After a great boom in 2017, cryptocurrencies, such as Bitcoin, has been the talk of the town. Many people in the mainstream begin to become interested and invest in Bitcoin and numerous other alternative coins. The result has been captivating to the general public and media. Questions continue to circulate- will the industry burst like a bubble, is it a ponzi scheme, and is it all a fad? It is still a wonder of how it will all end.
On the brink of great technology advancement is a vicious competitor. This competitor is one that is the opposite of the very fiber and belief system of cryptocurrencies as a whole; yet it desires to use the same blueprint to its advantage. Fedcoin has arrived with the potential to offset Bitcoin and others. It is the optimy of the old saying "if you can't beat them, join them." It also seeks to use blockchain technology and take advantage of all of its digital benefits. This potentially spites all of those who believed cryptocurrency to be the anti-government, anti-centralization solution to problems fiat money creates. While using Bitcoin and others is still private and somewhat anonymous, government created digital currency could be a lot more intrusive and controllable; probably more than ever before.
Many people see Fedcoin and other government created digital currencies as diabolical in nature. While there are many benefits due to using blockchain technology, there is also a question of intent. Some feel that giving any government this type of financial authority can be a danger to freedom and personal security. It could provide government authorities the ability to control spending on all levels, both personal and national. This in return would be the exact opposite of why cryptocurrency has been so loved and received.
Therefore, if this is the case, it would make sense that Bitcoin-like digital currency would be a threat to new, government digital currencies. It provides secrecy and control outside of financial powers and governmental authorities. Being that both are so different in nature, one or the other would probably be left standing- the people's choice or the governments' choice. Only time will tell.