Goverments creating digital currencies - Threat or Opportunity? - page 13.

Kimonoe

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Quote from: Bagaji on January 28, 2020, 11:31:36 AM

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?

To some group of thought it may means that it will create adoption to crypto currency of which I do believe same but it is not a good for reason being that government will gain control over the said coins which is contrary to the issue if decentralization policy agent we are agitating for.

adoption in question, maybe only fiat currency is digitized, so it does not use a decentralized system, and I think it is no different from the current currency. if this happens, of course there will be no effect on cryptocurrenci, because clearly the government is still reluctant to legalize it

Bagaji

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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?

To some group of thought it may means that it will create adoption to crypto currency of which I do believe same but it is not a good for reason being that government will gain control over the said coins which is contrary to the issue if decentralization policy agent we are agitating for.

White Christmas

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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?

If that's the case then it is an opportunity for us because governments will start to adapt the cryptocurrency in their country as well as the country will accept it also, besides it will an opportunity for us because if this cryptocurrency was creating by the governments then it would probably like they are promoting it already because they are supporting it just like support the projects. The good example of it was the China in which like what you have been said according to the news and reports they are already starting to create their own digital currency which really makes them a greater profit if they will be have their own cryptocurrency.

princesspoppy

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I don't see it as a threat but rather an opportunity and a development. Cryptocurrencies in order to be recognized and widely use should be accepted not just by some but many or even by all people in this world. In order for it to happen, governments in the very first place should accept it for they will be another for some to accept it as well. If governments will make their own cryptos, it will serve as a basis that cryptos are totally accepted and some may also engage themselves with it. That will give us positive impact in cryptoworld.

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Quote from: barabarian1 on January 28, 2020, 04:35:07 AM

in my opinion this government-made coin will not be a threat to bitcoin and altcoin because the government coinage coin is centralized and fully controlled by the government. in my opinion, the existence of this government-made crypto can encourage people who do not know about cryptocurrency to become aware of and eventually be interested in joining and investing in bitcoin and altcoin. so in my opinion the presence of this government-made crypto can encourage an increase in demand for bitcoin.

I don't see use of habing government coins when there is no implementation of other crypto activities like allowing many stores to accept it, or having it's government exchange that will convert it to fiat. Though it's a opportunity for adoption but a threat for cryptos purpose of decentralisation.

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Quote from: cutesgirl on January 28, 2020, 06:15:24 AM

What for creating own cryptocurrency after launching to public without get any investor yet, why not legal and give regulation for bitcoin and altcoin have been listed with exchange market and accepted bitcoin as legal transaction payment for every transaction in their country.

Because they are trying to compete against bitcoin, they wanted to circulate the money locally because money going outside of a country is a lost profit. That is why they are into digital currencies right now. They wanted to create an illusion that since it is digital, it is pretty much like bitcoin, which is untrue. At the end of the day, if your money heavily depends on a fiat coin for survival, it still is centralised.

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What for creating own cryptocurrency after launching to public without get any investor yet, why not legal and give regulation for bitcoin and altcoin have been listed with exchange market and accepted bitcoin as legal transaction payment for every transaction in their country.

barabarian1

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in my opinion this government-made coin will not be a threat to bitcoin and altcoin because the government coinage coin is centralized and fully controlled by the government. in my opinion, the existence of this government-made crypto can encourage people who do not know about cryptocurrency to become aware of and eventually be interested in joining and investing in bitcoin and altcoin. so in my opinion the presence of this government-made crypto can encourage an increase in demand for bitcoin.

tbterryboy

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As long as we make sure its not a threat it won't be a threat to anyone. We are our worse enemy ourselves, for example Libra was starting up almost a year ago, at least talks of it started and we all went against it for a while, after that we have seen that it could be something great for the adoption of bitcoin and how we could take advantage of it and more important how the governments are against it so we started to support it suddenly.

If we make the governmental crypto currencies a thing that we are against, it will be a threat because if we position ourselves against them they will be positioning themselves against us as well, however if we support it and see it as an opportunity they will be more of a help than enemy and they will be on our side as well.

Stedsm

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I see it as an opportunity because Gov coins will bring people's attention towards digital money which will ease the process of mass adoption of Bitcoin after everyone embraces the power of Blockchain. The only threat that I see here is, if you're asked by your Gov to either stop or let them know about your cross border transactions using major and other general cryptocurrencies like Bitcoin, which will make everything completely centralized and under their control. If Gov start charging you handsome amounts for sending cross border transactions in any crypto and on the other hands, charge you least or almost nothing for using your local cryptocurrency; most will probably consider not to use it and either go for Gov coins.

TheCoinGrabber

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There are benefits people are talking about like ease of receiving funding etc, all which is possible with current cryptos we have. If you like to make money trading and these govcoins coexist with our cryptos, then you might get something out of it. If their implementation means cryptos will get banned, then that's a problem.

Quote from: gentlemand on January 24, 2020, 07:48:21 PM

That'll make the case for real crypto more compelling than ever. However it may also make getting in and out of crypto very hard to impossible. It needs to get some form of its own economy that can stand completely outside government money before governmentcoins become the norm.

That is indeed the risk once it gets going. Maybe in these govcoin's infancy we'd be able to trade between it and cryptos and make some money out of speculation but once they've gotten fiat bills out of circulation they'd have the power to do as they want. And you are right, it is scary in China's case, which seems to be what governments are trying to emulate.

It'll be much worse that Black Mirror's Nosedive.

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If the government (any countries) creates its own crypto currency, that would be good for the crypto market. Because of that, people in those countries will be interested in using crypto. Crypto market has big eyes on the big countries, it is understandable by looking at their various works. We want more and more people to come to the crypto market so everyone in the world can use crypto currency. If that happens,then no one can imagine where the crypto market will go.

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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.

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In my country more than twenty years ago an insurance firm got into existence. By that time people weren't aware about the importance of insurance as well as feared of spending on insurance. After good promotion it grew high, and knowing its growth the government acquired it. Likewise now governments tried to acquire bitcoin, when it understood this wasn't possible they have gone with the plans of having their own cryptocurrencies.

boris singer

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Quote from: ronbennett_ on January 25, 2020, 06:05:39 PM

Quote from: Doell on January 25, 2020, 05:43:07 PM

I don't think it's a threat but an opportunity for us ,as many bank from various countries really hate crypto it will bring crypto to be legal with regulations that bring peace to the holder but its likely that much debate ,let alone corrupt people will certainly burn it and disagreeing with the plan ,IMO economy will be more controlled with a 99% success rate depending on secure presented in their digital currency and 1% of unexpected problems future might be complicated

But what if the goverment just focus on their "coin" and just regulate the market for this specific "coin" and if we go a step further, what if they regulate and restrict other cryptocurrencies even harder? Well maybe they would make it easier to trade other govermental currencies like USD to EUR or otherwise.

don't think it will be too complicated, as long as there are significant benefits then we also need to support the government's move, and if they really want to separate the interests of one another, I'm sure many of the coins you write will be regulated and restricted, eventually they will also do adjustments, the government must also recognize that every competent crypto coin has technology and use that can still be developed legally.

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Quote from: Paycoinzzz on January 26, 2020, 08:43:31 AM

Quote from: TimeTeller on January 24, 2020, 06:34:38 PM

In my opinion, the move to create their own digital currency is a positive development.
It means, that the government believes the benefits gained from this technology.
With their action, they are indirectly showing to its constituents that they trust crypto.
Which will then give a positive mindset towards crypto and so it will create more demand of usage.
I consider it as an opportunity to widen the usage of crypto and not a threat.
People later on will see the difference between a decentralized vs centralized coin.
So it will be their choice which one they will use when that time comes.

I don't think this is a positive action. Everyone will have greed and when this technology is integrated into the monetary system of the state and the central bank, bad things will happen. one of those working in the state will be greedy and start corrupt. he will take advantage of the blockchain system to make this easier and so will money laundering. then the country will face corruption and the economy will surely collapse. Better yet, crypto should only exist in a decentralized market.

As long as they don't go around and prevent their own citizens from using their preferred cryptocurrency then I think it's all good. Look at how the Venezuelan government outlawed the the mining and use of cryptocurrencies so that they could promote their very own cryptocurrency which is the Petro only to see it failed miserably.

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I don't know if this is an opportunity or not, but as far as news is concerned, China is trying to make its own crypto, so trying to adopt another altcoin will be in vain. That's because the crypto that China makes won't have any effect on other altcoins. yeah, that's what I thought.
Besides, if China has a positive development regarding this, I think other countries need to do the same.

Baoo

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To be honest, that's definitely a good step and it will probably facilitate the recognition of cryptocurrencies or Bitcoin in the near future but we can't trust these governments like, China maybe they have a plan and a goal through this step.
In fact, many countries should accept the fact that Bitcoin's era has evolved especially during these years. For me, the only disadvantage is the volatility or unstability in the market.

worle1bm

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Quote from: Janation on January 26, 2020, 03:36:13 AM

I don't like centralization.

The main idea of cryptocurrencies is to avoid centralization. If the government will be creating one, I don't like that. It is great that the government is now taking a stance at cryptocurrencies but for them make one? No.

Actually you are taking it into wrong sense. Governments creating their own cryptocurrencies is good for crypto market. It shows that the concept of cryptocurrencies is strong and foolproof that even government is ready to adopt it. This will attract more investors towards cryptocurrencies especially bitcoin which is most famous cryptocurrency.

On the other hand, it possesses no harm to existing decentralized cryptocurrencies because working of two coins are completely unrelated. Governments adding any control over their own currencies will have no impact on cryptos like bitcoin.

iamsheikhadil

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I take it as a positive step from the government if they really implement a blockchain to escalate the currency flow. However I would remain skeptical if they would attach strings to monitor transactions or means to manipulate prices.

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