This is just the beginning of the gradual adoption of bitcoin worldwide. The world already knows bitcoin can't be ignored anymore but are reluctant to change. But change is constant and we've got to adapt or get left behind. We've ignored btc for far too long but not anymore
Until now, the potential that I see in bitcoin in the future is recognized as a currency that will be done by many countries. people and even governments in many countries definitely see bitcoin as an opportunity not a threat. Countries that reject bitcoin today can be said to be in the category of lagging countries lol. 
Topic: BITCOIN NOW A LEGAL TENDER IN SPECIAL ECONOMIC ZONE OF HONDURAS. (Read 305 times)
April 15, 2022, 01:49:58 PM
Honduras has a population of over 9 million in 2020 according to the site I checked, that is not really a small population, although it is still small compared to many other countries. But what can be said that the population is small is because only an island called Próspera make bitcoin a legal tender, not the whole of Honduras. But what I noticed was that even when El Salvador accepted bitcoin as a legal, the price of bitcoin did not increase, probably because the El Salvadoran population is around 7 million people and not a country of focus like United States of America or China. Also I have noticed more price increase when whales and institutional whales are buying bitcoin than news partaining to said to be small countries bitcoin adoption.
I would guess that just one island of Honduras making bitcoin legal tender shouldn't have impacted bitcoin all that much anyway. Why did you assume that bitcoin should have been higher just because it is a legal tender. I mean if all of Honduras did, then maybe we could have talked about something else, but this isn't like that, this is just a situation where one part of Honduras did and that would not have too much of an impact today.Maybe in the long term we would see companies moving there for the ease of being a crypto company there, like how they are using Malta right now for example, and used other places like Bahamas, but that is a long term thing and wouldn't change it overnight.
April 15, 2022, 10:10:52 AM
Good on Honduras!
Despite being a small country with a relatively small population, they seem to know how to create a good and prosperous future for their citizens. I do not know if Honduras has been subject to much financial corruption, but with Bitcoin that will definitely see an end.
Although I am not sure about the "special economic zone" of Honduras. My understanding was that the ruling of legal tender was for the entire country? Perhaps they want to do a test zone with Bitcoin before fully expanding the law fully to the entire population?
Despite being a small country with a relatively small population, they seem to know how to create a good and prosperous future for their citizens. I do not know if Honduras has been subject to much financial corruption, but with Bitcoin that will definitely see an end.
Although I am not sure about the "special economic zone" of Honduras. My understanding was that the ruling of legal tender was for the entire country? Perhaps they want to do a test zone with Bitcoin before fully expanding the law fully to the entire population?
April 15, 2022, 09:58:37 AM
Also I have noticed more price increase when whales and institutional whales are buying bitcoin than news partaining to said to be small countries bitcoin adoption.
This I agree with you. Even if a country accepts bitcoin legitimacy, we will hardly see any price increase in the market. But just one action of any whale causes the market to move in an instant. This leads me to think that there is manipulation rather than news, which means everything is precalculated and news is released just to legitimize the volatility. 
April 15, 2022, 02:26:01 AM
They are also a small country and don't have much influence so don't expect prices to be affected by this news, but I feel very happy that bitcoin is more and more accepted by countries. No matter how big or small a country is, every time a country accepts bitcoin it is a real success for bitcoin and cryptos. We should be excited instead of waiting for a price increase to be disappointed. EU countries are acting unfriendly towards bitcoin so for me, I don't expect anything from them.
Honduras has a population of over 9 million in 2020 according to the site I checked, that is not really a small population, although it is still small compared to many other countries. But what can be said that the population is small is because only an island called Próspera make bitcoin a legal tender, not the whole of Honduras. But what I noticed was that even when El Salvador accepted bitcoin as a legal, the price of bitcoin did not increase, probably because the El Salvadoran population is around 7 million people and not a country of focus like United States of America or China. Also I have noticed more price increase when whales and institutional whales are buying bitcoin than news partaining to said to be small countries bitcoin adoption. 
April 15, 2022, 02:05:49 AM
It's good to see the world adopting btc and following the El Salvador path and soon more parts of the world will be following the same route.Have already heard about the rumours of Honduras finalising the bill to adopt btc and now they have come up with this news.The adoption initiative had begun from SEZ and are ther are any tax rebates to people doing that business?
April 15, 2022, 12:54:31 AM
Quote
A Caribbean island off the northern coast of Honduras has officially recognized bitcoin as legal tender.https://blockworks.co/bitcoin-now-legal-tender-in-special-economic-zone-of-honduras/
Even though the region said to have made this development of the use of bitcoin as a legal tender is alongside with other cryptos and is just within it confined zone and not in the entire Honduras, i begin to see the developing countries maximizing the opportunity of making bitcoin a legal tender in other to help boost their economy thereby reducing the rate of poverty an unemployment in their countries, in this regard, the adoption is limited to that region only and not the entire country and I think it yet to be a big catch but nevertheless a good start. It is a legal loophole, you could have just one mailbox in a building, you could literally have a whole building consisting of bunch of mailboxes inside without any rooms at all, and tens of thousands of companies could show their headquarters there this way. It would allow them to build crypto companies in a legal tender zone and would allow them to grow bigger.
April 14, 2022, 12:51:43 PM
It's good that there's another place of Earth that is Bitcoin-friendly, but I think that comparing it to El Salvador isn't very accurate. What's big about El Salvador is that it's a whole country, adopting Bitcoin on all its territory. But in Honduras, it's in a special economic zone, and I think that there've been multiple places around the world where cryptos are locally adopted, and it's normally a place with a high degree of economic autonomy or a tax-free zone.
So I'm not surprised that there was no price boost, following this news, and that it went relatively unnoticed overall.
So I'm not surprised that there was no price boost, following this news, and that it went relatively unnoticed overall.
April 14, 2022, 03:45:18 AM
This is just the beginning of the gradual adoption of bitcoin worldwide. The world already knows bitcoin can't be ignored anymore but are reluctant to change. But change is constant and we've got to adapt or get left behind. We've ignored btc for far too long but not anymore
April 14, 2022, 02:39:34 AM
Quote
A Caribbean island off the northern coast of Honduras has officially recognized bitcoin as legal tender.https://blockworks.co/bitcoin-now-legal-tender-in-special-economic-zone-of-honduras/
Even though the region said to have made this development of the use of bitcoin as a legal tender is alongside with other cryptos and is just within it confined zone and not in the entire Honduras, i begin to see the developing countries maximizing the opportunity of making bitcoin a legal tender in other to help boost their economy thereby reducing the rate of poverty an unemployment in their countries, in this regard, the adoption is limited to that region only and not the entire country and I think it yet to be a big catch but nevertheless a good start.
April 14, 2022, 02:15:01 AM
I believe you guys misunderstand the OP statement the topic says " BTC is now legal tender in a specific economic zone of Honduras" so it already stated that it's not Honduras as a whole.
Wouldn't bother bringing this up if I have seen that much earlier, anyways thanks, you're observant than I'm 
.
.Maybe I should quote a statement from the OP
This indeed a good move for Honduras, due to their low income and low cost of living
But, yet, nobody is misunderstanding the OP, but emphasizing again on the fact that bitcoin was made legal tender in just an island in Honduras and how it can just be an experiment and how it might not spread to the whole of Honduras as they have fiat they are spending unlike El Salvador that do not have its own fiat but spending US dollar. If I did not begin with that, then how would I bring up such ending.
April 13, 2022, 10:39:18 PM
Prospera, special economic zone in the island of Roatán. The total population of Roatán is around 110k - 120k. Among that special economic zone Prospera will be having lesser population.
This special economic zone being created as a concept by Paul Romer to form autonomous zone with private government. Now the area is subject to the national government’s Zone for Employment and Economic Development law. As an attempt to boost investment and employment opportunities in largely uninhabited parts of the country cryptocurrency acceptance is encouraged.
As a very small population is involved the impact on the market isn't experienced much. But, the adoption is really appreciable.
This special economic zone being created as a concept by Paul Romer to form autonomous zone with private government. Now the area is subject to the national government’s Zone for Employment and Economic Development law. As an attempt to boost investment and employment opportunities in largely uninhabited parts of the country cryptocurrency acceptance is encouraged.
As a very small population is involved the impact on the market isn't experienced much. But, the adoption is really appreciable.
April 13, 2022, 09:05:59 PM
Honduras have legal bitcoin last four days but still not popular and have trending news so far, I think with bitcoin still drop price but good news have another country after El Savador have adopt bitcoin as legal currency transaction early. I am waiting with bigger countries want to adopt bitcoin as legal currency transaction maybe England, Netherland and several Europe countries have bigger effect when announcing bitcoin as legal currency transaction will get impact with bitcoin price pump. All fiat transaction will realize with inflation values from their money and I think one day later have way how try to adopt and make bitcoin as legal currency transaction.
They are also a small country and don't have much influence so don't expect prices to be affected by this news, but I feel very happy that bitcoin is more and more accepted by countries. No matter how big or small a country is, every time a country accepts bitcoin it is a real success for bitcoin and cryptos. We should be excited instead of waiting for a price increase to be disappointed. EU countries are acting unfriendly towards bitcoin so for me, I don't expect anything from them.
April 13, 2022, 06:21:45 PM
I do not have any geographical information about that island and I hardly know Honduras, but I think that these islands are so small that they do not have legal currency and therefore depend on the currencies of other countries as legal currencies.
Therefore, we do not have to celebrate such news, but from what happened global adoption, especially from some countries, most of these countries will automatically adopt Bitcoin.
It is observed that countries who came to adopt bitcoin as a legal tender are those that have low cost of living and are certainly have small population just like El Salvador. So more likely, Honduras will succeed too like El Salvador, but i firmly believe that the leadership of the president on crypto matters the most. Otherwise, this adoption will only end up in trial and error method.Therefore, we do not have to celebrate such news, but from what happened global adoption, especially from some countries, most of these countries will automatically adopt Bitcoin.
these kind of considerations.Its good to see that these places had really made out such decisions even though its quite risky but they had made out such thing.
Quite understandable on how these countries do make it as a legal tender. Lets see on what countries would really be next in line with this one.
April 13, 2022, 05:58:05 PM
I do not have any geographical information about that island and I hardly know Honduras, but I think that these islands are so small that they do not have legal currency and therefore depend on the currencies of other countries as legal currencies.
Therefore, we do not have to celebrate such news, but from what happened global adoption, especially from some countries, most of these countries will automatically adopt Bitcoin.
It is observed that countries who came to adopt bitcoin as a legal tender are those that have low cost of living and are certainly have small population just like El Salvador. So more likely, Honduras will succeed too like El Salvador, but i firmly believe that the leadership of the president on crypto matters the most. Otherwise, this adoption will only end up in trial and error method. Therefore, we do not have to celebrate such news, but from what happened global adoption, especially from some countries, most of these countries will automatically adopt Bitcoin.
April 13, 2022, 05:45:09 PM
A Caribbean island off the northern coast of Honduras has officially recognized Bitcoin as a legal tender.
The move follows the leadof neighboring county El Salvador who sanctioned Bitcoin as a legal tender on September 7.
I see this is a great push for boost of the economic activity and foreign investment through Crypto.
Both the sale of bonds and the ability to use Bitcoin as a legal tender will be "Undergirded by World class anti-money laundering ( AML ) and Know- Your - Customer (KYC) standards to ensure regulatory Compliance.
This indeed a good move for Honduras, due to their low income and low cost of living
Another Big move while waiting for widespread Bitcoin adoption! A good move for another developing country.
https://blockworks.co/bitcoin-now-legal-tender-in-special-economic-zone-of-honduras/
The move follows the leadof neighboring county El Salvador who sanctioned Bitcoin as a legal tender on September 7.
I see this is a great push for boost of the economic activity and foreign investment through Crypto.
Both the sale of bonds and the ability to use Bitcoin as a legal tender will be "Undergirded by World class anti-money laundering ( AML ) and Know- Your - Customer (KYC) standards to ensure regulatory Compliance.
This indeed a good move for Honduras, due to their low income and low cost of living
Another Big move while waiting for widespread Bitcoin adoption! A good move for another developing country.
https://blockworks.co/bitcoin-now-legal-tender-in-special-economic-zone-of-honduras/
Bitcoin playing huge role in the Special Economic Zone.When Russia said,it would not accepted the bitcoin as a legal tender.Most of the people had started to criticise of bitcoin and other crypto currency.The pandemic itself make huge people about the crypto holding.Later with the war,the Russian had strongly accepted the bitcoin as legal tender.Only this bitcoin changed country move.
April 13, 2022, 05:34:14 PM
Bitcoin is not made a legal tender in Honduras,
I believe you guys misunderstand the OP statement the topic says " BTC is now legal tender in a specific economic zone of Honduras" so it already stated that it's not Honduras as a whole. Besides, the region where Bitcoin was legal tender has its own political rules and regulations with the inclusion of economic.I think he read that too fast and couldn't digest it slowly.
Thank you.
Wouldn't bother bringing this up if I have seen that much earlier, anyways thanks, you're observant than I'm
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April 13, 2022, 11:43:35 AM
Bitcoin is not made a legal tender in Honduras,
I believe you guys misunderstand the OP statement the topic says " BTC is now legal tender in a specific economic zone of Honduras" so it already stated that it's not Honduras as a whole. Besides, the region where Bitcoin was legal tender has its own political rules and regulations with the inclusion of economic.Countries that have fiat of their own unlike El Salvador that spend US dollars may think otherwise to adopt bitcoin as they think people of the country can start using bitcoin more and stop depending on fiat. Hondurans spend Honduran lempira which is their local currency and the government of Hondurans might panic to make bitcoin a legal tender. Let us see what will happen, it will be good if the experiment is positive.
You have a point but everything depends on the government's understanding of Bitcoin if the government understands the true purpose of Bitcoin to their economy they can still adopt Bitcoin as a payment method but Honduras Central Bank said they "cannot vouch for cryptocurrency transaction". 
April 13, 2022, 11:22:10 AM
Legal tender is good but if a nation tries to force their citizens to use Bitcoin for daily payments, it would be wrong.
Bitcoin is more likely an asset for long term investment, a safe asset against inflation. However, it is volatile short term and business companies don't like it. People who have small business don't like it because they will not be able to control income and outcome for their business with Bitcoin. They would prefer to sell, buy, store their capital in fiat currency or in stable coins rather than in Bitcoin.
It is arguably but it is also a fact.
Bitcoin is more likely an asset for long term investment, a safe asset against inflation. However, it is volatile short term and business companies don't like it. People who have small business don't like it because they will not be able to control income and outcome for their business with Bitcoin. They would prefer to sell, buy, store their capital in fiat currency or in stable coins rather than in Bitcoin.
It is arguably but it is also a fact.
April 13, 2022, 11:15:01 AM
@Oluwa-btc, how about discussing one topic in one thread?
No matter how excited some are that one city has introduced Bitcoin as a legal tender, we should not exaggerate with enthusiasm and stop reading the forum in order not to open duplicate threads.
Madeira and Prospera "adopting bitcoin"
No matter how excited some are that one city has introduced Bitcoin as a legal tender, we should not exaggerate with enthusiasm and stop reading the forum in order not to open duplicate threads.
Madeira and Prospera "adopting bitcoin"
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