They can make an copy paste currency like bitcoin but i guess this wont be popular or will have a big impact in the market cause no one wants to own an digital currency that is controlled by banks that has some regulations in terms of using it but this is a good sign also that countries is starting to get interested in the world of crypto currency.
Bitcoin has achieved more and the price will continue to soar up despite being an decentralized currency, has any centralized altcoin out there have manage to surpass BTC for example ETH ?
ETH still in the $100 despite being popular and centralized, the point is centralize digital currency will be always behind BTC because people wants to use a currency that is not over regulated by governments.
Topic: Russian's own Bitcoin - What will be the impact to the original Bitcoin? - page 3. (Read 3013 times)
June 02, 2017, 10:15:18 PM
June 02, 2017, 09:54:14 PM
Doesn't matter, Russia's own bitcoin isnt the original bitcoin at all. In fact it's not even any sort of fork from bitcoin as I can assume that their cryptocurrencies will be completely centralised, as opposed to bitcoin being at least semi decentralised.
A lot of other countries are planning on doing g the same thing too, for example the central bank of China seems to be interested in the prospect of developing their own block chain as well.
A lot of other countries are planning on doing g the same thing too, for example the central bank of China seems to be interested in the prospect of developing their own block chain as well.
June 02, 2017, 09:43:51 PM
Misleading title. Nice clickbait.
I don't understand why banks think this any different than fiat. It's just fiat 2.0 and it has the exact same problems as fiat.
I don't understand why banks think this any different than fiat. It's just fiat 2.0 and it has the exact same problems as fiat.
June 02, 2017, 09:41:27 PM
What coin is this even talking about? it has a name yet?
/ curiousity
/ curiousity
June 02, 2017, 08:22:22 PM
The most important thing in creating crypto coin is how you are going to attract people to used your coin, if the coin that created by the Russia government only rotate among its citizens then it will be the same function as fiat, and if it wants to become a global currency, it need to attract people to used it, and most of the people will choose bitcoin rather than other coin, some country already try to make the similar thing but they are failed, because the users prefer the coin that is free from control
June 02, 2017, 06:56:13 PM
By all accounts, this will be a centralized coin. A "national virtual currency". Expect more countries to jump on the bandwagon and create their own coin.
This will nothing like bitcoin, It will be the blockchain/cryptographic version of the Russian rouble, controlled by the Russian central bank and the government. Nothing more.
This will nothing like bitcoin, It will be the blockchain/cryptographic version of the Russian rouble, controlled by the Russian central bank and the government. Nothing more.
June 02, 2017, 06:53:36 PM
this is strange really, because they said that they were to adopt bitcoin, and regulate it like japan, i'm wrong? now without any reason they go out with this boring thing about their own coins, which is not best than their rube fiat currency, i think russia is still afraid about the impossibility to control bitcoin, and want to make their own like many were trying in the past and failed, why they can't simply join the party like japan?
Adopt =/= RegulateRussia was exploring ways to regulate bitcoin which is very different from adopting. The country's central bank governor even told herself that she sees "doubts" over the benefits of Bitcoin and even questions whether it should be considered a virtual currency at all and that Bitcoin is more like a digital asset rather than a currency. So this is the way it should be thought about with regards to regulation.
They don't "support" Bitcoin at all. They just want to make sure there is any way to control the coin even if that's not completely possible and maybe tax bitcoin purchases.
“[Digital currencies] should be regulated, because volumes are increasing compared to the previous year. If people are engaged in this, they have to pay money for it, and we have to have a clear understanding of how to control this activity,” said Skorobogatova.
https://bitconnect.co/bitcoin-news/583/russian-central-bank-plans-to-legalize-and-tax-bitcoin-as-digital-commodity
June 02, 2017, 06:40:50 PM
This future currency has nothing to do with bitcoin, this will be what all countries will do in the future, create a digital version of their currency. It will be a way to move the money through a blockchain, the process is faster and goverments can control all transactions. Bitcoin is another thing as it allows you to make anonymous transactions and not rely on banks, among other advantages. Therefore, the impact will be, in any case, minimal.
Yeah but I guess not enough evidence with the Russians I guess it is more like japan is owning the bitcoin if Russian own the bitcoin they will adopting it in there own country and use it as there own currency so I don't think that Russian own the bitcoin at this point. 
June 02, 2017, 02:26:07 PM
It boils down to "trust" ..... Do people still trust banks? We have seen what banks are capable in countries like Greece. Remember Bitcoin is not
controlled by one single entity. A Crypto currency has value because people place value to it.... they will not add value, if they know the
Government or some bank have full control over the supply and the access to these coins.
controlled by one single entity. A Crypto currency has value because people place value to it.... they will not add value, if they know the
Government or some bank have full control over the supply and the access to these coins.
Yeah, I won't invest a dine on the Russian Bitcoin; I will stick with Bitcoin.
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June 02, 2017, 11:47:19 AM
i think if the coins can give us more profit when we doing trading then i think its no problem for us because our selecting coins will increase so it will give affect to our profit too. i think it will be a good news for crypto currency world because the coin will have a chance to be big like the other coins. i think there is no chance that this coin will defeat bitcoin position but it will compete with other coins to reach higher positions.
June 02, 2017, 11:41:54 AM
So the selfish/greedy bug coming from an authoritarian regime has finally caught the fancy of Russia. Now, there had been attempts like this in the past but sadly they were not so successful...the more government will do this the more people will realize that they need Bitcoin and not those fake alternatives offered by centralized governments. The effect is nothing, wala, nada, zero.
June 02, 2017, 11:36:15 AM
So, what we have here is simply another take on centralized altcoin controlled by government/central bank. Nothing new and nothing unexpected.
It was only a matter of time when every country would like to create their own crypto. Australia and China are investigating this concept already.
Word of clarification - this coin won't be bitcoin and won't be related to bitcoin in any way - it will be just another altcoin.
It was only a matter of time when every country would like to create their own crypto. Australia and China are investigating this concept already.
Word of clarification - this coin won't be bitcoin and won't be related to bitcoin in any way - it will be just another altcoin.
June 02, 2017, 11:24:50 AM
Russian is planning to have its own version of Bitcoin backed by the Sberbank.
"Sberbank CEO Herman Gref has “agreed” on the development of a Russian national cryptocurrency with the country’s central bank. Sberbank is Russia’s major state-controlled bank. In unofficial reports from local news aggregators, the so-called “Russian Bitcoin” will use Sberbank as its base and will be “the only cryptocurrency freely available for sale and purchase” in the country. “All other [cryptocurrencies] will only be available via exchanges or trading platforms,” the Telegram news channel DeСenter reports Friday."
https://cointelegraph.com/news/russian-bitcoin-will-be-countrys-only-freely-tradable-crypto-sberbank-ceo
What type of impact(s) will this have on the original Bitcoin? Would the Russian Bitcoin survive? Would the original Bitcoin be treated as a lower "second tier" crytocurrency in Russia or even in the world? Would the original Bitcoin value goes down?
What is your thought on this?
"Sberbank CEO Herman Gref has “agreed” on the development of a Russian national cryptocurrency with the country’s central bank. Sberbank is Russia’s major state-controlled bank. In unofficial reports from local news aggregators, the so-called “Russian Bitcoin” will use Sberbank as its base and will be “the only cryptocurrency freely available for sale and purchase” in the country. “All other [cryptocurrencies] will only be available via exchanges or trading platforms,” the Telegram news channel DeСenter reports Friday."
https://cointelegraph.com/news/russian-bitcoin-will-be-countrys-only-freely-tradable-crypto-sberbank-ceo
What type of impact(s) will this have on the original Bitcoin? Would the Russian Bitcoin survive? Would the original Bitcoin be treated as a lower "second tier" crytocurrency in Russia or even in the world? Would the original Bitcoin value goes down?
What is your thought on this?
this is strange really, because they said that they were to adopt bitcoin, and regulate it like japan, i'm wrong? now without any reason they go out with this boring thing about their own coins, which is not best than their rube fiat currency, i think russia is still afraid about the impossibility to control bitcoin, and want to make their own like many were trying in the past and failed, why they can't simply join the party like japan?
June 02, 2017, 11:21:03 AM
An alt-coin from a totalitarian dictatorship. Sounds legit. 
June 02, 2017, 11:19:15 AM
Whatever coin/crypto government and banks will develop will be completely centralized with no respect to personal privacy which is just opposite to what bitcoin have. Also privacy and decentralization is key for bitcoin success so I don't think any of such centralized coin can make any effect on bitcoin market.
June 02, 2017, 11:02:05 AM
It wont affect bitcoin
June 02, 2017, 11:00:49 AM
I think impact of these altcoins which are like national currency, only increase Bitcoin users / enthusiast . I think that crypto world just need more people involved in it.
And if goverment/ country make new crypto currency more people starts asking about it. And sooner or later they will come to BTC.
I'm really curious how this thing will work, and why would bank even try to make this if it doesn't have any profit. So probably this won't be really good/ fair crypto currency. But let's wait and maybe we will be suprised. Banks have most knowledge about economics and they can help crypto currencies a lot (my personal opinion). But it's like doing suicide.
And if goverment/ country make new crypto currency more people starts asking about it. And sooner or later they will come to BTC.
I'm really curious how this thing will work, and why would bank even try to make this if it doesn't have any profit. So probably this won't be really good/ fair crypto currency. But let's wait and maybe we will be suprised. Banks have most knowledge about economics and they can help crypto currencies a lot (my personal opinion). But it's like doing suicide.
June 02, 2017, 10:52:04 AM
Russian is planning to have its own version of Bitcoin backed by the Sberbank.
"Sberbank CEO Herman Gref has “agreed” on the development of a Russian national cryptocurrency with the country’s central bank. Sberbank is Russia’s major state-controlled bank. In unofficial reports from local news aggregators, the so-called “Russian Bitcoin” will use Sberbank as its base and will be “the only cryptocurrency freely available for sale and purchase” in the country. “All other [cryptocurrencies] will only be available via exchanges or trading platforms,” the Telegram news channel DeСenter reports Friday."
https://cointelegraph.com/news/russian-bitcoin-will-be-countrys-only-freely-tradable-crypto-sberbank-ceo
What type of impact(s) will this have on the original Bitcoin? Would the Russian Bitcoin survive? Would the original Bitcoin be treated as a lower "second tier" crytocurrency in Russia or even in the world? Would the original Bitcoin value goes down?
What is your thought on this?
"Sberbank CEO Herman Gref has “agreed” on the development of a Russian national cryptocurrency with the country’s central bank. Sberbank is Russia’s major state-controlled bank. In unofficial reports from local news aggregators, the so-called “Russian Bitcoin” will use Sberbank as its base and will be “the only cryptocurrency freely available for sale and purchase” in the country. “All other [cryptocurrencies] will only be available via exchanges or trading platforms,” the Telegram news channel DeСenter reports Friday."
https://cointelegraph.com/news/russian-bitcoin-will-be-countrys-only-freely-tradable-crypto-sberbank-ceo
What type of impact(s) will this have on the original Bitcoin? Would the Russian Bitcoin survive? Would the original Bitcoin be treated as a lower "second tier" crytocurrency in Russia or even in the world? Would the original Bitcoin value goes down?
What is your thought on this?
It is wrong to treat any such cryptocurrency as "bitcoin". It will be just another cryptocurrency independent and different from bitcoin. Just because you dance good and I name you "Jr MJ" won't make you Michael Jackson. Every cryptocurrency has its own vision and they are different from each other.
June 02, 2017, 10:43:45 AM
Russia's own altcoin? I guess that depends on how many people trust the Russian government enough to buy into a crypto that they control. I'm certainly not trading any of my BTC for any of it.
My first thought is that they want to use the technology for their own agenda, they will control it and be able to trace transactions and increase the supply whenever they feel like it. It sounds like the opposite of what Bitcoin is supposed to be.
My first thought is that they want to use the technology for their own agenda, they will control it and be able to trace transactions and increase the supply whenever they feel like it. It sounds like the opposite of what Bitcoin is supposed to be.
June 02, 2017, 10:29:23 AM
there are at least 50 other news like this all saying "a country, or a bank or a financial group is starting their own blockchain based on bitcoin technology"
and they all mean 1 thing: they are making a centralized altcoin.
it is great since the technology is being used and the world is getting better, but it has nothing to do with bitcoin!
Russia however is getting softer about bitcoin ever since Japan did what they did.
and they all mean 1 thing: they are making a centralized altcoin.
it is great since the technology is being used and the world is getting better, but it has nothing to do with bitcoin!
Russia however is getting softer about bitcoin ever since Japan did what they did.
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