Will governments create their own cryptocurrency that will replace fiat? - page 25.

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Quote from: markyminer on November 25, 2016, 05:15:22 PM

to me i think still not a single country has take the step to so one as they are just defending the fiat currency, but i think if they feel the need i think they must be at least start thinking about that, but still not a single government has taken any step about this.

Of course government should be careful in implementing decisions. They need to compare the gain against the lost. They need to make sure that everything is done according to their law. So it will take sometime before a government to decide if they will create and let cryptocurrency represents their currency. And I think that there is a huge possibility that this will hapen, government creating cryptocurrency to replace their local currency.

jondeen707

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These won't be the cryptocurrencies the way we understand them. They won't be decentralized nor with limited supply. They will be churning out more digital cash whenever necessary. Other than that, most of the governments are on the way to making it all digital.

Xenophoto

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Not sure it's a good way to spend the money of the country. The government having an altcoin, what would it be called? Would it be the currency of all the governments or would it be different in each country?

I don't think they will do it because fiat can already be transferred digitally using Paypal and other websites like that. That's basically the crypto-currency of the government. Also, government having their own cryptocurrency would raise awareness about bitcoin to the public which means they technically advertised bitcoins for us. That would make bitcoin's price rise and the community larger.

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Quote from: michkima on November 23, 2016, 09:45:28 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?

first of all why do you even care about the future 100 years none of us are going to be alive!
and besides in a 100 years the technology is nothing like today so we can not give any opinion about it because we can not consider the future technology when doing so. by then there may be something 100 times better than bitcoin and money as we know will surely not exist.

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Quote from: LTU_btc on November 25, 2016, 07:47:07 PM

Well, 100 years is very long period and many things can happen. In nearest future governments won't create their own cryptocurrency, it's too early stage.
And I don't think that every country would need for their own cryptocurrency. But I think EU can create crypto version of Euro for Eurozone countries. But such currency will have lot of regulations, government control and similar things. It will be like bank. And in my opinion it would be better than SEPA system.

I don't even know if I will be still alive or able to survive the world war 3 by that time. But I'm pretty sure because of newest technology, government will able to create new digital currency or if not, the fiat money will be just turned to digital money with the use of RFID which is likely to happen earlier this 2017. So we will have paperless economy.

You cant be still assure of that it would start on 2017 on developing fiat currency into more advanced or already digitalized. Maybe its possible on next 100 years because we all know that technology evolve very fast and for sure other things would really be affected just like fiat.Building a cashless world is not easy though and it would really takes time before it is implemented.

European Central Bank

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90 something per cent of fiat currency is already numbers on a digital ledger. no doubt they're gonna try to make it 100% pretty soon, it certainly won't be in multiples of decades either.

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Well, 100 years is very long period and many things can happen. In nearest future governments won't create their own cryptocurrency, it's too early stage.
And I don't think that every country would need for their own cryptocurrency. But I think EU can create crypto version of Euro for Eurozone countries. But such currency will have lot of regulations, government control and similar things. It will be like bank. And in my opinion it would be better than SEPA system.

FLoving

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It depends on the ability of the government. If a government is able to control bitcoin for their citizens or will be able to control their citizens' activity in bitcoin then they will not feel the use of any other cryptocurrency and will rely on bitcoin for their digital affairs while if they find it hard to control on the use of bitcoin in their state then they will not adopt it for their citizens and will like to start their own currency.

The other point is that if they will like to have their own nationality for their digital finance then they will start their own national crypto currency.

deadpoolx

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If the government creates a cryptocurrency, they reduce their own power. Moreover, they will in this way get people to learn about Bitcoin, even if it is not their intention.
When people find out that Bitcoin is a better currency, which can not be inflated by governments and that is able to provide more control to the users, they'll certainly adopt it.

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

MingLee

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Quote from: markyminer on November 25, 2016, 05:15:22 PM

to me i think still not a single country has take the step to so one as they are just defending the fiat currency, but i think if they feel the need i think they must be at least start thinking about that, but still not a single government has taken any step about this.

They're trying to think of different ways to make their own cryptos and they're looking into the technology required for them to be able to do it, however, considering that fact, it is far more likely they'll write off that concept and just digitize the fiat economy is anything. There's no point to them, starting their own cryptos, one which would never get off the ground, and Bitcoin will reign supreme.

markyminer

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to me i think still not a single country has take the step to so one as they are just defending the fiat currency, but i think if they feel the need i think they must be at least start thinking about that, but still not a single government has taken any step about this.

SvenBomvolen

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Now when you mention something like this, I realize how possible this actually is. If they find out advantages of crypto money and fiat money they will use it in future for their own benefit. I dont know how much will that be good for us people, and with crypto currencies they can monitor us more carefully, and they will follow us with no trouble. Also they will make system that is good for them, not for entire world, that will be the main difference bitcoins and their crypto coin.

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Quote from: michkima on November 23, 2016, 09:45:28 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?

Today's money no longer represent gold as far as I know. As for inventing other cryptos for their needs, idk, why not use Bitcoin then? So I think if the replacement will really take place Bitcoin will become number one currency in the world. For some of us it is already, but let's be realistic, most people don't even know about the Bitcoin's existence. But if the goverments will decide to adopt Bitcoin that will be the whole other story.

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I heard the news that Sweden is now planning a transition to cryptocurrency. I don't think this will really replace all the money in 100 years. Maybe it is just because now there are many old people still using cash and stuff. On the other side, we do see that even now people mostly don't use cash. They use credit cards, so it must be natural for them to switch to cryptocurrencies then.

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Quote from: michkima on November 23, 2016, 09:45:28 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?

They'll try, but it will fail miserably.

If anything they'll just digitize what they currently have and add things on to it as it progressively becomes more and more digitalized. There isn't a reason for them to design a new system when the current one they have works fine for what they need. If they needed something more, they would have changed it up sooner rather than later.

thejaytiesto

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They will never let bitcoin shine, its going to be the biggest war on currency ever seen. All the big countries will have their own electronic fiat currency that is closed source and it will be centralized and controlled, and probably attached to all social media to get support from all the common idiots out there that don't know anything. This is what scares me. People is stupid enough to ignore bitcoin and accept the closed source governemnt version.

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Quote from: pereira4 on November 24, 2016, 11:26:23 AM

They are working at it right now. As other have mentioned, I think countries like Sweden will be the first countries to introduce centralized, closed source digital currencies as they get rid of physical cash, so no more coins and paper bills, only a digital coin that is 100% controlled by government.

Bitcoin is our only savior from that nightmare.

We all know the cost to keep such coins safe, we had already able to see the hackers skills over some exchanges, the current bank system has issues that give hackers acess, even if a country think about a crypto coin who will support them? I mean which would be the beneficts of hold a crypto coin of Sweden or any other country? Knowing banks and politicians would have plenty control to make the coin up and down? For what i believe if they make such crypto they would be recognizing bitcoin and others crypto coins as well as currencie, and how they would compete with bitcoin a decentralized coin with huge sucess and potencial, they should take the blockchain technology for save milions of dollars into fees, this can change the current financial problem, just taking lower fees.

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Quote from: michkima on November 23, 2016, 09:45:28 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 so that the government will create their own cryptocurrency just to replace fiat. They have already the currency which is fiat, I think they will just improve and develop it. The money in the future will still works how it works now.

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Quote from: Dassi on November 24, 2016, 11:19:09 PM

Exactly my view, because the UK government has plans already to make its citizens cashless spenders by 2017 - they will spend digital pounds sterling.
Now I am thinking they might create a blockchain for GBP instead of adopting BTC.

They might be looking as well of using bitcoin, it will help them to take away inflation. Let's put our money so we can benefits from our deposits and not big businessmen.

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