The Country Cryptocurrency vs Bitcoin - page 2.

FanEagle

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Quote from: AniviaBtc on May 09, 2021, 02:54:20 AM

There are countries who makes their own crypto because they want to fight bitcoin in the market.

Just like China, they are making lots of cryptocurrency on their own so that they can make it more profitable and isolated for them.

Bitcoin is still the best digital asset that we can think of even if there's a lot of other profitable ways in the market.

I am not sure if the idea is to fight crypto or the idea is fight each other? I mean by the looks of it if no country makes one, others will not suddenly start one, sure they can start one to go against other nations and win at something, for example China could make digital yuan to go over USA some more in economical warfare, those are all great things for a nations economy no matter how moral or immoral it could be but it is totally still against other nations.

I doubt that China would create a digital yuan to "destroy bitcoin", they do not care about it, they are agnostic about the results as long as they win, hence I think it is about other nations that everyone cares, and that is why they create something like that. Which is why I think it is a cool little nugget of information for us to have and not take any of these things personally if I am right, I don't know if I am.

sapnu

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Whatever they are planning to do to replace or imitate bitcoin, they will only keep on failing and end up wasting their time. Bitcoin is much more complex and useful compared to any currency ever made. Creating a new cryptocurrency named under a certain nation would need a very long time before it can keep up with bitcoin. We all know how long and how hard it took for bitcoin to make it wherever it is right now, a lot of people doubted and took it for granted but unfortunately, those people are surely full of regrets right now as they witness bitcoin getting more successful as time passes by.

Oneandpure

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Waiting global country want to accepted bitcoin as legal currency transaction and give many chance for investor or trader can sell or buy anything in their country and use bitcoin for transaction payment, maybe if bitcoin legal as payment transaction many trader and investor very happy to trade or hold bitcoin for long term again.

(o)(o)ilikeboobs(o)(o)

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Bitcoin's value comes from blockchain technology, strong decentralization, limited quantity, deflation over time, and immutability in data. The UK's cryptocurrency will be based on blockchain technology but managed by the Bank of England, it could be a modifiable central chain. The supply of the digital pound was limitless and under the control of the British government.
To beat Bitcoin, the UK digital currency needs a lot of effort to adopt it worldwide. They may take hundreds of years to do that but look at Bitcoin, it only took 10 years.
Obviously, Bitcoin outperforms and outperforms any other government-made currency.

Tahsin Kabir Kollol

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The comparison between country cryptocurrency and bitcoin is many. Bitcoin is a decentralized cryptocurrency and it is not affected by any single person or country. But on the other hand country cryptocurrency fully controlled by the government and it is affected by the country-related incident. On the other hand, country cryptocurrency will be affected by the country's economy. We can easily see that the difference between country cryptocurrency and bitcoin from the point of view coronavirus pandemic situation.

AniviaBtc

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There are countries who makes their own crypto because they want to fight bitcoin in the market.

Just like China, they are making lots of cryptocurrency on their own so that they can make it more profitable and isolated for them.

Bitcoin is still the best digital asset that we can think of even if there's a lot of other profitable ways in the market.

verita1

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IMO, after the governments that are working to implement their CBDC get their systems to function fully. That will be the call for more countries to replicate the experience because ultimately each nation will need its CBDC.
As the world advances, technology is more demanding that is why we are at this point one step away from the domain of digital technology.

On the other hand, bitcoin and cryptocurrencies are occupying spaces that previously belonged to financial institutions and banks, so time is short.

nurilham

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So far, everything that tries to beat Bitcoin, in fact, they cannot yet.
Bitcoin is the king of crypto. And I am wondering in what cases they will beat Bitcoin? Value? use case? Marketcap? users? Or community?
We know that some countries also create their own digital currency based on Blockchain technology. However, about going to compete with BTC, it may be very difficult to do.

Oneandpure

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Bitcoin is unique and most profitable way as investment, become competitor for bank and many countries not support with bitcoin. they won't with bank keep exist and all people keep saving money in the bank than hold and invest on bitcoin, how ever without support bank many countries will faced the problem if bitcoin have been legal transaction currency as payment.

AndySt

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Quote from: doomloop on April 28, 2021, 02:05:55 PM

Country based cryptocurrencies has always been a failure. Nobody talks about them, even now the digital Yuan that a lot of people were hyping last year, all of a sudden nobody is talking about it. I can remember very well that from 2019 I can’t login to this forum without seeing at least one or two topics that has to do with the digital Yuan and people were seriously talking about it. But this time around I hardly see even a single thing about them, and the ones I rarely are from the old topics that’s ere created here since.
This has been the same thing with other cryptocurrencies that other countries have developed, they just die off silently. I’m still yet to understand the need for those digital fiat, unless they plan to change the system entirely and stop producing paper money and just go digital, which I know for sure is going to affect a lot of people around the world.

This is because no country has yet seriously implemented a variant of its fiat currency on the blockchain. What is the difference between a state bureaucratic machine and a private initiative? In the speed of decision-making and implementation. First, there is a discussion for some time, then there is an agreement between government departments, then there is a search for a performer, and only then a specific project is released. There is a feeling that no one else except China has tried to make this a reality, and even now all countries are watching China, so that they can then take it as a basis. China is already distributing the digital yuan to a certain number of citizens for testing purposes and is deploying infrastructure in several places. As far as I understand, a serious test of the digital yuan in reality will be next year during the Olympics. By the way, so far, none of the big countries is going to immediately and irrevocably switch to the cryptocurrency version of their fiat currency, because paper money is not so susceptible to all natural disasters and man-made disasters.

perfect999

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The only problem I am having about CBDC type of deals is that it will eat up many bitcoins from the market and that is going to be risky if it is in the reserves of the nations. Governments (and I mean ALL) are known to act for the benefit of the politicians and not for the people, that has been the case for every single nation for every single period in human history, the people at the top of the governments want what is best for them, not what is best for the people.

It means a government with the power of buying tens of thousands of bitcoin all at once could be something scary if given enough power. Otherwise the CBDC itself is not a problem, it is actually a method for governments to go into crypto a bit more and I would support it for that part, however giving the power of buying countless bitcoin all together to governments sounds a bit scary.

doomloop

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Quote from: macson on April 21, 2021, 07:03:11 AM

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin. i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

Bitcoin is a decentralized cryptocurrency whereas Britcoin is definitely a centralized currency, this is what will make Britcoin just be another Altcoin as usual.

Country based cryptocurrencies has always been a failure. Nobody talks about them, even now the digital Yuan that a lot of people were hyping last year, all of a sudden nobody is talking about it. I can remember very well that from 2019 I can’t login to this forum without seeing at least one or two topics that has to do with the digital Yuan and people were seriously talking about it. But this time around I hardly see even a single thing about them, and the ones I rarely are from the old topics that’s ere created here since.

This has been the same thing with other cryptocurrencies that other countries have developed, they just die off silently. I’m still yet to understand the need for those digital fiat, unless they plan to change the system entirely and stop producing paper money and just go digital, which I know for sure is going to affect a lot of people around the world.

macson

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Quote from: kpierce77 on April 28, 2021, 08:10:21 AM

I think this is just some kind of gimmick? or I'm the one who made it wrong. because obviously if their goal was to beat bitcoin, it wouldn't make sense for those words to come out of their government. Everything that is centralized will certainly be able to be controlled and they certainly know that bitcoin uses a decentralized and opposing system

because they know Bitcoin is a decentralized coin that's why they are trying to make a centralized coin and pray that shitcoin can beat Bitcoin. decentralization Bitcoin is a huge threat to the government and the capitalists behind them.

Quote from: NelfiNovita on April 28, 2021, 10:10:25 AM

My view is also like that, that it is not easy to beat bitcoin because bitcoin is a coin that has long reigned in the crypto market. Bitcoin already has so much popularity that they don't want to leave bitcoin either. Even the richest investors are unlikely to give up their bitcoins to buy "Britcoin" because this coin has just been introduced to many people so there are still many people who have doubts about "Britcoin".

selling "Bitcoin" then buy "Britcoin" was the worst decision in that person's entire life.

NelfiNovita

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Quote from: macson on April 21, 2021, 07:03:11 AM

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin. i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

Bitcoin is a decentralized cryptocurrency whereas Britcoin is definitely a centralized currency, this is what will make Britcoin just be another Altcoin as usual.

My view is also like that, that it is not easy to beat bitcoin because bitcoin is a coin that has long reigned in the crypto market. Bitcoin already has so much popularity that they don't want to leave bitcoin either. Even the richest investors are unlikely to give up their bitcoins to buy "Britcoin" because this coin has just been introduced to many people so there are still many people who have doubts about "Britcoin".

kpierce77

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Quote from: blckhawk on April 28, 2021, 07:02:20 AM

Quote from: acener on April 27, 2021, 04:35:31 AM

Every country could create their own crypto but I think no centralized crypto currency could ever replace or defeat Bitcoin.
I for one would support our country's crypto if they choose to create one but I would still choose Bitcoin over it when it comes to Holding or investing.

Yeah and few Big countries already did like China but I don't think that would be enough to rival Bitcoin because first of all people like decentralization as a matter of fact this is one of the main reason why it is popular with investors because it cannot be manipulated by anyone, the price can only be determined with the demand and supply. Some countries try to defeat Bitcoin via banning and it really does affect Bitcoin but not entirely besides, people have their own way to pull of transactions even if it is banned through P2P. So I cannot see any reason or factors that could defeat Bitcoin

I think this is just some kind of gimmick? or I'm the one who made it wrong. because obviously if their goal was to beat bitcoin, it wouldn't make sense for those words to come out of their government. Everything that is centralized will certainly be able to be controlled and they certainly know that bitcoin uses a decentralized and opposing system

darewaller

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Quote from: blckhawk on April 28, 2021, 07:02:20 AM

first of all people like decentralization as a matter of fact this is one of the main reason why it is popular with investors because it cannot be manipulated by anyone, the price can only be determined with the demand and supply.

Yeah, decentralization is the biggest benefit which will be missing out in country specific cryptocurrencies.

I believe those country people will start using of their government's crypto but over the time they will realize that they are making use of nothing new but very much similar to traditional fiats but in electronic format. And I believe that is the point where they may start thinking about adopting bitcoins.

Moreover, I'm seeing these country specific cryptocurrencies as an indirect promotion for bitcoin adoption. Yeah, I mean governments are working for spreading awareness on bitcoin indirectly. It's a kind of promotion for future adoption and not for immediate one Wink

.

blckhawk

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Quote from: acener on April 27, 2021, 04:35:31 AM

Every country could create their own crypto but I think no centralized crypto currency could ever replace or defeat Bitcoin.
I for one would support our country's crypto if they choose to create one but I would still choose Bitcoin over it when it comes to Holding or investing.

Yeah and few Big countries already did like China but I don't think that would be enough to rival Bitcoin because first of all people like decentralization as a matter of fact this is one of the main reason why it is popular with investors because it cannot be manipulated by anyone, the price can only be determined with the demand and supply. Some countries try to defeat Bitcoin via banning and it really does affect Bitcoin but not entirely besides, people have their own way to pull of transactions even if it is banned through P2P. So I cannot see any reason or factors that could defeat Bitcoin

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Quote from: FanEagle on April 27, 2021, 02:04:06 PM

Let's assume USA did a CBDC and sold digital dollar, what is going to happen? Most of that will be in exchanges

That's only if the USA permit their CBDC coin to be transferred to exchanges.

Everyone seems to naturally assume they'll be trading this shit on exchanges, but that's not a safe bet in my view. If they don't want you to be able to do that, they can either block the transaction, or just straight up confiscate your funds or any funds that any exchange holds. They will have total control over their ledger. Any notions of "ownership" you have will be completely meaningless. People in this space have become so accustomed to decentralised currencies, it's as though they've forgotten the dangers of centralised ones.

Twentyonepaylots

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We all know that the main selling point of bitcoin is the fact that it is secured, it is anonymous, and it is decentralized. To create a central-backed cryptocurrency with the idea of it being on par with bitcoin is just plain old rookie mistake, as many coins in the market already did that in the past but because of the fact that it is susceptible to corruption and rug pulls, didn't become successful. This will have bigger chances of happening on coins that are backed by the government by the way so there's that.

FanEagle

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Quote from: TastyChillySauce00 on April 27, 2021, 04:39:18 AM

Also most of institution or government who tries to make their own version of cryptocurrency whether centralized or decentralized by default are trying to create userbase or further expand the reach of their currency. Just imagine a country that creates a CBDC, their cryptocurrency in form of paper money? no one cares but if it's digitalized and somewhat take advantage of blockchain technology making it fancy being called CBDC? maybe it could attract people.
It's just matter of further expanding their interests through the use of blockchain technology despite all the shortcomings they may face in the future because most of them are made to be centralized.

CBDC is not some shitcoin, it is backed by governments and that is an important deal. Think about it this way, they could raise funds from it as well. Let's assume USA did a CBDC and sold digital dollar, what is going to happen? Most of that will be in exchanges, instead of things like USDT we are going to have the CBDC of the government and we will be using that. Looking at how there is 50+ billion dollars of USDT that means USA could get a lot of money for their digital currency.

This is right now, think about 5 to 10 years later, it is going to be even more, it could be 100+ billion dollars in the vaults of USA government with the assurance that nothing would happen to that money guaranteed by the government. So, that means it is going to be something very helpful for the people and I think it is going to help a lot of people and also the governments.

Topic: The Country Cryptocurrency vs Bitcoin - page 2. (Read 909 times)