Topic: The Coming War Between Digital Currencies - page 2. (Read 1153 times)
Coming war, i think it is korr of a competition, all altcoins' goal as of now is to beat bitcoin's price, which is a good sign, since withough competition currencies will not work. i think this is history repeating itself again, but this time in form of currency, and to be specific, cryptocurrencies. Before gold was being used by all as means of transsctions, then silver coins came, but if you take a look at it, along that time period, some also use gems, crystals, and other earth minerals to trade goods, but it was not that valuable as gold, if we compare gold to cryptocurrency now, it is true that it can be compared to bitcoin, however,.there came a time that gold was.no longer used, rather it was valued as commodity, along with other forms of currency, excluding fiat, then silver was the means of trading, i think the same will also happen to cryptocurrencies, those altcoins, that are only few in volume, would then cost that much, as well as bitcoin, and probably, a new active altcoin will be used as means of ttanssctions, but still have a relations with the price of bitcoin. I think no altcoin as of now can best the price of bitcoin, but what will happen is they will compete among themselves who is the best cryptocurrency.
If governments really want to make a Fiat digital currencies to whoever then they must act fast as the value of Bitcoin is increasing exponentially and maybe before they make a coin for their local countries all of the market capital of their economy is inside of Bitcoin. Let's just wait until that time happen as people will really have to choose to which side will he stay or not but Bitcoin has already set a name and reputation that is really hard to beat easily.
Any social phenomenon has what is called externalities. For example, antibiotics allow you to treat the health. But their thoughtless application leads to diseases with resistance to antibiotics. In such a situation, society should begin to decide on the use of antibiotics.
As for crypto currencies too. It is necessary to think about what externalities have crypto-currencies. I'm not talking about terriers and drugs. For these things, there is already a good solution - cash.
As for crypto currencies too. It is necessary to think about what externalities have crypto-currencies. I'm not talking about terriers and drugs. For these things, there is already a good solution - cash.
today, there has been a lot of cryptocurrencies.
The war between the digital currencies and the governments of states is already taking place and this stage was inevitable. We need to go through it and move on. Governments will inevitably try to subordinate the Crypto-currency and if they see that they can not do anything to it, they will have to retreat. Then the crypto currency will continue to develop more freely.
I'm pretty sure that some governments realize the inevitable truth that they can't stop cryptocurrencies. The CFTC gave LedgerX the green light to offer BTC futures markets, for instance. Canada is set to have an ETF on its listed markets in the near future.
And major Japanese corporations seem comfortable enough with the government's legal stance to dive into the mining industry in competition with Bitmain.
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Bitcoin was an unexpected event for central banks and governments. They had been wanting to make cash disappear for a long time and when digital money was becoming widely used, an increasing every year, bitcoin and cryptos appeared.
They reason they give citizens for abolishing cash is that in an only digital money world, fraud would disappear. However, that’s only true for small and medium fraud. Big fraudsters, usually linked with the world power, don’t need cash to commit fraud. It is done via international transfers and groups of companies.
The birth of cryptos was very important because if all money became digital and they didn’t exist, we would be in their hands. So, I think the war between digital currencies is actually a war between citizens and the powerful.
They reason they give citizens for abolishing cash is that in an only digital money world, fraud would disappear. However, that’s only true for small and medium fraud. Big fraudsters, usually linked with the world power, don’t need cash to commit fraud. It is done via international transfers and groups of companies.
The birth of cryptos was very important because if all money became digital and they didn’t exist, we would be in their hands. So, I think the war between digital currencies is actually a war between citizens and the powerful.
If such an event occurs, most likely will be the most promising crypto-currencies needed in the future for the socium, with the economy in the code and mass popularization. Already, there is competition in the plans of start-ups, therefore only the strongest will survive. All the slag will disappear, there will be a prospect. Therefore, invest thoughtfully and knowing what. Read white papers and road maps.
I think we'll have BOTH decentralised coins like bitcoin and fiat-digital coins issued by central banks, at the same time.
When the banking crisis hit, the govt investigated whether they needed to bail out the banks, could the central bank (the Bank of England) handle all the transactions instead? Turned out that the BoE could only handle about 500,000 a day - they were only set up to handle huge transactions between them and the banks.
So the govt was forced to bail out the banks just to maintain the payment system.
Blockchain technology however gives the central bank other options. The BoE is investigating putting the Pound Sterling on a blockchain. The reasoning is, that if there was another banking crisis, instead of a bailout to preserve the payment system, they could just move everything to a blockchain maintained by the BoE.
At the same time decentralised coins like bitcoin will continue to exist. Fiat blockchains arn't a threat to bitcoin, they're a threat to the banking system because who needs them as a payment processor anymore?
Good idea, but what is the difference if the state currency is on blockchain or it's the old fiat? Why there's no need to bail out the banks if the currency is on blockchain? Banks still need to be solvent in case the crisis hits again, to be able to serve the people if they want to withdraw cash from ATMs.When the banking crisis hit, the govt investigated whether they needed to bail out the banks, could the central bank (the Bank of England) handle all the transactions instead? Turned out that the BoE could only handle about 500,000 a day - they were only set up to handle huge transactions between them and the banks.
So the govt was forced to bail out the banks just to maintain the payment system.
Blockchain technology however gives the central bank other options. The BoE is investigating putting the Pound Sterling on a blockchain. The reasoning is, that if there was another banking crisis, instead of a bailout to preserve the payment system, they could just move everything to a blockchain maintained by the BoE.
At the same time decentralised coins like bitcoin will continue to exist. Fiat blockchains arn't a threat to bitcoin, they're a threat to the banking system because who needs them as a payment processor anymore?
Or, the idea is to eliminate cash totally, not to let people to use cash anymore, just digital cash via phones, bank cards, etc?
The war between the digital currencies and the governments of states is already taking place and this stage was inevitable. We need to go through it and move on. Governments will inevitably try to subordinate the Crypto-currency and if they see that they can not do anything to it, they will have to retreat. Then the crypto currency will continue to develop more freely.
There can be a war among digital currencies on which one of them want to becomes the world's dominance, a lot of ICOs and tokens sprouting like a mushrooms on a grasslands every month and ignoring them to grow and competing in the saturated crypto market working who will be the best.Unregulated and non-standardized crypto could be a bubble, regulation and government policy compliant is a must as soon as possible to sustain the cryptocurrency,blockchain is unstoppable but the users can. Transactions on the blockchain is anonymous but the users can't, anonymities are for criminals, drug lords ,gangsters and villains, if your are a good citizens then why hide your identity if you have no intentions of doing bad things. In the first place Bitcoin cryptocurrency concept was not intended for illegal activities.There can be war if there are no men standing in the middle.
I think before any cryptocurrency war happens (which most certainly could) we will see a large crash. The price will dip down below $2,000 again. People are forgetting that 6 months ago crypto was under $2,000. This rate of growth simply cannot be sustained for much longer!
It is obvious that there can be many successful currencies. Hell there are many successful legacy curriencies and those have the disadvantage of the possibility of infinite inflation. At least with crypto there can be controls. Many crypto's focus on competing by offerring an innovation. Many are crap. But, those that really innovate can be successful and there is no arbitrary limit to how many can be successful.
Why? Why not just support the Govt issued currencies? Why to hide your transactions from government?
How’s that camera in your bedroom working out? Bathroom? Why hide anything from the government?
I guess if you don’t care about liberty, then you’d be okay with someone monitoring everything you do, but some people care about freedom.
The struggle for control is already underway....
Why? Why not just support the Govt issued currencies? Why to hide your transactions from government?
Fair assertion, but a war lol! i think is been a bit exaggerated. Off course governments want regulation, that is what makes them governments and keeps them in business. Most will do the same in their shoes. People will find a way around these so called regulations if necessary.
Obviously, there is no reason to support government related things only. There are digital assets available for all of us out there and this is showing how beautiful the crypto world is.
Why? Why not just support the Govt issued currencies? Why to hide your transactions from government?
How’s that camera in your bedroom working out? Bathroom? Why hide anything from the government?I guess if you don’t care about liberty, then you’d be okay with someone monitoring everything you do, but some people care about freedom.
Edward Snowden said that NSA workers would grab photos from people's computers and phones, pass them around the NSA office and have good laughs at the photos.
I wonder if the US govt will try to get their fiat into crypto to move themselves away from the FED and control their own currency instead of the banks.
well it wont be a war because it will be as it is now, FIAT or Crypto
FIAT is definitely moving towards a digital useage and we are becoming
less and less a cash economy.
I still think there will be those happy to use the Government controlled
Digital FIAT and those that want sonething alternative that is not
controlled but decentralised, opensource, unregulated . . .
thats why we are here on BCT! good article though . . .
FIAT is definitely moving towards a digital useage and we are becoming
less and less a cash economy.
I still think there will be those happy to use the Government controlled
Digital FIAT and those that want sonething alternative that is not
controlled but decentralised, opensource, unregulated . . .
thats why we are here on BCT! good article though . . .
Why? Why not just support the Govt issued currencies? Why to hide your transactions from government?
Because govt has absolute power over their currency. If you are talking about a Digital currency issued by the Govt, you might as well use FIAT. Bitcoin is all about freedom and decentralization. Fair assertion, but a war lol! i think is been a bit exaggerated. Off course governments want regulation, that is what makes them governments and keeps them in business. Most will do the same in their shoes. People will find a way around these so called regulations if necessary.
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