Topic: Bitcoin Legal Tender in Central African Republic (Read 3553 times)

Is it about the young prime minister or the president? Jokes aside, this is a young prime minister who was educated all over the world from Japan and China, and worked for CityBank, Goldman Sachs and Venture Capital - I wouldn't say that he is too interested in Bitcoin, but rather in some other things that would derived from the agreement with Samson and Tether boys.

In the Balkans, nobody does anything if there is no personal interest in it - so even Do Kwon has not been extradited from Montenegro yet because someone did not have a personal interest in making it happen.


On the example of El Salvador, we saw that "legal tender" in the context of Bitcoin did not even come close to what was expected, because you cannot force someone to use something they do not want. There are many other countries where Bitcoin has a much greater adaptation than in El Salvador, but that is obviously not interesting to anyone because "legal tender" sells the news much more efficiently.

There is also a news of the young Prime Minister of Montenegro Milojko Spajić meeting with the managers of JAN3 led by Samson Mow and discussing investing in Bitcoin mining and issuing Bitcoin bonds. The Prime Minister was so interested in Bitcoin that he proposed to build a pro-BTC community where residents would use cryptocurrency for their daily financial transactions. As a young president, he might be open to new ideas and Bitcoin might be one of them.

I don't dispute anything you have said but it is a source of pride to see nations adopting Bitcoin as a legal tender. These nations might not have the best economies but they are promoting Bitcoin which could propel massive adoption. The benefit of nations making Bitcoin legal tenders will be more appreciated by people who are restricted or banned from using Bitcoin due to government regulations.

I can still understand that someone mentions Panama or Suriname in the context of Bitcoin - legal tender, but where did you get Montenegro from? I searched their local news because I understand the language, but nowhere is there even a mention of Bitcoin in that context, but these days they are writing about how Montenegro got its first Bitcoin non-governmental organization (NGO).

I don't know why there is such an obsession with the fact that any country should follow the example of El Salvador, as if "legal tender" means something special for Bitcoin. There are many other countries where Bitcoin is much more "successful" than it will likely ever be in El Salvador.

I have never seen the name of the president of El Salvador spelt this way. I think the correct spelling of his full name is Nayib Armando Bukele Ortez.

Some reports stated that making Bitcoin a legal tender in El Salvador has increased revenue in the tourism sector of the country. However, I accept that the benefits are not that massive but the investment is still in the infant stage because the government has a long-term Bitcoin Investment plan. So we have to be patient with Bukele.

Bitcoin acceptability is just a matter of time and we should be rest assured many other countries will join in not fully but partially. 2 achieved  (El Salvador & CAR) more to come

Interesting news. I understand that you are following the development of the situation, and perhaps you are a resident of El Salvador.
Question - please tell me what positive changes have occurred in the economy and life of ordinary residents of El Salvador after Bitcoin was recognized as legal tender? We assume that such changes should lead to positive changes, because simply using another asset for calculations does not give real results other than “process for the sake of process”

The president of the Central African Republic (CAR) can also learn a lot from the president of El Salvador in terms of adopting Bitcoin in his country, but we should not equate the conditions of El Salvador with those of the Central African Republic (CAR). Because the Central African Republic (CAR) itself is still relatively poor and has been hit by war conflict, this has made it more difficult for citizens of the Central African Republic (CAR) to access the internet and open their own bank accounts after they return to their place of origin. For more details, you can read it here: https://www.thestreet.com/crypto/policy/central-african-republic-bitcoin

It seems that you were late in reading this news so you were a bit surprised when you only discovered it now, because to adopt Bitcoin into the state system, of course there must be changes that are clearer and not mutually detrimental. Moreover, not all citizens in remote villages know about Bitcoin, so the government must also pay attention to this if they want to implement Bitcoin adoption as has been done by the president of El Salvador in the last two years. So don't think that this is an easy thing because the conditions in each country are very different in every aspect.

Its a welcome idea and this shows Bitcoin is going places and this will be achieved in distant time

We know that in May 2021, the President of El Salvador, Naib Buquel, announced that they were accepting Bitcoin as legal tender in their country. El Salvador became the first country in the world to declare Bitcoin as legal tender.

I previously knew that only El Salvador accepted Bitcoin as legal tender, but after reading this post today, I saw that the Central African Republic is the second country to accept Bitcoin as legal tender.
On April 27, 2022, the Central African Republic (CAR) adopted Bitcoin as legal tender. Despite the Central African Republic being rich in natural resources, CAR is still known as one of the poorest countries in the world. Their president, Faustin-Archangel Toadera, believes that adopting Bitcoin as legal tender will likely bring prosperity back to their country in the future.

I am very sorry to hear these posts and news because the government in the country I live in has not yet decided to legalize Bitcoin as legal tender.

When someone wants to sell something for money or something else is more important to him than the thing being sold. If foresight can be gained about Bitcoin, the volume of such unwarranted sales can be reduced to a great extent. If we understand the importance of holding bitcoins it will be difficult for us to sell bitcoins. And there is no substitute for acquiring enough knowledge to understand it.

CAR President Faustin-Archange Touadéra is a shrewd and visionary personality, revealing his Latin motto "Vires in Numeris"which means "strenthen the mumbers" which he used for Bitcoin. From his words we can easily get an idea of his motive.

Who has taken various steps towards the adoption of Bitcoin. This country rich in natural resources but one of the poorest countries in the world. Where the light of education is much needed. The action taken by CAR President is a bold one that we must support. If they are able to achieve widespread Bitcoin adoption, they will be able to highlight their strong position in the world alongside El Salvador. In the meantime, CAR has given special importance to various technical aspects including providing Internet services for Bitcoin adoption. Like El Salvador, they have kept the tax free of all the technological things. As a result, it is expected that the country will be able to reach their goals in a very short period of time.

I doubt that I have ever said that bitcoin (or crypto currencies - and surely I was not talking about such a vague concept that you seem to want to insert into the discussion as if I had also been talking about such vague, meaningless and misleading nonsense)... .and by the way, what the fuck is "crypto currency?"   

Are you talking about bitcoin or something else?

If you had not noticed, I had been talking about bitcoin, and if you want to specifically talk about various other kinds of crypto currencies (such as various shitcoins or stable coins or something else), then you should be attempting to be more specific regarding your references rather than speaking in vague terms.

I have also largely answered these questions pretty clearly, even though you both don't want to accept it or you might not understand it.. but I get the sense that you are not really genuinely attempting to engage in any kind of meaningful and substantive discussion rather than continuing to throw out your pie in the sky aspirational barriers that you want to suggest need to be reached prior to bitcoin being considered as making any difference.

In other words, as I already mentioned bitcoin is already making beneficial differences around the world in terms of ways that people can store value and transact value, and bitcoin it cannot be uninvented and little by little lunches are being eaten by the king.  You can deny all that you like and continue to have fun staying poor.. and hopefully not too many people are actually taking much of what you are saying too seriously.



It already changed the world.  It is not wishful thinking.

If you had not known Bitcoin is a paradigm-shifting that solved a problem that previously had not been solvable, and sure there had been earlier attempts at bitcoin, so it did not completely come out of nowhere, but it did combine several existing technologies and may have invented some aspects of its own, such as the difficulty adjustment, that end up causing bitcoin to be a kind of unique product that had several years in which no one was really paying too much attention to it, and surely it did not have much of any kind of recognized monetary value until around the time of the May 2010 (around 17 months after the genesis block) pizza transaction.. and there surely might have been a few transactions that attached value to bitcoin prior to the pizza transaction, but the pizza transaction is recognized as one of the first transactions to give monetary value to bitcoin.


Whether you recognize the matter or not, bitcoin has already changed the world, and yeah sure I don't know the future with any kind of precision, but it seems that odds are quite great that bitcoin will continue to change the world and value will continue to flow into it because it is the soundest money that has ever existed, and little by little people are learning about bitcoin.. .not just hearing the word, but actually more and more people are gaining confidence in bitcoin, so surely if we still ONLY have around 1% adoption.. and maybe over nearly 15 years of bitcoin's existence, the adoptions seems quite large, but it is still quite small, and there seems to be decently large odds that bitcoin is going to continue to grow in its various network effect (which includes but is not limited to retail adoption), so surely many people probably correct in terms of their visionary aspirations about where bitcoin is going, and we do not even necessarily need to get into all of that if we are talking about where bitcoin already is and where it came from, and surely that will shed light into where it is likely to be going, and surely without any guarantees, but you might want to get some @DrBeer in case it catches on.


Who cares what I say, and if you can understand it or not?  I already said my opinion, and what I say does not matter that much.  You can try to better understand bitcoin or not.  That's up to you.

Yes, yes, yes, it can already be recognized that you are a bitcoin naysayer and a pessimist about bitcoin, but you also seem to be ongoingly arguing dumb-ass points (as I already stated several times) and trying to make unreachable standards that bitcoin must surpass rather than appreciating bitcoin for what it already is and from where it came in order to get some more accurate assessment regarding how it might continue to be contributing to the betterment of the world in terms of where it is going...


I already said enough.  I don't need your ongoing dumbass and disingenuine assignments regarding things that I have likely already made clear enough.. at least for the purposes of these lines of discussion.


I don't get your point, here... that is if you have any point that has not already been sufficiently discussed.  There are always some things that can be looked at in terms of progress or lack of progress, or things being built or projects being added or abandoned. 

In the end, it seems that bitcoin continues to be in a good place, and increasingly getting better in terms of ongoing growth.. even though sometimes progress can be difficult to measure without attempting to address some specifics, and you might say that transactions are not increasing or hashrate is not going up or pick some other metric in order to proclaim that bitcoin is not progressing..

..but if you have heard of the Lindy effect.. .. then you might argue that bitcoin is not continuing to persist and it is on a negative trajectory, and you are free to believe whatever you like when you are making choices about whether or not to invest into bitcoin in terms of whether you believe that it is continuing to build, survive and thrive on an upwardly trajectory or if you believe that it has crossed its peak and it is on a downward slope towards its death.  We don't need to agree on these points and we can place our money, time and energies into whichever direction that we believe is more likely.

I.e. again no specifics, "water". I repeat - there are many people here who claim that by introducing cryptocurrency instead of local fiat currencies (and globally replacing the dollar all over the world), the problem of poverty, economy and inflation will be solved at once. Can you clearly answer this question ? I realize that no

"Bitcoin changed the world" - now you are trying to make wishful thinking. That it is an interesting concept and technology is not in dispute. But expectations and dreams that it will change the world are just fantasies.

"It seems that you are trying to shift the burden onto bitcoin advocates to show bitcoin as having had already taken over the world in some kind of a microcosm, and if bitcoin is not able to show such a thing, then bitcoin is not important and/or meaningful in terms of its advancement." - It would be better if you would tell us in detail about the fact that you can't put toothpaste back into the tube - it would look more interesting and closer to reality than this sentence


"First of all.  Fuck shitcoins.  Who cares about cryptocurrencies? and try to stay focused on bitcoin if you are able to.  Bitcoin is the ONLY one that really matters, and the only one that creates any kind of threat to the fiat system as we know it." - please provide some verifiable arguments or other reasoned answer proving this dubious idea ?

PS And lastly, about "everything is going well, implementation is going well, just need to do something else", summarizing fantasies, expectations, and reality : ) Are you surprised ? I'm not !


https://bitcointalksearch.org/topic/m.62919460

Sure, there is more to come in terms of bitcoin's world changing likelihood.. but it seems to me that bitcoin has already changed the world, and there is just more to come .. more and more and more... .. .while at the same time, the cat is already out of the bag in terms of bitcoin already having had established a paradigm shift in regards to the way in which value is stored, secured and transmitted.... I doubt that the cat can be put back in the bag, or the genie back in the bottle or the toothpaste bag into the tube.


I don't mind hearing whatever you have to say, but you are not really saying anything important and/or meaningful.  

It seems that you are trying to shift the burden onto bitcoin advocates to show bitcoin as having had already taken over the world in some kind of a microcosm, and if bitcoin is not able to show such a thing, then bitcoin is not important and/or meaningful in terms of its advancement.

So, yeah, go ahead and believe your unrealistic standards in regards to what you believe is needed to be shown in order for bitcoin to either be successful or to be on the right path of ongoing success. .. and in the meantime, while you are ongoingly denying bitcoin's importance, it will continue to eat your lunch and the lunch of your bitcoin naysaying banker and governmental buddies.

The positive news is not going to hit you in the face, especially if you are failing and refusing to see it and you are largely just focusing on the various things that bitcoin has not done... or that you believe bitcoin has done or that you believe that there is not enough evidence of bitcoin's ongoing progress in order for you to be satisified.. so if some of us are telling you that you better make sure that you are invested into bitcoin, you like to say that is off topic and not answering your questions... well you better go somewhere else, if you believe that you need further information to satisfy your curiousities.


First of all.  Fuck shitcoins.  Who cares about cryptocurrencies? and try to stay focused on bitcoin if you are able to.  Bitcoin is the ONLY one that really matters, and the only one that creates any kind of threat to the fiat system as we know it.

Second, the dollar can be around for a long time, but little by little its lunch is continuing to be eaten by bitcoin, and so sure it could take a while for bitcoin to take its place.. and whether it does or not, bitcoin is the stronger of the two currencies and value will continue to flow into it, whether you want to recognize that current and ongoing dynamic or not.


You seem to be wanting to be shown a specific thing, and if you cannot see ongoing bitcoin adoption, then you are the one who seems to be blind (and perhaps even purposefully so).. and yeah, maybe you have to be able to look and to identify certain changes in way that bitcoin is getting into more and more of the discussions and also getting increasingly financialized.. which is truly only one of the seven network effects.. as I referred to earlier.

There are transactions going on with bitcoin and there are various ways that they can be shown on the blockchain and also through lightning network, so it cannot be easy to particularize how much transactions might be taking place in any particular area.. or country wide or city wide.. even though there is likely quite a bit of variance. .and I surely am not claiming high levels of bitcoin adoption, so far we likely ONLY have less than 1% world-wide adoption, and even those who have adopted bitcoin are likely low coiners rather than nocoiners like you.  .. but even by definition, the low coiners are probably going to realize at some point that they don't have enough bitcoin.. not that any of us even need a lot of bitcoin in order to be advantaged by bitcoin's asymmetric upside nature.

So, yeah it is on you in regards to  the extent to which you need to see certain kinds of evidence or to have certain kinds of questions that you have answered prior to gaining confidence that bitcoin is going to be something in which you would like to invest.

I doubt anyone is really going to hold your hand, especially if you are fighting the whole way and even seeming to purposefully ignore ongoing bitcoin growth and developments... and surely I am not going to spend time listing them out for you.


I probably cannot explain it to your satisfaction, but the essence of bitcoin's contribution to the space of money is that it improves incentives based on its not being controlled by anyone and having a fixed supply, so a lot of corruption comes from the creation of money that advantages some people over others but not in connection to their proof of work.. so bitcoin is more pure in the sense that no one can create it.. even though there surely are going to be people, governments and/or financial institutions trying to create the same kinds of corrupt fractional reserve systems on top of bitcoin, but one of the powers of bitcoin is that any of us should be able to claim our own coins, so if some people are entering into contracts that allow others to control their coins, then they may well not be getting any advantage by those systems, and potentially those kinds of systems could end up losing their own credibility if they engage in practices in which they do not have the BTC that they claim to have...or if they do not allow people to take possession of their coins. which people should realize that they are putting themselves into trouble if they are using systems that are not obligated to allow people to take possession of their coins.

I'm just curious since I see a lot of newbies coming here and congratulating CAR for its move, do you guys actually know that:

Bitcoin is no longer legal tender in CAR and it hasn't been since April this year?

https://www.centralbanking.com/central-banks/currency/digital-currencies/7956294/car-to-drop-crypto-as-legal-tender


https://www.jeuneafrique.com/1428334/economie-entreprises/bitcoin-en-centrafrique-ce-que-dit-le-nouveau-projet-de-loi-de-touadera/
https://www.investiraucameroun.com/finance/2003-19148-cryptomonnaie-touadera-contraint-par-ses-pairs-de-la-cemac-a-reviser-son-projet-sur-le-bitcoin


As for SangoCoin, lol:
https://sango.org/#roadmapSection


Crickets!!!!

Somebody tried to pull a scam and there were fewer stupid enough to pour money after the failure of Akon City and the incoming failure of Volcano Bonds.

It's all understandable, there's no arguing about it. I'm talking about something else, and you don't want to hear it.)
I mean that here on the forum, there are not a few participants who believe that bitcoin/cryptocurrency is a solution for countries that have a problem, and almost the best way to dedolarize the world economy. There were a lot of enthusiastic statements about some of the countries where cryptocurrency was supposedly accepted as a means of payment, imol - that's it, tomorrow everyone will be envious of them. Or quite simply, the topic of this topic is that bitcoin has become a legal means of payment in a certain country, the Central African Republic. And I ask the question - WHAT CHANGES? Problems solved? This is a "closed" economy, and it is easier and faster to get results here than in the global economy. And I do not get a positive answer from the apologists of the theme "bitcoin will save the economy". In response or talking about other topics, or primitive insults, and even without arguments Not everyone likes the truth that destroys myths and fantasies

For example, can you explain how bitcoin, as a financial model of the state\world, will SOLVE the real problems of the economy ?

Exactly this. Bitcoin is only 14 years old give it some time. People were laughing at the inventors and early users of cars, planes, TV, internet but look where these technologies are now! So, has Bitcoin changed the world? Not yet, but it has potential to do it in future.

Rome was not built in a day, however the network effects^** in bitcoin keep building (and growing).. whether you want to believe (or recognize) it or not.

**Referring to those 7 network effects outlined by Trace Mayer.

In other words, there is no need to show a complete country or a complete system operating on bitcoin in order for bitcoin to be successful because little by little bitcoin is getting into each and all countries.. and still bitcoin is likely less than 1% of the world's population of adoption - scattered all over the world.. so bitcoin exists in an overwhelming number of countries around the world.. but for sure in no kind of a dominant way.. because bitcoin is existing side by side with various fiat systems that are likely going to continue to lose more and more of their value into bitcoin.. so in that regard, we have the greatest wealth transfer in the world going on right before our eyes, even if some people (probably and overwhelming majority of the people because otherwise they would already own some) are failing/refusing to see it.

Something like that seemed too ridiculous to say because it could be that the money they spent was not for having fun with girls or gambling. But it could be for their own needs which may be so urgent that it forces them to sell Bitcoin because they can no longer afford to hold it, but for now anyone can still use new money as capital to buy back Bitcoin in order to achieve better profits after halving and I think those in the Central African Republic must already know about the halving that will occur in Bitcoin within the next year.

DCA is still wise enough to be used by everyone, but if it is faced with the citizens of the Central African Republic, I think they still really need mentors who can explain how good it is to do DCA on Bitcoin so that the citizens and government there can have A greater willingness to continue buying Bitcoin using the DCA method can indeed help those there to continue investing in Bitcoin in the long term by throwing away all their doubts about Bitcoin.

I take it that for the sake of your phantom and unreal fantasy, you are ready to deny reality, and facts, and call your opponent a troll, just because he says the truth that is not convenient for you ?
But knowing you, I'm not surprised !

Once again I will ask you a question, which you never answer, which confirms that your ideas are empty fantasies.

And so the question - if with bitcoin so easily solved many economic problems (stability, decentralization, lack of inflation, .....) name me at least 1 country where, instead of agonizing, save the economy, financial system, welfare of people, took and transferred everything to bitcoin, and lived happily and without trolls who do not understand anything. The answer is obvious - there are no such countries. But it turns out that there are billions of idiots in the world, and only one smart guy serveria.com shows everyone a working example, and no one wants to live well, and continue to beat over the eternal problems of the economy

Doesn't the nimbus crush your head?

Yes they failed because they sold faster and it wasn't a big deal because they could buy back. Two different options they most likely fail because the money they earn from Selling Bitcoin they spend in other fields such as Gambling or having fun with girls.

Well if other points. If you invest in bitcoin, do it on a DCA basis, where you can buy in stage, every month or every quarter. Apart from that, investment requires a strong level of patience and serious confidence to continue buying Bitcoin. Maybe forget about the desire to take profits in the short term. If you have that in your investment planning then I am sure you will be successful in investing in bitcoin in the long term.