What are the odds that the government/banks will truly create their own coin? - page 3.

darewaller

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Quote from: el kaka22 on October 24, 2019, 04:38:19 AM

I am not entirely sure if governments will have their own (wish they do) but I am 100% sure that banks will have their own coin.

Even if not for anything related to customers they may end up doing it as a test, sure that won't be official and be used but they know they need to check out blockchain and how it works so they will make a new blockchain currency for themselves and they will definitely want to implement the best parts of blockchains into a currency, that would have been something awesome but we still don't know if they are doing it or not. Sure they must be working hard on figuring it out but not sure if they have implemented any parts of it.

Some banks are working with Ripple for some huge movements we know that but that's about it. Banks need to adapt because if some banks implement it they will make it cheaper and faster so they will get ahead of the competition and all others HAVE TO work on it to catch up so it is going to get common eventually.

If we talk of banks having their own coin, i think that it would even be stupidity or lack of knowledge for government to see that this happen, because in every country, we have hundreds of banks, if government does not create a particular cryptocurrency which will be used by banks generally, the market will be very saturated with banks coins since very bank will be creating their own coin separately and how many customers do they really have for them to have the value of the coin increased?

I would see this as duplication system because it would involve people have the coin for different bank, and that coin, what exactly would it be used for? To be able to buy things In other sites? So how many coins does an ecommerce site want to accept before they are known to accept cryptocurrency, this I don’t think banks would want to create their own currency.

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Quote from: Karmakid on October 21, 2019, 07:43:40 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.

For now majority of the people are still into fiat currency since they are not totally exposed to digital currencies. So i don't think the government too will create their own digital coin at the present. But as more new technologies will be introduced to the people, digital currencies will more likely be acknowledged in the years to come along with its proper education given to the people.

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Quote from: Youghoor on October 21, 2019, 08:29:25 PM

The odds are quite high in the sense that they cannot dispute the use case of cryptocurrencies and the blockchain technology. However, since they cannot control the existing ones i bet they would create their own coin in order to have full control over it.

It is possible that the government and the banking industry will come up with their version of cryptocurrencies and their blockchain but how do you put a valuation, i think they can come up with a stable crypto other than that it will not be successful as no one in the right sense will think about using something that has a transaction fees with every transaction and we know what happened to Petro.

el kaka22

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

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 am not entirely sure if governments will have their own (wish they do) but I am 100% sure that banks will have their own coin.

Even if not for anything related to customers they may end up doing it as a test, sure that won't be official and be used but they know they need to check out blockchain and how it works so they will make a new blockchain currency for themselves and they will definitely want to implement the best parts of blockchains into a currency, that would have been something awesome but we still don't know if they are doing it or not. Sure they must be working hard on figuring it out but not sure if they have implemented any parts of it.

Some banks are working with Ripple for some huge movements we know that but that's about it. Banks need to adapt because if some banks implement it they will make it cheaper and faster so they will get ahead of the competition and all others HAVE TO work on it to catch up so it is going to get common eventually.

Youghoor

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The odds are quite high in the sense that they cannot dispute the use case of cryptocurrencies and the blockchain technology. However, since they cannot control the existing ones i bet they would create their own coin in order to have full control over it.

boltz

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Well depends from bank to bank and from Government to Government. Honestly I think the first Governments who are create its own cryptocurrency are gonna be those who are the most corrupt like countries from Africa , Asia and few of Europe.

With banks , its something different as they already have FIAT currency and they really don't need another currency but I'm sure that a lot of them will implement Blockchain technology ( if they didn't do it by now secretly ). If banks will create a cryptocurrency they will attract all the investors who knows about Bitcoin but won't touch it because banks are not involved and those people will loose a lot of money...just my thoughts.

Karmakid

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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.

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Quote from: yoseph on October 21, 2019, 02:30:03 AM

Am very sure that China is going to create their very own cryptocurrency just like Maduro did in Venezuela but one thing I want to know is if the value of the crypto will rise in value like the way bitcoin and gold rises in value. If the crypto that the governments makes doesn't am certain that it's not going to be a threat to Bitcoins at all

Petrocoin (or whatever its name) was a complete failure

While the rumors of China creating their own variety of cryptocurrency have been circulating since 2016 (if not earlier). But the truth is, if they really wanted to do something to that effect, they would have done it long ago. Some folks (for example, Christopher Giancarlo, the ex-head of the CFTC) are even suggesting the blockchain-based dollar run by the cartel of banks and thus not controlled by the Federal Reserve. How likely is that? I don't think that very much

Renampun

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I'm sure 100% of governments in all countries will turn their currencies into fiat money and cryptocurrency,
The US & China are the world benchmarks today,
if these two countries are able to develop their own cryptocurrencies then other countries will follow,
and changes in the price of cryptocurrencies issued by the government will not be like Bitcoin or Altcoins, it will be more to the Stable coin.

Aying

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They can create if they want, but what are the purposed of those coins? it will be more interesting if we use it? we use crypto currency for freedom of our funds and make high profits. government and banks can support it? maybe, not. they want to create crypto currency on their purpose only. true knowledgable users won't understand it and take a risk of their tokens and coins. it won't stop bitcoin with their simple tricks.

EdvinZ

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I think that governments of different countries and banks can really start to create their own centralized digital money on the blockchain. This would be the most interesting thing for them, because they themselves would be able to establish the issue of these coins and do with them whatever they want. I think in the future Bitcoin and other decentralized cryptocurrencies may face competition from centralized government cryptocurrencies and bank digital currencies.

btcdie

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that's what I expect, the government or the central bank to make its own crypto currency. especially like stable coins and low transaction costs, maybe it's very easy for governments and central banks to do. if that happens, maybe the bitcoin market will be increasingly crowded, because everyone will know the importance of blockchain technology.

Ailmand

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It might take some time since we can see that most countries are still not that pro-crypto yet, and some are really against it. Maybe once we reach a point where each country starts using crypto and blockchain technology and starts using it in businessess, companies, and the whole economic section, that is the point where the government/banks will adjust and start making their own currency for their services.

Sahyadri

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Digital currency is the future of currencies. Sooner or later, almost every country will bring in digital currencies as there are many benefits and security associated to digital currency. But it will be a better version to the present fiat currency. It will be centrally controlled as economy cant run without a central monetary policy. This not only help in keeping the economy in check but it also increases the trust of the users. Many banks and countries are on the way of creating their own digital currency as it helps in making real cross border transactions at low cost with transparency.

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I think it will happen and the possibility of the government will make its own cryptocurrency coin, if the government really makes its own coin then this can be embarrassing for the government and at the same time make the cryptocurrency condition grow because many will use cryptocurrency and cryptocurrency price conditions can improve.

yoseph

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Am very sure that China is going to create their very own cryptocurrency just like Maduro did in Venezuela but one thing I want to know is if the value of the crypto will rise in value like the way bitcoin and gold rises in value. If the crypto that the governments makes doesn't am certain that it's not going to be a threat to Bitcoins at all.

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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 don't think it would much be an impact. There are several altcoins currently existing in the market and if they decided to join, they'll just another cryptocurrency out there in the condense altcoin market. And people wouldn't trust it so much since the government/banks want everything monitored, the odds of their crypto being decentralized is low. They'll probably implement KYC and all data would pass through their central system, which isn't very much attractive to people.

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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?

Isn't it contradicting 'cause they have the authority controlling the fiat they own which on the other hand cryptocurrency isn't own by anyone. I think it would be the same as altcoin if the bank would create their own crypto. Nevertheless, bitcoin would dominate it in market price. As stated in this https://futurism.com/six-banking-giants-have-decided-to-partner-to-create-a-new-cryptocurrency 6 banks already started partnering their own crypto in crypto community. However, their crypto slated at end of 2018. So, it ain't even a threat to bitcoin as long as bitcoin dominates the market.

riso2015

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I don't think it will threaten Bitcoin, rather it will make ordinary people aware of the existence of Bitcoin et al. Indeed, I have heard that the government and the Bank will make their own coins. They are still afraid against Crypto which could threaten the Bank's system.

qwertyup23

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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 the government already has their own cryptoCURRENCY which is regulated and controlled by their respective central banks- which is the FIAT.

I doubt that the government would attempt or create their own coin as it is self-defeating and contradicts the very nature of a cryptocurrency. What the government wants is control and regulation. If they make such coin, it will inevitably become a decentralized form of cryptocurrency which cannot be traced down in its transactions.

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