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15 Insights on Netherlands take on Cryptocurrencies


Jul 29, 2017 Posted /  2030 Views


15 Insights on Netherlands take on Cryptocurrencies

15 Insights on Netherlands’s take on Cryptocurrencies:


DNB Coin

 

To develop a blockchain-based digital currency the Dutch Central Bank has introduced its plan to the people. DNBCoin is the name of the future digital money unit suggested by Dutch Central Bank on their annual report. It will introduce as a “prototype of a blockchain-based currency”. It is expected to increase transparency, security and availability of electronic payments to the public. It requires a proper attention so as to smoothen the transaction processes.

 
15 Insights on Netherland’s take on cryptocurrency:

 

1. To improve banking business processes -

 

The Dutch Central Bank regards blockchain as a technology with a potential to improve banking business processes. It is something that shall enhance the entire banking system and change it for good.

 

2. This innovation deserves special attention –

 

Since 2009 in the virtual currencies turnover, such as bitcoin, this infrastructure is high speed, low cost and maintains the transparency of transaction.

 

3. Permanent digital alternative to physical cash –
 

Central banks are looking for a permanent digital alternative to digital cash money. It seems that central banks are no longer trying to eliminate cash from circulation, but are seeking to digitalise it. So as to ensure their rule in every regard.

 

4. It is considered as bitcoin friendly country –

 

Netherland has been working hard at embracing the digital currency bitcoin, which gave it this name as bitcoin friendly country. Arnhem became the first place to have a supermarket that accepted bitcoin in 2014. It was from there where it was originated. Therefore it is said to be a bitcoin friendly country where as it was great struggle for bitcoin to enter several other countries.

 

5. The Guldcoin has gained a significant level of acceptance –

 

 In 2014 Dutch has launched their own digital currency called Guldcoin. It was named after the guilder Dutch currency. A significant level of acceptance among Dutch businesses has gained by it.

 

6. The Netherland certainly has a shot at claiming the top spot –

 

In spite of a smaller country it hasn’t stopped it from embracing bitcoin and the blockchain technology. This showcases that it tries to maintain itself at the top spot because once upon a time (in 2014) it was only in Netherland where bitcoin was used in the market.

 

7. Fictional participant in a digital currency system –

 

DNB has put together a working group of in-house expert to create the simulation environment, who would act as fictional participants in a digital currency system.

 

8. Thousand of more blocks were generated –

 

The DNB team mined their first DNBcoin block using five networked laptop known as genesis blocks. They quickly generated thousand of more blocks for the testing of the ins and outs of the process like setting transaction fees.

 

9. The DNB wanted to simulate what those conditions might look like as well –

 

The end of the bitcoin life cycle is more than hundreds years from now. Therefore they wanted to simulate what those conditions might look like as well.

 

10. The central bank team needed to mine all of the DNBcoin in advance –

 

 The Central bank were created using a single laptop before opening the network in other computer for the this experiment  they needed to mine all the DNB coin.

 

11. Promote the smooth function of the payments –

 

Brendsen named blockchain potential to impact all three of its “primary task”, to provide supervision and oversight and inform monetary policy. It also promotes and favours the smooth functioning of the payment system.

 

12. Brokers of bitcoins can’t keep up with the demand –

 

 Buying a cryptocurrency these days is a very big job. When bitcoin brokers ran out of cryptocurrency to sell, people said that cryptocurrency was very troublesome for companies. In the Netherland this issue effected all the major BTC brokers.

 

13. Safe and Easy –

 

In Netherland to exchange of bitcoin, lightcoin and Ethereum became very easy by Coinbase.  32 different countries around the world were operated by bitcoin. This linked several companies altogether.

 

14. It supported payment system in Netherland -

 

To develop a cryptocurrency Dutch has disclosed its plan which supported payment system in Netherland. The Dutch Central Bank is considered as a technology with a potential to improve banking business processes.

 
15. Prototype of a blockchain base technology –

 

Blockchain base technology is too much transparent and secure. For availability and financial inclusion cash still needs to be around as a payment mechanism. Therefore, it will take a long time for bitcoin to enrich the markets and completely conquer it over the current existing trading system.


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Tags: Netherlands bitcoin Netherlands ethereum Netherlands cryptocurrency DNB coin

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