Government Creates Own Blockchain & Cryptocurrency - page 2.

krisnajsadrak

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Hodlers Network

Quote from: NatureMoves on March 01, 2021, 05:18:27 PM

If this happens, will the value of Bitcoin go down because the government will make it available for everyone for cheaper value? What are your thoughts on your government distributing digital currency?

my government now has a plan to create its own digital currency
and for me thats good enough, but of course thus digital currency will be a kind of centralized digital currency my friend

Princeofpoetry

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I'm not really sure own blockchain and cryptocurrency from government will affect the price of bitcoin. although there are several countries that already have their own digital currency, if there is no high demand, the growth of the ecosystem will not be able to compete with bitcoin

cabron

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CBDC already has plans for government crypto but more like stablecoin. They will make it available for all but its price is stable, they are not meant for investment just like your fiat money today. The only difference is it's digital. But its also going to make crypto easy to acquire for a regular user I suppose since they are all digital and most likely could help the prices of BTC to go up.

DarkDays

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Quote from: NatureMoves on March 01, 2021, 05:18:27 PM

If this happens, will the value of Bitcoin go down because the government will make it available for everyone for cheaper value? What are your thoughts on your government distributing digital currency?

I'm not sure that would qualify as decentralised anymore! Blockchain's purpose is to reduce centralization.

However, if governments were to built their own blockchain I'd imagine this to have a positive impact on the crypto space, but whether the long-term success of this is attainable, for me at least is questionable.

Governments would not invest into something if they can't create value out of it, so I don't seem them providing crypto for cheaper than any other provider - this would be possible through their tokens- but then that would defeat the entire purpose of value generation.

These are a few of my thoughts on the subject atm. I'm sure you lot have similar if not completely different opinions.

What I think is common to most of us, is that this government blockchain won't happen anytime soon Tongue

NatureMoves

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Quote from: shield132 on March 01, 2021, 05:23:49 PM

I don't know about cryptocurrencies but Governments really create their own blockchain and it has nothing to do with the bitcoin's price. Blockchain Technologies add an extra layer of protection to the stored information and is useful in a lot of services, we have one bright example of it - land title registry. By using BC technologies here, we can feel secure that the stored information won't be edited/manipulated. That's all, this is the reason why Governments want to implement these technologies. Personally, I hugely doubt they'll create cryptocurrencies (1-2 country doesn't count) because we have already fiat and that works very well for them.

One day the US dollar will look like Bitcoin:
https://www.popularmechanics.com/technology/a32869513/us-government-research-crypto-dollar/

Sad

shield132

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I don't know about cryptocurrencies but Governments really create their own blockchain and it has nothing to do with the bitcoin's price. Blockchain Technologies add an extra layer of protection to the stored information and is useful in a lot of services, we have one bright example of it - land title registry. By using BC technologies here, we can feel secure that the stored information won't be edited/manipulated. That's all, this is the reason why Governments want to implement these technologies. Personally, I hugely doubt they'll create cryptocurrencies (1-2 country doesn't count) because we have already fiat and that works very well for them.

NatureMoves

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If this happens, will the value of Bitcoin go down because the government will make it available for everyone for cheaper value? What are your thoughts on your government distributing digital currency?

Topic: Government Creates Own Blockchain & Cryptocurrency - page 2. (Read 223 times)