Topic: Threat to Crypto Currencies - page 2. (Read 808 times)

Many counties banned bitcoin and many are thinking to do so but I think a time will come when they will regret and will remove the ban from bitcoin because slowly and gradually bitcoin is becoming a need of people and countries because now world can run properly without bitcoin because all the online investments are done due to it.

Banning bitcoin wont help them at all, there are still a lot of ways that a person can get its hands into bitcoin even by blocking certain sites.
Even if they start their own e-currency i think the equivalent of that coin wont be to far from what their money is worth in the current market.

Some of the governments can also be considered as a threat to Bitcoin in their own countries, cause there are some governments that are not in support of Bitcoin and will do whatever it takes to kick this cryptocurrency out of their country.

Individuals with no reputation shouldn’t be considered as much threats to Bitcoin, because none of their words would be taken seriously. But there are some whose words packs a heavy blow and can affect Bitcoin in any way.

We all know it is possible that the government plans to create its own crypto but the crypto is not as good as bitcoin even worst than fiat .before really my cash takes amonymity ,not just a coin but to many people who accepted coins that does  not think well and until the end is bitcoin but the win ever all .economic system is first to cash down and many large companies trust the workers in all country coin to own and dominite the market implied that it will be released in tides .I just know when or where the exact same thing is in front of everyone now crypto currencies is the greed for all people to undermine the security of investment program...

There are more than 1000 cryptocurrencies introduced after 2009. Among them only four to six are popular and working successfully. Cryptocurrencies share in the world economy is around 100billion USD. However it does not mean that all the currencies are safe and will remain safe forever. They are having competition among themselves. Cryptocurrencie`s image get disturbed, when ransomware attackers asked their ransom money in the bitcoin currency only. Many countries are banning cryptocurrencies due to security reasons as they are decentralised in nature. Many countries are planning to introduce their own cryptocurrencies.

Some countries are already doing it. They will start to own their national e-currency. However, some countries are think to ban Bitcoin.

Do you know why Bitcoin has demand? It isn't really about having an online medium for buying things. It isn't even about replacing fiat. It is more about saving your money from centralized institution. People are parking their dollars in  bitcoin to save it form fiat inflation. They don't care about its utility. It is more about having good ROI. So, even if government launches a centralized token as happening in many countries that isn't going to kill bitcoin or cryptocurrencies.

Yeah but it's not everything . Those are the negative views of Bitcoin. It's really interesing and potiental if you're making a research on in.

Any coin that represents the state can be a success in the country. If the government will not steal until the situation stabiliziruemost the Fiat or cryptocurrency will be successful. But this is only until the government again will not steal money from the budget. Therefore, in the country it may be a success but outside no one will accept the currency if the government kleptocracy.

A hard ban on crypto would be the biggest issue imo. If they go through with a hard ban though it would be a complete abuse of power.

I think that the threat to people in this case can only be their government...if they impose sanctions or prohibit the cryptocurrency

I don't think the threat is really there as much as you put it. Those regulated currencies have some benefits and are likely to become used a lot. But what does it have to do with other currencies? They will still remain independent, as I see it. Maybe they won't become means of payment for goods in everyday life, but surely they can be used for trading, gambling, as means of payment for someone's work and in online shopping where the prices can be adjusted fast enough.
I guess the real threat to cryptocurrencies is possessed by us, users, who are willing to pay a lot for something we can't even touch. Maybe some day the price will be too much and so they'll crush, because the demand was not as strong as it seemed to be.

to address several points made ...
1. Yes, Bitcoin is probably here to stay regardless of any Fiat cryptos that appear, but I think BTC is going to move into a role similar to gold. It's become a contrarian investment. It's price and volatility inhibit it's use as a general currency and one of the most important aspects to becoming a general currency - widespread acceptance- it has not made enough progress, so I think it is becoming an investment coin, not a currency coin.

@BartS: You mention bitcoin will win in the end. I suspect that when the fiat system collapses bitcoin will skyrocket, but only a handful of people have any significant amount (I saw a post that 98% of all BTC is held by a few hundred people), so while they will get rich, it won't change anything for the rest of us. Not sure if this constitutes a "win" for Bitcoin, but I'm pretty sure it's not a win for 99.9% of people


I agree with this, but it's also exactly what I was pointing out. How large is the crypto community? it's still a small percentage of the general population. newbies and the uninformed represent 99%. And considering the average 6 pack joe can barely balance his checkbook, I expect it to be that way for a long time, which mean what ever crypto the banks and gov't "Officially" endorse (and is easy for them to adopt) is the one they will use. That is the threat I was discussing. If that happens and a tethered fiat becomes accepted at every retail outlet and every six pzk joe uses it to buy his six pack, what does that do for the chances of an independent crypto to get established?

When the banks accept a fiat tethered crypto and give every retailer a way to accept those payments through their existing terminals, POS etc., they'll make sure those terminals do not take a competing crypto. This is how the banks usurp the threat of cryptos.  It's simply a "beat them to the punch" approach. 

I agree with the concepts that and independent crypto "Could" replace fiat and remove currency manipulation from the banks, but do you really think the banks are going to sit by and let that happen without a fight?  Banning cryptos, as some have mentioned, is always a possiblity, but i think they are smart enough to know that would fail, this cat is already out of the box, a ban would probably just create a black market or some other contrary response.

Put yourself in their shoes for a moment. The smart move - for them - is to beat every one else to the punch and get their own crypto into widespread acceptance. And they are in a position to do it. Every retail stores has to have a merchant account to take credit and debit cards, so they are already customers directly or indirectly of the big banks.

I point this out in the hope that the crypto community will see the possible outcomes here and possibly craft a better alternative, but the clock is ticking. The banks are in catch up mode at the moment, but it won't take them long.

Even Venezuela, which is in deep crisis, introduced its coin for stabilization. But while none of the countries is in a hurry to legalize it, understanding all the risks and losses. Therefore, the only threat is that it will all remain a crypto currency and not an ordinary currency.

Threat in what ways ? I am guessing that the only concern here is the manipulation by government banks and other third parties that bitcoin concept avoids.
There is nothing we can do about it. If we are expecting for a worldwide use of bitcoin we might as well as agree to their terms. We are already in the process and we should be ready for taxes and higher fees though not felt but I am sure it will be in the system.
Or if we would be against it, it may be banned everywhere.

In our country, it is already having high fees, there is nothing much we can do but convert it to fiat. No stores accepting bitcoin here.

There will always be people who opposes something that wont benefit them, you are correct that the biggest threat is the people who are against crypto currency, but i think that as the days passed by new people are being encourage to use crypto for their own purposes.

I think the best threat is the people who does not like the crypto currency and they are always against this currency the image of bitcoin is good in the market and sometimes th investors want to show the wrong image to the people then they spread wrong information because of this the users feel fear and they sell their coins so the investors buy them at low price.

That's true. There will be little reason for people to risk their money in Bitcoin and other cryptos if their own countries introduce their own. People would lean towards trusting their own government rather than Bitcoin, and so would businesses in response.

That's just one side to a story though. State backed crypto will be stable, and like fiat, inflationary. It's not going to be able to fill the need of people looking into storage of value, and it definitely can't be considered an investment. Majority of people use Bitcoin precisely for these purposes, so it's still going to gain adoption. They have different niches, though Bitcoin can fill both, in a way.

If there will be a new electronic coin that the government will issue and implement, I think there will be a great threat in all cryptocurrencies. Government can manipulate people like having a centralized coin. It is upon the government who will implement the use of crypto coin. If they want to take advantage to their citizen or make that crypto coin to innovate, suppport and develop their economy.

Actually, is not the company itself is a treat to the cryptocurrency because it is only by people in-charge. The massive increase of cryptocurrency investors and greediness of individuals might bring crypto into troubled in the incoming days.Why? The reason is that, due to the intense development of crypto especially bitcoin it might lead to anyone from hacking and FUDs accusation. The more it become popular, the more it become vulnerable for black propaganda and unsubstantial FUD reports.