Topic: If china got their own coin? - page 2. (Read 1298 times)
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
Would they need BTC? With 1.3 billion potential users wouldn't that be enough?
You do not understand, why people would need bitcoin in the first place with so many currencies in place? And yet we see bitcoin gaining more and more popularity, why? Because people are slowly realizing that a fiat currency is nothing but a fraud, even if China created their own currency it will have the same flaws as their fiat, so bitcoin will keep being as popular as ever.
Even if China would release their own cryptocurrency it would differ from Bitcoin. It wouldn't have a fixed supply and it would centralised. So there's no point for them to replace their fiat with cryptocurrency. As far as I know, cashless transactions thanks to Weechat are widely used in China so it won't be difficult to introduce it.
the key of bitcoin was to be decentralized, without rules that nobody can have control on it. If China government is going to do this it ll be betrayal. And I am sure thet people will not show interest for this coins.
Bitcoin is decentralized, if they are going to do it they are against first rules of bitcoin. If one government is going to do this it'll not have enough interest for people.
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.
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.
It's not coin related but ...
http://www.wired.co.uk/article/chinese-government-social-credit-score-privacy-invasion
http://www.wired.co.uk/article/chinese-government-social-credit-score-privacy-invasion
Would they need BTC? With 1.3 billion potential users wouldn't that be enough?
I don't think that it will be big thing because already such types of news are coming from.many countries , here the recent example of the country India , who gaves the official statement through a newspaper that they will launch their own coin Laxmi , So here I think china is also looking to do the same thing .
But here I don't think that we should have any thoughts about the future of the bitcoin , Because government owned coins will be fully traceable by them , so people will still use bitcoin only as an priority.
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.
Would they need BTC? With 1.3 billion potential users wouldn't that be enough?
I think China already have their own coins just like other countries. And I'm positive that those coins are decentralized which means they have control over it. So if you are asking if they still need BTC then my answer is yes. Well, their citizens do and I'm pretty sure some of them really have btc in their stash. Who could resist owning btc right now, right? China is all about having control so of course there will be people there who is tired of being manipulated and maybe that's the reason why there are China town all over the world. Citizens choosing to live far away from their homeland as much as possible.
Would they need BTC? With 1.3 billion potential users wouldn't that be enough?
If they have their coin based on the population there then its no different than what is currently obtained with their fiat currency because it will only be used within their jurisdiction and the moment they allow it to be traded to BTC and vice versa, it then means that they are back from where they started from.
China is a trailblazer country that I believe rather than going that way, they would prefer to expand their control towards that direction and if that won't work, they would rather ban everything all together.
After seeing benefits and success of cryptocurrency not only china but many other economically developed countries Sweden, Canada started their own digital currency. Chines government is not yet confirmed this news but Central Bank of China has already developed its crypto and tests are going on. Cryptocurrency may get supported by blockchain, it has the potential to decrease the rates of fraud and counterfeiting, which would be of service to the government’s attempts to reduce corruption and fraud, hacking, money laundering etc. Chinese crypto get regulated by its government, so it will not affect Bitcoins popularity
Eventually every country will make it's own cryptocurrency as they can't control these. Government's will never approve decentralized currency as they'll be in trouble is something happens to their economy.
Every country already owns its own "Cryptocurrency", it's called Online Bank. trillions of dollars of citizens wealth are controlled by those "Nationalized Cryptocurrency banks"
By the way, as soon as any crypto becomes Centralized , it ceases to be called a Cryptocurrency.
Would they need BTC? With 1.3 billion potential users wouldn't that be enough?
What are you referencing? Is there an article you can link?
When you say "China got their own coin" you are literally not saying "China got Bitcoin". But then you say "Would they need BTC?"
A lot of governments are setting up their own blockchain based currency. It's kind of funny, technically they're hard forking their own fiat currency! Hahaha.
These moves are kind of ploys to get citizens to subscribe to the fiat backed blockchain based currency. It's really no different than the fiat currency. But it gives the government visibility into every transaction, supports their will to get rid of paper money, and potentially offers a small investment opportunity (although this last point depends on whether these governments are issuing a finite supply of coins or if they'll be able to increase the money supply as they do for fiat currency.)
Yes possibility is there because there is huge number of farm in china but it will be totally different from bitcoins because if china do so it will be regulated by the china government and check balance after each user will be there but in the case of bitcoins it is not that so and its the world first decentralized digital currency.
Eventually every country will make it's own cryptocurrency as they can't control these. Government's will never approve decentralized currency as they'll be in trouble is something happens to their economy.
I doubt this would work. Cryptocurrencies aren't like Social Media or any other Centralized sites. Real Cryptos aren't controlled by any country or region. Most countries governments especially China could be quite emotional when it comes to companies owned or controlled by another country.
If china got some sort of currency then it will be totally in the hand of china government and they will look after it but as for bitcoins is concerned its totally decentralized and no one about each other but having trading and investing in it
Would they need BTC? With 1.3 billion potential users wouldn't that be enough?
That's assuming that the potential users would even consider using their own coin.The big thing that you likely aren't considering about all of this is that just because there is a potential market, it doesn't mean much when you consider that a lot of Chinese involved in Bitcoin use it as a means of escaping their national currency (which is often getting devalued). Having a currency that is just mirroring their own currency, in an inverse relationship, with no hope of moving it out of their own currency and into, say, USD, that would not be acceptable for ma lot of them.
China has a huge potential of human strength and they use it in their own production. the government could have made its own coin, which would have had a successful growth.
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