Will governments create their own cryptocurrency that will replace fiat? - page 22.

coynedterm

hero member

Activity: 882

Merit: 500

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?

If it happen then no impact will goes for Bitcoin because in Bitcoin the main feature is to have impact on other currencies like a god of other currencies .
All the new cryptocurrency coming in the online world are In the price of Bitcoin or satoshi only .

X-ray

hero member

Activity: 2996

Merit: 524

Leading Crypto Sports Betting & Casino Platform

Quote from: Napole0n on December 01, 2016, 05:09:28 AM

It looks like this process takes a long time, I am not sure that the State wants to create and use the cryptocurrency during the official currency is still used. If the State uses the cryptocurrency then automatically they will be replaced official currency.

the process of creating cryptocurrency itself don't take that long time if they are going to use source code of some coin which were published in many some website. and if the state uses cryptocurrency they will more likely not to replace the official currency but making a digital version of it and maybe considering it as secondary option for their currency

Napole0n

sr. member

Activity: 579

Merit: 309

It looks like this process takes a long time, I am not sure that the State wants to create and use the cryptocurrency during the official currency is still used. If the State uses the cryptocurrency then automatically they will be replaced official currency.

Carlsen

hero member

Activity: 910

Merit: 501

Quote from: Positid on November 30, 2016, 11:17:26 PM

Quote from: chaser15 on November 30, 2016, 07:59:23 PM

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 and it will not happen as purpose to replace fiat. They will create a crypto but fiat will still be dominant.

It's not as easy as to think that the whole world will embrace the cryptocurrency. There will be lots of major problems that will encountered. 100 years is not enough as trial period to learn all the risk if the whole world will used cryptocurrency. If only one country will do that, expect that it will not be bloom. It is just an option but not to replace the fiat as a whole.

Crypto currencies will only be use for online transactions while the masses cannot adopt with this, it's not easy for them as they are comfortable in using fiat than crypto. With the current situation we cannot live with only our crypto currencies at hand, no major businesses that accepts crypto which I believe necessary for us to buy our wants and needs to survive.

I don't think that a government will create a future crypto currency, I think that one of the major IT businesses will do that.
They have the money, the men power, and the public notification to create a currency a lot of people would use.
Imagine the google-dollar or the apple-coin.

Positid

sr. member

Activity: 378

Merit: 250

BULL RUN until 2030

Quote from: chaser15 on November 30, 2016, 07:59:23 PM

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 and it will not happen as purpose to replace fiat. They will create a crypto but fiat will still be dominant.

It's not as easy as to think that the whole world will embrace the cryptocurrency. There will be lots of major problems that will encountered. 100 years is not enough as trial period to learn all the risk if the whole world will used cryptocurrency. If only one country will do that, expect that it will not be bloom. It is just an option but not to replace the fiat as a whole.

Crypto currencies will only be use for online transactions while the masses cannot adopt with this, it's not easy for them as they are comfortable in using fiat than crypto. With the current situation we cannot live with only our crypto currencies at hand, no major businesses that accepts crypto which I believe necessary for us to buy our wants and needs to survive.

diegz

hero member

Activity: 798

Merit: 500

★YoBit.Net★ 350+ Coins Exchange & Dice

Quote from: Blitzboy on November 30, 2016, 06:51:44 PM

If the Government want to fight with digital currencies, they must create their own cryptos in the future.

No need to do that, and if they do, it will definitely don't look like bitcoin.

Quote from: Blitzboy on November 30, 2016, 06:51:44 PM

At present, more and more people realize the benefit of Bitcoin and start using them instead of Fiat,

No also, I noticed that most of the users of bitcoin are there for its financial benefits and not really the purpose of using it as a money for transaction.

Quote from: Blitzboy on November 30, 2016, 06:51:44 PM

which strongly affects the economic system and slowly kills the government FIAT.

Bitcoin can't make the economy fall, remember, economy doesn't just include money system, but many more like the GDP and so on.

Quote from: Blitzboy on November 30, 2016, 06:51:44 PM

Because users do not have to pay tax, Bitcoin is widely used for many purposes and if no one uses FIAT anymore, the government will not receive any tax and definitely they will die.

Tax is applied not only in money, but to products too, so if you are using bitcoin and yet you are part of the government or the system and using everything around it, including the food we eat, we are paying tax even if its not direct or even if you are using bitcoin.

chaser15

legendary

Activity: 2688

Merit: 1065

Undeads.com - P2E Runner Game

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 and it will not happen as purpose to replace fiat. They will create a crypto but fiat will still be dominant.

It's not as easy as to think that the whole world will embrace the cryptocurrency. There will be lots of major problems that will encountered. 100 years is not enough as trial period to learn all the risk if the whole world will used cryptocurrency. If only one country will do that, expect that it will not be bloom. It is just an option but not to replace the fiat as a whole.

n691309

legendary

Activity: 1526

Merit: 1001

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?

Seeing how easy is to create a new coin I think the government will not create their own cryptocurrency because it's not the right time these years, the fiat is pretty good and as long as there is no big crash on fiat they won't move in crypto.

Blitzboy

hero member

Activity: 1316

Merit: 561

Leading Crypto Sports Betting & Casino Platform

If the Government want to fight with digital currencies, they must create their own cryptos in the future. At present, more and more people realize the benefit of Bitcoin and start using them instead of Fiat, which strongly affects the economic system and slowly kills the government FIAT. Because users do not have to pay tax, Bitcoin is widely used for many purposes and if no one uses FIAT anymore, the government will not receive any tax and definitely they will die.

Dux2K

legendary

Activity: 1022

Merit: 1000

Blocklancer - Freelance on the Blockchain

Quote from: morantis on November 29, 2016, 09:59:27 PM

they don't even have to create their own. all they have to do is apply their resources to mining existing coins, starting with btc. in the navy i working in and out of active and inactive server farms that had various purposes. enough power in just one of those to match any commercial farm. fact is that they could be mining right this moment and simply stock piling. they can be appearing to fight BTC and crypto and then "lose the fight" and suddenly be the top bag holder, this is the only real problem with the fact that many coins are based on the power of mining, something that most of the super power governments have plenty of at their disposal

if they start to mine then we will be in serious trouble
but personally hope that it will not happen

morantis

hero member

Activity: 868

Merit: 503

they don't even have to create their own. all they have to do is apply their resources to mining existing coins, starting with btc. in the navy i working in and out of active and inactive server farms that had various purposes. enough power in just one of those to match any commercial farm. fact is that they could be mining right this moment and simply stock piling. they can be appearing to fight BTC and crypto and then "lose the fight" and suddenly be the top bag holder, this is the only real problem with the fact that many coins are based on the power of mining, something that most of the super power governments have plenty of at their disposal

Snorek

legendary

Activity: 1400

Merit: 1001

Quote from: Tukang Becak on November 29, 2016, 09:37:20 PM

I think this is a step that is not right, if every country or government makes its own cryptocurrency, then other countries would not necessarily accept it so that it makes no difference with the ordinary currency, better a few countries join to create a cryptocurrency so that can be used globally.

I don't think you are understand the stakes here. Governments are trying to create exactly that - a electronic version of FIAT. They don't want to dominate global market with it.
It is attempt to force every citizen to use digital version of FIAT - because that will give ultimate power to the government - every single transaction will be monitored.
So no more tax evasion, no more spending your money when government is not looking, no more paying someone under the table. That is the future we would have.

BTW - We already have global digital currency, it is called Bitcoin.

Tukang Becak

hero member

Activity: 896

Merit: 500

I think this is a step that is not right, if every country or government makes its own cryptocurrency, then other countries would not necessarily accept it so that it makes no difference with the ordinary currency, better a few countries join to create a cryptocurrency so that can be used globally.

nizamcc

legendary

Activity: 1218

Merit: 1007

Quote from: Snorek on November 29, 2016, 02:27:38 PM

It is already happening, China wants to be first country in the world to release their own cryptocurrency (or at least are trying to test the waters).
Chinese government is hiring Blockchain developers and experts to develop technology for economic and financial systems aka altcoin creation:

Reference: https://cointelegraph.com/news/chinas-central-bank-hires-blockchain-experts-to-launch-cryptocurrency

That being done will add centralization to the levels of cryptocurrency business, and I don't think that they will succeed much because such types of digital wallets already exist in the real world, but the only difference this will make will be the value. The altcoin can be like bitcoins, but they will surely add their eyes to it to be able to check everything just like they do in fiat.

Snorek

legendary

Activity: 1400

Merit: 1001

It is already happening, China wants to be first country in the world to release their own cryptocurrency (or at least are trying to test the waters).
Chinese government is hiring Blockchain developers and experts to develop technology for economic and financial systems aka altcoin creation:

Reference: https://cointelegraph.com/news/chinas-central-bank-hires-blockchain-experts-to-launch-cryptocurrency

robelneo

legendary

Activity: 3346

Merit: 1214

Payment Gateway Allows Recurring Payments

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?

So many have happen in the last 8 years crypto currency is now the emerging technology in the internet,I don't in the next 100 years,will we evolve into super human or will their be another evolution
things happen so fast I can only think of the next 5 to ten years.

X-ray

hero member

Activity: 2996

Merit: 524

Leading Crypto Sports Betting & Casino Platform

Quote from: Mastsetad on November 29, 2016, 04:42:17 AM

Quote from: gribble on November 29, 2016, 12:03:54 AM

For right now there are many countries that building their own coins because of chrash of economic, but about the their coins will be replace their fiat money i am doubt about it, because not all of people on countries can understand about digital currencies. If it can be happening will take long time.

Maybe not now but in coming time when there will be more technology and countries might think of replacing the paper money system with something digital then they will surely create their own crypto currencies which would replace fiat, and at that time people will accept them as they wont have any other choice.

what if they're not creating crypto currency but making another digital money system unlike cryptocurrencies? and the technologies will be even more advanced than now. that's possible and if that's really happen. i'm sure they're not using the blockchain system anymore. the digital money may be centralized so they can take control over it

Mastsetad

sr. member

Activity: 672

Merit: 250

Quote from: gribble on November 29, 2016, 12:03:54 AM

For right now there are many countries that building their own coins because of chrash of economic, but about the their coins will be replace their fiat money i am doubt about it, because not all of people on countries can understand about digital currencies. If it can be happening will take long time.

Maybe not now but in coming time when there will be more technology and countries might think of replacing the paper money system with something digital then they will surely create their own crypto currencies which would replace fiat, and at that time people will accept them as they wont have any other choice.

Nahl

legendary

Activity: 1652

Merit: 1000

Quote from: Sir Paijoe on November 28, 2016, 03:18:54 AM

According to themy opinion it is impossible, if all governments make cryptocurrency then the price will be difficult accept by international citizens.

well i think this thread is pure speculate because nobody could guarantee the government will makes their own cryptocurrency or they hasn't do that but maybe the government will still maintain traditional currency and besides that some of them will tempting to makes the cryptocurrency as the alternative currency on their countries and i think it is possible

Positid

sr. member

Activity: 378

Merit: 250

BULL RUN until 2030

Quote from: Mr. Big on November 29, 2016, 01:42:52 AM

Quote from: gribble on November 29, 2016, 12:03:54 AM

For right now there are many countries that building their own coins because of chrash of economic, but about the their coins will be replace their fiat money i am doubt about it, because not all of people on countries can understand about digital currencies. If it can be happening will take long time.

They can build their own if they want too... But it will not be like bitcoin, it will be centralized and I think it's like the fiat, and probably if they create one, they will slowly remove their paper money... It could be helpful, it won't take long for the people to adopt it and learn how to use digital currency if it is being taught in the school soon if the government would really create their own cryptocurrency...

Yeah, I agree with that. People will still not gonna patronize it, what makes bitcoin popular is the its whole system and big investors or capitalists are attracted with the decentralized which I believe can never do.

With their banks, they have a central bank, so most likely they are in control with making a bitcoin like project.

Topic: Will governments create their own cryptocurrency that will replace fiat? - page 22. (Read 39306 times)