Ukraine is moving over to digital currency

CryptoGuru Level X³

November 14, 2016, 8:35 am

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Block chain technology is taking over the world. This is becoming more evident every month that passes by. Bitcoin is only a very small part of what this tech can do for the world. Africa has already put their entire countries currency on the Block Chain and they continue to grow. China has put their entire social security system on the Block Chain and now Ukraine is following closely behind. They just recently announced that they are going digital with their countries currency. Is this a good thing or a bad thing? It all depends on whether you like privacy or not.

When you make currency digital it allows the government to monitor every account, and freeze or unfreeze your account at any given moment within seconds. Just because a currency or country goes digital does this mean Bitcoin and alt currencies will be replaced? This is a long shot for sure! Everyone is moving towards Bitcoin and other currencies because they cannot be controlled in the way i just mentioned above. I think countries moving towards the Block Chain just shows how important it really is. What do you guys think? Will all money be digital soon?

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Lynne

Lynne

Oh wow, that is interesting. I am just wondering why someone's digital currency would be frozen? Would that be like in the case of a fraud investigation or maybe tax evasion or something like that?

I think it is becoming very clear that the move towards a digital currency is very much happening right now and I am sure this trend will continue until it goes worldwide.

I think Bitcoin will still be around for a long time to come.

10 years ago

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CryptoGuru

CryptoGuru

The government can decide to freeze your funds at anytime for any reason. This does not mean that you have to have done anything wrong. Country sanctions, banking problems, war, and more can cause a country to freeze its citizens funds. When you eliminate cash you eliminate the anonymity of purchases and you make it so people cannot hide money. When it comes to Bitcoin im with you i think it will be around for awhile too. What scares me is China trying to control it and centralizing it. If this happens we are all in big trouble in the crypto currency world.

10 years ago

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Lynne

Lynne

Yeah I read about China wanting to control Bitcoin in one of your previous posts, are there any updates on that?

10 years ago

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CryptoGuru

CryptoGuru

From what i understand it was all a hoax but i don't have any friends in China so i don't know for sure. I never believe what the media says when it comes to this kind of thing. To much propaganda going around and we have to be careful to what we believe and who we put our trust in. I will say this for sure as soon as i find something out i will write about it for sure.

10 years ago

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Cristian

Cristian

To be honest, here I don't really like the idea of governments monitoring every account out there and having the power to freeze it whenever the feel like or whenever a new law is passed.

Call me old fashion but I want my government to stay away from my history transaction, its nobody business how I earn money and how I spend it even though I have nothing to hide and I'm not doing anything illegal I just think we should get away from regulations and not give governments, even more, power.

10 years ago

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CryptoGuru

CryptoGuru

We cannot allow them to control the money because they will just feed the greed. You cant make anymore Bitcoins but you can print more US dollars we do so everyday in fact billions weekly. Lowering the worth of our nations currency and killing the economy. I have nothing to hide either but its nobodies business if i want to go to Disney world with my kids and blow 5 grand. If i do a job for someone it shouldn't matter how much they are paying me. Cristian you brought out the rite point, you realize if a country goes to war and needs funds they can take it from the people very easily if it was all digital. People are losing faith in traditional currency. Thank you for making a point, i appreciate your time.

10 years ago

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Corzhens

Corzhens

It looks like Ukraine is the haven of crypto currency that it is perhaps a pseudo solution to their problems with the economy. The government of Ukraine is being open and actually tolerating the use of Bitcoins and other crypto currency but not as a legitimate currency. Take note that a pseudo currency is not legal tender and it will only be a legitimate currency when the government declares it legal tender.

8 years ago

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