Topic: Bitcoin Legal Tender in Central African Republic - page 3. (Read 3560 times)

If these two countries (El-Salvador and the Central African Republic) are able to face several obstacles such as regulatory uncertainty, price instability, and security problems. Other countries will not close their eyes to this either because these two countries could also be a very important influence for Bitcoin in attracting more other countries to do the same, namely adopting Bitcoin as did El-Salvador and the Central African Republic.

However, what I fear is that the Central African Republic will eliminate crypto as a legal tender with changes to the law as reported by centralbanking.com in March this year, although I will not immediately believe this news because I am more confident that the African Republic The center will look for ways to continue to legalize Bitcoin as legal tender there.

Absolutely correct, Bitcoin has come a long way since its inception, and its acceptance as payment method is an ongoing evolutionary process. It is important to acknowledge that the road to Bitcoin adoption is not without bumps and obstacles, such as regulatory uncertainty, price volatility and security concerns, and these hurdles are likely to persist in coming months and years. However, as Bitcoin ecosystem continues to mature, some of these obstacles will be addressed. The path to widespread adoption will be market by both advancements, such as acceptance of Bitcoin by El-Salvador and Central African Republic, as well as hurdles that Bitcoin will encounter along the way.

The government of the Central African Republic is still going on with its other plans and programs. The only setback was that the country repelled the law making Bitcoin a legal tender. The Bitcoin investment citizenship program is still one and other projects are ongoing. President Touadéra and his administration should do more on infrastructural development, education, and security. Basic education will facilitate the spread of Bitcoin education, facilities such as the internet and power supply will boost Bitcoin adoption, while security will attract more investors to the country. I am convinced that if the country's internet access increases further from its 10% level, more people will build interest in Bitcoin.

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A few years ago many people never believed that Bitcoin would be accepted as a medium of payment. Today it is accepted in many countries and reputable institutions are now clamoring to be part of the Bitcoin system. The effect of Bitcoin on national economies might be debated but I believe that soon the impact will be visible.

What I hope for this progress is to help some of their people to alleviate their way of living.
So if this government project will push thru, I hope some of its citizen will improve their lives for the better.
We know that corruption is rampant in their region, so hopefully, with transparency in crypto, it will lessen this aspect.
What we all wish for here is that any crypto project should help people to achieve their goals in life, and for the betterment of their financial status.

There were some news in late August about the Central African Republic: It seems the law about tokenization of natural resources got approved and signed by President Touadéra (see also this twitter post).

The Sango website also continues live, according to their roadmap in 2023 a "masterplan" for a Crypto City on an island in Ubangi River should be unveiled. I'm not really believing that will become true, but anyway will be following these developments.

I am not upset.. and yes, no problem if you want to bow out.. because surely each of us decide the extent to which to participate, to respond or not... and sometimes the posts get repetitious and other times they start to deviate too much from the thread's topic... and sometimes threads get locked or someone rage quits... I cannot say what might happen, but I don't see any kind of tragedy, yet, even though both DrBeer and I seem to be starting to repeat ourselves on some of these points... which largely might end up allowing for the natural death of the continuation regarding these threads of discussion.


Great point.. I was pretty sure that I had remembered making such a point.. .so yeah. .thank's for doing the "looking it up" work for me... You proving yourself to be a great little helper DrBeer.     


Don't stop.  I was just getting to know you.

You can't stop now.


Yes, and good luck with your no coiner (or is it low coiner?) status.  You are likely going to need it, and no one here, including yours truly, is saying that you have to be some kind of bitcoin lover and to allocate high amounts to bitcoin in order to potentially prosper, but turning a blind eye to bitcoin or arguing that people should not get involved at all seems to be where you are coming from with your ongoing nonsensical belaboring of dumb and non-fact backed up points.

So think about position size of 1% to 25% into bitcoin, and if you are on the bearish side, then stay on the lower ends of that.. such as 1%... you don't need to take more bullish stances in order to still be able to prosper quite well... and between about 2014 until 2020, I was largely suggesting the initial investment range to be in the 1% to 10% territory, but the investment thesis for bitcoin has gotten quite a bit stronger since March 2020 which justifies the movement up to 1% to 25% and also the movement up from $10 per week to $100 per week, yet at the same time, each of us needs to figure out his/her own particulars in order to figure out the right amount of balance in terms if we choose to be aggressive in our bitcoin investment without devolving into a territory of overly aggressive in such a way that we end up recking our lil selfies, which also seems to be part of the example of the guy that I had provided earlier for him to be buying 0.33 BTC at $15k and then to be selling that same 0.33 BTC at around $6k.. which surely was a demonstration that he had been over investing into bitcoin in such a way that he had not prepared himself financially and/or psychologically for the price movements that ended up being contrary to the direction of what he had expected.

If you didn’t have to strain yourself and write another post, you could copy your previous post:



The semantic load is the same - absolutely empty A lot of words, no arguments, no reasoned answers. Unilaterally, in order not to waste time, I stop this useless and meaningless dialogue

PS Yes, I have nothing against the fact that some people believe in some fairy tales, that's normal

Good luck and prosperity to you

Hello Jay
I don't think you should keep stressing yourself over an issues or discussion that I think at last no credit could be given to you as I believe argument always linkage to some personal beefing. Why not just give a deaf ears to this thread and let it be as I think this could be something that may ends tragically as I have seen post that I myself can't continue to keep replying to this thread. You have given your points and there is nothing much to prove to anyone about what he is saying

I think I am off from here.

I have already told you that I have no obligation to provide examples or to complete your assignments, when largely I had been rebutting you rather than arguing any of my own case... and largely you have been making various arguments regarding how bitcoin is not valuable or helpful to people, institutions and/or governments, which the on the ground facts seem to already rebutt you without my even having to say anything - even though it still can be helpful to point out the various times when you are out of touch, which seems to be quite a bit of the time.

In order to understand bitcoin as already being a success, there is no need to point out any particular country, since the fact of the matter continues to be that bitcoin is becoming more and more liquid around the world on a regular basis and serving as an alternative way to hold value and to transmit value, including transitioning between currencies.

So one aspect of bitcoin is its ability to be transacted right now, and another aspect is to hold bitcoin and to consider the extent to which your purchasing power may or may not be increased in the future, which it not guaranteed, even though we can see that historically bitcoin's purchasing power has continued to increase, so the guy who sold his 0.333 bitcoin to me at around $6k in mid 2018 and only got around a bit more than $2k for it, would have been able to receive right around $8,650 today as I type, but he chose not to hold the bitcoin until now and he chose to sell it in mid 2018 at a personal loss.  His choice.  I had no obligation to say anything to him, and I might have said more than I needed to in terms of trying to suggest that he does not sell his BTC to me at a loss... but he was insistent, and he is in the best position to know what he wants to do, even though he admitted that he was receiving less than half the value from the coins as what he had bought them from me right around 6 months earlier.  He seemed fairly embarrassed by the whole situation, and maybe part of the reason is that I already knew him from the earlier transaction, and if he knew of some other place that he could have sold his bitcoin on the same terms, he might have gone to the other location in order to save himself from some of the embarrassment that he seemed to have had been experiencing when he sold the coins to me at a personal loss to him.

Whether bitcoin value comes from the utility of using it for transmissions of value or from storing it or from some other kinds of use case, there seems to ongoingly increases in the value in bitcoin based on many use cases that people find, including just holding it. 

Surely there are some currencies that are more liquid than bitcoin on a world wide basis, and it seems that the dollar is the most liquid of currencies, but some folks seem to not want to transact in dollars or to hold dollars, and so bitcoin serves as one of the other options for those people. and even institutions and governments are making similar kinds of choices to hold bitcoin rather than dollars or to figure out some kind of balancing regarding how much of each of those currencies/assets that they would prefer to hold, and even if they don't know what is Gresham's law, many of people are likely motivated by Gresham's law principles in terms of choosing which kinds of currencies(assets) to spend first and which currencies/assets to hold for longer term periods.

Regarding the extent to which bitcoin helps any economy, those kinds of answers go back to fairness in regards to distribution of currencies and bitcoin's ability to provide a counter-example regarding it's limited supply - which ultimately creates better incentives over the money printing dynamic of fiat systems that both undermines the holders of the currency that is being printed out of thin air and the printed out of thin air money also ends up getting distributed in ways that advantage those who are closest to the money printer as compared to those who are further out being more disadvantaged because their money devalues through inflation,

...and so bitcoin does not have that kind of money printing corruption, and so its built-in fairness likely helps all economies by improving the incentives and not taking value away from people who hold onto their currencies.  As more and more people realize bitcoin as being the soundest of monies, then it seems quite likely that bitcoin will end up expanding various economies because it is a more fair money, and so bitcoin seems to do these kinds of fairness creation things overall.. and maybe we will see results in El Salvador first, since El Salvador seems to be attempting to be a beacon of Bitcoin adoption, even though there are enclaves all around the world that seem to be attempting to imitate aspects of El Salvador's bitcoin adoption. and attempting to be more permissive regarding bitcoin and perhaps increasing ways in which bitcoin is being used in circular economy kinds of ways.   

 

Stupid - because you can't prove otherwise ? Fairy tales - because you have no arguments and to my arguments and explanations your response is "get the hell outta here" !?? ))
I gave arguments to which you could not answer anything but attacks. I even gave you a chance and asked you to show which economy Bitcoin has already helped - in response only unintelligible sounds. I asked you to show how Bitcoin can help the population of the country, but you showed an example when a person invested, "thanks" to you, 5000 dollars in Bitcoin, and you did not warn him of the risks and volatility, and then returned him 2000 dollars.  You are confusing the general public with investors, and telling some fairy tale excuses
It is not interesting to communicate with you, but it is funny

Central African Republic bitcoin was initially a good lay they embarked on and the entire world started to celebrate along with them on the occassion of adopting bitcoin as a legal tender, but what i see here is a stringe diversion of the the country major target from bitcoin to altcoins, this comes along when they introduced a Sango token to serve as alternative digital token the people can use without knowing that they gave already diverted the concentration ought to be on bitcoin alone to the altcoin introduced, also we can see that there's more of distractions from them in terms of being focused on bitcoin to see it maximum output felt on the people before doing concentrating on others.

What CAR has done can be considered an experiment to overcome economic difficulties, in an area whose effectiveness no one knows yet. CAR is a country that cannot issue a private currency because France imposed the use of the CFA franc on the entire group of West and Central African countries. The loss of confidence in the local currency makes it difficult to establish a financial system in accordance with known standards, since the CAR does not even have the right to hold reserves in international currencies or gold.
This makes the experiment a kind of risk, and most likely it was destined to fail from the beginning, especially since France did not express any objection to the experiment, although its success meant a loss for it.

You seem to be referring to position size @coupable rather than not doing it, even though your conclusion is that CAR should not do it rather than figuring out a way to employ a small position size that might be 1% rather than 5% to 25% for a more healthy economy / country / government... and maybe they are in a position that even 1% might be too high, I am not going to proclaim to know their specifics, even though I know that a lot of countries have pretty screwed up economics and varying levels of irresponsibilities in terms of how far they place themselves into debt in comparison to the amount of income that they are able to produce in the country including being able to tax such income if the enterprises are not directly government owned....

This will not be possible in an economically backward country, and there will be no benefit in launching projects in this regard. Citizens in Central Africa suffer from great problems due to the spread of illiteracy and early dropout from school. How do you expect them to know how to take investment precautions?
The poverty of the infrastructure makes the project of adopting bitcoin as an official currency like giving a gun to a primitive person, you cannot expect what he might do with it and the closest that he will harm himself.

Volatility is very higher but more there is a Volatility in bitcoin more it is possible to give profit to its holders. embracing the risk will help you to move forward and if you are afraid of doing something then success will be onerous to obtain as hard path lead to a successful destination.

I know its not as easy as we are talking but if we enters the market then it can be easy for us because everything seems difficult before examining.

 Long term investment will be suitable option for those who don't know about market so in the timing of their holding they will be involved in operation of market too without risking their asset because their holding will be for prolong timing and in that duration they will be able to learn well.

I agree with two of your points which are:
1)  you and your ideas are fairy tales and dreams.
and
2) cryptocurrencies (not talking about bitcoin) are speculative to such an extent that the vast majority of them are some form of scam in terms of printing money and/or affinity scams upon bitcooin trying to seem like or to be like bitcoin.

Your point about bitcoin not being able to fix countries is lame, and surely improvements to any situation is likely a product of multiple things going on, and bitcoin would not be the ONLY thing that is going on but within a package of other things in which it may or may not be able to take credit for its "on the margin" kinds of contributions in any situation, whether personal investment, institutions and/or governments.  It is easier to look at the situations of individuals, so if you attempt to apply bitcoin systems to institutions and/or governments, then more complexities come into place, but a lot of the same individual are still going to apply to the more complex systems of institutions and governments, but there are just more things going on with institutions and governments as compared with individuals.


For sure, I am not trying to stop you or anyone else from making their points, including if they are disagreeable and wrong, and in my own case, even though sometimes I might direct my response towards you and or towards DrBeer, I am not necessarily intending my comment to be personal... but instead directed towards the substance.

There are some posters who do seem more disingenuine than others, so in that regard, we cannot necessarily presume that every member is either acting in good faith arguments or even trying to be genuine.  So sometimes the seeming personal attacks might end up going towards the angle that some posters will repeat nonsense over and over and over, and perhaps we give them the benefit of the doubt a few times, but after a while a pattern might be noticed in which it can be seen that they are really not setting forth genuine facts, logic and/or conclusions... but instead purposefully spreading counter points for the mere sake of muddying and/or confusing the discussion.

By the way, some of the worst and disingenuine of forum trolls / shills and/or disingenuine posters sometimes will make valid points, and sure it can be questionable (or a matter of discretion) the extent to which there is any value in attempting to respond to them or to clarify some of their misinformation/disinformation.

I am not even proclaiming that I am always right, either.. I have had plenty of times that I have been wrong entirely or I end up being wrong in some of the understanding of the facts, logic and/or coming to bad conclusions and/or maybe prematurely attacking another member or using denigrating and/or patronizing tones when it might not be warranted.

So some of us are more human than others, and sometimes it can even be difficult to admit mistakes and sometimes it might not even be necessary to admit mistakes, just move onto the next topic... and let the back and forth comments stand for what they are... and let the reader figure out on which side they lean.

By the way, another difficult area is level of knowledge and/or abilities to express oneself well in English, and it can be quite difficult to know if some member might be adding value or not, but it seems that any time that any of us is bringing in some of our own experiences into the conversation, it can be a lot harder for me to suggest that you have not contributed some value, even if I might come to differing conclusions in regards to how I interpret the personal experiences that you end up describing.


Ok. that seems to be a mostly fair list.


Ok.  some people are more advantaged than others, but anyone can benefit from bitcoin.. and I could give less than two shits in regards to talking about crypto and the various nonsense that it related to that.. even though surely we should realize that CAR's approach was not very bitcoin focused, as compared with El Salvador that has been trying to stay more bitcoin focused.. at least so far and the last more than two years that El Salvador has been pushing pro-bitcoin ideas (and by the way, today is the two year anniversary of El Salvador's implementation of its bitcoin legal tender law).

Anyhow, back to the point about how individuals' might use bitcoin, yes they might need to learn some skills, and surely one of the skills is already in their interest and abilities which is learning their own personal finances and balancing their own personal finances and their psychological and financial interests.. so every individual is capable of working these kinds of learnings into their approaches to their lives, whether they choose to do it or not and whether they are successful or not have a lot of factors, but if any government gives opportunities in which they are not going to prosecute you for learning about bitcoin and using bitcoin, then it seems to me that your individual options are increased, which should be considered a good thing.

So there is the individual level of learning about and adopting some bitcoin practices, and governments sometimes might not act within the interests of their people, so governments are going to vary in terms of their own ways of representing the interest of their people and they will frequently have a certain amount of power to act within the interest of their people whether they employ good tactics and/or judgement or not and whether they act in good faith or not.


Bitcoin is available for everyone, so each person can decide his/her strategy, approach and way of investing into it, if s/he chooses to invest into it. 

For sure, there are no guarantees, and there are people who find ways to lose money, even with an asset like bitcoin that so far in its history has tended to go up... and yeah, there are no guarantees that it will continue to go up, but bitcoin does continue to seem to be one of the best (if not the best) of asymmetric bets that are currently wide-spreadedly available.

If I were given the opportunity to work as Bitcoin Investment Manager by the central African republic, I would certainly adopt Dollar cost averaging strategy (DCA) ,for purchasing Bitcoin. My approach would involve acquiring Bitcoin at regular intervals while taking advantage of major price dips. This strategy is preferable to simply buying two years before the halving event. The aim of this approach is to maintain lower average cost of investment overtime.

It is also important to prioritize responsible risk management, a long term perspective and compliance with regulations, while managing investment in Bitcoin.

In other words buy and hold bitcoins, so you don't have to think too much about any fears associated with loss. There is no need for very good skills, as long as we know that bitcoin can provide a signal for financial freedom and all we need to do is be calm and don't need to panic. Isn't that expressing what we should have heard and there are previous examples that we can refer to as the basis for his beliefs.

The only thing I think about using bitcoin skills other than buying and selling is applied to business. But let's ignore for a moment about certain countries that don't legalize bitcoin as a means of payment, because maybe we need to talk further about what might happen in the future. The point is there are a lot of people who get involved in bitcoin just looking for the end of a profit and I don't think anyone needs to deny that. Though worst case scenario in the next 10-20 years bitcoin is no longer priceless and that's another issue that probably no one cares about can predict it.

I myself don't think too much about the long term regarding whether the Bitcoin price will be at its lowest point or rise significantly because so far we have a four-year cycle to increase the capital we have placed. So if doubts about the future of bitcoin will disappear then withdraw the initial capital and roll back the profits for further investment. That's how I use it and I don't know whether this pattern is considered right or wrong by other people because for me the path to financial freedom is not far from the extent to which we are able to take risks and most importantly be responsible.

We started the conversation with "bitcoin will save the world and countries and economies", in the end, expectedly came to the fact that:
- it will help those who have sufficient funds
- who understands volatility and knows how to capitalize on it.
- all residents should have knowledge of financial literacy and "hygiene".
- It is necessary to invest in the long term
- ...

Total set of rules for a financially literate, wealthy player in the crypto market
I.e. it is not a panacea, but a tool that you still need to learn how to use, and to use it you need to have certain characteristics.

I can tell you, in the same format, that the world and the economy of any country will be saved .... tomatoes ! The matter is small - you just need to have land, equipment, planting material, market, fertilizers, hired workers, long-term supply contracts - any economy and any person is saved, if you just do:))

In general, what I was talking about above?
1. Bitcoin/cryptocurrency will not save the economy/state.
2. Bitcoin/cryptocurrency is a tool to make money for a small group of people.

I perfectly understand that after the hype of 2017, people have another "pink dream" - to get rich quickly on the crypt ... But it will not happen. Everyone will not earn, EVERYONE will not get rich. Few of the dreamers will get the real result. But you have to be realistic!

We are all human with sense of reasoning, I mean with various ways judging and analyzing topics and issues at hand. From my own little ways of understanding although I can never be as you or even haven to compared and equates myself to your standards but only responding according to my own capacity and knowledge.
If actually what you sees as something not worthy to be agreed on then you should only see it as within my limits, which in time to come I may get to such level of understanding to realise worth I do see and take to be good is actually not worthy of being as good as I think, so pardon me for that and this doesn't mean I won't upgrade my wisdom bank because already I have also factored out my lapses and come to understand and that things aren't that correct in the eyes of everyone depending on the areas of view and perspection.

However, the truth must always remained the same it's a matter being rational towards a simple discussion or ( must say that what we all discussed must be as no can say something else) we are all of different version of knowledge which yours can't be quantified as ours (or lemme say of me than any other) but I must thank you for the great input towards this whole discuss, though I can see to be little disagreement btw you and DrBeer but that doesn't mean we shouldn't give that honor to say you are right.