Will governments create their own cryptocurrency that will replace fiat? - page 24.

Qartersa

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Quote from: Fatanut on November 27, 2016, 06:59:39 AM

Quote from: icecube45 on November 27, 2016, 05:13:34 AM

I think the government will not make crypto to replace fiat, but I am sure the government will develop a system fiat to make it more modern in the future that could be used better in the future. Because fiat been very attached either in a country that will not be replaced and I believe any government would not want to replace it. Because I think fiat determinant of a country's economy.

Actually I think that's already here. The banking system is now modernized because you can connect your card into your Paypal account. It seems a success and there's a discussion in this forum already about Paypal Vs. Bitcoin. Both of them have their downside and advantages but I think Paypal which uses fiat for digital transactions are doing just fine. And since Paypal funds is like fiat's cryptocurrency, it's accepted in most online stores unlike bitcoins.

Paypal is still a different thing. Paypal is something global, privately owned, and still, relies on fiat currency. It is similar to credit cards and technically it still uses credit cards as its payment methods. It's just a payment processor with additional features. It's no different with you paying with credit card at your local gas station; it just uses a third party to pay for something. And technically if you use a credit card with PayPal, there are now four parties which is the payor, the payee, the bank and PayPal. Additionally, this adds more cost as you do not actually pay directly to the seller.

Red Fish

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In next 100 years, it can happen, that some government will create cryptocurrency, like Bitcoin. Currently anyone can create own cryptocurrency, therefore also government can do the same. Complete fiat replacing will not happen, because too many people use it.

Fatanut

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Quote from: icecube45 on November 27, 2016, 05:13:34 AM

I think the government will not make crypto to replace fiat, but I am sure the government will develop a system fiat to make it more modern in the future that could be used better in the future. Because fiat been very attached either in a country that will not be replaced and I believe any government would not want to replace it. Because I think fiat determinant of a country's economy.

Actually I think that's already here. The banking system is now modernized because you can connect your card into your Paypal account. It seems a success and there's a discussion in this forum already about Paypal Vs. Bitcoin. Both of them have their downside and advantages but I think Paypal which uses fiat for digital transactions are doing just fine. And since Paypal funds is like fiat's cryptocurrency, it's accepted in most online stores unlike bitcoins.

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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?

See what the basic thing that every government seeks is a control on the whole infrastructure. In next 100 years, crypto currency technology will develop by many folds as of now and thus we cannot deny the possibility that governments can create their own crypto currency to gain control on the financial flow within or even outside of the country.

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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?

1. Actually government/banks have already thought about making all financial transaction through banks/digital banking to keep record of each and every transaction. You can see almost paper cash is out of use in european and american countries, just developing countries and under developed countries are still depended upon paper cash.

2. Government may not introduce cryptocurrency but they have already started researching the possibility of adding blockchain tech in their new digital currency/banking system.

3. Government issued digital currency/financial system will be completely backed by cash, which will also have unlimited inflation just like paper cash, so this will not make any differences.

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Reading here someone mentioned Sweden I mean they are top in my list they allready reduce use of paper money in last 10 year so they might be first country that will do this

can see some other countries but it might be some others

icecube45

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I think the government will not make crypto to replace fiat, but I am sure the government will develop a system fiat to make it more modern in the future that could be used better in the future. Because fiat been very attached either in a country that will not be replaced and I believe any government would not want to replace it. Because I think fiat determinant of a country's economy.

PokerFace3

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Quote from: freedomgo on November 27, 2016, 01:16:45 AM

it's not going to be successful. Banks has lost its trust by the people since we are not confidential in banks as we think. In bitcoin we are anonymous, we can protect our asset well.

Other than these practical failures of banks, technically it will not be feasible to have own crypto currency for any government. Because they are already having it, but may not be in the crypto format.
Practically bitcoin was not innovated just to support basic payment system but it was created to have an universal payment system, so country specific crypto currencies will not compete with bitcoins

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Quote from: Red-Apple on November 26, 2016, 10:33:30 AM

for the time being the banks are doing it, they are trying so hard to separate bitcoin and its blockchain and only use the blockchain technology to their own advantage and create their own altcoin.

lets see how successful the will be and how they are planning on using it. then we can talk about the next step which is a real national currency.

I will tell you early, it's not going to be successful. Banks has lost its trust by the people since we are not confidential in banks as we think. In bitcoin we are anonymous, we can protect our asset well.

Red-Apple

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for the time being the banks are doing it, they are trying so hard to separate bitcoin and its blockchain and only use the blockchain technology to their own advantage and create their own altcoin.

lets see how successful the will be and how they are planning on using it. then we can talk about the next step which is a real national currency.

BiTZeD

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I don't think they will. Why would they ? This has no advantage for them, since it could be freely traded and value would be subject to big swings, at the contrary to the relative stability we have today with fiat money's value based on gold savings of the issuer.

davis196

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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?

After 100 years the whole concept of using money will be changed.

Maybe there won`t be any need of using money.

Maybe the financial system will be replaced with something better.

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I think this would be a really cool idea, but how would one get that cryptocurrency, I cannot see a government allowing mining of it. Would they with their unlimited resources mine the crap out of it before letting the general public know? Then would we have to go to the market and trade 20 cans of corn for 1 coin. Would there be a grace period where you could covert the paper money to the crypto

Qartersa

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Quote from: ivanst776 on November 26, 2016, 07:44:28 AM

Quote from: Xester on November 26, 2016, 07:31:17 AM

Quote from: ivanst776 on November 26, 2016, 07:21:11 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?

I don't think they will create they own cryptocurrency because everything now it going to be globalized.

So people like to use same currency on different countries and no need to convert them from one currency to another one because of loss and lots of fees.

I think the government are not interested to create thier own cryptocurrency, because if they are, they do it already. The government will not create cryptocurrency because they know that it might be use in illegal activities and cryptocurrency are hard to control and not easy to detect even they can trace the ip adress people can use it anywhere.

What would happen if every country would have their own (crypto)currency? Just imagine 50 countries of U.S.A having their own currency, there would be a mess trading something between each country.

The same is in Europe where mostly they use EUR expect some countries which think that euro is not good for them and their economy.

Then probably, the world should develop some cryptocurrency that would work like the Euro. However, I don't think all countries would agree to this proposal. The least we could probably get is every country has its own cryptocurrency or digital currency and will work like how Fiat is working. It would be like fiat currency but less the paper and coin form of money.

ivanst776

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Quote from: Xester on November 26, 2016, 07:31:17 AM

Quote from: ivanst776 on November 26, 2016, 07:21:11 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?

I don't think they will create they own cryptocurrency because everything now it going to be globalized.

So people like to use same currency on different countries and no need to convert them from one currency to another one because of loss and lots of fees.

I think the government are not interested to create thier own cryptocurrency, because if they are, they do it already. The government will not create cryptocurrency because they know that it might be use in illegal activities and cryptocurrency are hard to control and not easy to detect even they can trace the ip adress people can use it anywhere.

What would happen if every country would have their own (crypto)currency? Just imagine 50 countries of U.S.A having their own currency, there would be a mess trading something between each countries.

The same is in Europe where mostly they use EUR expect some countries which think that euro is not good for them and their economy.

Xester

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Quote from: ivanst776 on November 26, 2016, 07:21:11 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?

I don't think they will create they own cryptocurrency because everything now it going to be globalized.

So people like to use same currency on different countries and no need to convert them from one currency to another one because of loss and lots of fees.

I think the government are not interested to create thier own cryptocurrency, because if they are, they do it already. The government will not create cryptocurrency because they know that it might be use in illegal activities and cryptocurrency are hard to control and not easy to detect even they can trace the ip adress people can use it anywhere.

ivanst776

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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?

I don't think they will create they own cryptocurrency because everything now it going to be globalized.

So people like to use same currency on different countries and no need to convert them from one currency to another one because of loss and lots of fees.

betohell

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Quote from: klaaas on November 25, 2016, 06:49:35 PM

It could be replaced indeed., I will not see this happening anyway soon. Maybe along the current banking system.

nope I think the government would make no new cryptocurrency because certainly they will not be able to accept the terms of decentralization? because cryptocurrency should be decentralized? so I think they will make virtual money like bitcoin

Shinpako09

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I dont think they will do that. Government wont change their paper money into crypto currency even in the future. They wont put all their funds into a hackable thing. Nothing is impossible in the internet for the hacker.

talkbitcoin

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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 created cryptocurrency is the worst idea of all times and it will stay the same even in the future. there will surely be so much change in the future in our monetary systems for sure, specially since you are talking about 100 years from now but one of the benefits of cryptocurrencies like bitcoin for example is that they are decentralized which makes it a lot better than anything government issues.

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