Topic: Will governments create their own cryptocurrency that will replace fiat? - page 3. (Read 39328 times)

Hard to say because money is part of our life and we need that everyday I don't know the process if the cryptocurrenxy will replace fiat. But if the government will create their own cryptocoin I will make sure that you that coin will become successful why? It's because the people will invest because we know government is powerful and many investors will trust to them..

Who knows what will be in near future? Was there anyone who though USD would be the global currency. I dont think there was anyone who though USD will be the global currency but the reality is USD is global currency.

A cryptocurrency without decentralization is just a digital version of the fiat. And I don't think that creation of such a currency will serve any purpose, as we already have similar digital payment systems such as Visa, Mastercard, Paypal and Skrill. Cryptos such as BTC are separate currencies, while the digital payment systems such as PayPal are just digital versions of the existing fiat currencies.

   No, I do not believe in that.
The government already gone on the road of cashless society. Online payments and different types of cards. I believe that this way of financial transactions will continue to develop to cover all nation.

It is likely to happen, we must not rule out a possible union between nations that are affected by the uncontrolled impacts that the economy will have in the future and choose to take the blockchain technology in their favor, because they have to do it in order to back it up with liquidity of gold, precious stones among others.

If a project of this hierarchy occurs, you would have to review your whitepaper very well, analyze any development that you want to implement and what the effect may be in the Bitcoin speculative market, if it is a good project, people will start to join, because the community is the most difficult thing to achieve without being bots or traffic that is paid, the community itself can place the project at the top, and the community itself can make it fall.

You should always take into account that if you want to compete against bitcoin is very difficult, it would take many years for the currency to take an acceptable structure to apply the different theories that are made in the case of Stock Market and even for the same Bitcoin.

A currency made by several nations if it has an increasing value is at the same time dangerous, because when entering a decentralized market where any person as well as bitcoin have access, it would be at the expense of the Supply-Demand Law that always governs the markets, can that has a positive or negative impact, which would serve much to have a good support at the level of liquidity that is what nations can offer as an advantage against Bitcoin. And even though all that would become a competition with Bitcoin it would be very difficult to replace the FIAT.

Yes surely government is being so greedy that they are not thinking about the nation and the people but they only want to grow and full their own treasures, but I think it is not easy task to make your own crypto currency and the most hard task it to make it grow and convince people to use it, as people should show lack of trust for new crypto currency, better use the invented and grown up crypto currency we have in market.

So imagine this thing is happening now. All countries have their altcoin counterpart of their currency like dollar, pounds, peso etc. Does this replace bitcoin and become obsolete? No. Well in fact i think it can make bitcoin grow more. People will obviously have two coins in their wallet that time. Their local currency and bitcoin. Instead of converting into another currency, and affects exchange rates, they will go to bitcoin and use it as their transaction worldwide.

Well, I think if a government want to create their own crypto currency, it's purely because they don't want to lose their income from their citizen. The government want to their people to use their native crypto currency for daily expense than to let people use Bitcoin which is owned by no country.

I doubt governments would ever make the decision of creating their own cryptocurrencies because most of them are actually not in the support of the use of cryptocurrencies in the first place so how then would then even think of making their own cryptocurrencies.

I don't think that any governments in the world would take such initiative in near future, as traditional financial system is so deeply-entrenched in our society that it can't be reversed so soon.

They should but maximum of the government did not made their own cryptocurrency and also maximum of those government does not have any plan to create their own cryptocurrency that will replace fiat.

I think no, government need money that they can control so create decentralized currency is very big mistake. The velocity of money will affect the country's economy so if government cannot control the number of money that spread in the market then it will become big trouble. I learn about it in my university.

Governments won't come up with plans of creating their own cryptocurrencies for the transaction needs. Already they've got the fiat under their control and if there exist a cryptocurrency on the decentralized platform surely governments won't be having control over the same. With this majority of the governments around the world will continue sticking to the traditional fiat usage.

In the next 100 years,  government will only create a cryptocurrency that will give them monopoly like the fiat currency . If such a currency will not work to their favor they will not create it. The fiat currency is serving their purpose and will not want to replace it that is why they are banning and restricting the use of cryptocurrency in their countries.

They should of already did it, but greed blinds them.

No, I do not think the right word to be used is replace but it should an option. Fiat money has been useful and this is why it has been long use since the old days began trading using fiat.

The government can make their own crypto and this will not going to replace fiat but then it could be added as a secondary money or alternative to fiat money.

Some governments will be able to issue their own centralized cryptocurrency, which is likely to be equated with national money, and therefore will be in the format of stable coins. They will complement the capabilities of each other and walk in the state in parallel. The national cryptocurrency will not crowd out the cash or non-cash money of this state. States will never give up their national money, because it will undermine their economy. Cryptocurrency will always play a secondary role in each state compared to national money.

I think some governments will do it, probably not as good as Bitcoin, since lacking the knowledge of Austrian economics, they do not understand deflationary currencies. They might do them inflationary (infinite), and too centralized which would make them rather weak from a security standpoint.

Bitcoin is closer to gold than "today's money" (fiat). Simply because "today's money" is infinite, gold isn't.

Now matter how i see it, deflationary coins need the Austrian school ideas. If a State adopts this school, deflationary will work. This country will shine be a lighthouse in a sea of darkness, and then, only then might the others follow.

What do you think? Will you trade quick bubbles and crashes with slow but steady growth based on true accumulation of capital? This is what they should be asking themselves, should they even learn that such thing is actually possible in the first place...

Government may create their own cryptocurrency but they cant replace fiat by the cryptocurrency and also few government may create crypto fast but maximum will/may try to use slowly.

No it will not possible because the government will not ready to take the chances of changing the economy because the normal country currency is always been useful for them in all kind of ways to manage their economy in the world so I think it will not be considered by them in this today situation.