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Topic: Crypto-currencies issued by the States. How will they affect bitcoin? - page 2. (Read 223 times)

member
Activity: 196
Merit: 23
Large scale, green crypto mining ICO
They won't much, I suppose, as they are shitty-fiat currencies. They aren't anonymous but bitcoin isn't anonymous either, only pseudo-anonymous.

I think people who know a little bit about why bitcoin was created, and its features, like decentralization and 21 million cap, don't care about state cryptos.
You are right, it is not only Venezuela, I am reading in some other thread that Cambodia is thinking of creating their own crypto. So it seems that the more shitty the currency is, the more it is appealing for their government to move it to blockchain. Don't they see that it is only a cosmetic change, and it will not strengthen their currency in the slightest way?
sr. member
Activity: 700
Merit: 275
Venezuela has created its own cryptocurrency provided by oil. Other countries are also thinking about their cryptocurrencies. What these crypto-currencies will be different from the private crypto-currencies?They will not be anonymous and decentralized? How will they affect bitcoin?

They might become popular quickly due to the fact that they are being provided by the state government itself. I mean people will have one step ahead in terms of security and safety of their funds. They will love it more than the normal crypto's due to the fact that they are controlled and they dont ave to worry about the loss and scam etc. However, most of the countries will have the problems regarding circulating supply and prices of the coin. Unlike XRP which is regulated currency and having unlimited supply these currencies will also be the same criteria and thus it might get very difficult for price spiking. We cant expect much input from them.
member
Activity: 196
Merit: 23
Large scale, green crypto mining ICO
Venezuela has created its own cryptocurrency provided by oil. Other countries are also thinking about their cryptocurrencies. What these crypto-currencies will be different from the private crypto-currencies?They will not be anonymous and decentralized? How will they affect bitcoin?
Ask yourself what would be the incentive to move a country-issued fiat to blockchain. One of the incentives would be that blockchain-based currency is less anonymous than cash. It would be easier to track its users than it is with cash.

Obviously, it would be centralized, it is issued by the governament after all. I think you can forget the "anonymous and decentralized" part.

I am not sure if it will affect bitcoin in any way. Already, there are a lot of altcoins. Bitcoin doesn't seem to care Smiley
legendary
Activity: 1358
Merit: 1565
The first decentralized crypto betting platform
They won't much, I suppose, as they are shitty-fiat currencies. They aren't anonymous but bitcoin isn't anonymous either, only pseudo-anonymous.

I think people who know a little bit about why bitcoin was created, and its features, like decentralization and 21 million cap, don't care about state cryptos.
newbie
Activity: 219
Merit: 0
Venezuela has created its own cryptocurrency provided by oil. Other countries are also thinking about their cryptocurrencies. What these crypto-currencies will be different from the private crypto-currencies?They will not be anonymous and decentralized? How will they affect bitcoin?
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