Topic: Government/ bank backed cryptocurrency vs bitcoin (Read 1061 times)
The authorities will regulate bitcoin and create their own cryptocurrency. With the regulations bitcoin will no longer be decentralized. The KYC and AntiMoneyLaundering procedures will make cryptocurrencies centralized, so the authorities can keep control. What we see in Venezuela, Maduro introduced his own crypto, the Petro, to make some money and to evade the US sanctions.
Most banks and other financial institutions have cards already and online banking features already. Blockchain is the future and of course they will also adopt it. Sooner than later we can see them having their own blockchains and who knows some will just sign partnerships and collaborate on some other existing crypto projects.
Technically speaking, there's no need for a bank to start a new cryptocurrency. I think they also don't have the authorization to create a currency in their country. The only one who can create a cryptocurrency for a country is the central bank.Banks in a country can change their backend system to a blockchain based one, to cut the costs and to make things happen faster in the system, but this don't mean that they create a currency, they just develop a new system to handle existing digital fiat, but it's the same currency.
Government backed or not, it has to be accepted by the wider crypto community. We can see what is happening with the Petro Crypto from the Venezuela government. Even though the Petro is said to have raised over $3billion during pre ico, very many crypto players are still skeptical about it, this made the government of Venezuela to quickly licence 16 Crypto exchanges support listing and injection of liquidity into the Petro, so we can see that there is still a long way for any government backed crypto to really meaningfully contend with bitcoin.https://news.bitcoin.com/venezuela-certifies-cryptocurrency-exchanges/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications
There is a large class of people who rely on everything that has the support of the government, including my grandpa. I am sure if the government is launching its own cryptocurrency then it will perform well in terms of user base growth but for me, it doesn't make any sense to use cryptocurrency which is centralized in nature. There is no doubt that government will keep the control of such cryptocurrency and it would be like XRP for me.
Most banks and other financial institutions have cards already and online banking features already. Blockchain is the future and of course they will also adopt it. Sooner than later we can see them having their own blockchains and who knows some will just sign partnerships and collaborate on some other existing crypto projects.
almost all government of today nothing more than stealing corporation there is no moral in there, so they better stay away from cryptocurrency business, their money worth nothing there is no need to encrypt it to secure it, and they print lots of it everyday its just beat the purpose of encrypting and blockchaining the coin which is to preserve value
The concept of banks and government why they centralized their transaction to monitor every client they have to validate/confirm if they conducting any suspicious or illegal activities, also to monitor their staff accuracy in their records to check also if they are performing just as their employer expects them to be. Which differs from the bitcoin to gains peoples freedom to hide the intervention from government to move your money in the internet where it can earned.
Many governments right now are jealous of the success of Bitcoin that is why they are thinking that since Bitcoin can't be shut down technically speaking they might as well put up a good competition. They failed to realize that Bitcoin came into being partly because we are tired of the way the governments have been controlling the financial system...they are doing a very lousy job and they can easily print money into the system without even telling the people about it. Good luck to their own version of cryptocurrency but am they can be boring offerings.
Japanese Publicly Listed Companies Launch Cryptocurrency Exchanges in South Korea
Bitcoin.com Wallet
Two Japanese companies listed on the Tokyo Stock Exchange have recently expanded their cryptocurrency operations into South Korea. One has partnered with a local company to launch a bitcoin exchange with a plan to add merchant services. The other held an ICO to develop a crypto exchange after launching a mobile game which allows users to earn bitcoin.
Bitcoin.com Wallet
Two Japanese companies listed on the Tokyo Stock Exchange have recently expanded their cryptocurrency operations into South Korea. One has partnered with a local company to launch a bitcoin exchange with a plan to add merchant services. The other held an ICO to develop a crypto exchange after launching a mobile game which allows users to earn bitcoin.
Some governments are working on their own cryptocurrencies, and then there are things like AML (Anti Money Laundering) Bitcoin - ICO currently active: https://tokensale.amltoken.com/?ref=6f3d1a99044991df29b033b2 that will use US government and FBI checklists to validate user legitimacy and prevent money laundering. They have some pretty good deals tied up with the San Francisco and Panama port authorities, who will be using the AML features to track goods in and out. In addition, if the regulations get really tight, AML Bitcoin should be just fine, as it will already abide to the strictest standards.
I've always found the concept of cryptocurrency to be rather cryptic, but at least I now understand Bitcoins a little Bit better.
TBH I prefer simpler things, like shouting "om telolet om" at passing buses.
TBH I prefer simpler things, like shouting "om telolet om" at passing buses.
1 They will inflate it to use for free as you work for it. This is the same as stealing money out of your account or lowering your wages.
2 They will confiscate it if you don't pay for a ticket or fine.
3 They will confiscate it to pay the interest on the public dept. Cypress bank deposit confiscation.
2 They will confiscate it if you don't pay for a ticket or fine.
3 They will confiscate it to pay the interest on the public dept. Cypress bank deposit confiscation.
Bitcoin is not succeeding because it's a cryptocurrency - it's succeeding because it offers features which no government will ever be willing to provide.
any thoughts or links/blog posts regarding Government/ bank backed cryptocurrency vs bitcoin ? Crypto currency is here to stay we all agree on that but what if som half decentralized US/China backed
equivalent of BTC shows up? Any links appreciate it
Well, since these things are open-source and decentralized... You can't just shut it down...equivalent of BTC shows up? Any links appreciate it
So I would expect that Bitcoin would keep the Government centralized crypto-currency in check. Because the moment the Government starts printing more money, their crypto currency will become worth less.
Owh it would also make everything a lot easier, as we won't have to deal with these crappy exchanges anymore
any thoughts or links/blog posts regarding Government/ bank backed cryptocurrency vs bitcoin ? Crypto currency is here to stay we all agree on that but what if som half decentralized US/China backed
equivalent of BTC shows up? Any links appreciate it
equivalent of BTC shows up? Any links appreciate it
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