Bank & Government Crypto - page 2. | Bitcointalksearch.org

Ozero

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Quote from: target on May 03, 2021, 04:22:51 AM

Quote from: Zilon on May 03, 2021, 03:37:56 AM

Some countries like china, Cambodia and the Bahamas has launched their own digital currencies. Yet Bitcoin still isn't manipulated. Although we are yet expecting more countries to launch their own digital currency I believe before that said time we would know if Bitcoin could be manipulative or not. But considering it's decentralized nature I believe since it can't be a stable coin government policies wouldn't be able to affect it's value

Surprising to learn Cambodia had done it already. Pretty sure governments and banks are not going to create cryptocurrency that prices will be determined by the market, that's not how they want it.

The Chinese government had already said BTC can be treated as an investment which could change things eventually if they allow Chinese to invest in BTC and could they use the CBDC backed digital Yuan. So if they do, they are all going to harvest BTC from the market.

There is a lot of uncertainty with the Chinese digitalized yuan because it will not be based on blockchain technology. Therefore, I doubt that we will see it on cryptocurrency exchanges. However, given that it has been in development since 2014 and has been tested for a long time, this will be a significant and significant event. Moreover, the digitized yuan will serve such a powerful economy as in China.
Of course, CBDCs will be similar to government non-cash forms of payment, only with better functional indicators. More specifically, it will be possible to say about them after their appearance.

target

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Quote from: Zilon on May 03, 2021, 03:37:56 AM

Some countries like china, Cambodia and the Bahamas has launched their own digital currencies. Yet Bitcoin still isn't manipulated. Although we are yet expecting more countries to launch their own digital currency I believe before that said time we would know if Bitcoin could be manipulative or not. But considering it's decentralized nature I believe since it can't be a stable coin government policies wouldn't be able to affect it's value

Surprising to learn Cambodia had done it already. Pretty sure governments and banks are not going to create cryptocurrency that prices will be determined by the market, that's not how they want it.

The Chinese government had already said BTC can be treated as an investment which could change things eventually if they allow Chinese to invest in BTC and could they use the CBDC backed digital Yuan. So if they do, they are all going to harvest BTC from the market.

Zilon

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Some countries like china, Cambodia and the Bahamas has launched their own digital currencies. Yet Bitcoin still isn't manipulated. Although we are yet expecting more countries to launch their own digital currency I believe before that said time we would know if Bitcoin could be manipulative or not. But considering it's decentralized nature I believe since it can't be a stable coin government policies wouldn't be able to affect it's value

noorammak

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I think the government cryptocurrency is a blockchain-based development currency. The government will require people to KYC, comply with many different regulations to combat fraud and money laundering.
Government cryptocurrencies will be open source, the supply is unknown because the government has the authority to issue how much money they want.
Bitcoin is decentralized, does not require KYC to hold, and is fixed at 21 million BTC. Bitcoin's value increases over time because of its rarity in mining and each halving.
It can be said that Bitcoin is superior. Cryptocurrencies serve only government purposes. Bitcoin serves the purpose of its owner.

TheUltraElite

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Quote from: Kayum10029 on April 25, 2021, 07:23:54 AM

With Bitcoin, the government of a country and the central bank of that country make a very important contribution. If a country's government and central bank accept Bitcoin in a friendly way, then Bitcoin will be considered as an important asset of that country. But now it seems to be the opposite.

That would be a huge bullish push to bitcoin even if one country does it for now and then more will follow suit and the biggest rise in bitcoin price will happen. But that is still a long way to go, currently only institutional investments are coming in and that too Musk is selling coins when they want to.

Quote from: uneng on April 23, 2021, 12:45:47 PM

Another justifications such as crypto being a safer and faster payment method don't make sense, because our national currencies are already very safe and fast when doing virtual payments, due to their centralized nature and system.

I dont think they are concerned about safety, they are more concerned with the money laundering. Point is that both fiat and crypto are used for money laundering and at least in crypto these criminals can be caught. More if the country starts its own stablecoin. Already digital payments are on the rise and if they add in stablecoins then it will be a boost for them. But maybe that will delay the acceptance of bitcoin to some extent.

Kayum10029

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Quote from: NatureMoves on April 11, 2021, 07:03:24 AM

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

With Bitcoin, the government of a country and the central bank of that country make a very important contribution. If a country's government and central bank accept Bitcoin in a friendly way, then Bitcoin will be considered as an important asset of that country. But now it seems to be the opposite.

uneng

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Quote from: adzino on April 16, 2021, 04:12:09 PM

Quote from: ?? on ??

Most likely, yes. Otherwise, what is the point of creating digital currency?

So that they can easily track and keep an eye on the people?

Yes, that is the only reason I can imagine right now why governments would create their own stable crypto currencies. The issue with fiat is that it's not traceable, as it's just paper, being the favorite method used for criminal activities. If crypto currency is enforced, these activities tend to decrease or to be easier followed by authorities.
Another justifications such as crypto being a safer and faster payment method don't make sense, because our national currencies are already very safe and fast when doing virtual payments, due to their centralized nature and system.

ice098

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Quote from: Distinctin on April 16, 2021, 04:59:13 PM

They are free to do that but that seems not it gives a huge negative impact on Bitcoin.
because no matter what the government and banks doing, Bitcoin still the king among cryptocurrencies. This gonna be optional but I'm expecting that people will still be choosing Bitcoin that these centralized coins. We can keep and store our Bitcoin with no commission and our fullest controlled wallet, not like how it going to happen when using banking institutions.

I never doubt that the government will definitely make their own cryptocurrency since crypto today was being trend and everybody already sees the worth and value of having crypto. Well every country only wanted to improve their economy especially the crisis that the pandemic was brought a lot of economic downfall so considering making their own crypto and implement it to their people to used it will in fact so possible. But to be honest, I do believe that this has nothing to do with bitcoin, bitcoin was already established and valuable.

Argoo

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Quote from: NatureMoves on April 11, 2021, 07:03:24 AM

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

The cryptocurrency of governments and their banks will simply be one of the types of cashless payments. The external design will be different, but the essence will be the same: it will be money controlled by the state and the state will own all the information about their user. It is assumed that it will mainly work on blockchain technology and will have improved characteristics in comparison with conventional currencies of states. However, we have not yet seen how central bank stablecoins work in practice.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: gerryhartell on April 16, 2021, 02:01:25 PM

If banks and governments create their own cryptocurrencies, we will lose more than we gain. Criminal activity will increase a lot. They will make illegal transactions legal.

If they do create their own currencies then that would be to prevent illegal transactions and not promote them. Use some common sense here, since governments know bitcoin becomes a safe haven for tax defaulters and money laundering, they would try to prevent that by stopping the use of the latter and then catching those criminal out.

So criminal activity would ideally reduce. But then those people will try to find out other methods to access the bitcoin network again. Honestly this is not completely possible since banning bitcoin would mean stopping electricity supply but running their own digital currency means again starting electricity supply. I am not that knowledgeable on this as to how both could happen at the same time. Running a countrywide intranet? I am sure that goes against the very ideals of democracy.

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Quote from: Distinctin on April 16, 2021, 04:59:13 PM

Quote from: NatureMoves on April 11, 2021, 07:03:24 AM

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

They are free to do that but that seems not it gives a huge negative impact on Bitcoin.
because no matter what the government and banks doing, Bitcoin still the king among cryptocurrencies. This gonna be optional but I'm expecting that people will still be choosing Bitcoin that these centralized coins. We can keep and store our Bitcoin with no commission and our fullest controlled wallet, not like how it going to happen when using banking institutions.

Wont really be giving out any impact on crypto market as a whole because government would always deal up with things which are centralized which does oppose
on what we are currently dealing with crypto which isnt really that giving out some typical interest because we know that government would be sticking out
on having control on everything and if they do decide to create their own coin then let them be but one things for sure that it wont be considered to be called
as crypto because basing off with characteristics alone then you can determine the difference between night and day.

Distinctin

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Quote from: NatureMoves on April 11, 2021, 07:03:24 AM

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

They are free to do that but that seems not it gives a huge negative impact on Bitcoin.
because no matter what the government and banks doing, Bitcoin still the king among cryptocurrencies. This gonna be optional but I'm expecting that people will still be choosing Bitcoin that these centralized coins. We can keep and store our Bitcoin with no commission and our fullest controlled wallet, not like how it going to happen when using banking institutions.

kawetsriyanto

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We may answer it after the government announces officially about the main goal of creating that cryptocurrency. If they are used for a currency, I am sure that the most used of that crypto by the government is to help in payment methods, to be simpler, easier, and also more advanced technology.

However, can it be stored in a ledger?
Well, basically, every crypto may be stored in a ledger in order to save our money. It is like in a bank. However, it will also depend on how the govenrment will require. Maybe they are only focusing on storing in the digital banks by their own.

adzino

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Quote from: NatureMoves on April 11, 2021, 07:03:24 AM

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

If the government and the banks creates a crypto currency, then it is going to be a centralized coin and will highly likely be backed by fiat or something. The market won't be a decentralized market, hence we won't be determining the price. The price will be determined by the central banks. The banks will keep on issuing or minting the coins as long as needed just like fiat currency. In other words, a government controlled crypto currency is just a regular fiat currency, but uses the blockchain technology.

Quote from: ?? on ??

Most likely, yes. Otherwise, what is the point of creating digital currency?

So that they can easily track and keep an eye on the people?

Similificator

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It ain't a matter of if but when. Because obviously, the banks will have to adapt to changes and technological improvements that are happening in the world. So it will definitely happen in the future. As to the value, it would most likely be just the same as how fiat gains value. I highly doubt that the banks and governments would also adapt rhe way the system in this industry works. That's just not possible.

willoweb

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If banks and governments take up such a thing and begin to "churn out" their cryptocurrencies, then the principles on which the community was built and the blockchain itself will be violated. Because this path of "centralization" will contradict the fundamental principle of decentralization on which everything was built. Privacy and anonymity will be a thing of the past, and who will benefit from it? Only these banks are government. Judge for yourself today, all banking financial products in their interest rates lose by several orders of magnitude to what any cryptocurrency exchange offers. Their tools become uncompetitive.

gerryhartell

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If banks and governments create their own cryptocurrencies, we will lose more than we gain. Criminal activity will increase a lot. They will make illegal transactions legal.

tanjiran

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Quote from: mbe48 on April 13, 2021, 12:07:56 PM

Just my thought, if that happened there might be panic for people who don't know what Crypto is. Must adapt to the introduction process of the function and use beforehand. But this is very interesting, if the Bank and the government make Crypto, maybe the price will also suit the people in the sense that it has a stable price so it doesn't trigger inflation ..

that is why these changes need to be gradual and supportive outreach. if the government wants to make its own crypto, that's right, it will be like a stable coin backed by the currency prevailing in that country. In this case, I see the government is more focused on alternative payment systems and adjustments to technological developments, especially blockchain.

isaac_clarke22

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Depends on what people really look for, but for me personally, I would not.
It goes against my reasoning why I invested in Bitcoin.

I want to hold my money without involving any other authorities. My money, my holdings.
Decentralized, OP.

Rasel5209

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Quote from: NatureMoves on April 11, 2021, 07:03:24 AM

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

If you local bank and government accepted crypto currency. I hope your own money is safe in this bank.

Topic: Bank & Government Crypto - page 2. (Read 525 times)