Topic: Could a nation completely control a cryptocurrency? Good or bad (Read 1563 times)

A country specific country is totally different from what we are enjoying with bitcoin system. I guess almost every country might be having digital cash system for their people (only cryptography part might be missing probably) which will never able to compete with bitcoin.

The purpose and benefits are complete different and unlimited with bitcoin which never be possible by country specific currency (even cryprocurrency). So, they never impact on current bitcoin community.

I doubt that a nation would adopt an outside currency but probably would be willing to create their own. Could they completely control such a system, would it succeed, and would it be good for the current community?

There's nothing inherently wrong with a country adopting it's own cryptocurrency. In fact if it hasn't already happened then it's inevitable.

Depends upon the currency. If they want to limit it to their country then they might control it. If it is international just like bitcoin then it will be a problem. Because many will try to have it and controlling it would be a problem. What more if that certain country is looking at omr crypto as a good one and could provide convenience for them.

Depends upon the currency. If they want to limit it to their country then they might control it. If it is international just like bitcoin then it will be a problem. Because many will try to have it and controlling it would be a problem. What more if that certain country is looking at omr crypto as a good one and could provide convenience for them.

if governments adopt crypto, they just dig their grave faster,  all population will be educated in crypto and all of them just start to use bitcoin, not goverment's alt

I don't see any necessity of a country creating crypto currency, if the country want  a currency that can be controlled by the government then it just the same with fiat, crypto currencies was created so we can have a decentralized and anonymity currency and also a currency that can be used for global transaction, so the purpose of crypto currencies being created is we can have a currency that controlled by the market

In many ways, a blockchain currency is the ideal form of money for a country.

1. Every single transaction is recorded, no matter what. This is a huge advantage over cash.

2. Relatively cost-efficient (e.g. a US penny costs more to make than it's worth). Compared to having to re-design and re-issue anti-forgery bills every decade or so.

3. Safe as long as it requires multiple identification.

4. Could be designed to be instantaneous and only require internet access.

5. Supply/demand/mining power could be tightly regulated and micro-adjustments can be made.

The only cons (for the govt) I can think of is that it requires a deep internet/electricity infrastructure to be widely implemented, and that it might compete with the existing currency, and the older generations would have to be taught. For citizens, the pro's would depend on what design it takes and the con's would be loss of privacy on your finances.

In countries like South Korea (where more than 50% of the pop live in cities) or Singapore, cryptocurrency wouldn't be difficult to implement. Many of these countries already use e-cash for public transport, ect.

I doubt that a nation would adopt an outside currency but probably would be willing to create their own. Could they completely control such a system, would it succeed, and would it be good for the current community?

In many ways, a blockchain currency is the ideal form of money for a country.

1. Every single transaction is recorded, no matter what. This is a huge advantage over cash.

2. Relatively cost-efficient (e.g. a US penny costs more to make than it's worth). Compared to having to re-design and re-issue anti-forgery bills every decade or so.

3. Safe as long as it requires multiple identification.

4. Could be designed to be instantaneous and only require internet access.

5. Supply/demand/mining power could be tightly regulated and micro-adjustments can be made.

The only cons (for the govt) I can think of is that it requires a deep internet/electricity infrastructure to be widely implemented, and that it might compete with the existing currency, and the older generations would have to be taught. For citizens, the pro's would depend on what design it takes and the con's would be loss of privacy on your finances.

In countries like South Korea (where more than 50% of the pop live in cities) or Singapore, cryptocurrency wouldn't be difficult to implement. Many of these countries already use e-cash for public transport, ect.

I doubt that a nation would adopt an outside currency but probably would be willing to create their own. Could they completely control such a system, would it succeed, and would it be good for the current community?

currently they may not be feeling the need to but in future when the users of online services will increase. in modern time it is expected that money will be change from fiat to digital  currency, because people are now also using internet for so many other activities. therefore government must start thinking about to create their own digital currency to be used by their people.

I don't see any necessity of a country creating crypto currency, if the country want  a currency that can be controlled by the government then it just the same with fiat, crypto currencies was created so we can have a decentralized and anonymity currency and also a currency that can be used for global transaction, so the purpose of crypto currencies being created is we can have a currency that controlled by the market

In many ways, a blockchain currency is the ideal form of money for a country.

1. Every single transaction is recorded, no matter what. This is a huge advantage over cash.

2. Relatively cost-efficient (e.g. a US penny costs more to make than it's worth). Compared to having to re-design and re-issue anti-forgery bills every decade or so.

3. Safe as long as it requires multiple identification.

4. Could be designed to be instantaneous and only require internet access.

5. Supply/demand/mining power could be tightly regulated and micro-adjustments can be made.

The only cons (for the govt) I can think of is that it requires a deep internet/electricity infrastructure to be widely implemented, and that it might compete with the existing currency, and the older generations would have to be taught. For citizens, the pro's would depend on what design it takes and the con's would be loss of privacy on your finances.

In countries like South Korea (where more than 50% of the pop live in cities) or Singapore, cryptocurrency wouldn't be difficult to implement. Many of these countries already use e-cash for public transport, ect.

I doubt that a nation would adopt an outside currency but probably would be willing to create their own. Could they completely control such a system, would it succeed, and would it be good for the current community?

The whole point of bitcoin and other cryptocurrencies (well most that is!) is for decentralization to occur with the coin and the community. While it would probably be possible for a government like the US to sink enough money into mining to be able to take over bitcoin or any other cryptocurrency.

I'd think that would end the whole idea to bitcoin and would remove everything that Satoshi worked for, so with that I'd like if governments stayed out of cryptocurrencies and still to their fiat money.