The Fiat Digital currency is coming to Chinese people.

Alphagog

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Quote from: marseille on December 29, 2016, 03:13:17 PM

but the new fiat digital currency will be a competitor for bitcoin, not sure why bitcoin price will go up? maybe every country will have their own digital currencies and bitcoin serves like gold in cyber space?

I do not think that people will like any other crypto currency like bitcoin and they will also not adopt the government centralized currency as they want bitcoin because of its decentralization.

South Park

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I am terrible at Fantasy Football!!!

Quote from: Kabul on December 29, 2016, 09:33:57 AM

This is awesome. Finally, this is what we are all waiting for: The Fiat Digital currency. The Chinese now can have faster transactions, more secure money. Now I really want to move to China and make a life there

This is not what a lot of us are waiting but it was obvious that it was going to happen eventually , this is just an attempt to do a magic trick and deceive the people once again, they are going to create a crypto backed by a government but they will be able to mine it at will and will know everything you do with your money.

marseille

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but the new fiat digital currency will be a competitor for bitcoin, not sure why bitcoin price will go up? maybe every country will have their own digital currencies and bitcoin serves like gold in cyber space?

MMA

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Quote from: Kabul on December 29, 2016, 09:33:57 AM

This is awesome. Finally, this is what we are all waiting for: The Fiat Digital currency. The Chinese now can have faster transactions, more secure money. Now I really want to move to China and make a life there

it is really a good news, but i do not think i need to go to china because my own country is going to accept bitcoin and hope that then people will start using bitcoin as fiat currency.

QuestionAuthority

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You lead and I'll watch you walk away.

Any country adopting a homegrown digital currency to replace their paper fiat is doing Bitcoin a great favor.

Government developed and implemented digital currencies, whether or not they use blockchain tech, will undoubtedly be fully traceable. That's great if you want to eliminate tax evasion and money laundering. It's very bad if you want to hide what you're doing.

There's always a percentage of a population that wants to do illegal, immoral or questionable things (drugs, prostitutes, illegal porn, guns, sex toys, etc.). When governments make their money anything less than anonymous certain people will flock to another form of currency. Bitcoin is currently the best choice available.

If 1% of Chinese are in the group above that's 10 million new users, 20% is 200 million and so on. If only 50% of the countries in the world adopted traceable money Bitcoin could potentially gain 700 million to a billion new users.

yayayo

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Quote from: Kabul on December 29, 2016, 09:33:57 AM

This is awesome. Finally, this is what we are all waiting for: The Fiat Digital currency. The Chinese now can have faster transactions, more secure money. Now I really want to move to China and make a life there

Please do me a favor and stop generalizing your immature thoughts. I'm certainly not waiting for another version of fiat trash. Neither does the majority of the Bitcoin community.

Central banks all around the world are engaging in various centralized blockchain projects. However the whole concept of a centralized blockchain is idiotic: You can do the same with a traditional database at much better efficiency. They will just waste money for their overcomplicated Paypal-clones.

Bitcoin was invented to do away with the centralized fiat debt money scam.

ya.ya.yo!

Kabul

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This is awesome. Finally, this is what we are all waiting for: The Fiat Digital currency. The Chinese now can have faster transactions, more secure money. Now I really want to move to China and make a life there

Xester

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Quote from: lol3c on December 29, 2016, 04:55:39 AM

It is not good at all. The fiat digital currency is centralized by the government and this will make a lot of difficulty for those who use Bitcoin in China. Many investors, I think, will have to face the problem that they may have to give up on Bitcoin due to some restrictions which are promulgated by the authorities ones.

The reason why China is proposing a fiat digital currency is not really to go against bitcoin but to destroy simply tax evasion, money laundering and forgery. Chinese Yuan will be finally replaced by a fiat currency and this signals that all taxes will be collected efficiently and syndicates who are doing money laundering will be caught easily. But even though they will have this fiat currency in my opinion they will still not give up on bitcoins since CHinese are businessmen and theres a ton of profit in bitcoins, it is their gateway in the international market.

lol3c

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It is not good at all. The fiat digital currency is centralized by the government and this will make a lot of difficulty for those who use Bitcoin in China. Many investors, I think, will have to face the problem that they may have to give up on Bitcoin due to some restrictions which are promulgated by the authorities ones.

Labernie

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Quote from: Shiroslullaby on November 20, 2016, 09:40:13 AM

Something like this may actually bring more users to bitcoin, because it will make more people familiar with the idea of digital currency.
Bitcoin won't suffer because people will still use it as a speculation investment and a safeguard against fluctuation in the price of local currency.

This is very necessary for new digital generation . The crypto currency will replace all traditional currency in near future.
We are living in digital century and using smart devices so we can change conception of banknote.

Alphagog

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Quote from: rajasumi3 on December 25, 2016, 12:35:00 PM

It will be nothing like bitcoin. There will be a system like blockchain and there will be credit cards and debit cards and there will be no use of cash at all .it will be totally controlled by the government.

It is the same as the digital cash. But as you said that it will be controlled by the government so no use of it as crypto as the currency will not have anonymous feature which the governments do not like.

mrkevio

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Quote from: rajasumi3 on December 25, 2016, 12:35:00 PM

It will be nothing like bitcoin. There will be a system like blockchain and there will be credit cards and debit cards and there will be no use of cash at all .it will be totally controlled by the government.

It will be something like Bitcoin but in their own total control: taxable, traceable, non-anonymous. They'll probably advertise it as being the safest one out there because the government's the only one that can access to such information, but that's exactly what I'm trying to run away from.

Doamader

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Sure isnt a problem for bitcoin, a centralized coin will always be controlled by the governement and banks, this should help crypto world, since it will expose the digital currencies for free. The coin can be a huge sucess, as become another problem to handle, but Chinese people does know how to make something work, if they offer some share interest for their coin they will get investors, soo lets wait and see what they really wanna to do.

rajasumi3

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It will be nothing like bitcoin. There will be a system like blockchain and there will be credit cards and debit cards and there will be no use of cash at all .it will be totally controlled by the government.

nicemycoin

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Quote from: Slark on November 20, 2016, 10:02:33 PM

Seriously, until proven otherwise I will think that huge anti corruption argument we are being served here is one big lie.
Digital FIAT is nothing more than another even more extreme way to control people's lives.
It is ideal solution which help in a fight against political opponents of a regime and simply erase funds of troublesome individuals.
If you think it is created with the idea of fighting crime and corruption - think again. I am sure that people in charge can find a way to stay corrupted with or without it.

Do you have a better way ?

nicemycoin

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Quote from: Wind_FURY on November 20, 2016, 09:42:51 PM

Quote from: Amph on November 20, 2016, 12:39:07 PM

Quote from: franky1 on November 18, 2016, 12:08:16 PM

yet another post with people advertising the bankers crapcoin on the hyperledger.

again nothing to do with bitcoin

well it may have an impact if people on china find that this new centralized alt issued from the government is better suited for them to handle, and they would decrease the demand on bitcoin

Oh really? I do not think so. The Chinese demand for Bitcoin is mostly speculative and they treat more like a commodity than a currency. Maybe even most of their Bitcoins do not leave the exchanges because they are trading them back and forth for profits in fiat. Nothing will change except for major efficiencies in the CNY fiat system. Bitcoin will be Bitcoin, fiat will be fiat.

Agree +1,Bitcoin will be Bitcoin, fiat will be fiat.

Slark

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Seriously, until proven otherwise I will think that huge anti corruption argument we are being served here is one big lie.
Digital FIAT is nothing more than another even more extreme way to control people's lives.
It is ideal solution which help in a fight against political opponents of a regime and simply erase funds of troublesome individuals.
If you think it is created with the idea of fighting crime and corruption - think again. I am sure that people in charge can find a way to stay corrupted with or without it.

Wind_FURY

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Quote from: Amph on November 20, 2016, 12:39:07 PM

Quote from: franky1 on November 18, 2016, 12:08:16 PM

yet another post with people advertising the bankers crapcoin on the hyperledger.

again nothing to do with bitcoin

well it may have an impact if people on china find that this new centralized alt issued from the government is better suited for them to handle, and they would decrease the demand on bitcoin

Oh really? I do not think so. The Chinese demand for Bitcoin is mostly speculative and they treat more like a commodity than a currency. Maybe even most of their Bitcoins do not leave the exchanges because they are trading them back and forth for profits in fiat. Nothing will change except for major efficiencies in the CNY fiat system. Bitcoin will be Bitcoin, fiat will be fiat.

Amph

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Quote from: franky1 on November 18, 2016, 12:08:16 PM

yet another post with people advertising the bankers crapcoin on the hyperledger.

again nothing to do with bitcoin

well it may have an impact if people on china find that this new centralized alt issued from the government is better suited for them to handle, and they would decrease the demand on bitcoin

MingLee

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Eh... Seems like a push that is going to fail, along with every single other government-sponsored attempt at getting users of Bitcoin back onto the government's side. It's a hilariously bad attempt at trying to look "hip", if you can excuse the analogy.

Let me know when there's a serious competitor to Bitcoin being sponsored by a government, because so far they're grasping at straws trying to tap a demographic that doesn't trust the government.

Topic: The Fiat Digital currency is coming to Chinese people. (Read 2140 times)