Topic: If china got their own coin? (Read 1218 times)
I think it's a great idea that China use their own crypto currency. It can be a thing if pride as well. I'm just not sure I'd the government would like it so much seeing as they communistic and everything. If that can be overcome then maybe china will mostly mine their own currency while the rest of us handle Bitcoin mining. I have no idea what that would do to mining difficulties though.
Since China banned crypto it would be counterproductive to create their own coin. The goverment does not even have a need for this. They pulled the plug on crypto and the rest of the world survived it.
I didn't mean the Chinese government, I meant the Chinese miners. It would still be decentralised, just largely around China. Has there been any attempts?
There are quite a few alts that I've never heard of that were huge in China. But I don't think there'll ever be such a thing as a crypto that sticks entirely to only one country. If there's action then everyone will want in no matter where they are.
And there are now no reliable Chinese markets so something China focused wouldn't get too far.
Just in case China will be having their own coin I guess it will not mean that they will no longer use bitcoin because for sure they will be having an exchange for bitcoin especially now that tge value is really high. In terms of bitcoin demand I don't think it will be affected even if China has large population because bitcoin is a global currency so for sure many people will still use bitcoin
If China has their pennies then it is a barrier to bitcoin in the Chinese market, bitcoin will take the lead. 
I know that I would not want to hold such a coin for even a second, and taking into account the draconian control of the people the Chinese want to have it is unlikely that foreigners are going to be allowed to hold it either.
It may definitely add a certain degree of usability versus their regular currency, but that's not even the point. Bitcoin offers a constantly increasing market, and the most important aspect is that it allows us to store value outside the governmental and banking system. You can spend your value whenever you want, where you want, and at whatever quantity you want -- no one can block anything, and you don't have to justify anything. From there it's safe to say that even when they enjoy a great level of in-country usage, these national digital currencies will never be a threat to Bitcoin or basically any other crypto currency.
Would they need BTC? With 1.3 billion potential users wouldn't that be enough?
I didn't mean the Chinese government, I meant the Chinese miners. It would still be decentralised, just largely around China. Has there been any attempts?
There are quite a few alts that I've never heard of that were huge in China. But I don't think there'll ever be such a thing as a crypto that sticks entirely to only one country. If there's action then everyone will want in no matter where they are.
And there are now no reliable Chinese markets so something China focused wouldn't get too far.
Well, if China got their own coin, it wouldn't possible that they would be using it since China is a country that uses digital/ online transactions. Just like the richest man on China, and that is Jack Ma. If he's going to consider their own coin for his online shopping business, that would be a big hit.
I will not affect bitcoin demand if ever China will have their own coin. As expected they banned bitcoin for this purpose.to have control over cryptos and penetrate their earnings making their own coin will not harm bitcoin and aside from that I don't think their coin can remain strong in crypto currencies especially if other countries will not support their coin with regards to trading and acceptance.
I figure that a lot of the bitcoin miners are probably somewhere in China, so this might actually be very bad for bitcoin if that happened because they might start mining it instead. It won't be that bad though, as it will just be another altcoin, but it would definitely have some importance as the official cryptocurrency of China.
Even if china launches its own coin,still it would not have any impact on bitcoin since bitcoin is already not dependent on china for its progress.
If the chinese government thinks that if they introduce their own coin,then all the bitcoin holders would shift to their coin,then they would have to get seriously upset.Bitcoin holders would not switch to the new coin since the new coin would not at all be a decentralized coin and it would be fully controlled by the government.Also,it would not be giving such huge profits like bitcoin.So,the chinese investors are not fool enough to buy such government issued coin instead of bitcoin.
Correct, why would anyone want to change their bitcoin for that centralized coin, this is what many governments do not understand they think they are going to fool people by just creating their own crypto with all the old flaws of fiat, people do not want that, people want to be free from their control and that is why bitcoin is being chosen over all the fiats of the world. If the chinese government thinks that if they introduce their own coin,then all the bitcoin holders would shift to their coin,then they would have to get seriously upset.Bitcoin holders would not switch to the new coin since the new coin would not at all be a decentralized coin and it would be fully controlled by the government.Also,it would not be giving such huge profits like bitcoin.So,the chinese investors are not fool enough to buy such government issued coin instead of bitcoin.
Would they need BTC? With 1.3 billion potential users wouldn't that be enough?
I would say there will always be some kind of relationship between national cryptocoins and btc. China (and most likely also other countries) will surely control miners and it's even question if algorithms will be compatible or not. So it will influence the btc but on a smaller scale.I also think BTC will always be interconnected with all othe cryptos.
And not only China mostly all countries have possibility of having their own coin, and they all will be connected.
Bitcoin will always be there.
I didn't mean the Chinese government, I meant the Chinese miners. It would still be decentralised, just largely around China. Has there been any attempts?
There are quite a few alts that I've never heard of that were huge in China. But I don't think there'll ever be such a thing as a crypto that sticks entirely to only one country. If there's action then everyone will want in no matter where they are.
And there are now no reliable Chinese markets so something China focused wouldn't get too far.
Would they need BTC? With 1.3 billion potential users wouldn't that be enough?
I would say there will always be some kind of relationship between national cryptocoins and btc. China (and most likely also other countries) will surely control miners and it's even question if algorithms will be compatible or not. So it will influence the btc but on a smaller scale. 
I think they still need BTC. Even if their potential users are so big with the issuing of new coins there will be no problem. Bitcoin is currently going to be the main coin of coins circulating in the market.
China will not create a own coin!!!!!!!!!!!!!!!!!!
They just recognize one of the coins and will control it
I am sure it wll be NEO
They just recognize one of the coins and will control it
I am sure it wll be NEO
Would they need BTC? With 1.3 billion potential users wouldn't that be enough?
It doesn't matter if they create their own coin, in the end it will be centralized and the one who want a decentralized one will choose bitcoin. It's not the first time some country want to create their own crypto currency, they are free to do that but the only user will be that country civilians and not the people from other country because they will choose something better. 
Would they need BTC? With 1.3 billion potential users wouldn't that be enough?
Having their own crypto coin for improving their economy is a pretty smart move . But the support will only be shown by natives .
Obviously China's population will somehow strengthen their local coin ( even though a lot of population includes elderly ) . But the support that is with bitcoin cannot be shaken by any other local coin . The main proof is the rise of bitcoin even after the China ban . But if every country starts making their own crypto coins then that might be a reason of big concern for sure.
There's no problem if they will release their own coins besides they already banned bitcoin so it will not affect the market of bitcoin anymore. China is well known in copying things so I will not be surprise if they will did this but I don't think their coin can sustain the market especially that the growing demand in bitcoin almost lose the value of all other alts
If they release their own coin then it will serve them right because they have always frowned on bitcoin and i don't expect such a coin to travel beyond the Chinese borders because the same will be accorded to them in kind what they did to bitcoin.
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