This is already happening through the creation by states of their stable coins. Now this is clearly seen in connection with the creation by the Chinese government of its own stable coin CBDC, which is actually a digital yuan.
Although these coins are completely different from a decentralized cryptocurrency, they can have a significant impact on it, since people can use stable coins more as a means of payment. This will have both positive and negative sides. Cryptocurrency continues to evolve.
Topic: What are the odds that the government/banks will truly create their own coin? - page 4. (Read 2091 times)
October 21, 2019, 01:09:35 AM
February 18, 2019, 02:24:02 PM
We're seeing it already. Venezuela made their own, and iran is making their crypto rial, russia doing theirs on the rouble. Last week we saw jpm make their own coin. It's happening right now, crypto is going mainstream!
As it looks, the spread of crypto continues to advance and is becoming more and more mainstream. It's still the beginning of it, but as you can see, it's progressing inexorably. You certainly don't have the feeling of mainstream in all countries yet, but it's getting more and more. It's certainly only a matter of time before it becomes mainstream in more industrial countries, but at some point it will be.
February 18, 2019, 02:06:17 PM
If the government and banks have the same thoughts as us (crypto supporters) and they are aware that the technology used by bitcoin is really needed to be used as a financial solution now then they are likely to make their own coins and I support that matter. because with them making their own coins, more and more people will be using blockchain technology. I don't feel worried and don't feel bitcoin will be threatened because, in the end, they will support bitcoin also by providing exchanges between bitcoin and their coins made.
February 17, 2019, 10:09:27 AM
Unless banks and governments can decentralized their system, then there's no way they can build a decentralized currency like Bitcoin.
Come to think of it, I have read and heard many that says Ripple is the cryptocurrency for banks
everything might happen without anyone being able to predict for sure and in my opinion the currency made by the government or the fiat currency has become the main currency maybe if you want to adopt the system or the blockchain as the economic system Come to think of it, I have read and heard many that says Ripple is the cryptocurrency for banks
February 17, 2019, 05:29:20 PM
We're seeing it already. Venezuela made their own, and iran is making their crypto rial, russia doing theirs on the rouble. Last week we saw jpm make their own coin. It's happening right now, crypto is going mainstream!
January 24, 2019, 02:51:43 PM
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?
They may able to create their own coin but still they cannot do the same thing what bitcoin can give to any users. Due to the reason is Bitcoin was decentralized based system while government/banks are both centralized based concepts. So I think, instead of the banks or government will create their own, better not to do it but to accept the concepts of Bitcoin is the good one choice for sure.
January 22, 2019, 08:01:58 AM
There is some test of digital yen ongoing
Biggest will be digital Yuan i have been reading from legitimate sources that China is working on it.Circle stable coin will be something like us digital dollar
That kind of coins will be norm in some future i guess
It will cut trading costs
Biggest will be digital Yuan i have been reading from legitimate sources that China is working on it.Circle stable coin will be something like us digital dollar
That kind of coins will be norm in some future i guess
It will cut trading costs
Most fiat monies are already digital these days
I'm almost 100% sure that what you refer to here has nothing to do with government cryptocurrencies based on the blockchain technologies. Most likely, the "digital" something is a payment system which allows people to make payment bypassing banks or already existing payment channels like Visa or MasterCard. If it is in fact something different, let me know and I'll happily admit being wrong. But not till then
January 22, 2019, 07:49:59 AM
I think the following may happen:
1. Government creates own coin - This may happen if they decided to just offer crypto alternative of fiat backed by government, it will have absolutely same value as regular money has but at the same time we have to consider the fact that such options are usually offered from banks, there is no need to create another currency in country. So most likely it won't happen.
2. Banks create their own coin - I think there is a high chance it will happen and for example will use this model: Imagine you made deposit and get 4% early income once a month or at the end of year. Bank will offer that deposit in coins which you'll hold on your bank's account. If you try to withdraw it, you'll violate contract and get the money you deserve back according to contract. But there is possobility of alternative, to trade with chat coins. Someone who also has deposits and is looking for another deposit, will buy these coins from you (possibly in slighly less price) and all contract agreement will go on his own. You'll withdraw your deposit in better way.
1. Government creates own coin - This may happen if they decided to just offer crypto alternative of fiat backed by government, it will have absolutely same value as regular money has but at the same time we have to consider the fact that such options are usually offered from banks, there is no need to create another currency in country. So most likely it won't happen.
2. Banks create their own coin - I think there is a high chance it will happen and for example will use this model: Imagine you made deposit and get 4% early income once a month or at the end of year. Bank will offer that deposit in coins which you'll hold on your bank's account. If you try to withdraw it, you'll violate contract and get the money you deserve back according to contract. But there is possobility of alternative, to trade with chat coins. Someone who also has deposits and is looking for another deposit, will buy these coins from you (possibly in slighly less price) and all contract agreement will go on his own. You'll withdraw your deposit in better way.
January 22, 2019, 07:02:50 AM
There is some test of digital yen ongoing
Biggest will be digital Yuan i have been reading from legitimate sources that China is working on it.Circle stable coin will be something like us digital dollar
That kind of coins will be norm in some future i guess
It will cut trading costs
Biggest will be digital Yuan i have been reading from legitimate sources that China is working on it.Circle stable coin will be something like us digital dollar
That kind of coins will be norm in some future i guess
It will cut trading costs
January 22, 2019, 06:04:49 AM
I don't see why should the banks and governments create their own Cryptocurrency except for some ephemeral fear of mission out on a new technology. Existing financial system is well-established and tested for decades, there are no signs that it will (or must) be replaced by Blockchain based currency. Fiat is relatively easy to regulate, while Crypto provides totally different features - decentralization is the opposite of control. I wonder how they'll implement taxation, for instance. All in all, I'd say fiat is more bank-oriented while Crypto is customer-oriented.
NO reason at all, I agree with you because the banks and the governments are centralized in form and design like this for the betterment of the many and not only for the few. If people are seeing that decentralized is good then I could agree with it but centralized system must be distinguished also because there is no absolute centralized or decentralized system. IF there is an absolutism then the result is surely a negative impact for the soceity. January 22, 2019, 05:14:59 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?
If government or central banks creating their own cryptocurrency, i dont think this will give effect to crypto price. Its different functionality, bitcoin is store of value and others coin mostly is utility token.
January 21, 2019, 10:16:28 AM
The odds are very low because there's no point in using an experimental currency when they have fiat. Moreover, using it poses more problems than solutions. Like how people prefer to use fiat for small instant micro transactions.
January 21, 2019, 06:44:07 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 would say that the odds are big, but currently, I would say many of them are holding out since they are still trying to eye and see if the market still has what it takes to rake out big returns. I mean, it's a government for sure, but nonetheless, it's also a business entity that is made to get revenue through different means to support its cause and its people. It would be an ineffective government if they would not find ways to make money, since such money is the key for them to lead their citizenry better. Maybe on the onset of cryptocurrency, many government would join the party, but now, since there are just so many inconsistencies happening in the market, I think that although the interest is still there, it should be with more caution now.
January 21, 2019, 12:50:41 AM
If the government will found out that there is a valid necessity to create their own cryptocurrency then they will going to create it. Venezuela their first government-madecryptocurrency called petro and it is backed by their country's oil reserve but many analysts believe it will going to fail because of poor management and misleading white paper. Cryptocurrencies that will be issued by wealthy countries have the big chance to succeed because they have enough capability of raising funds for their centralized coin.
January 20, 2019, 07:18:40 PM
Even though goverments and banks create their own coins, they have to accept accept some major coins that we have now. There is a huge market which is created itself and this is something that can not be ignored easily. If we looked from bird's eye view, we could say that we are going to experience mostly positive results and that would make us satisfied.
January 20, 2019, 01:11:04 PM
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?
You are late to the party, bro (with your topic)
These topics were popular in 2015-2016 when Bitcoin started to rise but hadn't yet risen enough to reveal that it was all hype and speculation. Back then, rumors had been flooding the Net that the Chinese Central bank was going to create their own version of Bitcoin. I told that it made no sense. So if it didn't make sense then, why do you think it makes sense now when Bitcoin is losing value like shit?
January 20, 2019, 12:59:31 PM
I don't see why should the banks and governments create their own Cryptocurrency except for some ephemeral fear of mission out on a new technology. Existing financial system is well-established and tested for decades, there are no signs that it will (or must) be replaced by Blockchain based currency. Fiat is relatively easy to regulate, while Crypto provides totally different features - decentralization is the opposite of control. I wonder how they'll implement taxation, for instance. All in all, I'd say fiat is more bank-oriented while Crypto is customer-oriented.
Central banks and governments will indeed eventually create their own centralized cryptocurrency if the decentralized continues to be successfully used and developed further. The centralized cryptocurrency of the states is the same national money, only in the digital shell. Thus, states will use blockchain technology for their national money. Their scope will be mainly limited to the borders of this state, although it can be used anywhere in the world.For a decentralized cryptocurrency, it will even be useful, since the population will learn to use cryptocurrency and it will attract people’s interest in cryptocurrency in general.
December 23, 2018, 01:39:11 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?
Over time, governments will certainly create their own centralized cryptocurrency. Recently there was news that the central banks of 15 states, including China, Canada, Sweden, decided to release their own cryptocurrency. If we are confident in the advantages of decentralized cryptocurrency, then we have nothing to fear. Let them create, experiment. I see nothing wrong with that. Centralized coins will only attract people's attention to cryptocurrency in general and increase its confidence in it. Indeed, in this case, the state itself will create and use a cryptocurrency. November 09, 2018, 06:54:29 AM
I think they'll make their own coin doon enough. They use their national budget to back up this coin and would definitely impose a higher tax on transactions that use coins other than their own. Pretty sure all this will happen once we see adoption from other countries and see that their economy is actually doing great.
Eventually they will. It is the smartest way of spending or using money in any way. Banknotes are definetly a thing of the past and the banks or goverments of the world spending billions of dollars each year just to keep the IT department going for the tech side of their money run business'. This means if they mean to improve upon their current systems they will eventually start to use blockchain no matter what they are using right now, it could be the highest technology available to human race but it still is not as good as blockchain peer to peer system keeping track of it. After they start to transfer into blockchain which is the wise choice they will realize upon the own coin idea and the benefits of it. They could use their own coins for a while to give away to loyal customers and see how it does on public and than it could overreach on everyone gradually.
November 03, 2018, 11:17:32 PM
I din't think every country would create their own cryptocurrency. As of now, they are thinking of how to regulate cryptocurrency as well as how could these cryptocurrency help the government earning either by collecting taxes from these transactions or help the people to earn money.
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