Well bitcoin is still not very much accepted in my country.
Yes we are making use of fiat money in digital wallets but crypto seems to be still a foreign concept to others. It would still take a long time for bitcoin to be accepted or used in my country mainly because of how many users actually use its services for transactions.
Topic: My Dreams of a Bitcoin Circular Economy in my Country - page 3. (Read 431 times)
There's way too many reasons why this dream will remain a dream. Governments and banks will simply not allow it to happen and they have a lot of tools at their disposal to stop widespread adoption. But they don't even do that right now because of another biggest obstacle in Bitcoin adoption - people themselves don't want it. Bitcoin is too complex and too risky for them and offers no big advantages from the point of view of average citizen. They are fine with their bank handling their funds, and they are fine with inflation because either they don't have a lot of money in savings or because they invest their money.
The most realistic adoption that can happen is that there will be simply more places that accept Bitcoin and you would be able to make a large share of your typical spendings with Bitcoin if you choose so.
The most realistic adoption that can happen is that there will be simply more places that accept Bitcoin and you would be able to make a large share of your typical spendings with Bitcoin if you choose so.
I dream of day in my country where I can earn in bitcoin and spend in bitcoin.
That day may come sooner than we expect because there may be some things that may happen that will facilitate and hasten massive acceptance and increase adoption. In your country @OP bitcoins are very popular and getting more popular, adoption for use in commercial transactions will not take as much time as it would in a country where even the citizens do not yet know about bitcoins.
@OP Every Bitcoin enthusiast dreams of such a situation where they can freely use Bitcoin as mode of payment, accept as salary and merchants everywhere that accept BTC not only you. But there are lots of hurdles for such a situation to happen. First is the availability of merchants locally to accept Bitcoin. Second is the confirmation time of the Bitcoin transaction, and the unregular Bitcoin fee where sometimes spike when the network is congested.
Bitcoin transaction confirmation time can be neglected online but P2p will waste lots of time for buyers and sellers when is used in local market, unless they are using the same centralized services the dilemma of this action is that we need a third-party authorization to make this thing happen.
High fees can be solved by using a centralized service. Transferring funds within the same platform is often free, for example, the fund transfer within the Binance platform has no fee. That is if one won't mind using third-party centralized services.
Bitcoin transaction confirmation time can be neglected online but P2p will waste lots of time for buyers and sellers when is used in local market, unless they are using the same centralized services the dilemma of this action is that we need a third-party authorization to make this thing happen.
That day is not so far away. There are businesses and services that accept bitcoin as payment in Nigeria although the ratio is not as high as those that accept fiat as payment. The challenges of business accepting bitcoin as payment is the high fees for bitcoin transaction. I doubt many will want to use bitcoins to pay for groceries with the current fees. The lesser the fee, the longer the confirmation time. You would have to wait at the store for your transaction to get at least three confirmations on the blockchain.
High fees can be solved by using a centralized service. Transferring funds within the same platform is often free, for example, the fund transfer within the Binance platform has no fee. That is if one won't mind using third-party centralized services.
That day is not so far away. There are businesses and services that accept bitcoin as payment in Nigeria although the ratio is not as high as those that accept fiat as payment. The challenges of business accepting bitcoin as payment is the high fees for bitcoin transaction. I doubt many will want to use bitcoins to pay for groceries with the current fees. The lesser the fee, the longer the confirmation time. You would have to wait at the store for your transaction to get at least three confirmations on the blockchain.
When the incumbent government took over i was very optimistic about this and also thought it will be a thing of few months before people can openly use bitcoin or accept bitcoin as a means of payment but right now it seems those days are getting further far away due to the restrictions we are seeing on cryptocurrency. The problem now is shops or business owners will definitely be wary of using bitcoin as a payment because of fear of been picked up by the government due to the recent saga of financial market vs the government over naira/dollar manipulation.
Aside that I have to agree with you that using bitcoin for transactions of smaller amounts isn’t viable at the moment because of the transaction fee which isn’t only caused now by the inscriptions alone but due to large volume of bitcoin transactions taking place on the network due to the upcoming halving/bull run
Everything has regulations and indeed we cannot force it when a country still has not made regulations and recognizes bitcoin as a payment option other than fiat so in this case all we have to do is wait and hope because even if every country welcomes bitcoin like the country I currently live in but makes regulations where treating bitcoin as one of the legal means of payment means they have to boldly say that they will adopt bitcoin for their country and this decision is still very passive and cannot be done without further consideration unless their government is very confident in bitcoin as El Savador is currently doing.
Whatever the truth is as long as the country does not close access to bitcoin development I think it is already a very good thing and does not rule out future adoption.
Whatever the truth is as long as the country does not close access to bitcoin development I think it is already a very good thing and does not rule out future adoption.
That day is not so far away. There are businesses and services that accept bitcoin as payment in Nigeria although the ratio is not as high as those that accept fiat as payment. The challenges of business accepting bitcoin as payment is the high fees for bitcoin transaction. I doubt many will want to use bitcoins to pay for groceries with the current fees. The lesser the fee, the longer the confirmation time. You would have to wait at the store for your transaction to get at least three confirmations on the blockchain.
I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of day in my country where I can earn in bitcoin and spend in bitcoin. I dream of the day where, even though I need to keep my bitcoin secure in a cold storage, I can still have say $100 worth of BTC in a hot wallet that I spend to buy goods and services from people who accept bitcoin. The idea will be to spend from this hot wallet for purchases while promptly replacing it. That is, after spending the $100, I simply buy another $100 worth of Bitcoin to refill the hot wallet. I remain optimistic that my dream will eventually come true in my country. In the meantime, I would be happy to hear the experiences of bitcoiners who are already living my dream bitcoin circular economy in their country. What is it like for you?
The ability to spend BTC in the economy has been confirmed by El Salvador, where people have been able to use the Lightning Network to make micro-payments easily, quickly, and at a very low cost. The only remaining issue is the legality and acceptance of BTC in your country's economy. I hope you have a government that is friendly to BTC and crypto, and it would be better if they are willing to accept BTC in the financial system as a means of payment.In my country, crypto are only considered commodities, we can trade and own crypto but are not allowed to use crypto as a substitute for fiat in payments. That is the way for the government to protect the role of fiat in the economy. Using BTC in payments would be the quickest and easiest way for us to get a fast ticket to jail
I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of day in my country where I can earn in bitcoin and spend in bitcoin. I dream of the day where, even though I need to keep my bitcoin secure in a cold storage, I can still have say $100 worth of BTC in a hot wallet that I spend to buy goods and services from people who accept bitcoin. The idea will be to spend from this hot wallet for purchases while promptly replacing it. That is, after spending the $100, I simply buy another $100 worth of Bitcoin to refill the hot wallet. I remain optimistic that my dream will eventually come true in my country. In the meantime, I would be happy to hear the experiences of bitcoiners who are already living my dream bitcoin circular economy in their country. What is it like for you?
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