency?

[plvbob0070]

Some countries are already planning to have their centralized digital currency, and I think in the few next years, we will see more countries will also want to have their own digital currency. And for me, even if they will make their own,  it won't affect bitcoin negatively unless they will try to ban it. If we're going to look on the positive side, it can give more recognition to bitcoin and crypto as a lot of people will use digital currency for their daily transactions.

[shamimal93]

I always think if a big country like America or China makes their own digital currency and has the same system as Bitcoin (develops its own blockchain system), then the digital currency of that country is recognized as a legal digital currency and is used for digital transactions by all countries, then I thought what would happen to Bitcoin and cryptocurrency, would Bitcoin and cryptocurrency survive? or even Bitcoin and cryptocurrency will become legal too?

Bitcoin is the world's first digital currency.  I do not believe that any digital currency can be created to compete with Bitcoin.  And Bitcoin has been created with people all over the world in mind.  If America makes their own digital currency, it will be confined to their own country.  If China makes its own currency, it will be confined to the country.  But Bitcoin was not created with a specific race in mind.  Bitcoin has been created with people around the world in mind.  So Bitcoin cannot be compared to any other digital currency.

[imstillthebest]

nothing bad will happen to them . didnt you know that what your saying of country creating a coin already happened before ? china was one of that but i forgot if u.s have that too but im sure that some parts of the countries arent left behind when the boom of digital currencies came out . we think that this can bring negative impact to cryptos but no but this makes people explore more world of digital payments and when they found out crypto they are going to legalize it.

 currently crypto was stronger compare to local crypto based currencies issued by a country

[Bitcoin Smith]

I always think if a big country like America or China makes their own digital currency and has the same system as Bitcoin (develops its own blockchain system), then the digital currency of that country is recognized as a legal digital currency and is used for digital transactions by all countries, then I thought what would happen to Bitcoin and cryptocurrency, would Bitcoin and cryptocurrency survive? or even Bitcoin and cryptocurrency will become legal too?

Each and every country has their own digital currency so the black chain System different from this kind of currency especially with kind had huge number of expectation for a long period of time so I think both the normal digital currency and also cryptocurrency survive in this world for long period of time.

[kryptqnick]

I always think if a big country like America or China makes their own digital currency and has the same system as Bitcoin (develops its own blockchain system), then the digital currency of that country is recognized as a legal digital currency and is used for digital transactions by all countries, then I thought what would happen to Bitcoin and cryptocurrency, would Bitcoin and cryptocurrency survive? or even Bitcoin and cryptocurrency will become legal too?

If a big country makes their coin, this coin might become popular and grow in price. However, I don't think people would dump Bitcoin for it. Instead, new people who used to prefer fiat would now switch to digital centralized currencies. Thus, I don't think Bitcoin would suffer from this because it'll still have its users. Maybe even more people would become interested in it once they get used to those centralized coins and see the disadvantages. As for legality, I think Bitcoin is already legal in major economies (and is neither legal nor illegal in many countries), so I don't think any changes to that would be prompted by centralized coins.

[wxa7115]

I always think if a big country like America or China makes their own digital currency and has the same system as Bitcoin (develops its own blockchain system), then the digital currency of that country is recognized as a legal digital currency and is used for digital transactions by all countries, then I thought what would happen to Bitcoin and cryptocurrency, would Bitcoin and cryptocurrency survive? or even Bitcoin and cryptocurrency will become legal too?

There is no need to worry, this is something many people have been thinking about before governments even warmed up to the possibility, will any government create a decentralized cryptocurrency like bitcoin with an open source code, no backdoors that they cannot print at will and from which they cannot change the rules of the network as they want?

If the answer is no then there is nothing to worry about  since bitcoin will keep being used as it will be superior to that currency and if the answer is yes then there is nothing to worry about either since that coin will just be a bitcoin clone, so bitcoin will survive and even thrive under those conditions.

[pixie85]

If a country develops its own digital currency it will still be a centralized digital currency.

It will be no different from electronic form of fiat money you have on your bank account with the difference that you'll be able to see your transaction on the blockchain without having to login to your bank account.

For investment purposes a decentralized cryptocurrency will always be a better choice.

[senya-com]

Pandemic shoud'd driven cryptocurrency tech more useful than it was, but we actually see mostly stock changes rather than progress in frontend technologies for users...

[ShowOff]

If a country make its own cryptocurrency then I believe it will be a centralized currency which will be different from bitcoin. The government won't let the currency it create get out of control and they always want to control it. This is what make me believe that there is no impact on decentralized bitcoin and people will use bitcoin as usual.
But I still think that the government will tighten bitcoin regulation if they have their own crypto.

[coolcoinz]

Let's say China makes their own cryptocurrency and opens easy transfers between banks and their local businesses. What will happen to Bitcoin? Nothing because Bitcoin is banned in China anyway so first of all establishing a local cryptocurrency would put them in a position where they have to specifically ban all other cryptocurrencies but their own. In such case their citizens who aren't now using Bitcoin would still be unable to use Bitcoin, which means 0 impact on the market if you ask me.

[DoublerHunter]

^ This has been discussed million times already. And as a matter of fact, bitcoin has been with us for almost a decade now. The entire platform the system is something that is the government trying to consider. Some of the people on the upper scale have their values stored there meaning to say that they cannot let the bitcoin stopped. Nevertheless, so if that's the case, bitcoin will still be there no matter what happens, as a matter of fact, we are now in the mainstream and most people consider using bitcoin in medium exchange.

[witcher_sense]

I always think if a big country like America or China makes their own digital currency and has the same system as Bitcoin (develops its own blockchain system), then the digital currency of that country is recognized as a legal digital currency and is used for digital transactions by all countries, then I thought what would happen to Bitcoin and cryptocurrency, would Bitcoin and cryptocurrency survive? or even Bitcoin and cryptocurrency will become legal too?

We have every reason to believe that if big countries were to create their own cryptocurrency, the system using that new digital currency would be no different or would be even worse than the fiat system we have today. That would become a splendid occasion for further adoption of bitcoin. Sane people have already lost trust in government-issued money and switched to the use of bitcoin in their everyday transactions. Some of them have recognized bitcoin as a superior store of value, an effective instrument for protection from crises, recessions, high inflation, and negative interest rates. No way would they give up their bitcoin once again in exchange for pseudo cryptocurrency, which has no advantages whatsoever.

Governments will try to compete with bitcoin and they will fail again, no matter how advanced their blockchain will be.

[sharos]

I don't think it will affect Bitcoin too much because I believe the digital currency of a country will certainly make it easier for users from that country to touch cryptocurrency. And I don't think that's going to kill Bitcoin.

Absolutely right, Now almost every day we can see brand new cryptocurrency. Some of them really from a good place. But they can't kill other cryptocurrencies like bitcoin.

[VanityWallets2015]

I doubt it. If they will create such thing then the Banks will be no use and so everything will be decentralized.
Wherein the decentralized one is which the government really hates and the price of it will be really volatile which will really affects the government.
I really don't see for now that some big countries will create their own coin like a Bitcoin.

[Renampun]

I think Bitcoin and some Altcoins will be an asset in the future...
if all major countries issued their own cryptocurrencies then the cryptocurrencies in circulation today would experience a decrease in usage. so I think some of the current Altcoins will disappear and be replaced with cryptocurrencies that are circulated by the country.

[Alucard1]

It takes time before they crate their currency, American can create digital currency and it is only for american people, China can also create a digital currency for Chinese people only, creating their digital currency will not affect bitcoin or any cryptocurrency. At first, most of the people in their country will support that digital currency because it is still new and there are many benefits that they can do but as time goes by they may realize how unique bitcoin is and may regret why they set cryptocurrency away.

[farrellronald]

as you may have heard, China created its new cryptocurrency and so many people think that this could change the world of business since they can do any Trade with any country very much easier. it is simple, china can take over the global trade. however the creation of this crypto currency has had almost no effect on Bitcoin. I think the more there are cryptocurrencies, the more Bitcoin value will be shown

[waiberz]

We notice that they will use a digital currency but we don't know how it really works. Unlike crypto or blockchain it is borderless transaction and bitcoin has a value that almost reach a thousands of dollars.

So the question is can we buy and trade that electronic currency  and can beat the price of btc? Or it is still 1usd : 6.62 Chinese yuan as a current price from forex.

The issue is, it can be decentralized or centralized. That's why blockchain was created because we don't want monetary control of authority or any third party constitution banks alike.

[serjent05]

I always think if a big country like America or China makes their own digital currency and has the same system as Bitcoin (develops its own blockchain system), then the digital currency of that country is recognized as a legal digital currency and is used for digital transactions by all countries, then I thought what would happen to Bitcoin and cryptocurrency, would Bitcoin and cryptocurrency survive? or even Bitcoin and cryptocurrency will become legal too?

Bitcoin and other popular cryptocurrencies have established their foundation.  They already have a huge community that will support them all through out.  Even if America and China create their own blockchain-based currency, I believe the said earlier cryptocurrency will always have a place in the market.  As of being legal, there are countries that adopted Bitcoin as alternative currency or as a medium of exchange.  Others even legalized it so with big country creating their own cryptocurrency, I think it won't affect the legality of Bitcoin .

[J1mb0]

I think if the countries of the world release their own cryptocurrency it will make bitcoin more popular and increase in price.
Cryptocurrencies issued by countries are no different from fiat currencies, it will be a centralized currency and managed by the central bank. For those reasons the coins issued by countries will not be able to compete with bitcoin.