Topic: Will countries launching their own cryptocurrencies affect bitcoin? - page 5. (Read 4488 times)

No it would not affect bitcoins.Those countries have planned to release cyrpto currencies for their own people and not for global usage.No other country's people would show interest in buying another country's coin.But bitcoin is accepted globally and it has investors all over the world.Bitcoin has gained trust all over the world.So bitcoin would not get affected by any of those currencies.

You have a point. I think if they are going to create their own cryptocurrency, this is to somewhat stop their citizen to buy or get other crypto's specially bitcoin, and not with their regular fiat. But the problem is that I don't think there will a successful government crypto that can compete with bitcoin. So I think they should stop creating their own government sponsored crypto.

I went through around 10 posts you made in the last one hour or so. Found this,


Some of your posts are solely based on criticism and assumptions, that also not constructive criticism. No offense mate, but you are just blatantly criticizing or disapproving based on your own POV without doing any research or thinking the other way aroynd. I live in India and know the scenario here. Just easy to say, not going to stay and listen to the same story about every damn country on this planet. Apart from this sole sentence do you have anything to backup that bitcoin demand has not increased in India, nope. Instead of asking for volumes or concluding it is an inflated story, if you had put the effort to prove that bitcoin demand has not risen in India that would have been constructive criticism. I guess you got my point.

You have just made a similar point here, that every exchange, wallet, casino just adds a couple of digits to their user base. I believe there is some truth in it. But still the point is bitcoin use has increased in Venezuela. In short, the numbers mentioned on Forbes or BI might not be exact, but at the same time it would not be an assumption that Venezuelan citizens are gradually adopting bitcoin.

https://www.theguardian.com/technology/2016/dec/16/venezuela-bitcoin-economy-digital-currency-bolivars


I hope Amazon counts as a shop.

That's why there won't be any such coins

I've been hearing about some government going to create their own cryptocoin as long as I've been reading the forum, but I have yet to see even a single implementation of what could be loosely called a government coin (apart from regular fiat, naturally). As I already said, governments may be looking for new payment schemes and systems but there is no chance they are going to create a second currency which would be competing with regular fiat

It doesn't matter how credible forbes or bi are when the source is this:


This is the norm here.
Every exchange , online wallet , casino just adds a 0 or two on their userbase.

They managed to get lets say 100 000 users. But that is users on the platform not bitcoin holders.
There was leaked gox document that showed only 10% of the users actually did some trading, I for example have a btce and bittrex account but never ever used them.

And even if you have those 100 thousands.... why is there no info about a shop accepting bitcoin.
Nothing, nada.

How would that even work?
Buy usd on the black market then buy bitcoins go back to the black market buy groceries with bitcoins and then the seller exchange the bitcoins for usd to buy it's contraband from columbia?

Do you really expect a contraband network that needs to do daily bribes to stand at the mercy of the bitcoin price and risk getting killed (for real) if the price drops before a deal?

This trend of governments or their financial institutions launching their own cryptocurrency is actually a great validation that Bitcoin must be effective and the technology behind Bitcoin is something worth looking at.

However, these coins are just copycats and can also be categorized as alternative coins no matter if their governments will recognized them officially.

These coins would just be a laughing stock and can be symbol of governmental overreach. They are destined to fail right from the very start.

Let's keep the stupid blog and the guy's crap story aside:

http://www.businessinsider.in/Venezuela-is-cracking-down-on-bitcoin-fever/articleshow/57639110.cms

https://www.forbes.com/sites/realspin/2017/02/03/why-venezuelas-currency-crisis-is-a-case-study-for-bitcoin/

I guess these two sites does not belong to the "stupid" category. According to them, bitcoin users have increased from 450 in 2014 to 85,000 in 2016 in Venezuela. The hyperinflation started from 2014.

The guy has mentioned something about black market, since his story has been debunked it is not worth it to take his opinion into consideration. I do not live in Venezuela, maybe you do so you are better informed than these websites. Unfortunately when I come across a few websites relaying the same information, I deduct their might be some truth in it.

"Thriving" might not be the apt word, not native English. Should have just put it plainly "user base is increasing"

Wow that's a lot of bs there..
Bitcoin thriving in Venezuela.

Now , first, It was not the Greek crisis it was the Cyprus bank crisis that brought bitcoin into the spotlight.
And even that was pretty stupid. Because with banks closed you had no opportunity to buy bitcoins.

Just like now in Venezuela.
How can you buy Bitcoins there? How can you use them? How can you exchange bitcoins.

A stupid blog decided to make a story and put a load of crap and people are buying it like it is real.
His fake story has already been debunked here:
https://www.reddit.com/r/Bitcoin/comments/6d2w1b/bitcoin_is_saving_my_family_from_starvation/

Not so many countries will decide to issue their own cryptocurrency, they are not interested in something like that. And even if they do that will not affect Bitcoin in any way..Russia has some project but I think russian government is well aware that they will not achieve anything with that and definetely not endanger Bitcoin.

Simple answer no. Some have plans to create there own cryptocoin with blockchain. Close to completing this project was Sweden (last time i read about it), and that was news from last year. Dont have any info are they in process of finish or they abandoned this project, but they have good idea. Creating E-Crown for they cuz they are one of countries that dont use that much fiat (paper) money.

Obviously no since i'm sure their own cryptocurrencies are centralized, closed-source, fully controlled by government or not anonymous/pseudonymous and it's the opposite of bitcoin.
Also, i think they won't release cryptocurrency, but fiat/banking system with blockchain technology.

This is pretty possible. People are inspired with bitcoin success and it's technology. I am really believe that one day it may appear local USAcoin or RUcoin and other like that.

Anyone or any country can come up with their crypto currencies and it wont affect bitcoin,the idea behind bitcoin is to have a decentralized economy which is not controlled by anyone and that is the sole reason bitcoin purist started using it as time passed people are coming in because of the monetary advantage,after all it is going to be just another copy coin.

NO bitcoin has too many advangtages being open source


also most countries that have a use for adoption on bitcoin have the most corruption

the advantages I see below

BTC is easier to move with an inet connection and  plunk it on www.coinbase.com if nothing else. NO crooked gov't /banks/ bribes etc ..assuming

you can move it.



The other thing is I can send a picture/ pdf file/ video/ email/ and or anything else thru my phone/computer via Internet

but you before BTC and crypto COULD NOT send $$$ because that had to go thru banks and elites (and or above corrupt gov't actions I mentioned)

damn hard to have an 'embargo' on the grandmother still in Cuba if they all have cell phones now (why Trumps new embargo on cuba will fail)


So if BTC has real world use. Continues to be transparent and open source (watched by a bunch of impartial geeks) considering the options in a lot

of 3rd world countries in the world....I'd bet on the geeks.

Thus my bet, thus my hoard of BTC, thus my miner mining ltc to btc (mostly) etc etc


So again...if you are in a country that has issues and such ...open source or your previous gov't that is likely pushing their centralized crypto coin

folk are gonna bet on the worldwide geeks instead

it happened with unix/ linux etc no reason why it can't happen with the internet of things with crypto and btc imho

I don't think that it will affect bitcoin in a negative impact. I think many countries has tried to create their own crypto's but failed miserably. I think the general public don't like centralized crypto's. But if ever they have succeeded, it will still have little impact or no impact at all at the bitcoin ecosystem. Bitcoin has its own's followers already and will not just shift to any government sponsored coins, I think the general public will probably took advantage of both. So its still a win-win situation for all of us.

this si again nothing new, any government seriously thinking that he can overcome bitcoin by simply creating a centralized version of it didn't understand what bitcoin is all about, decentralization

also this was done in the past i remember, but never worked, in fact i'm no hearing any more news about those centralized fiat


interfer in what way, why the government should interfer by issuing his own coin? if he want to interfer he should close the exchange of bitcoin which would put a serious dent on bitcoin, because people will have an hard time to buy more coin

I think not at all,not even if that cryptocurrency launch by them will totally dominate the market that its going in,but still impossible to affect bitcoins since this cryptocurrency coins are just newly realeased

It looks bitcoin is the currency to stick to at the time of a crisis. Greece crisis brought bitcoin to spotlight and now the hyperinflation in Venezuela has forced the citizens to use bitcoins to buy food and groceries. All this is happening while the Venezuelan government is going hard on bitcoin users by blocking bitcoin related websites and mining pools. A crisis, government trying to block access to people's money, a classic example of how bitcoin is going to thrive in Venezuela.

https://www.cryptocoinsnews.com/opinion-venezuela-proves-bitcoin-future-money/

As to me, these efforts have nothing to do with Bitcoin or blockchain

Most likely, the question is about introducing some novice payment system which would be based on an already existing fiat currency. I simply cannot see any advantage in creating another fiat currency which would compete with an existing one (unless the government is doing some monetary reform when two currencies can exist at the same time for a while). What is the purpose of that? Governments can create special tokens (like bonds) redeemable for local currencies, but that wouldn't affect the majority of population

What you are telling is also true but the main reason of bitcoin success is decentralized and their are so many gambling sites where you can gamble with bitcoins and you dont have to give any documentation , even on cryptocoins trading exchange also you dont have to give your identity documentation, that is why the bitcoin got success. But in the country launching cryptocurrencies they will have full centralization just like fiat currency then their is no use of this cryptocurrency so it will mostly wont get success.