CitiCoin: Citibank is working on his Bitcoin

CitiCoin: Citibank is working on his Bitcoin

CitiCoin is the virtual currency in which Citibank is working as an alternative to Bitcoin, but keep the same problems.

We do not know whether the virtual coins It will be in the future, or at least if they will pierce enough among people as to become more than a niche system. There is still much regulation, but the truth is the Bitcoin, with its successes and failures, has been a revolution for electronic commerce. Now, while we decide if electronic money is the future of the currency, Citibank is preparing its own as an alternative to electronic currency Bitcoin.

CitiCoin It is the virtual currency on which Citibank is working but is based on the Bitcoin and blockchain. Is a very interesting fact that banks are creating their own cryptocurrency, but as much as out of their R + D, still having the same problem as the rest of criptomonedas: does not have a real conversion that support


While not change the panorama, virtual coins will have the same problem all If we consider that money has ongoing authority behind issuing the currency and support, and have physical courage backed by another currency, how we value criptomonedas? Currently the value of Bitcoin depends on the availability and the conversion rate is currency function of another, and most importantly, is backed by a government and accepted as exchange value in a global economy, and by extension, the value of Bitcoin depends exclusively on its acceptance in the exchange of goods and services in the network. Thus, the problem is that Bitcoin is not backed by any specific issuer. You can create Bitcoin at home or you can buy them from a farm of Bitcoin miners in China.

So, perhaps if the currency of Citi is backed by the bank’s assets will continue to Bitcoin the same problems, they always depend on the level of public acceptance to give value. Now there is no gold standard, the value of our currency is not guaranteed by tangible assets in the form of precious stones, the value of a currency is closely linked to its level of acceptance, and it is very difficult someone gets implement this massive monetary system.


Bibliography ► (July 7, 2015). CitiCoin: Citibank is working on his Bitcoin. Recovered from