Can the government or banks create their own crypto?

ahmadakbari

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Quote from: Lykslyks on November 25, 2017, 08:28:04 AM

I think, the government won't waste their time creating their own cryptocurrency to beat bitcoin, cause its impossible for them to beat it. Knowing that if they have their own currency taxes and fees in each transaction will be automatically putted in it so no one will be into it.

Yes, I agree with you. That's why governments haven't tried to create any cryptocurrecencies. People won't use any crypto which must pay high taxes for it.

Lykslyks

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I think, the government won't waste their time creating their own cryptocurrency to beat bitcoin, cause its impossible for them to beat it. Knowing that if they have their own currency taxes and fees in each transaction will be automatically putted in it so no one will be into it.

bitcoinveda

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Indian central bank RBI coming with Laxmi coin govt owned cryptocurrency with blockchain technology even Sweden China and Japan are developing their own cryptocurrency

e-coinomist

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Quote from: malourdesesmores07 on November 25, 2017, 07:46:56 AM

Yes, there's a big tendency or possibility that the governments or banks can create their own cryptocurrency but many business establishment will be affected if the government run their own crypto.

Most likely they allready did. It is about finding out which one from coinmarketcap they did.
Ripple always has been the oddshot standing near to institutions and tinkering on total supply.
They are the one falling like a rock since 5/17/2017 and marked as Not Mineable

Patatas

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Quote from: CryptGuardian on November 12, 2017, 06:28:54 PM

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

They won't defeat bitcoin,they will just force policies which will make people stop using bitcoins and use their coin instead.They government will always control the chain and will have the control over the transactions.So don't expect another "bitcoin" from the government.To simplify it further,government would levy small service charges on each transaction.Also their mining will be private : )

gunhell16

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anyone can .. i still remember one of the thread i read here ,, 5 banks are getting together and will rellease their own crypto soon early next year ..
they cant do anything with crypto but to join them Cheesy

LogitechMouse

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Anyone can create their coin if they know how to create. We can see this in an ICO that many are doing some ICO because they want to create new coins but most of them are becoming scams or they can't support it. Banks and the government can create their own coin as long as they can support it.

malourdesesmores07

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Yes, there's a big tendency or possibility that the governments or banks can create their own cryptocurrency but many business establishment will be affected if the government run their own crypto.

audrey12

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Of course they can because creating own crypto only needs capital and developers to help them what would be their problem is that if people will accept the market of their coins because so far bitcoin is now on the top unless these governments will prohibit the use of bitcoin and only their coins will be accepted in their market. I don't think if that time happen bitcoin can be replace.

ivanst776

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Quote from: 8270thNinja on November 13, 2017, 01:55:45 PM

Quote from: CryptGuardian on November 12, 2017, 06:28:54 PM

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

Check your spellings first.
Why would government create their own crypto with the sole purpose to destroy Bitcoin when they already have the power to ban it?.
'Legal Bitcoin' will be shady af, Bitcoin is already existing. This kind of move of any Government will be stupid,shady and questionable.

Yes they can because bitcoin or any other digital currency has been made by somebody, so why not the governments and the banks can make their own cryptocurrency? It is possible and easier for the governments to make their own cryptocurrency and implement it in their respective countries because the people of that particular country will accept their official cryptocurrency without any hesitation.

JTASSOCIATES

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Good Idea each and every country government and banks create their own cruptocurrency will be a health completion among them and there will be no issues in accepting bitcoin. As bitcoin will consistently perform well till the government establish their cryptocurrency.

Dart18

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They can create their own. They have the resources, the people and the money so it is just an easy task. But to defeat bitcoin?
Nahhh. I dont think they can do. It might be a good competition but they will just do it again with all the power and control and who wants that if you are already exposed to bitcoin which made you think about freedom.
It will be non sense anymore.

bakunawaaa

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Interesting question. But it is true that anyone can create their own crypto currency given that they have money to do it that is. For governments around the world as well as banks can afford to create their own crypto currency, so I think the better question is whats in it for them if they do decide to create their own crypto currency.

On hind sight, countries already habe digital currencies, in the form of their fiat money being in bank accounts. Credit and debit cards make it a virtual transaction the same with online platforms of transfer. So maybe the reason why they do not want to create their own crypto currency is because of the blockchain technology it is based on. It being very difficult to regulate and being decentralized means it is devoid of control, and governments are allergic to that.

entrepmind23

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Quote from: Welsh on November 13, 2017, 01:52:39 PM

Let's be brutally honest here, if the government did release their own coin why would anyone trust it? It's not likely to be decentralized, and if it is then we are making progression. Maybe, banks will try a version of a cryptocurrency in the future, probably something which acts like shares and pays out on that.

Government would create cryptocurrency with an aim to go with the flow with what is happening now in the cryptocurrency world or as what OP said to "destroy" bitcoin and make a legal one which is under their control. Yes sure some of the governments already welcome cryptocurrency with open arms but there are some who are still closing their doors to it because they don't want to lose their control. If all the governments would agree to something which is not good for the current bitcoin then they would just create their own and of course they will work together with the banks who control the cash flow.

ice18

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Yes they can create if they want but not to defeat bitcoin, blockchain technology is very useful for transparency of money transactions involves in one government thats why every country must create their own crypto just to be used for government purposes like paying of taxes, distribution of funds, this is to avoid corruption and all transactions can be traced in a public ledger.

sammrheza

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yes they can make it if they want , but I think it will be internal only ? not traded like another coin...

Jedzkie050617

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Quote from: lvincent on November 17, 2017, 09:35:51 PM

Yup government can create their own cryptocurrency but i think some people will not gonna invest on it cause one of the most interesting thing about bitcoin is it being decentralized means no one is controlling it if government create their own crypto it means they always they will take advantage of others i mean banks are good but based on my experience the profit is too small so for me it's not worth it

It's right, government can create their own currency but it takes time before it will approved, many business establishment will affected if only the government will run their own crypto currency and besides it is a small number of people will gonna part of it, unlike bitcoin is all over the world that will have a privileged. Also, bitcoin the decentralized was being occured which is highly secured and no government is being part of it. I would say maybe, government might be able to be part of bitcoin era but, I believed it will good for many as a good economy for the nations progress.

lvincent

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Yup government can create their own cryptocurrency but i think some people will not gonna invest on it cause one of the most interesting thing about bitcoin is it being decentralized means no one is controlling it if government create their own crypto it means they always they will take advantage of others i mean banks are good but based on my experience the profit is too small so for me it's not worth it

javadsalehi

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If governments want to create a cryptocurrency and control the transactions and buyers and sellers, that won't be cryptocurrency any more. A cryptocurrency must be decentralized.

romecheo

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Quote from: CryptGuardian on November 12, 2017, 06:28:54 PM

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

There is no restriction for making cryto currencies, anyone if they wanted can have their own design, own purpose digital currencies. What really matters are, is it worth to create something like Bitcoin, is it going to be popular and trusted as Bitcoin?

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