What are the odds that the government/banks will truly create their own coin?

wxa7115

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Quote from: Suslived on October 27, 2019, 11:29:06 PM

The odds are good that these governments will make their own coin. Just take a look at whats happening between US and China. The trade war seems to have them competing on edge and now China has announced that they will be pursuing cryptocurrencies more it seems that the US won't let itself get beaten and is also investing time and resources to look into more blockchain projects and solutions.

We don't need more coins, we need legit coins that are used in the real world. Hopefully these governments can provide these, and that they are exchangeable with Bitcoin and other cryptocurrencies.

When the government begin to create their own cryptocurrencies then the adoption of those coins will be high because they would be a legal way to transfer wealth from one individual to the other, but make no mistake those coins are not going to be any different than fiat and if anything they are going to be way worse, it will be a way for the government to try to keep control of the money supply, so whatever money that you have in your wallet will never be truly yours.

Why do you think that China is interested in creating their own cryptocurrency when they have shown time and time again that they are against freedom? Because in their hands cryptocurrencies will be a way to keep an even greater control of their population.

doomistake

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Quote from: deisik on October 31, 2019, 05:47:55 AM

Quote from: Mike Mayor on October 31, 2019, 05:02:04 AM

I think it is really simple. As technology increases the government needs to keep up. You cannot expect to still be issuing out fiat when everyone else is doing it digitally. It will be very interesting to see how this is all dealt with and how things develope as time passes. It has been 10 years already and so much has changed. The future is very exciting for us

Yes, they need to keep up

What advantages and benefits will creating another currency in addition to an already existing one provide to a government? And please note that modern fiat is already digital for the most part anyway (the fact which I mentioned straight away), and it's been that way for a few decades already

To add another problem on their sleeves, maybe?

Governments are insecure on everything that surpass them, and one of those are cryptocurrency (Bitcoin, to be specific), and creating a coin of their own doesn't change the truth that they can't make one (like bitcoin), the result will be the same, they could only make Altcoins, that can't go to bitcoin's level of complexity to become invincible. They just don't know when to give up.

deisik

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Quote from: Mike Mayor on October 31, 2019, 05:02:04 AM

I think it is really simple. As technology increases the government needs to keep up. You cannot expect to still be issuing out fiat when everyone else is doing it digitally. It will be very interesting to see how this is all dealt with and how things develope as time passes. It has been 10 years already and so much has changed. The future is very exciting for us

Yes, they need to keep up

But does it mean that they should blindly follow someone's steps if it doesn't offer them any advantages? So to give everyone a proper perspective on my doubts, let's rephrase my initial question in the following way. What advantages and benefits will creating another currency in addition to an already existing one provide to a government? And please note that modern fiat is already digital for the most part anyway (the fact which I mentioned straight away), and it's been that way for a few decades already

Quote from: Mike Mayor on October 31, 2019, 05:02:04 AM

Simple, so that they can tax it

How's that?

Mike Mayor

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I think it is really simple. As technology increases the government needs to keep up. You cannot expect to still be issuing out fiat when everyone else is doing it digitally. It will be very interesting to see how this is all dealt with and how things develope as time passes. It has been 10 years already and so much has changed. The future is very exciting for us.

Quote from: deisik on October 31, 2019, 04:23:43 AM

Quote from: jhonjhon on October 30, 2019, 07:38:26 PM

Quote from: javadsalehi on October 24, 2018, 10:00:23 AM

Today, there are a lot of cryptocurrencies. Nothing will change if governments add some new cryptocurrencies to the market. They cannot threat bitcoin. Whether a government create a decentralized or even centralized cryptocurrency they make bitcoin more popular. Every one try to study about cryptocurrencies, first will know bitcoin.

I think if the government will create there own cryptocurrency then it'll be more centralized or regulated, I don't think they will create a decentralized one because it means they can't control it

But what's in it for them?

They already have fiat which is already digital (and likely with some cryptography involved along the way) and which they can fully control. These rumors (of some government creating their own variety of cryptocurrency, mostly a Chinese one) have been circulating since at least 2015, but no one has yet explained why would they want that

Okay, someone could come up with the idea they want their own cryptocurrency to compete with Bitcoin but this suggestion assumes they consider Bitcoin a threat. However, if they really considered it a threat, they would likely just ban it and get done with that (as some countries already did anyway)

Simple, so that they can tax it. I think it is more likely an innovative country that creates its own blockchain for its own cryptocurrency.

deisik

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Quote from: jhonjhon on October 30, 2019, 07:38:26 PM

Quote from: javadsalehi on October 24, 2018, 10:00:23 AM

Today, there are a lot of cryptocurrencies. Nothing will change if governments add some new cryptocurrencies to the market. They cannot threat bitcoin. Whether a government create a decentralized or even centralized cryptocurrency they make bitcoin more popular. Every one try to study about cryptocurrencies, first will know bitcoin.

I think if the government will create there own cryptocurrency then it'll be more centralized or regulated, I don't think they will create a decentralized one because it means they can't control it

But what's in it for them?

They already have fiat which is already digital (and likely with some cryptography involved along the way) and which they can fully control. These rumors (of some government creating their own variety of cryptocurrency, mostly a Chinese one) have been circulating since at least 2015, but no one has yet explained why would they want that

Okay, someone could come up with the idea they want their own cryptocurrency to compete with Bitcoin but this suggestion assumes they consider Bitcoin a threat. However, if they really considered it a threat, they would likely just ban it and get done with that (as some countries already did anyway)

smyslov

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Quote from: Blanca_Gregory on October 24, 2018, 09:34:06 AM

We've all seen this phrase before: that the government and/or banks will more likely to create their own cryptocurrency, but what are the odds that they really will? How can we be sure that these two sectors will create their own coins eventually and will it even change the game if they do? If they did, will it not threaten bitcoins and altcoins because the common people who haven't heard of bitcoin before might choose to use these bank/government-created coins instead? Do we really need more coins?

We have China creating their own coin, we'll still waiting for banks to create one and from what bank it will come, everything had become possible because blockchain technology has proven it's worth and it's usability.
and it depends on the country and the location of the bank that will create the coin, If China become successful it could become the new trend, although in the past there are tokens created for specific countries.

jhonjhon

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Quote from: javadsalehi on October 24, 2018, 10:00:23 AM

Today, there are a lot of cryptocurrencies. Nothing will change if governments add some new cryptocurrencies to the market. They cannot threat bitcoin. Whether a government create a decentralized or even centralized cryptocurrency they make bitcoin more popular. Every one try to study about cryptocurrencies, first will know bitcoin.

I think if the government will create there own cryptocurrency then it'll be more centralized or regulated, I don't think they will create a decentralized one because it means they can't control it. The government has been trying to get control of bitcoin but failed to do so because it is decentralized. Anyways, I agree that even if the government will create another cryptocurrency to threat or destroy bitcoin, it will only make bitcoin popular and investors prefer decentralized coin wherein no one controls it.

Boov

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Quote from: tungaqhd on October 27, 2019, 05:48:34 AM

Quote from: Colt81 on October 26, 2019, 06:18:09 PM

Quote from: Blanca_Gregory on October 24, 2018, 09:34:06 AM

We've all seen this phrase before: that the government and/or banks will more likely to create their own cryptocurrency, but what are the odds that they really will? How can we be sure that these two sectors will create their own coins eventually and will it even change the game if they do? If they did, will it not threaten bitcoins and altcoins because the common people who haven't heard of bitcoin before might choose to use these bank/government-created coins instead? Do we really need more coins?

There are really a lot of topics here in this forum that they think that the government would create their own cryptocurrency, but in my own opinion they don't because the government and banks already have their own currency that they could control which is fiat currency. There are no any proofs and reason that the government will create their own cryptocurrency because only few of them are interested to buy it.

Well, everyone knows that the government created fiat currency and managed this currency through banks, they managed all the activities and income of each individual but even with such a stabilization, the government still needs to develop over time and meet the needs from the people, and now, the demand for crypto has increased relatively sharply every year, until a time when the demand became so popular. The government is forced to create its own crypto, avoid the case that they lose control of taxes and income of individuals in the country

If it will happen, expect higher taxes in every transactions that you will make. It will not avoidable, also your whole transaction, trading etc will be monitored by the governement. But the thing is people want bitcoin because of its anonymity feauture and it can be traded with no tax that are waiting when you withdraw it just a few cents for transaction fee however if government or banks make there own expect that all of these will be gone and new set of rules that are not good will takes place.

deisik

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Quote from: bitgolden on October 30, 2019, 01:08:04 AM

If governments of the world are really serious, they will actually be able to apply blockchain technology to every part of their operation while they may decide to actually introduce the cryptocurrency side of the system to make their government better

This matter had been discussed extensively in the past

And there seems to be not a lot of areas where the blockchain-based solutions can be applied to, and which wouldn't be subpar to already existing ones. Technically, blockchain is a distributed decentralized database, so it is nothing new (its application as a ledger for a digital currency is, though). Where such a system offers substantial advantages, it is already in use (under a different name, obviously). In short, don't fall for the hype

suvo05

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I remembered that the finance minister of India announced in the 2017 budget that Gov is looking to apply the blockchain technology in the banking sector to create a digital economy. Though there is no notable real progress. I think Govs are a bit confused and in this worldwide economic depression they are afraid of experiments.

bitgolden

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Quote from: riso2015 on October 27, 2019, 11:47:29 PM

Quote from: ?? on ??

There is a big possibility that the adoption of blockchain will surely make the digital currency for their own country. Same as the digital bank system owned by the government, so cryptocurrency created by the government will only apply in that country. In global transactions bitcoin or altcoin are still superior, and become the best choice, this will not threaten the presence of cryptocurrency that exists today.

Yes I am also very sure they will make their own Crypto to facilitate us in making transactions in the online world. Our government is actually still "ashamed" to use Blockchain technology because this Blockchain technology is something that can not be separated from the world of Bitcoin while they are very afraid of Bitcoin.

That is the lack of knowledge that I think we usually have and this is the need why we and even the government needs to have thorough education as regards the whole Blockchain technology generally. Studying the blockchain technology, we would see that it is divided into different parts, and can actually standalone without the use of cryptocurrency, while cryptocurrency is just project born out of the chain that is meant to handle the financial aspect of the economy or the system of government.

If governments of the world are really serious, they will actually be able to apply blockchain technology to every part of their operation while they may decide to actually introduce the cryptocurrency side of the system to make their government better.

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Quote from: deisik on October 29, 2019, 02:09:06 AM

Quote from: yulchatar on October 28, 2019, 03:46:43 PM

It would be better if they supported the already existing BTC or ETH, or some other popular altcoin that already has supporters and holders. Since the creation of a new coin will require a new adoption and, possibly, will remain only within the framework of one state

They wouldn't be able to control them

And control here means being able to print new money as they find necessary. For example, how can they create new bitcoins other than through regular mining and receiving standard reward? Right, there is no such way. So if a government were to create their own variety of cryptocurrency or anything however remotely similar to a cryptocurrency, they would undoubtedly keep a "controlling interest " in their hands. Basically, that means they would be creating yet another fiat

Its already considered as fiat on the first place when they do already planned to make their own coin.It would be just still the same where its
fully centralized and have even the possibility of redoing transactions just like on what a typical fiat do had.Its just being digitalize though.
Government doesnt really like to be behind on the game and if they do saw on what others people interest they would just simply join in and
blocking to those who are first into the market since they do have the power and the money to do so.

jakoylantern

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For me, the odds of creating a digital currency by the government/ banks are vast because it is the future of fiat money. But creating a digital currency is still depending on the countries, especially to those 3rd world countries that can't finance that kind of technology. Also, this digital currency that they will create is not like bitcoin because they will just adopt/ upgrade our fiat money. Surely that they will have a control on it, KYC is implemented, and many more,

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Quote from: Blanca_Gregory on October 24, 2018, 09:34:06 AM

We've all seen this phrase before: that the government and/or banks will more likely to create their own cryptocurrency, but what are the odds that they really will? How can we be sure that these two sectors will create their own coins eventually and will it even change the game if they do? If they did, will it not threaten bitcoins and altcoins because the common people who haven't heard of bitcoin before might choose to use these bank/government-created coins instead? Do we really need more coins?

I think it was complicated, if the government will regulate these cryptos does it mean its value will be fixed? If this happen I dont think it will patronize by the people for one major characteristic of cryptos is that it was fully dependent to the supply and demand whereas in the case of government they control the price of a currency to keep the balance in distribution. Also, cryptos are decentralize, if it will ve regulated by the government it will be now centralize. Hence we cannot consider it as crypto either.

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Quote from: ?? on ??

I think the bank and a government will make their own coins because I think by creating a new coin can provide convenience for the people when they want to make a payment because it will certainly be easier and more efficient.

That will become their goal for creating their own cryptocurrency. Banks and the governments will do their best to outperform the current cryptocurrency trends because they are seeing good demand from the people and they don't want to see their people transferring from being fiat currency depended into decentralized cryptocurrency.

deisik

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Quote from: yulchatar on October 28, 2019, 03:46:43 PM

It would be better if they supported the already existing BTC or ETH, or some other popular altcoin that already has supporters and holders. Since the creation of a new coin will require a new adoption and, possibly, will remain only within the framework of one state

They wouldn't be able to control them

And control here means being able to print new money as they find necessary. For example, how can they create new bitcoins other than through regular mining and receiving standard reward? Right, there is no such way. So if a government were to create their own variety of cryptocurrency or anything however remotely similar to a cryptocurrency, they would undoubtedly keep a "controlling interest " in their hands. Basically, that means they would be creating yet another fiat

Kambal2000

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Quote from: yulchatar on October 28, 2019, 03:46:43 PM

It would be better if they supported the already existing BTC or ETH, or some other popular altcoin that already has supporters and holders. Since the creation of a new coin will require a new adoption and, possibly, will remain only within the framework of one state.

Most of the banks doesn't agree yet in Bitcoin and Ethereum, especially the government because they have no control of it, if they will support blockchain, it is possible that they will create their own coin/tokens, as they would want to have something that they can control of for self interest.

Kyraishi

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I feel like with the recent annoucments and news, the chance is pretty high. A lot of advanced economies like US and China have started slowing down in economic growth and this can easily be attributed to the lack of room to grow, which is why crypto-currencies and blockchain technology look like the next thing where countries are able to revolutionize and Excel at.

Quote from: riso2015 on October 27, 2019, 11:47:29 PM

Quote from: ?? on ??

There is a big possibility that the adoption of blockchain will surely make the digital currency for their own country. Same as the digital bank system owned by the government, so cryptocurrency created by the government will only apply in that country. In global transactions bitcoin or altcoin are still superior, and become the best choice, this will not threaten the presence of cryptocurrency that exists today.

Yes I am also very sure they will make their own Crypto to facilitate us in making transactions in the online world. Our government is actually still "ashamed" to use Blockchain technology because this Blockchain technology is something that can not be separated from the world of Bitcoin while they are very afraid of Bitcoin.

I wouldn't classify it as them being ashamed, it more then not being able to control Bitcoin and other decentralised crypto-currencies, whilst their own coins are easy to manipulate.

It's been announced countries like Korea, China and Japan are already looking at making their own crypto-currencies and some of them are in development.

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It would be better if they supported the already existing BTC or ETH, or some other popular altcoin that already has supporters and holders. Since the creation of a new coin will require a new adoption and, possibly, will remain only within the framework of one state.

riso2015

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Quote from: ?? on ??

There is a big possibility that the adoption of blockchain will surely make the digital currency for their own country. Same as the digital bank system owned by the government, so cryptocurrency created by the government will only apply in that country. In global transactions bitcoin or altcoin are still superior, and become the best choice, this will not threaten the presence of cryptocurrency that exists today.

Yes I am also very sure they will make their own Crypto to facilitate us in making transactions in the online world. Our government is actually still "ashamed" to use Blockchain technology because this Blockchain technology is something that can not be separated from the world of Bitcoin while they are very afraid of Bitcoin.

Topic: What are the odds that the government/banks will truly create their own coin? (Read 2091 times)