What are the odds that the government/banks will truly create their own coin? - page 2.

Suslived

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Quote from: Blanca_Gregory on October 24, 2018, 08:34:06 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?

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.

barabarian1

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Quote from: Blanca_Gregory on October 24, 2018, 08:34:06 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?

when the adoption of the blockchain is increasingly widespread in my opinion it might be for a government or a bank to make its own crypto. and maybe the coins made are stable coins that are regulated and controlled by the government. so I don't think it will impact or threaten decentralized bitcoin. bitcoin will remain a favorite coin in cryptocurrency.

dimox

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Quote from: javadsalehi on October 24, 2018, 09:00:23 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.

its depend what the function of that crypto. if government create new one for investment, i think its not give effect on crypto, like other country wont use that crypto because its like the other, maybe like shit other coin. but if it use for their own country, have same value like fiat, stable price, i think its good for people.

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Quote from: andycarrol on October 27, 2019, 09:59:10 AM

when the government or the bank makes its own coins I think it can be developed better, for the bank I believe it has the aim to facilitate whatever transactions you want and wherever you are so that the bank becomes more useful, while for the government I feel a little heavy because every country has very different government regulations.

Basically the odds government creating their own cryptocurrency is really low because blockchain is simply against the ideal.However they will usually still need some kind of guide if they really is trying to implement crypto to their system so that they can efficiently working on it if they really tryingto create their own currency.
However for Bank I heard many times that some of them alread trying to implement blockchain system maybe it's that far off.

andycarrol

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when the government or the bank makes its own coins I think it can be developed better, for the bank I believe it has the aim to facilitate whatever transactions you want and wherever you are so that the bank becomes more useful, while for the government I feel a little heavy because every country has very different government regulations.

airdnasxela

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It's really possible... And now, look at the Chinese government. The president praised blockchain and is also planning in creating theie own currency.
There's really a chance of governments creating their own digital currency. Maybe not today but sooner in the future. It's a technological advancement which they will adapt eventually. Maybe it's still too early for some government since there's still a need for mass adoption. Mass adoption will trigger the government more to create their own cryptocurrency.

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Banks are mainly focused upon making global transactions paperless, easy and instant. Blockchain will help in doing all of that. So privately owned currency banks would help in making transactions instant and transparent. This will save millions in remittance and will also cut the bad debts as KYC can be done through blockchain which will make information available securely and transparently to the banks.

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Quote from: Blanca_Gregory on October 24, 2018, 08:34:06 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?

Banks and the government adopt blockchain technology, maybe what you say is true. The government will definitely make their own digital currency, as did the Chinese state who want to make their own coins. The stable coin concept is more reliable for payment transactions than using fluctuating crypto. Inevitably it will surely threaten the current crypto market.

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Quote from: agentx44 on October 26, 2019, 12:21:33 PM

Quote from: Blanca_Gregory on October 24, 2018, 08:34:06 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 will be a hard thing for the government to make this coin successful. If we are going to look at the history of the current cryptocurrency existing today, we can see that it took a very long time before everything worked together for them. It was also made by the smartest teams in the world so if the government would just hire normal people to manipulate and make the new coin, it will definitely fail easily.

It is not possible for governments to ignore the concept of digital currencies at all and the advanced ones have already tried to take over the most potential digital asset, bitcoin. I am talking about China here. Sooner or later, all the world will be using crypt coins and those who will indulge earlier will be benefited more. Also, every big change requires time in order to get mass adoption.

sikke

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Really? Is this even a question? 100%.

I think that most countries have taken noticed on crypto already, and they obviously want to create their own centralised token/currency based off blockchain before a private entity takes over this sector. This is exactly why we see resistance from governments in terms of Libra, and why president Xi has expressed optimism towards blockchain technology.

The fact is that blockchain tech gives them more direct control over the economy and conducting policies, there is no doubt about that. And there is everything to gain for them to move to this system, where they don't even need to print money or worry about the integrity of databases anymore.

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Quote from: yulionoo on October 26, 2019, 09:39:51 PM

I don't think coins made by banks will threaten bitcoin. because the two are on different paths. bank-made coins are stable coins while bitcoin is decentralized. and in terms of value and volume of bitcoin trading is the best. so the presence of new coins will not be able to affect bitcoin. and bitcoin is the most famous coin in cryptocurrency. in my opinion no one can beat bitcoin.

no one can beat bitcoin but the competition will gets tougher and tougher if there will be more created . add in the coins that created by banks which is more attractive on the eyes of the investors .

banks based cryptos are not all stable and xrp is a proof of that. you know ripple/xrp ? they said its backed by banks but xrp do still have its own unfix value. besides , stable coins are also indemand these days

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Quote from: Colt81 on October 26, 2019, 05:18:09 PM

Quote from: Blanca_Gregory on October 24, 2018, 08:34:06 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

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Quote from: Karmakid on October 21, 2019, 06:43:40 AM

There is a possibility that the government/banks will create their own coin when they see a huge demand for digital payments in their country. Demand is really the decision maker for the big institutions in our country or world to be general. As of now, there is low possibility for the big government to create their own digital currency because they know that the people are still skeptical to this idea.

it is very true that you convey a time the government will adopt the economic system used by cryptocurrencies and of course that the government will also make digital currencies because we know the development of the times and technology must also be followed and the government will follow also hopefully the development of cryptocurrencies will get better in the future

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Quote from: Colt81 on October 26, 2019, 05:18:09 PM

Quote from: Blanca_Gregory on October 24, 2018, 08:34:06 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.

There is still a low probability that they will create their own. We all know that the fiat currencies that the government got inflation rate which will lessen the value of their currency so if they will decide to create their own cryptocurrency then they can control the cryptocurrency and put the features that they can't do in fiat currency. So it will become a flexible currency for the future.

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I don't think coins made by banks will threaten bitcoin. because the two are on different paths. bank-made coins are stable coins while bitcoin is decentralized. and in terms of value and volume of bitcoin trading is the best. so the presence of new coins will not be able to affect bitcoin. and bitcoin is the most famous coin in cryptocurrency. in my opinion no one can beat bitcoin.

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Quote from: Blanca_Gregory on October 24, 2018, 08:34:06 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?

in my opinion, maybe all that can happen. when I see a lot of people investing in crypto, I think banks / governments will do it. but if all that happens I am not entirely sure that their coins will threaten bitcoin, because I am sure the bank / or government will want to profit from the coins they created. they could have implemented a tax system for the coins they have. people would prefer to use coins that have good prospects in the future, and I think bitcoin has it. and people who have never heard of bitcoin will learn all about crypto, before they decide to buy a coin.

Colt81

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Quote from: Blanca_Gregory on October 24, 2018, 08:34:06 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.

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Quote from: Pearls Before Swine on October 26, 2019, 03:47:35 PM

I'd really rather not have gov'ts creating a system by which they can track everyone's financial history. I love crypto but hate that idea.

And that is why I believe there is almost a 100% chance that most governments will create their own coins, governments are doing everything they can to watch their citizens as close as possible, what can be better than to know everything they do with their money, even with their system in place they cannot do this because of cash, but if they eliminate cash, as they have been wanting to do for a long time, and then they implement their own cryptocurrency then they will have unprecedented power over their citizens.

As soon as you disagree with any of their policies they can take away all your money and make almost impossible for anyone to buy food or anything else.

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I tend to think we're not going to see this happening any time soon, despite all the talk we see about it. One would think that if gov'ts really saw a value in creating a state sponsored cryptocurrency, they would have done it already. The reality is that in most countries fiat money works as intended, and there isn't a reason why any country would need to introduce something that would seem radical to most people. As it is, the majority of people don't understand a thing about crypto and if they've even heard about it, it's probably been in some media report linking bitcoin with criminal activity.

Why didn't Venezuela or Zimbabwe create their own cryptos? Their devalued currencies almost cry out for a crypto solution, yet it was never even talked about. The answer is that both countries turned to a more stable foreign currency like the U.S. dollar instead, because it has value and people know about it.

And ultimately, I'm fine with all of those reasons. I'd really rather not have gov'ts creating a system by which they can track everyone's financial history. I love crypto but hate that idea.

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Quote from: Blanca_Gregory on October 24, 2018, 08:34:06 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 will be a hard thing for the government to make this coin successful. If we are going to look at the history of the current cryptocurrency existing today, we can see that it took a very long time before everything worked together for them. It was also made by the smartest teams in the world so if the government would just hire normal people to manipulate and make the new coin, it will definitely fail easily.

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