Will governments create their own cryptocurrency that will replace fiat? - page 18.

Derrick

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Quote from: Ayiranorea on November 22, 2017, 12:01:41 PM

Quote from: z38630610 on November 22, 2017, 11:52:43 AM

Quote from: michkima on November 23, 2016, 10:45:28 PM

In the next 100 years, do you think Governments will create their own cryptocurrency or digital currency that will replace fiat currency, i.e. coins, paper money, the paper dollar, etc.?

If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?

It may happen in the future. You know that many governments work on how they use bitcoin for their benefits. 100 years are very long term. I think in the next 50 years some of countries will start creating their own cryptocurrencies. Paper money will be lose its value.

I'm not sure how this is going to happen in the reality, because at present few countries that have created their own cryptocurrency have the paper money in use. So cryptocurrency will be generated by the governments for the ease of usage without destroying paper money.

There is greater probability that numerous legislature will acknowledge bitcoin as their cash in future and in the event that anybody not acknowledged then they will make their own particular cryptographic money since working and utilizing of crypto are considerably speedier and less demanding at that point paper cash.

queenhallmark

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Quote from: z38630610 on November 22, 2017, 11:52:43 AM

Quote from: michkima on November 23, 2016, 10:45:28 PM

In the next 100 years, do you think Governments will create their own cryptocurrency or digital currency that will replace fiat currency, i.e. coins, paper money, the paper dollar, etc.?

If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?

It may happen in the future. You know that many governments work on how they use bitcoin for their benefits. 100 years are very long term. I think in the next 50 years some of countries will start creating their own cryptocurrencies. Paper money will be lose its value.

There is more possibility that many government will accept bitcoin as their currency in future and if anyone not accepted then they will create their own crypto currency because working and using of crypto are much faster and easier then paper money.

bearexin

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Quote from: Feuerbach on November 29, 2017, 11:21:00 AM

Quote from: michkima on November 23, 2016, 10:45:28 PM

In the next 100 years, do you think Governments will create their own cryptocurrency or digital currency that will replace fiat currency, i.e. coins, paper money, the paper dollar, etc.?

If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?

No, the state cryptocurrency will not be the same as the traditional one. It will not be anonymous - it's 100%. If you look at the options that are currently being considered by the government of one country - their version of the token can not be mined. On it there will be a zero demand (to consider seriously only idiots and hamsters) and there will be a problem with zarobotkom on it. That is complete nonsense!

Creating new coin of respective region is not a good idea when we have bitcoin there is no need of it, new crypto coin will be same like cash money it will be used only in that region it will not be recognized out of boundary and seeing this limitation is the clear flaw in this idea keep the flow moving rely on the bitcoin because it has some strong power to give huge business to the region and the earning capacity will be increased.

Reid

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Quote from: boboking on November 30, 2017, 01:31:31 PM

Quote from: surix on November 29, 2017, 09:59:48 AM

I don't see a point: they have all the banks to digitalize the official fiat money, and they are centralized so perfectly under control. What is the reason to create another token to confuse people?

Exactly, FIAT money can be simply digitalized. It is happening today, If you visit China almost all people have their E-wallet. Retailers accept Digital Yuan. All of my bill are paid via E-banking. It is possible to make BTC or a cryptocurrency as a legitimate currency in a country but making it the official currency i do not think it will happen.

Very true.
They have the power to do that because they have the control in their country specially one in China where the government system is so strict and they dont want anything to do sharing it or being part of other cryptos.
Why is that? Their people are making it like an escape route to avoid taxes. They sought that.
Bitcoin might be cool for free people but not to them.

llyfee4u

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I think there is a great chance of this happening. I am convinced that states, governments and corporations are probably looking into ways of doing something of this kind already. The market cap of Bitcoin and alts is simply too high for them to ignore. One way of getting into crypto will be for governments to issue their own crypto's, the issue of course is that it will be a centralized system.

Snub

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if it is profitable, then surely they will create their virtual currency...considering the available technologies and the rhythm of life, most likely this will happen

Fretcy

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There are high chances for the governments to create their own crypto currencies as they are interested in the bitcoin technology but as it is a decentralized network the government will not be able to control bitcoin network which is one of the reasons that the Governments will use the same technology to start a new crypto currency which will be centralized and as the world is moving to a more digitized form there are high chances for the Governments all over the world to accept this bitcoin technology.

lordquanta

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Quote from: michkima on November 23, 2016, 10:45:28 PM

In the next 100 years, do you think Governments will create their own cryptocurrency or digital currency that will replace fiat currency, i.e. coins, paper money, the paper dollar, etc.?

If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?

Government creating their crypto currencies is already happening and many economists are thinking in that way. Maintaining and creating the fiat cash is not easy from cost management perspective. At this stage, as pioneer project a blockchain based economic transactions are being tried or evaluated in some countries. Countries like India where one of it major bank is attempting this along with other private sector players. Thus once this project succeeds the day is not long when we could see govt using their own crypto for transactions.

Fatunad

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Quote from: boboking on November 30, 2017, 01:31:31 PM

Quote from: surix on November 29, 2017, 09:59:48 AM

I don't see a point: they have all the banks to digitalize the official fiat money, and they are centralized so perfectly under control. What is the reason to create another token to confuse people?

Exactly, FIAT money can be simply digitalized. It is happening today, If you visit China almost all people have their E-wallet. Retailers accept Digital Yuan. All of my bill are paid via E-banking. It is possible to make BTC or a cryptocurrency as a legitimate currency in a country but making it the official currency i do not think it will happen.

For BTC then it would happen since its uncontrollable unlike on E-currency which being converted from their own local fiat then its possible. They can really make this thing happen if they do like to switch to e-currency which i do beleive it would be rather be used than on bitcoin itself.People will always use on those things who are being backed by the government which means replacing it would really be an impossible thing. If government wont able to ban or stop bitcoin they would instead make their own.

boboking

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Quote from: surix on November 29, 2017, 09:59:48 AM

I don't see a point: they have all the banks to digitalize the official fiat money, and they are centralized so perfectly under control. What is the reason to create another token to confuse people?

Exactly, FIAT money can be simply digitalized. It is happening today, If you visit China almost all people have their E-wallet. Retailers accept Digital Yuan. All of my bill are paid via E-banking. It is possible to make BTC or a cryptocurrency as a legitimate currency in a country but making it the official currency i do not think it will happen.

Singwala

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Because of the constantly increasing Bitcoins definitely many banks to hurt it. Because banks will lose investors because they are moving to bitcoins. And the government can not stop it, so banks will think of other ways to get their investors back. So this is what banks do, they themselves make coins.

tbterryboy

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Quote from: azguard on November 29, 2017, 07:06:43 AM

Only one country if I recall that wanted to do this was Sweden with E-Crown coin that was with good idea but bad team back 2-3 years ago. Sweden is country that use most of the time payment card and rarely real cash in every day trade.

Considering how that turn out in the end dont think that any more countries will ever try this.

Maybe that will happen when all blocks in Bitcoin has been mined. But if a government is going to create a Crypto currency, I don’t think they will make any success in it, and the coin won’t achieve much because it is likely to be centralized and not decentralized like Bitcoin. By the way, any cryptocurrency created by the government won’t be for the reason to relinquish its conventional currency. The main currency will still be there, and cryptocurrency will still be the main purpose it was meant to be– Investment.

But, I think it’s time we stop talking about things that are going to happen in 100 years time and focus on our generation. Thank you.

Feuerbach

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Quote from: michkima on November 23, 2016, 10:45:28 PM

In the next 100 years, do you think Governments will create their own cryptocurrency or digital currency that will replace fiat currency, i.e. coins, paper money, the paper dollar, etc.?

If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?

No, the state cryptocurrency will not be the same as the traditional one. It will not be anonymous - it's 100%. If you look at the options that are currently being considered by the government of one country - their version of the token can not be mined. On it there will be a zero demand (to consider seriously only idiots and hamsters) and there will be a problem with zarobotkom on it. That is complete nonsense!

surix

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I don't see a point: they have all the banks to digitalize the official fiat money, and they are centralized so perfectly under control. What is the reason to create another token to confuse people?

NJB18

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It is very possible that governments will make their own versions of crypto but centralized versions. Tangible currencies will never be replaced as it is still important in places where signals is slow or none at all especially in remote towns.

hartonosusilo

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I don't think the goverments will because cryptocurrency are those currencies have a basic feature, that is anonymous, but the goverments are not anonymous but i think they can't do that anyway.

azguard

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Crypto-News.net: News from Crypto World

Only one country if I recall that wanted to do this was Sweden with E-Crown coin that was with good idea but bad team back 2-3 years ago. Sweden is country that use most of the time payment card and rarely real cash in every day trade.

Considering how that turn out in the end dont think that any more countries will ever try this.

marsmyname

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Quote from: tdrinker on November 22, 2017, 12:05:15 PM

Eventually currencies will inevitably all be digital and there's a good chance this could be in the form of cryptocurrencies. Governments would love to have all transactions be digital and traced as it would make taxation so so easy.

That is true and that is against the spirit of crypto currencies. It will actually kill the meaning of crypto coins, the true reason of their existence. Bitcoin was made to free us from the control of government and taxation. you are very right about one thing, governments are going to enjoy digital currencies as far as the system will work under their control and honestly, this is going to happen in future.

hynext

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I think government will create cryptocurrency but not to replace fiat. Because fiat is not easy to replace. Government will develop their own crypto to swap with bitcoin but not to replace fiat money.

tdrinker

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Eventually currencies will inevitably all be digital and there's a good chance this could be in the form of cryptocurrencies. Governments would love to have all transactions be digital and traced as it would make taxation so so easy.

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