Another battle is brewing for Bitcoin – State Cryptos

Amidst the forking battles taking place in the Bitcoin community - governments (particularly China and Russia) have declared to introduce their own crypto.

It seems apparent more and more people are entering the crypto market. Unfortunately, many are speculators, they do not really understand the value of a decentralized solution – let alone aware of the difference between a state owned crypto vs private decentralized crypto.

A state owned crypto will declare itself to be a blockchain solution – but this crypto will have the same monetary characteristics of digitized fiat (or possibly backed up with a commodity), and wallets will be managed like bank accounts – all centralized and under control of banks.

This can give interested crypto newbies a false sense of owning a “bitcoin” like currency – without the hassle of managing their own private keys.

With time, ofcourse - as bitcoin continues to prove itself in the global inflationary climate – people will learn and understand the difference between a state owned crypto vs bitcoin.