Government issued cryptocurrencies

in #vincentb3 years ago


2017 was an amazing year for cryptocurrencies in terms of value, access to information, legitimacy and mass adoption.

In the last few months we've been told that some countries are considering the possibility of issuing their own "cryptocurrencies", which makes me wonder if these coins/tokens can even be considered as such.

Technically, a cryptocurrency is a digital medium of exchange that uses cryptography to secure the coins/tokens and it's transactions. However if we take the original cryptocurrency, bitcoin, as a reference we should consider why it was conceived in the first place.

"Digital money" has been around for awhile now, which has made exchange and commerce much easier for us. Bitcoin was never intended to be just another "digital money", it's intention from the get go was to give us the oportunity to use it as digital cash WITHOUT THE NEED OF A THIRD PARTY that verified the transaction was made and the funds of said payment could not be "double spent".

Besides without a central governance entity, new units should be spread among those who input something of value into the system. In this case, the very same users that use this medium of exchange can verify it's transactions and get reward for that.

So, what's the point of having a government or a central bank issuing "crypto fiat"? What's the difference between this new "creation" and the digital transactions that we can already make in the present? Are some of these governments really going to let users mine new units of theses coins or are they going to control the creation of those additional units?

I would like to know what you think


Crypto currency undeniable for any reason in the future. So I am sure goverment will to regulate crypto and put tax on our head.

Sad but true, many governments will try

without a central governance entity, i think the cryptocurrencies are doing well if the governance enter there is aa posibility it might fail

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lots of good points !
thanks for sharing

i think that they want t control everything so that they can get thier greedy hands on some profits... its all revolves about them wanting to make money from us.. soo control is in thir agenda for sure....
nice post man... keep it up

For strong currencies like the Euro, Yen, and Dollar, it is a win-win. The government gets to control, monitor, and print new currency. The population gets a solid trading pair that they can used in a volatile market. There will be plenty of decentralized currencies to choose from for those who want to store wealth away from government currencies.

Even if they do, which i have no doubt they eventually will be, they will be centralized pre-mine tokens, similar to Ripple.

From a certain point of view i can see the advantages, however will these be a replacement or competition to the likes of Bitcoin and others? not in my opinion.

Similar in nature, but clearly separate - we would have the centralized and decentralized markets, the latter of which, i think will be the more important.

Just dropped a new post myself, check it out if you get a chance i would honestly really appreciate it #vincentb unite!

I agree, we'll have very soon some countries issuing their own "crypto". But what's the point really? Just to make digital payments easier? Or are they really think they can take the place of real the real descentralized cryptocurrencies?

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If they can't beat us they must join the revolution. Their cryptocurrency will be fiat centralized, and no diffetent from the fiat paper currency that is backed by toilet paper that got us into financial slavery... The revolution is about decentralization open-source profit sharing everything technology related...