First Wave of National Cryptocurrency. Over.
Nations across are starting to pay attention and therefore understand disruptive quotient of cryptocurreny(Bitcoin). Surprisingly, nations(individuals that represent nations) dream about introduction and accelerate the adaption of their own digital currencies to fulfill their various objectives and agendas. Those vary from patriotism, sovereignty, nationalism to secure seigniorage and autonomy. It is not surprising to see Spain, Greece and Ireland having national cryptocurrency as they all have suffered from crisis of 2008 and sought to escape from "current financial system" by providing viable alternative. These Digital Currency was injected with little change, and no planning and forethought put into its adaption,usefulness and potential for growth. Who knows AurorCoin, SpainCoin, PesetaCoin,GreeceCoin,ScotCoin, AphroditeCoin, GaelCoin,IrishCoin,CryptoEscudo etc?
That was first failed wave of National Cryptocurrency. R.I.P
While idea is terrific for nation, execution is highly complex. It requires not only modifying code, changing wallet initials and launching in forums. But, properly designed monetary features, merchant support, POS integration, ATM integration, marketing and business relation development, all need to be the part of plan. Oh! Most important is, support and faith 'cryptocurrency early adapter' who clearly understand future in making and need for national cryptocurrency (those are inevitable). Unfortunately, the first wave was effort of mostly individuals and visionaries who took journey on their own. They were passionately resisted by early cryptocurrency adapter because of obvious/unobvious reasons. Attempt terrible failed, but it provided important lesson for second wave of digital cryptocurrency in making. For second wave of national cryptocurrency to have impact, much more is required then enthusiasm and technology. The support of government or friendly legislative environment and community. None is available.
All I've to say is:
"It is hard to predict how technology and practices will evolve in next 15-20 years from now. I would say, virtual currency have a role to play and therefore, every country needs to put their player on stage."
Data Scientist | ML Architect | GenAI | Sagemaker | Speaker | ex-Microsoft | IIT - NUS Alumni | AWS Certified ML / Data Engineer
8 年national cryptocurrency will never happen , nations dont want to let their citizens remain anonymous and create 1000 wallets as they please , users would rather use a normal cryptocurrency than state sponsored one The only option is this , say few countries decided its better to accept bitcoin as legal tender, those countries become prosperous quickly eventually all countries will give up the fight against bitcoin , for a simply reason what you cant kill will kill you
Project Manager | web3 expert | love all Blockchain stuffs | Disclaimer: Anything posted here are my personal opinions.
8 年Now since it has started we will see waves after waves of cryptocurrencies.
Listen.Develop.Solve.Evolve.
9 年Thanks for sharing, interesting thoughts, i feel you. For me mining coins with machines is redundant... - we must drop that practice. The tech was a precursor for what is coming. The likes of the Side chain concept, and using the tech for better transparency and trust is whats gonna happen. Mining concepts should only be used for solving problems that provide actual value, not perceived value based on creating needs, bandwagoning or some gold-rush ideology. The only currency taken seriously is Bitcoin, all other currencies or token systems in my opinion should operate like the https://www.stellar.org/ - No mining involved. - theres great value in cryptocurrency tech, but not through mining please.. its counter to the very ideals of what the tech was built for i believe. The experiment is way over and its time to move on to the next level for crypto currency tech..
Founder @ Techemy.Capital
9 年We used to have a 'Sovereign Index' on BraveNewCoin - then Spaincoin, Aurora, MazaCoin all went nowhere. - Yes the first wave is over. Will see what the next generation of SovereignCoins evolves
AROMA Computers | Bitcoin Advocacy Group | Crypto Cannabis Conference | Bitcoin-and-Beer
9 年Crypto Cannabis Conference dot com Come due your due diligence.