Topic: Will governments create their own cryptocurrency that will replace fiat? - page 20. (Read 39306 times)
August 22, 2017, 08:40:08 AM
It's really possible, most of them are confusing about how to treat bitcoin. So they will create their own coin that they can control.
August 22, 2017, 04:26:47 AM
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?
If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?
Why government need to create their own cryptocurrency ? It's not important and they don't need it, i think the government will make a digital money for the current fiat. It's not always cryptocurrency, i also doubt some countries will use bitcoin or other cryptocurrency. 1-2 country maybe yes but not all.
Government didn't, but central banks already did.
A digital form of fiat currency which people use it in daily life through cards, issued by banks.
It's consider as digital obviously, even though not similar such as cryptocurrencies. Whatever that central banks may create but still centralized can't compare with bitcoin.
August 22, 2017, 04:23:45 AM
it is hard to know. I have heard that the chinese are working about this issue but right now, I still not see anything. It is quite interesting that the CHinese government will control the private keys if Chinese cryptocurrency is created. Well, time will tell. But I believe that it is hard to come true since the cryptocurrency is based on the decentralized system
August 22, 2017, 04:07:39 AM
I do not think that a government will create a new cryptocurrency and establish it as its fiat.
What I can imagine is that the current fiat is going to be cashless.
Maybe even with a blockchain technology. But without miners.
I think it's a nice idea if you have a cryptocurrency that is not influenced by miners and their goal to earn as much profit as possible.
What I can imagine is that the current fiat is going to be cashless.
Maybe even with a blockchain technology. But without miners.
I think it's a nice idea if you have a cryptocurrency that is not influenced by miners and their goal to earn as much profit as possible.
August 22, 2017, 03:57:12 AM
Yes I see the possibility of governments creating fiat in crypto forms. It is much convenient and we do not need to carry cash around.
August 22, 2017, 02:24:46 AM
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?
If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?
Why government need to create their own cryptocurrency ? It's not important and they don't need it, i think the government will make a digital money for the current fiat. It's not always cryptocurrency, i also doubt some countries will use bitcoin or other cryptocurrency. 1-2 country maybe yes but not all.
August 22, 2017, 01:46:02 AM
I'm just thinking now the possibility of government issued crypto currency (maybe blockchain technology) and the miners are the banks only, this way government is not putting banks out of business and there can still be central bank who controls all the banks and issue order if needed more money in the economy (if Etherium based which I think the preferred type of all governments).
This can even go in parallel with government existing fiats so people can have two choices (good publicity for the government).
But the question still remains the same, if ever government wants to push on this, "how can they know who owns what?" If this can be solved I think government will definitely step into the world of crypto currencies....
Any comment/reaction/argument on this?
This can even go in parallel with government existing fiats so people can have two choices (good publicity for the government).
But the question still remains the same, if ever government wants to push on this, "how can they know who owns what?" If this can be solved I think government will definitely step into the world of crypto currencies....
Any comment/reaction/argument on this?
August 21, 2017, 11:50:09 AM
They would make their own coin not a cryptocurrency but their own centralized coin but i dont think they would do such thing on switching totally on e-currency from paper currency. It would really takes time for a certain country would adopt such thing and also they cant make any transactions with other countries since they do have e-currency and others do have still local fiat paper currency.
August 21, 2017, 11:29:04 AM
No, I think that the creation of such a crypto currency will be useless. Dollars for example already exist in electronic form, and the creation of more such several currencies is simply meaningless.
August 21, 2017, 11:26:26 AM
Only after blockchain technology is fully matured was able be understood its people. But i believe that it could happen in decades
August 21, 2017, 11:24:30 AM
I think this will continue to be a contradiction, the transaction certainly becomes easier and certainly the government can control the coins in total, but I'm sure many do not agree because they are worried about not having more access.
Yes, there are governments that are into plans of generating their own digital currency. Recently Switzerland made its own cryptocurrency just by giving digital form to the paper money that has been used around the country. This has been tested, but not implemented all around. August 21, 2017, 11:16:03 AM
Few months ago Russia's Prime Minister has contacted Vitalik (ETH's founder) for a meeting. Then afterwards an echo that Russia will soon to create it's own cryptocurrency become a trend in Social media.
Well I guess this is the future. All countries will create their own crypto. So better start now and enjoy soon.
Well I guess this is the future. All countries will create their own crypto. So better start now and enjoy soon.
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?
If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?
August 21, 2017, 11:04:15 AM
I think this will continue to be a contradiction, the transaction certainly becomes easier and certainly the government can control the coins in total, but I'm sure many do not agree because they are worried about not having more access.
August 21, 2017, 09:36:17 AM
It maybe the last thing a government want, ever since the ancient kings who rules the world control the flow of money to control its people and it never changed up to now. Today if a government adopt blockchain technology to create their own cryptocurrency they are practically letting loose control of money and therefore the people for sure they dont like that to happen right? So if they create one for sure it will be like another fiat or digital fiat. One obvious reason they wouldn't fully adopt blockchain technology is that it will kill the whole banking industry of the country.
There is a news that China is going to start their own cryptocurrency (link below) but I think they don't know yet how it can be done, no details in the news.
But for the sake of argument, let say many countries developed their own derivatives of Bitcoin, for sure their crypto will be pegged to Bitcoin (like the USD of all fiats) and if that happens Bitcoin will still rule....
https://coinidol.com/china-creates-its-own-cryptocurrency/
There is a news that China is going to start their own cryptocurrency (link below) but I think they don't know yet how it can be done, no details in the news.
But for the sake of argument, let say many countries developed their own derivatives of Bitcoin, for sure their crypto will be pegged to Bitcoin (like the USD of all fiats) and if that happens Bitcoin will still rule....
https://coinidol.com/china-creates-its-own-cryptocurrency/
December 11, 2016, 09:52:28 AM
If government emits cryptocurrency, that could also be another kind of fiat, not a replacement, at least if you stick to a definition of fiat money like todays wikipedia: "Fiat money", at least until it does not consume so much energy, that it could be seen as commodity money. So it would be pretty be more question on what kind of cryptocurrencies countries going to implement and what for it would be used.
Government can make simple coin, they will distribute coins as they wish, government officials will do that. I think they will create special group for this, like they always do.
It will be used for everything, and government will have higher control over their citizens, that is always their primary objective, too control us more.
Yes of course they can, they have the power to make their cryptocurrency, but are they creating this to share or distribute to the people? No, they won't, we all know that there are many kind of people that runs the government, and we're very lucky if that government really care for his country, to the people living in it or they always think whats the best for them or shall i say whats the best for their self only.
December 11, 2016, 09:44:35 AM
If government emits cryptocurrency, that could also be another kind of fiat, not a replacement, at least if you stick to a definition of fiat money like todays wikipedia: "Fiat money", at least until it does not consume so much energy, that it could be seen as commodity money. So it would be pretty be more question on what kind of cryptocurrencies countries going to implement and what for it would be used.
I agree more or less government will move to cashless society that does not require a lot of wasting of hashing power . And i never see even in my dream that government will be using bitcoin to replace fiat money, instead if they plan to create one , they will create a unique cryptocurrency for their own country, more probably no PoW or PoS is needed. They always want to be in control. Bitcoin people should know the fact that bitcoin will never be accepted as national currency of a country.
Yes indeed, bitcoin can not replace the fiat money, instead bitcoin can become another way of earning money. On the other hand, bitcoin is another kind of fiat money, it will help to many users in many ways they want.
Yes government only thinks whats the best for them, and the people living in that particular country already knows that the government create that thing because they know that they can control and can manage in their own perspective way with their own wants.
December 11, 2016, 09:36:59 AM
If government emits cryptocurrency, that could also be another kind of fiat, not a replacement, at least if you stick to a definition of fiat money like todays wikipedia: "Fiat money", at least until it does not consume so much energy, that it could be seen as commodity money. So it would be pretty be more question on what kind of cryptocurrencies countries going to implement and what for it would be used.
Government can make simple coin, they will distribute coins as they wish, government officials will do that. I think they will create special group for this, like they always do.
It will be used for everything, and government will have higher control over their citizens, that is always their primary objective, too control us more.
Yes of course they can, they have the power to make their cryptocurrency, but are they creating this to share or distribute to the people? No, they won't, we all know that there are many kind of people that runs the government, and we're very lucky if that government really care for his country, to the people living in it or they always think whats the best for them or shall i say whats the best for their self only.
December 08, 2016, 01:31:02 PM
Several country governments were in a plan to create their own digital currency. This doesn't mean that they will be having features similar to bitcoin. The country's fiat will get circulated in the digital form, government will be controlling authority. Everyone can be tracked easily than using fiat. This helps government for better functioning.
The only one that I read is Sweden they reduce use of paper money in last several years that is why they want this I didn't found any other but believe that there are
December 08, 2016, 12:46:55 PM
Several country governments were in a plan to create their own digital currency. This doesn't mean that they will be having features similar to bitcoin. The country's fiat will get circulated in the digital form, government will be controlling authority. Everyone can be tracked easily than using fiat. This helps government for better functioning.
December 08, 2016, 12:15:12 PM
If government emits cryptocurrency, that could also be another kind of fiat, not a replacement, at least if you stick to a definition of fiat money like todays wikipedia: "Fiat money", at least until it does not consume so much energy, that it could be seen as commodity money. So it would be pretty be more question on what kind of cryptocurrencies countries going to implement and what for it would be used.
I agree more or less government will move to cashless society that does not require a lot of wasting of hashing power . And i never see even in my dream that government will be using bitcoin to replace fiat money, instead if they plan to create one , they will create a unique cryptocurrency for their own country, more probably no PoW or PoS is needed. They always want to be in control. Bitcoin people should know the fact that bitcoin will never be accepted as national currency of a country.
I think most people have already accepted that for a fact. Even if we start having mass adoption, the government will still try their best to be in control. We don't know what they will do but they surely would take action (i.e. creating their own cryptocurrency, banning bitcoins). But it's still possible that the mass adoption would be so strong that the government would just give up and just accept the fact that people likes to use bitcoins and want to have a cashless world. Growth might be exponential but I doubt the people that are in this forum right now will live long enough to witness a cashless world.
Jump to: