Come to think of it, I have read and heard many that says Ripple is the cryptocurrency for banks
Topic: What are the odds that the government/banks will truly create their own coin? - page 8. (Read 2143 times)
October 24, 2018, 11:31:15 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
Come to think of it, I have read and heard many that says Ripple is the cryptocurrency for banks
October 24, 2018, 11:13:38 AM
I don't think that the government and banks will consider the option of creating their own coin after all this two institutions are all involved in the economic control of cash, government on it own part have play the regulatery role and at the same time the sole operator of the faint paper money and the traditional financial institution. While the bank is the institution responsible for the transactions of the traditional financial transactions which has to do with fait paper Money.
October 24, 2018, 10:35:20 AM
There is a bigger chance that they will create their own coin rather than use ripple. This assumes that crypto has gone global and they have no choice but to join in. Petrol has been created already, others will surely follow.
October 24, 2018, 10:28:45 AM
Eventually, they will have to switch their assets into digital tokens just so they can keep up with the latest technology that the governments would soon use.
I doubt that.
I don't think fiat would capitulate and switch to the blockchain. That's a fancy way of saying bitcoin (or some cryptocurrency) would become the globally accepted currency, while the financial system as we know it would collapse.
Decentralization is an exciting concept and the freedom it offers makes the deviant few switch over to this side. But governments and banks would not surrender control. And except cryptocurrency becomes regulated, fiat would remain as it is.
October 24, 2018, 09:39:48 AM
Eventually, they will have to switch their assets into digital tokens just so they can keep up with the latest technology that the governments would soon use. It is without doubt that they are really interested in using the blockchain into their services, but cryptocurrencies? Though there are some countries that have already expressed their liking on the thought of going digital in terms of their currency, we're still far off from seeing one nation fully using their state-issued cryptocurrencies for brick-and-mortar shops and completely replacing fiat. Once the society has fully accepted cryptocurrencies, governments would then have the chance to issue their own and replace paper money as we know it. The chances of having it in the near future is low, but the thought and the interest is already here.
I think the primary goal of state-issued and bank-issued cryptocurrencies are mainly for economic purposes and not necessarily assets/investment vehicles, so the assumption that they will try to combat bitcoin and other prominent crypto is plainly wrong.
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 primary goal of state-issued and bank-issued cryptocurrencies are mainly for economic purposes and not necessarily assets/investment vehicles, so the assumption that they will try to combat bitcoin and other prominent crypto is plainly wrong.
October 24, 2018, 09:05:15 AM
Its been rumoured over time that banks in some countries are test running blockchain solutions inhouse, other times we have heard that the PBOC, Central bank of Russia, Venezuala etc. have been nursing the desire of creating or have created a central bank backed cryptocurrency! The truth remains that banks will tow the part of the new technology in the near future, but it would still be an equivalent of the FIAT they are already issuing; Plus the fact that banks aren't transparent with their books, it might just be a "Private Blockchain" with transactions not public as in the case of "Public Blockchains". We can only keep our arms crossed as things unfold.
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.
October 24, 2018, 08:52:31 AM
Banks have their own currency; fiat. Which they control. Banks operate on a centralized system.
Cryptocurrency is decentralized and there is little control over the market. Sure the creators can control the technology and usecases. But that doesn't give them direct influence over the market, once you have sold up during your ICO, investors can choose to do as they wish with their assets.
I don't see how it would threaten bitcoin anymore than any other currency created by other devs.
If it is linked to banks it's safe to assume it is centralized and would be an avenue to utilize the blockchain technology. Which some governments are already doing.
Cryptocurrency is decentralized and there is little control over the market. Sure the creators can control the technology and usecases. But that doesn't give them direct influence over the market, once you have sold up during your ICO, investors can choose to do as they wish with their assets.
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 see how it would threaten bitcoin anymore than any other currency created by other devs.
If it is linked to banks it's safe to assume it is centralized and would be an avenue to utilize the blockchain technology. Which some governments are already doing.
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?
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