United Kingdom’s National Cryptocurrency Ready to be Launched in 2018 - page 2.

bitart

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Vires in Numeris

Quote from: LeGaulois on January 03, 2018, 04:59:43 PM

So they are just planning to "digitalize" the sterling. In another word, create a digital sterling and name it a cryptocurrency because it will use the blockchain technology. How it's going to be different?

Same money, same centralized sterling, same problems.

That's true, digital currency is not the same as cryptocurrency. This idea only changes the technology behind the same money. UK (and every other country) has already it's own digital money, it's the fiat on the bank accounts. People are already using this digital money (debit cards, credit cards, wire transfer, etc...). The current technology is based on the banks' systems (banks) and the VISA, MasterCard network (the card payment processors) and the SWIFT (international money transfer) so the digital fiat is already is in use.
If they change the system behind to blockchain, the money issuer (the central bank) and the banks will remain in the system, it's only the technology that changes. They want to steal the show from bitcoin...

seizetehday5

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Quote from: LeGaulois on January 03, 2018, 04:59:43 PM

So they are just planning to "digitalize" the sterling. In another word, create a digital sterling and name it a cryptocurrency because it will use the blockchain technology. How it's going to be different?

Same money, same centralized sterling, same problems.

It isn't going to be different but the sheep and the masses will flock to this like it is a money maker and like they trust it with all their heart. Poor souls going to fall for centralization scam again...

LeGaulois

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Top Crypto Casino

So they are just planning to "digitalize" the sterling. In another word, create a digital sterling and name it a cryptocurrency because it will use the blockchain technology. How it's going to be different?

Same money, same centralized sterling, same problems.

darkangel11

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Don't let others control your BTC -> self custody

Quote from: SerMeric on January 03, 2018, 04:28:09 PM

That will make a good price on btc. Is there an official link or something?

Why should it? Some people will surely throw their wallets at this centralized currency that is nothing more than an upgrade of the current money management. And the only thing that gets upgraded is supposedly the time of transaction because we all know that when you wire the money it's always done virtually. A bank basically sends an IOU to another bank and then they regulate it once a few months by sending a bag of money to the one that's owed the most.
Bottom line, some money that would otherwise go to real cryptocurrencies will go to the banks. Nothing good, really.

Siren

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Quote from: lifetimebitcoins on January 03, 2018, 03:53:47 PM

According to The Telegraph, the Bank of England could release a digital currency as early as 2018 that would be linked to the sterling. With this new virtual currency, the Bank of England would allow British citizens to keep their money in digital form with the central bank itself and to process big transactions in nanoseconds..

The possibility of issuing a national virtual currency has been in the bank’s plans for a long time. The bank aims to provide United Kingdom’s citizens with a virtual currency without the volatility of Bitcoin..

For Mr. Carney, the “most interesting application that would be beneficial for financial stability and efficiency”, would be using blockchain technology for settlements between different central banks. This test has demonstrated the viability and advantages of making payments between two central banks with blockchain technology..

Different countries and central banks are analysing the possibility of issuing virtual currencies. As we have reported, the Canadian Central Bank was studying this possibility with specialists in the field..

https://usethebitcoin.com/united-kingdoms-national-cryptocurrency-ready-launched-2018/

Nah. This will not bring any help for those who loves crypto and bitcoin in general. This will be a total failure for the Bank of England if ever they are going in this direction. This is nothing but similar to mutual funds or any other investment instruments. If their aim is to let their citizens stay away from bitcoin, they will not succeed. I haven't seen any government back crypto that have been successful and this is no exception as far as I see it.

kc999991

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This is very good news for crypto currencies as United Kingdom seem to be supporting it in a postive fashion rather than going against it. This will certainly have a good impact on the prices of Bitcoin and altcoins. But with the UK crypto currency being centralized will it become more like Ripple?

SerMeric

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That will make a good price on btc. Is there an official link or something?

CryptoBitCoins

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England has always succeeded in the direction of new technologies, which is confirmed by this article. Very happy for the citizens of England, because they have reason to be proud of their own country, which thinks about the future and about its citizens. I will watch the development of this industry in England, and I am sure that this is the right decision and the right approach to the turnover of finance in the country.

nmax21

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This will be very strong news for the world community. Crypto-currencies will gain high popularity and there will again be a rise in price. I think that many countries will follow this example.

HabBear

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Quote from: lifetimebitcoins on January 03, 2018, 03:53:47 PM

According to The Telegraph, the Bank of England could release a digital currency...

Thank you for just quoting the article. Do you have any independent thoughts on this news?

Quote from: Anti-Cen on January 03, 2018, 04:15:47 PM

I take back everything I ever said about fat cat bankers now I have come across Bitcoin miners
charging me $80 last week in fees and I was not even buying a car or a house.

The elephant in the room is transaction fees

You don't know what the phrase "elephant in the room" means, do you?

If you don't like the fees, stop using Bitcoin! Sell it for Bitcoin Cash or Ethereum or Ripple and stop complaining. You're your own bank now, the only person you can blame for imposing the fees is yourself...because you chose to pay the miners that much!

darkangel11

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Don't let others control your BTC -> self custody

Quote from: Anti-Cen on January 03, 2018, 04:15:47 PM

I take back everything I ever said about fat cat bankers now I have come across Bitcoin miners
charging me $80 last week in fees and I was not even buying a car or a house.

I have no idea why you're paying that much. It has to be voluntary commitment because I'm paying 0.000005/b the whole time and it takes maybe 2 hours to confirm. A week ago it was laggy and I had waited much longer, but we're talking about $20 per transaction, compared to your $80 Cheesy

Maybe you just like tipping them or don't know how to manually adjust the fees and prefer the system to do it for you? Usually being lazy turns out to be costly.

Anti-Cen

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High fees = low BTC price

I take back everything I ever said about fat cat bankers now I have come across Bitcoin miners
charging me $80 last week in fees and I was not even buying a car or a house.

Should take second and cost next to nuffing to send a score over the wire not $45 you robbing bastards
and yes I am talking to the 19,000 out of 20,000 miners that we don't even need on the network in the first
place so go back to you X-Boxes and play CoD instead of CPU War with each other because you will all
have more fun!

The elephant in the room is transaction fees

lifetimebitcoins

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According to The Telegraph, the Bank of England could release a digital currency as early as 2018 that would be linked to the sterling. With this new virtual currency, the Bank of England would allow British citizens to keep their money in digital form with the central bank itself and to process big transactions in nanoseconds..

The possibility of issuing a national virtual currency has been in the bank’s plans for a long time. The bank aims to provide United Kingdom’s citizens with a virtual currency without the volatility of Bitcoin..

For Mr. Carney, the “most interesting application that would be beneficial for financial stability and efficiency”, would be using blockchain technology for settlements between different central banks. This test has demonstrated the viability and advantages of making payments between two central banks with blockchain technology..

Different countries and central banks are analysing the possibility of issuing virtual currencies. As we have reported, the Canadian Central Bank was studying this possibility with specialists in the field..

https://usethebitcoin.com/united-kingdoms-national-cryptocurrency-ready-launched-2018/

Topic: United Kingdom’s National Cryptocurrency Ready to be Launched in 2018 - page 2. (Read 222 times)