Topic: Brazil Has Approved Bill Recognizing Bitcoin As a Payment Method. (Read 874 times)

I'm hopeful Brazil will soon join the ever-growing list of countries that accept Bitcoin as legal tender. If the President signs the bill, then this would be a huge win for Bitcoin in the long term. After all, Brazil is one of the major economies in South America. With more countries joining the game, we may be closer towards "hyperbitcoinization" than we've thought. Maybe this will signal the end of Fiat sometime in the future?

As inflation continues to harm the economy, we will continue to see more countries inclined towards Bitcoin. Early adopters like you and me would greatly benefit in the long run if the world embraces "The Bitcoin Standard" with open arms. As long as Bitcoin remains decentralized, there should be nothing to worry about. Just my opinion

This is indeed exciting news. Brazil’s use of Bitcoin as a means of payment also means that the government will increase supervision in this regard to prevent criminal groups from using Bitcoin as a tool for illegal activities. For the Brazilian people, they can effectively protect their private assets. Although the volatility of Bitcoin is still relatively large, in the long run, it is undoubtedly a huge improvement in the decentralized world.

Traders in this country will do everything possible to make this plan come to reality to approve Bitcoin as a legal payment, so that bitcoiners in the country will start purchasing goods from sellers and pay with bitcoins. If the tax the Brazil government will impose to Bitcoin users will not too high in the country, I guess it will attract other customers to have interest on Bitcoin and how to use it to purchase goods and other things in the country without using fiat money for payment

That’s great. If more countries start to adopt Bitcoin, it would be great. Countries like El Salvadore and CAR have already done that, but it would be great if some big economies could start to do that. It will take time, but it will eventually happen.

Of course. But even if all of the world's countries adopt Bitcoin as payment method, that doesn't mean Fiat will disappear from the face of the Earth. That's because governments won't surrender their control over the way we use money anytime soon. If Bitcoin becomes adopted worldwide, it will live alongside Fiat for years to come. I'm fine with that as long as people have an escape route from the current monetary system controlled by central banks and governments alike.

The more governments adopt Bitcoin, the easier it becomes for you to live solely on crypto. El Salvador was the first country to make the move, so we should expect other countries to follow soon. If Brazil's President signs the bill, then it will mark history as the first South-American country to adopt Bitcoin as legal tender. Let's see how everything will unfold as Fiat continues to lose traction in the mainstream world. Just my thoughts

It's too late. I've seen on local news the bill has been already approved by the congress house and now it depends on the president's sanction to take into effect. They want the current president to sanction the bill, because they fear the next president, who is going to take place from next year on, won't give his sanction, seeking for a more strict regulation regards cryptocurrencies.

There were modifications on the original project. Asset segregation, which could be a measure to protect users' funds in exchanges, was removed. With assets segregation feature, exchanges are forced to respect the money people have on the platforms. They can't use it to pump their native tokens, donate to their political parties or run scam schemes in general.

Congressmen gave total independence and rights to exchanges to do what they want with customers' money. Therefore, a new FTX scam event is possible.

In my opinion it should be passed a bill stating in case of bankruptcy, bank run or any scams, the CEO and his first tier team would be immeditely held responsible, losing their patrimonies to the state, which would use it to repay the debt they have with customers. This way, we wouldn't see money being wasted to pay scammers' wages while operating the companies in recovery or during chapter 11 (bankruptcy) and the cases would be solved faster. But that would be to ask too much...

Brazil is one of the top five cryptocurrency user's friendly countries in the world.  Their population reports that 10 million people are directly involved in cryptocurrency in 2020, which is 4.9% of the country's population.  Later in 2021, the number of cryptocurrency users increased to 16 million, which is 7.8% of the country's population.  This is how day by day a certain part of the population of Brazil is going to be associated with cryptocurrency.  According to a report by Foxbit, an exchange in that country, 650,000 of their users are from Brazil and 41% of them are directly involved in the Bitcoin market.

Moreover, Brazil has around 23 Bitcoin ATMs for Bitcoin transactions.  Experts believe that the number of Bitcoin ATMs will increase significantly after the acceptance of Bitcoin as payment in Brazil.
Sao Paulo (12 ATMs), Rio de Janeiro (4 ATMs) Brasilia (2 ATMs) , others (5 ATMs)

Therefore, the Brazilian government has recognized Bitcoin as a means of payment for the time being considering various positive aspects.

As long as I read, they are still not approving Bitcoin as the legal tender because they still need approval from the executive brand to enact the rapproval. But, they approve it as the payment method in the country.
Here is the completed news:
https://cointelegraph.com/news/brazil-passes-law-to-legalize-crypto-as-a-payment-method

However, this new law, widens the activity of using cryptocurrency especially Bitcoin for making transaction and paying with Bitcoin in the country. This is a very good improvement, right?

ALthough the impact is not big for the crypto world, at least, there are many more countries that legalize Bitcoin as payment method. This is a very good progress for accpetance.

Bitcoin is designed not to be completely a legal tender but legalizing it as a payment method has already achieved its goal. So what Brazil has did is already a big win for bitcoin and its bitcoin community. Brazilian Real will never become obsolete, it will always be their official currency and bitcoin can only serve as an alternative.

It seems that BTC adoptions will be distributed from countries with weak economies. Salvador, Brazil, what will be the next country? Definitely a huge step for bitcoin. Probably most bitcoiners are already packing their bags to move to Brazil. Many people were waiting for this, so that they could freely pay using bitcoin, and now the whole country has officially accepted it as a means of payment. In fact, this is a significant event, which, as it happens, is not particularly advertised in the mass media.

Of course, bitcoin adoption starts at the individual level, then moves to a variety of institutions and then becomes more adopted and used at the governmental level.

Nonetheless, individuals remain way more flexible to get involved in bitcoin and if some individuals do not have any exposure to bitcoin then it is likely in their better interest to start to invest into bitcoin sooner rather than later. 

In the earliest times of bitcoin, there were a lot of smaller level of scams in which individuals were losing money through shenanigans, and since the actors in bitcoin are getting bigger, in recent times, we see richer players and even institutions getting reckt pretty badly by similar kinds of shenanigans - but just on BIGGER and more sophisticated scales... So we might speculate that BIGGER players should be smarter, but we find them making similar kinds of mistakes as individuals had made in earlier times in bitcoin - which still likely provides evidence that each of us likely needs to figure out ways that we are holding our own keys and protecting our keys. 

Sure there might be some bitcoin value that we have available for spending or even keeping some on exchanges and with 3rd parties, yet at the same time, if there are problems with third parties or various kinds of vulnerabilities, we have to make sure that our bitcoin is protected and not easily removed from our possession, unless by our own complete will, we choose to spend it.

Although there is no final official information yet, congratulations to Brazil and the bitcoin community for another commendable step forward. Hopefully in the future, especially when the 2024 bull season will have more and more countries accepting bitcoin, just as long as countries legalize bitcoin, companies and corporations will automatically accept bitcoin. What bitcoin is aiming for now is the national level, not the companies or individuals anymore.

This is a  welcome development by the Brazilian lawmakers I hope their president assent the bill as soon as possible, gradually we are getting there with regards to Bitcoin global adoption, I read a lot of positive news about bitcoin lately apart from FTX exchange hack though it seem that the adoption is slow nevertheless lot of countries will follow suit, just like EL Salvador and Central African Republic who had already adopted it while other other countries might be working out modalities for their own adoption in the nearest future, I hope with time Bitcoin will become an alternative mode of payment in many countries.

That is good news for bitcoin and its users around the world. I believe the adoption of bitcoin as a means of payment will continue to increase over time, and will spread and continue to be adopted into even small businesses.

A positive impact on price is to be expected due to this adoption, but right now I don't think the impact will be immediate. As you can imagine, prices will have an impact from time to time and the market will continue to strengthen as investors recover and the world economy conditions. I expected the bitcoin price to be bullish, but it should take a long time after the FTX crash.

Any permissive legislation is good in some way, some ways are better than others, but most important is the right trend. What will work better we'll see in the future, but at the moment we can stand for some specific way and push it with argues. Even if to have some dispute in details most of us agree with each other in general, Bitcoin expansion gives lots of benefits to people.

That is a great news for Brazil as a country to adopt Bitcoin as mode of payment, this show that some government are understanding the existence of Bitcoin as alternative to fiat cryptocurrency. I believe with this, their economy will improve because people at other countries can able to do easy transactions without following the long processing of banks as third party.




I don't think the current adoption of Bitcoin in Brazil have easily have impact in current market price of BTC but with time I believe much will happen.

Well maybe they will be the first to adopt but I don't think they became the economic leader because the financial state of the country still vary with this since if first world country will adopt it for sure they will be the one who's still the big name placed on the mainstream in terms of getting recognition towards possible economic growth on certain aspect to their country also with global economy.

Yes, Brazil has still their own legal tender which is Brazilian Real. The news is all about recognizing and legalizing the use of bitcoin and cryptocurrencies as a payment method, so they are widely recognized now by the people of Brazil. I know this is a very positive news for the bitcoin community, and hopefully not only Brazil will benefit bitcoin but also it’s neighboring countries in the future.

Slowly and surely more countries will accept bitcoin and one day we may see bitcoin as a global payment method around the world.

We may see new countries becoming the economic leader in the future who will adopt bitcoin early while the giant nations of today whose governments are resistant to accepting bitcoin or trying to ban bitcoin may remain behind financially and economically.

"Bitcoin is just a payment system"

That is not true.

You must not understand bitcoin if you are summarizing it up in that sort of way.

Or maybe you are mixing bitcoin up with shitcoins? or fiat?

In other words, bitcoin is quite a bit more than just a payment system.. especially if you look into the matter a wee bit.


Sure it is true that a government might recognize and even assess bitcoin as "only" a payment system... but bitcoin gives few shits about that.  Bitcoin is what it is, and even if a government tries to describe bitcoin as "only" a payment system.. or to proclaim that bitcoin "can only be used" as a payment system, bitcoin is extra-jurisdictional.. meaning that it is not contained within one jurisdiction, and is designed to make it difficult to jurisdictionally capture it.. even if some jurisdictions might have more power than others in terms their abilities to effectuate their mandates.. we do not have a world-wide authority that would easily be able to capture king daddy... even if some of them might try and some of them might even coordinate to try to effectuate capture and/or suppression of bitcoin.
 


Sure.. bitcoin does not discriminate.. so in that regard, any government that gets involved in investing into bitcoin sooner rather than later will be advantaged, in similar ways that individuals and institutions are advantaged by getting involved into investing (whether time, money or mental energies) sooner rather than later.  

Many of us longer term bitcoiners recognize and appreciate that bitcoin has served and continues to serve as one of the best of investments for individuals who should be much more equipped (meaning they are more flexible) to be able to act more quickly than institutions and/or governments and therefore more able to front-run institutions and governments in terms of their investment into bitcoin.


I think that I agree with you about these points - even though it still seems to me that you are somewhat convoluting what bitcoin actually is and what people might say or consider bitcoin to be - even while at the same time, it appears that you seem to understand that bitcoin is more than merely a payment system, even if governments might initially "get into" bitcoin based on considering bitcoin to be a "payment system."


Maybe we are all talking past each other?  which also seems to demonstrate that bitcoin is more than a payment system and more than investment.. so maybe it does not even matter upon which premises any country inches into bitcoin, advantages are likely going to come to the people and to bitcoin through more awareness and more expansion, even if the initial reasons for awareness and expansion seem to be wrong...