Goverments creating digital currencies - Threat or Opportunity? - page 11.

KnightElite

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Quote from: Gheka on February 09, 2020, 08:06:19 AM

Quote from: Shasha80 on February 08, 2020, 08:40:55 PM

I think positively if many countries whose governments make their own coins, like what China is doing now.Because indirectly raised
the popularity of cryptocurrency globally, especially bitcoin. Later more and more people began to study cryptocurrency, this can be
a mass adoption that is very fast effect. Or in other words the government is starting to open up opportunities for bitcoin is more
widely known throughout the world. And I hope that in the end the government will accept bitcoin in the end.

Your positive analysis is very accurate, with the government creating digital currency, it will boost people's curiosity then people will be more clear about crypto knowledge, the demand will increase when this is a place of investment with many opportunities and profits, opportunity for us and even for crypto right now as the government opens the door further to it. However, a threat to crypto in the market still exists when the government is a dictatorship and wants to govern people, they probably only allow people to use their products, bitcoin will become banned products

Yes it will create awareness in the society. I do not see it as a threat and I see it as opportunity. We still have poor payment system, if the governement will also create digital currencies then it can improve the past payment system and it can boost the economy. It will also create awareness in the environment where people can become interested in cryptocurrencies. Curiousity is also a factor because people are becoming curious first before they become interested in adopting cryptocurrencies.

julius caesar

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If the government is going to create their own coin, this is gonna be good since they are already accepting the idea of cryptocurrency. It will for surely gonna help the community of cryptocurrency because it is already accepted nationwide. The more consumer, the higher chance that the value of that coin will rise up.

@prashant

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It will only increase awareness about crypto among general public and soon they will be redirected to btc and other major altcoin. In my opinion it will be good step as after they introduced their own digital currency other crypto service will soon follow and we will se rapid growth in crypto space as it will become legal.

Gheka

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Quote from: Shasha80 on February 08, 2020, 08:40:55 PM

I think positively if many countries whose governments make their own coins, like what China is doing now.Because indirectly raised
the popularity of cryptocurrency globally, especially bitcoin. Later more and more people began to study cryptocurrency, this can be
a mass adoption that is very fast effect. Or in other words the government is starting to open up opportunities for bitcoin is more
widely known throughout the world. And I hope that in the end the government will accept bitcoin in the end.

Your positive analysis is very accurate, with the government creating digital currency, it will boost people's curiosity then people will be more clear about crypto knowledge, the demand will increase when this is a place of investment with many opportunities and profits, opportunity for us and even for crypto right now as the government opens the door further to it. However, a threat to crypto in the market still exists when the government is a dictatorship and wants to govern people, they probably only allow people to use their products, bitcoin will become banned products

Janation

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Quote from: Subbir on February 08, 2020, 08:54:32 PM

I think the govt is giving the digital currency an opportunity to enhance the country you've got rightly said that this is often not a threat but it's a positive idea for our country. If the govt doesn't receive any tax or subsidy from crypto if the govt creates digital currency then something will attend its fund and therefore the illegal currency will stop being a digital currency. this may improve our system and increase the demand for crypto.

It is a good opportunity but it is a way to end the decentralization of cryptocurrencies.

The reason why a lot of people are using it is because of its decentralization. The government will not be able to snoop with every transaction that we do but if they create one, they would be able to maybe make a way to tax cryptocurrencies and leave us to the path that started when Bitcoin is made, the freedom.

buwaytress

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Quote from: magneto on February 09, 2020, 01:16:40 AM

Quote from: buwaytress on January 26, 2020, 02:08:51 PM

It's not a threat to Bitcoin at all -- Bitcoin can only grow stronger for every instance of centralised money that is created and continues to come up short. Every failure of the centralised and the state, is a victory for Bitcoin. Threat to other centralised altcoins? Oh for sure.

Opportunity? Why not? Every government that realises it is creating yet another centralised currency - just more transparent and more under their control, might like blockchain and in that sense recognises Bitcoin tech as valid.

The one thing that worries me is the fact that governments may impose restrictive regulation on top of issuing their own cryptocoins, in order to preserve the status of their centralized money as the only "legal tender" or legal currency at the very least in their own jurisdiction.

That will be detrimental for bitcoin and other decentralized currencies, no doubt.

But even then, there is really no way of enforcing these bans and censoring the network entirely - which is one of the beauties of the BTC network in the first place.

It is worrying, but take a look at it from a point of invention, which is driven by necessity.

Bitcoin was birthed from a necessity to remove money from the hands of the few. And while a lot of people believe recognition and acceptance by states is good for Bitcoin (it is, of course), Bitcoin doesn't need that.

If anything, Bitcoin was built to resist all these forms. People may not have realised it then, but now with everything going on with fiat and with governments blocking freedoms and censorship, people finally get it. And Bitcoin will continue to improve and evolve to resist that.

magneto

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Quote from: buwaytress on January 26, 2020, 02:08:51 PM

It's not a threat to Bitcoin at all -- Bitcoin can only grow stronger for every instance of centralised money that is created and continues to come up short. Every failure of the centralised and the state, is a victory for Bitcoin. Threat to other centralised altcoins? Oh for sure.

Opportunity? Why not? Every government that realises it is creating yet another centralised currency - just more transparent and more under their control, might like blockchain and in that sense recognises Bitcoin tech as valid.

The one thing that worries me is the fact that governments may impose restrictive regulation on top of issuing their own cryptocoins, in order to preserve the status of their centralized money as the only "legal tender" or legal currency at the very least in their own jurisdiction.

That will be detrimental for bitcoin and other decentralized currencies, no doubt.

But even then, there is really no way of enforcing these bans and censoring the network entirely - which is one of the beauties of the BTC network in the first place.

Ozero

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Quote from: Shasha80 on February 08, 2020, 08:40:55 PM

I think positively if many countries whose governments make their own coins, like what China is doing now.Because indirectly raised
the popularity of cryptocurrency globally, especially bitcoin. Later more and more people began to study cryptocurrency, this can be
a mass adoption that is very fast effect. Or in other words the government is starting to open up opportunities for bitcoin is more
widely known throughout the world. And I hope that in the end the government will accept bitcoin in the end.

Most governments will issue their own stable coins, that is, their digitized currency, and this process is inevitable. This can be considered a logical step in the development of cryptocurrency and it carries both additional opportunities for it and is a certain threat to a decentralized cryptocurrency. There is a certain threat that stable coins of various states will be used more by people as a means of payment than a decentralized cryptocurrency.
The appearance of such a large number of stable coins of various states further reduces the possibility of their acceptance of bitcoin.

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I think the govt is giving the digital currency an opportunity to enhance the country you've got rightly said that this is often not a threat but it's a positive idea for our country. If the govt doesn't receive any tax or subsidy from crypto if the govt creates digital currency then something will attend its fund and therefore the illegal currency will stop being a digital currency. this may improve our system and increase the demand for crypto.

Shasha80

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I think positively if many countries whose governments make their own coins, like what China is doing now.Because indirectly raised
the popularity of cryptocurrency globally, especially bitcoin. Later more and more people began to study cryptocurrency, this can be
a mass adoption that is very fast effect. Or in other words the government is starting to open up opportunities for bitcoin is more
widely known throughout the world. And I hope that in the end the government will accept bitcoin in the end.

HarmonyA

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government-driven change to digital currency could bargain the security and trust of the entire monetary framework. Digital currency, constrained by governments and their national banks, are a simple method to have mastery on occupants. Governments can square assets, increment swelling, just as in general command over organizations and residents.

thesmallgod

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My own concern is what is the essence of creating your own digital currency when you have a fiat currency?. I'm sure since it is a country thing, it might not be globally accepted, if it so then maybe they can only use it as a means of accepting more traders to their products and service by paying with their digital currency without having to do wire transfer which might attract high service charges. Aside this, I do not see any reason why they should be having their own currency

ronbennett_

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Quote from: carlfebz2 on February 02, 2020, 10:35:07 AM

Quote from: The Sceptical Chymist on February 02, 2020, 09:06:02 AM

Quote from: ronbennett_ on January 24, 2020, 06:31:29 PM

Still, the crypto media welcomes this

I'm not exactly sure why that is, since any government-controlled cryptocurrency won't be anything like bitcoin and would only lead to governments having more power than they already do. Would you really want a completely traceable currency as your country's default form of money? I can see why China loves this, but those of us in non-communist countries should be wringing our hands with anxiety lest the idea catch on.

And the same goes for coins like Libra (haven't heard much about that one lately, btw). Any corporation or country that controls a centralized cryptocurrency can view people's financial transactions at will. That isn't a good thing at all IMO.

Its fully contrary thats why Crypto becomes famous because it do opposes this kind of control.If government would create their own coin then it cant really be considered to be a crypto.

Government does like to control everything and monitor on what their citizens been doing when it comes to their money.This had been the traditional things that do happen in fiat system
and even if they do become online then i dont see any difference.

What I have followed over the years is that governments try to get more control over cryptocurrencies as well. Some cryptocurrency exchanges even ban trading with some privacy currencies on their own platform because some governments dont want to have them traded.

Cryptocurrencies should be decentralized and trading should also be free. Governments have not done anything for cryptocurrencies, nor have they created or helped them. Nevertheless, they just want to rule what is right and wrong for us and also tax whatever we gain. I soon suspect that they would also tax air.

carlfebz2

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Quote from: The Sceptical Chymist on February 02, 2020, 09:06:02 AM

Quote from: ronbennett_ on January 24, 2020, 06:31:29 PM

Still, the crypto media welcomes this

I'm not exactly sure why that is, since any government-controlled cryptocurrency won't be anything like bitcoin and would only lead to governments having more power than they already do. Would you really want a completely traceable currency as your country's default form of money? I can see why China loves this, but those of us in non-communist countries should be wringing our hands with anxiety lest the idea catch on.

And the same goes for coins like Libra (haven't heard much about that one lately, btw). Any corporation or country that controls a centralized cryptocurrency can view people's financial transactions at will. That isn't a good thing at all IMO.

Its fully contrary thats why Crypto becomes famous because it do opposes this kind of control.If government would create their own coin then it cant really be considered to be a crypto.

Government does like to control everything and monitor on what their citizens been doing when it comes to their money.This had been the traditional things that do happen in fiat system
and even if they do become online then i dont see any difference.

The Sceptical Chymist

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Quote from: ronbennett_ on January 24, 2020, 06:31:29 PM

Still, the crypto media welcomes this

I'm not exactly sure why that is, since any government-controlled cryptocurrency won't be anything like bitcoin and would only lead to governments having more power than they already do. Would you really want a completely traceable currency as your country's default form of money? I can see why China loves this, but those of us in non-communist countries should be wringing our hands with anxiety lest the idea catch on.

And the same goes for coins like Libra (haven't heard much about that one lately, btw). Any corporation or country that controls a centralized cryptocurrency can view people's financial transactions at will. That isn't a good thing at all IMO.

pikkie

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Quote from: wozzek23 on February 01, 2020, 01:06:41 PM

The issue there is that some people likes Bitcoin and for the government to create their own cryptocurrency means that it’s going to be a competition for the bitcoin and it’s probably going to win. The government wouldn’t accept bitcoin since it is not owned by any particular person and no unit controls it.

The government would prefer to their create their own coins which are probably going to be stable coins and will be centralized. In some ways it’s a good thing because it shows that they are ready to accept the new technology. The bad side is that they will discourage people from making use of BTC

I think if the government makes the coins more stable it will happen because the government can control the coins themselves and they have an unlimited supply so I'm sure the price will be stable but you have to know the risk of coins that can be controlled by the government will be vulnerable to price manipulation that will make some people lose.

qwertyup23

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Quote from: ronbennett_ on January 24, 2020, 06:31:29 PM

Some governments recently try to create their own crypto currencies (e.g. China), according to reports. Some welcome this as a good step towards mass adoption of cryptocurrencies, others don't like it. Still, the crypto media welcomes this and we should consider whether this is good news in general or not.

What would be your opinions be on this? Should more and more governments create their own digital currencies and introduce them to their population or should we not support the creation of digital currencies made by governments?

I am of the position that this may bring positive effects toward legalizing cryptocurrencies in the future.

The fact that countries are starting to create their respective cryptocurrencies imply that they recognize the potential and advantages of implementing digital currencies in the future. Remember that this may be the future of fiat- shifting towards a digitialized form of currency. When that time comes, expect cryptocurrencies (specifically bitcoin) to be considered as medium of exchange among people.

Gheka

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Quote from: wozzek23 on February 01, 2020, 01:06:41 PM

The issue there is that some people likes Bitcoin and for the government to create their own cryptocurrency means that it’s going to be a competition for the bitcoin and it’s probably going to win. The government wouldn’t accept bitcoin since it is not owned by any particular person and no unit controls it.

The government would prefer to their create their own coins which are probably going to be stable coins and will be centralized. In some ways it’s a good thing because it shows that they are ready to accept the new technology. The bad side is that they will discourage people from making use of BTC

With the attractiveness and abundant profits from bitcoin, it has become an initiative for the government to spark a more developed market economy, perhaps as you said, they are wanting a competition and taking the initiative before the battle with bitcoin, they can't let people be too free with bitcoin, if the government does well, it will be a threat to bitcoin. However, that means a challenge for bitcoin on the way to grow and retain users, no matter what direction it takes place, we are the beneficiaries here

wozzek23

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The issue there is that some people likes Bitcoin and for the government to create their own cryptocurrency means that it’s going to be a competition for the bitcoin and it’s probably going to win. The government wouldn’t accept bitcoin since it is not owned by any particular person and no unit controls it.

The government would prefer to their create their own coins which are probably going to be stable coins and will be centralized. In some ways it’s a good thing because it shows that they are ready to accept the new technology. The bad side is that they will discourage people from making use of BTC

Mahanton

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Quote from: Google+ on February 01, 2020, 12:13:08 PM

Quote from: bearexin on February 01, 2020, 10:31:06 AM

There is no harm from these currencies which are been created by the specific government of each respected nation in order to manage their inner financial transactions. This might actually be a positive news for each of us over here because it leads for more enhanced usage of the blockchain technology in real world which would than create a dense demand for the same.

Even if governments like China, etc create their own cryptocurrency, they would need to keep it in pairs with some reputable coins like BTC, ETH, etc and this would for sure increase the use cases of BTC, ETH or any other such coin. I am personally taking this positively and hope that people would too support the movement.

in my opinion there is no harm if some large countries make their own cryptocurrency but in my opinion it has a very high risk because with their own cryptocurrency they can do price manipulation and they can take advantage of cryptocurrency, hopefully there is no price game so that everything can be clean and transparent.

If they do tend to create their own coin then i would say that it isnt really different from fiat.It would really be heavily centralized
as expected and ofcourse manipulation would be possibly there.Hence, would you able to consider it as a crypto? It totally opposes
the main motive of decentralization.I dont see for it to be a threat or opportunity but rather it will just add up on peoples option
on what would they gonna take.

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