Topic: Bitcoin Legal Tender in Central African Republic - page 2. (Read 3560 times)

I don't think it's a matter of price but a matter of faith and patience that everyone has.
Many people who fail in bitcoin are not because the price is too high but because those who cannot control their emotions in investment and they do not learn the concept of investment properly which makes them fail.
The point of this is that the learning done means that it is still lacking because when we have learned well what bitcoin is and how to invest properly then I don't think they will fail.

Yes, but it's based on your assumption that records won't be kept in Bitcoin and taxes won't be paid in Bitcoin and conversion between Bitcoin and fiat is necessary. But it's your assumption only. As a typical troll, you're trying to make people think that your assumption is an absolute truth which it's certainly not.

In many places like some regions of the US and Canada you can pay taxes in Bitcoin already now. And if you can later spend your Bitcoin in stores and paying for services there's no need to convert to fiat.     

But in doing so, you fail to take into account 2 nuances.
First, the end seller is unlikely to keep records in bitcoin and pay taxes in bitcoin. That is, the price will also include conversion costs and taxes.
Second - there will be no gain, compared to the auto-conversion of your dollars on the card, for example, in the local currency, compared to the costs of servicing payments in bitcoin - the transaction costs money. Slow is small, fast is MUCH. Converting bitcoin to local currency - also at an undervalued rate, and with all taxes and fees.
So, sorry, but the idea you mentioned will not work.

I think this will also happen in the Central African Republic, because when the Bitcoin Legal Tender appeared in the Central African Republic and the state was very happy to accept it and did not feel too burdened by price changes in the market. So education for the lower middle class will definitely be carried out if it does not conflict with existing educational regulations, because the people there also need to know more about Bitcoin so they can understand it fully.

The people there can certainly see this from their own environment when there are more shops and markets that are willing to accept Bitcoin like they accept traditional money. Because when the recipients can feel the benefits, of course the users will continue to increase so it will be easier for the government to convince the public about Bitcoin.

That's right, it's simple and very clear. However, for Bitcoin Legal Tender in the Central African Republic, what needs to be addressed is education for the lower middle class because if the understanding of BTC is not clarified then the perception of BTC will continue to be gray, which will increase the intensity of skepticism in the mainstream of society there who may think that the Bitcoin market is very changes rapidly, making it difficult to fully understand it, even with a good education.

Well, one more thing will always be born if this is left gray from the opposing point of view, is Bitcoin really viable as a currency, especially when compared to traditional fiat currencies as some may doubt its ability to be used as a practical means of payment daily.

Adopting bitcoin as legal payment tender is very good ideas because make some country more popular and many tourist will interested going to the country have easily with payment transaction without need to convert their money with local fiat currency. Many speculated with some country when adopting Bitcoin as payment currency will make their fiat payment not popular and will left by citizen, I think is wrong perception because Bitcoin dominance or becoming legal payment currency will not loss opportunity with local fiat become payment transaction.
I am glad with Central African Republic have been legal Bitcoin as payment tender although not really popular with this country, but believing one or two years later that country will be interested and more popular how to make tourist when going there and feel easily using bitcoin as payment transaction.

Certainly, as you pointed out, it would have been effective and efficient approach prior to Bitcoin adoption to continue accumulating Bitcoin by utilizing Dollar Cost Averaging (DCA) strategy for extended period of time. Capitalizing on every price downturn whenever they occur. Simultaneously taking initiatives to educate the people about Bitcoin technology and expansion of infrastructure, like increasing internet accessibility nationwide.

Indeed, we as Bitcoin enthusiasts appreciate the courage of African nations for taking bold step of Bitcoin adoption. Nevertheless, it is important to undertake essential preparations to avoid any unpleasant outcome from such decision.

  

I'm waiting for my country to adopt it Crypto. But don't know if I'll happen in this lifetime. It's still illegal to use in my place, though we are still using it secretly to provide for our families. There isn't much possibility for spreading crypto knowledge either. The government fears this new technology. As it can be much much volatile & sometimes unpredictable. Also it is untraceable. With all that, there isn't much progress. But in CAR I think making plans for long term will be their advantage. With crypto knowledge/education and spreading awareness, yes it will be successful. Talking your first step is the most important thing, which CAR already took. It is now a matter of time before they reach other crypto/bitcoin adopted countries.

It's actually quite simple to understand this, because if you are not used to holding or owning Bitcoin for a long time. It looks like you need to train your patience in holding Bitcoin and have the feeling to keep holding it for the long term rather than continuing to do short sells which in terms of profits may be very small. But in the discussion about Bitcoin Legal Tender in Central African Republic, actually there still needs to be something called education before investing that is not accompanied by knowledge. Because there are probably still a lot of beginners out there who don't know in detail about the technology involved in cryptocurrencies like Bitcoin.

Yeah, they should plan for 10 to 20 years of adoption. For the time being, they could have accumulated more bitcoin slowly, taken some necessary steps to adapt bitcoin in their society, and spread awareness. The technology bitcoin uses is relatively new, so CAR could work with them to educate their people about security concerns and take steps to mitigate them. They could develop some regulations to protect their consumers from scams and other fraud activity, or they could help the public agencies investigate these matters to help the law and enforcement agencies. CAR could work with the private sector to develop bitcoin-centric businesses and services to create more jobs. There was potential for an economic boost for that nation, but it seems they failed to take it.

What you've explained is educative and clever enough and could be used by the serious and wise government, and even some of the CAR's financial institutions and citizens. But the question is whether the CAR government is wise enough, I guess not. It was a welcome development in April when the CAR government announced this legal tender adoption after it was voted for in a unanimous manner by the parliament. Nonetheless, their exclusion of the Bank of Central African States (BEAC) from it was my first doubt if they knew what they were doing as there should have been a wider consultation by every stakeholder since they are not in a banana republic. Africans like to do things anyhow, which is one of the reasons they are in their current position, not always following the right procedures is an issue on its own, thinking you know it all and do it as you like. Doing things rightly is what matters, but I doubt it in CAR judging by their antecedents. BEAC and experts' involvement would have helped in charting the pros and cons as this is a legal tender we are talking about. No wonder two of their ex-prime ministers frowned at BEAC exclusion and called it "a serious offence."

One thing about African countries is that they are not always wise, they act before they think. How I see this is deeper than Bitcoin and what we see on the surface. The country is blessed with so many mineral resources, they have Copper, Diamond, Graphite, Gold, Uranium, Iron ore, Manganese, Tin and more than 10 extra mineral resources with good farmlands and a small population that should have encouraged the effect of the resources to go around, but are still poor. Even for their rich Gold, Uranium and Diamond only, they should have been financially buoyant, but corruption, selfishness and foolishness have kept them where they are. Bitcoin can't make any difference here, except for cross-border payment and some literate among them will be rich with the investment, but will not go round. A huge percentage of the people in the country are illiterate, and many of those who are literate might not even adopt Bitcoin despite the government's approval.

These are some of the challenges I see. The news and the initiative of Bitcoin adoption as legal tender is very good on its own but I don't have trust in the CAR government to be wise enough to come up with a plan that will make the positive impact of Bitcoin felt by the country and its citizens. I trust El Salvador than them.

Those seem to be different reasons than what I tried to say...

I was largely trying to say that it is a matter of position size and moderation rather than pushing too much too soon.. so there is no reason for CAR to be a failure except that they were likely gambling rather than engaging in an attempt at a prudent investment strategy... the same with individuals who get into bitcoin without an adequate view of their timeline and attempt to invest in a way that is gradually building up the bitcoin position over several years, and perhaps several cycles if your finances might already be on shaky grounds, then you have to build your various finances while you are investing in bitcoin... so if someone, some institution or some government recks themselves from the way that they invested in bitcoin, then one of the ways to recovery is to start back up more slowly and with a smaller position size and maybe even expand the investment time horizon from 4-10 years and start to plan out 10-20 years or more.. which may well continue to mean building and growing in bitcoin small in order NOT to overdo it and ONLY with cash that you can afford to lose... but still nothing wrong with being somewhat aggressive in your investment as long as you do not over do it..

Every person, institution and/or government has a variety of defects, so both you, Sayeds56, and that article seem to want to blame CAR's defects for their failure to be successful in bitcoin, and of course, they have defects just like we all have defects, so maybe in stead of buying $100s of millions in bitcoin, just start out with 1 bitcoin a day or 5 bitcoin a week more something more modest and manageable, and perhaps later on, then work their way up to higher amounts, after getting their shit together.

I agree. Bitcoin has become an interesting hot topic and this is a reality on the ground that I often see and feel. So the question is what is the solution other than education, because when we talk about investment BTC its intrinsic value is one of the benchmarks in assessing the price, innovation and technology behind it, so many are interested and many fail in managing it due to price volatility and transaction times which cannot be predicted with certainty especially if we frequently short sell and make we losses may extend far beyond we initial investment, yes, This something that is very important to consider, especially with Bitcoin.

You have pointed out a reasonable factor that could have influenced the CAR government choice to discontinue Bitcoin usage. Additionally, It is possible that CAR government were unable to readjust their position of Bitcoin holding due to financial limitations. Additionally, the presence of inadequate infrastructure and lack of Bitcoin education also likely played substantial roles. Considering that only 10% of the country's population has internet access and relatively low level of social media engagement, a vital platform for spreading awareness about Bitcoin.

It is important to recognize that, despite the challenges, African nations represent most fertile grounds for Bitcoin initiation and advancement.

https://finserving.com/cryptocurrency/why-did-bitcoin-as-legal-tender-fail-in-central-african-republic

A lot of the whole matter of getting involved in bitcoin, especially including in terms of what seems to have had been the wiffle-waffly nature of CAR's having had gotten involved in bitcoin seems to have to do with position size rather than whether or not they should have had gotten involved in bitcoin, and surely it seems that another problem that CAR has had is their ongoing distractions from the start by shitcoins, crypto and bitcoin adjacent (or bitcoin-like projects that are not really bitcoin) and seeming to not be able to focus whatever they are doing on some variation of bitcoin ONLY...

Sure, small little deviations into shitcoins and shitty projects, such as a few percentages of the bitcoin size may well be acceptable in regards to trying to learn and to hone an adequate approach that will not cause a reckening or contribute to a need to abandon their getting involved in bitcoin, but 95% or more of their addition of bitcoin into the country should be focused on bitcoin, especially in their early days of establishing their bitcoin plan that they are carrying forward.  

Another thing in regards to position size, maybe it is the case that they are ONLY able to really put 1% to 5% of their countries investment portfolio into bitcoin kinds of building, and maybe their country is in such a disarray that they might not even be in a position to put more than 1% of their investment portfolio into bitcoin or bitcoin-related (bitcoin-focused) projects because they have to deal with getting their own house in order prior to being more aggressive in their bitcoin approach (so that they don't devolve into gambling and/or overdoing it), and so they need to assess their own situation in order to make sure that their position size does not end up contributing to their getting taken out of the bitcoin game (investment) because they had overdone it rather than being able to stick through the rough times, as you already pointed out, @slapper.

When will countries learn? If you're going to enter the big league of Bitcoin, then at least wear the right shoes! Not these makeshift attempts that fall apart at the slightest critique. It's painfully clear when a nation hasn't done its homework. And to them, I'd say, if you can't handle the Bitcoin heat, maybe you should exit the digital kitchen

El Salvador's President? Genius move. He saw, he came, he conquered the crypto. Other countries? They're just crying because someone else took the candy they were too scared to reach for. So, here's a piece of advice: Next time you think about adopting Bitcoin without proper infrastructure, maybe have a chat with El Salvador first. Might save you some national embarrassment

This is what is feared to happen when a country tries to impose bitcoin but their resources are not strong enough to withstand many things that might have an impact on its progress. Failure to maintain bitcoin as legal tender will continue to be fried by countries that don't like bitcoin and they will set a bad example for them. I prefer the idea of the President of El Salvador and he set up a broad framework when he started accepting bitcoin, so he considers the impact and then provides solutions to problems that will arise and has proven quite successful so far.

No one denies that bitcoin has advantages in many ways, but this can only be seen by people who do not reject bitcoin. Bitcoin provides a system of financial freedom if implemented with the right framework especially when a country begins to accept its adoption as a means of payment. This will be a lesson that when it is not ready any country does not need to force it and what they need to do is learn what El Salvador did, so that this adoption does not need to be stopped for several reasons that have been stated by the Central African Republic.

This is indeed a sad news for Bitcoin enthusiasts and disappointing development towards Bitcoin adoption. Your point is valid that there could be external influences those have played a role in reversing their decision of Bitcoin adoption as legal tender.  However, we should continue holding our Bitcoin with firm belief that Bitcoin inherent deflationary nature will continue driving its demand. I am optimistic that Bitcoin represents best alternative to the current fiat based financial system, which is increasingly losing its credibility.

You are right. For sure The idea is that if people have done and put their money into Bitcoin. Yes. Future circumstances could change its trajectory. More and more countries are joining the bandwagon and it is no longer just an image. Well, what happens when this Adoption starts to take place and many shops, people accept and use bitcoin or they start investing in bitcoin. and it will say "Buy, sell, send and receive bitcoin" in several places.

Another main impediment to the adoption of Bitcoin as legal tender in most nations is external influence.  Some of these nations still have close ties with powerful nations that will always discourage them from using Bitcoin. Some developing nations still depend financially on other nations that directly regulate their economic decisions. Lending organizations like the World Bank and IMF also manipulate indebted nations which is why these nations will not make independent decisions like legalizing Bitcoin.


Bitcoin is no longer a legal tender in the Central African Republic. As you can read from the website you quoted the law that made Bitcoin a legal tender was repealed. No clear reason was given but I suspect that this decision was externally influenced. But El Salvador is still setting the pace for other fearless nations to join the moving train.