From a country like Brazil, it is a big move forward. From the beginning days Brazil have got good number of stores that accept bitcoin as payment. Particularly coffee shop in Brazil seems to be the first store to accept bitcoin. People who have been using with some fear could now use it freely as the government have supported it through the bill.
Brazil's decision will be surely watched by more world countries and the same could lead more countries legalizing the usage of bitcoin through law. Small such actions taken by countries will make it a big change in the cryptospace.
Topic: Brazil Has Approved Bill Recognizing Bitcoin As a Payment Method. - page 3. (Read 874 times)
December 01, 2022, 03:24:07 PM
December 01, 2022, 02:54:33 PM
We could say it is a big win for Bitcoin which it is, but it is also a big win for lawmakers who will now have the chance to have Bitcoin-related companies reporting to them and this way improve a develop new ways of tracking Bitcoin users. Depending on how regulation is at work in regard to digital transactions as opposed to Bitcoin transactions, and how the Brasilian federal digital audit will work, it can be a big blow to Bitcoin "privacy" which will have global effects...
December 01, 2022, 02:09:53 PM
That means Brazilians will be able to use Bitcoin legally and fearlessly. Bitcoin would be accepted as a payment method by merchants, and users would be able to make payments. That is enough to adapt Bitcoin at all. What else can we expect? We simply need legalization so that Bitcoin can be used peacefully. More good news like this is actually needed to see another bull run. I'm just wondering when our stupid government will consider the importance of Bitcoin; hopefully, it will happen one day. Anyway, thanks for sharing with us, I was unaware of the news.
December 01, 2022, 01:52:12 PM
Brazil didn't make Bitcoin a legal tender, it just allowed to use it. And IMO it is good and better corresponds the spirit of Bitcoin: you got an alternative but you are not made to use it. Bitcoin has enough benefits of using it and not to be needed in legislative enforcement to use it.
Brazil have yet made Bitcoin legal tender in their country but the impact from Brazil is bigger than legal tender in El Salvador.Brazil is a far bigger country than El Salvador with bigger economy so that this adoption in Brazil is very important for Bitcoin community. After Brazil, we can have other smaller and bigger countries adopt Bitcoin as a payment method in their territories.
Annual GDP for Brazil in 2021 is $1,608,080M and for El Salvador is $28,737M
https://countryeconomy.com/countries/compare/brazil/el-salvador
We haven't known whether the impact of acknowledging Bitcoin as payment by Brazil will have a bigger and better impact than El Salvador. It does not matter how huge the population of the country is. What matters in adoption is the people getting involved in the process. Being a prospect doesn't mean they are already involved so we are not sure about the impact of the law about Bitcoin being accepted as a payment until the Brazilian President signs it, and people in Brazil start using Bitcoin as payment.
When I first saw the news on Twitter, I was so delighted because I knew we are getting closer to the goal. To me, it seems the central and south American countries have seen the future and are wasting no time in doing something about bitcoin adoption. Could it be that they are tired of depending on the Dollar and they want freedom to be able to grow and expand their economy? 2023 is going to be an interesting year for bitcoin.
I think Brazil isn't tired of dependin on the dollar, they just think that having another option of payment is better. Besides, it is also possible that they wanted to tap the potentials of accepting Bitcoin.
December 01, 2022, 01:38:40 PM
Brazil's population is more than 200 million people, so it's a huge step in Bitcoin adoption. The president might not sign the law, of course, if he wants to create an inconvenience during his last weeks in office, but hopefully given the support of the parliament and a change of president soon, it won't be a big issue for this country. If it's recognized as a payment method, am I correct to assume it means that it's not getting taxed, just like fiat currencies aren't taxed? Of course, income taxes are a separate thing, but at least it isn't a property, so no VAT is applicable?
December 01, 2022, 12:46:12 PM
When I first saw the news on Twitter, I was so delighted because I knew we are getting closer to the goal. To me, it seems the central and south American countries have seen the future and are wasting no time in doing something about bitcoin adoption. Could it be that they are tired of depending on the Dollar and they want freedom to be able to grow and expand their economy? 2023 is going to be an interesting year for bitcoin.
It is beginning of new era and Bitcoin will lead in almost every sectors. We are getting many positive news about Bitcoin and obviously it is good sign. We have to depend on limited options but in future, we will be able to get huge benefits from Bitcoin. We need strong believe on Bitcoin for future benefits. 
December 01, 2022, 12:32:45 PM
Could it be that they are tired of depending on the Dollar and they want freedom to be able to grow and expand their economy? 2023 is going to be an interesting year for bitcoin.
I don't think it is any of that, they aren't even making BTC a legal tender, they want to allow people spend BTC for payment if the merchant accepts it, it is almost the same thing everywhere, except in countries that have banned BTC meaning merchants can't accept it, but if BTC isn't banned in a country then i think merchants can accept it if they want, and that is the same thing Brazil are doing, nothing big in my humble opinion. I have also learnt from users in this topic that Brazil are just looking for a way to control the exchanges their citizens use, they want local exchanges to thrive, while they want foreign ones out, this news is covered with so much cloud, so i am not optimistic about it. 2023 is gonna be interesting for BTC all the same, but not because of this news. 
December 01, 2022, 11:45:25 AM
When I first saw the news on Twitter, I was so delighted because I knew we are getting closer to the goal. To me, it seems the central and south American countries have seen the future and are wasting no time in doing something about bitcoin adoption. Could it be that they are tired of depending on the Dollar and they want freedom to be able to grow and expand their economy? 2023 is going to be an interesting year for bitcoin.
December 01, 2022, 10:04:33 AM
Looking at statistics, more people or individuals are interested in investing in bitcoin. Most people are comparing bitcoin and fiat, and Latin American Brazil, to be specific, accepting bitcoin as a payment method is actually a good one, it will also help the market, and other countries' law markers should consider it, as well. Bitcoin is gaining more traction since El Salvador made a disclosure that buying bitcoin every day will bring so many countries to have interest in investing in it. Looking at this new one was a good one and am seeing more coming.
The point of these "smaller" nations accepting it is the fact that it gives the citizens of those nations a chance to actually make some real money, and that money comes from richer nations into these nations and those citizens spend it in their own nations.Like for example a web developer in the USA may charge you $5000 for a good website, whereas a Brazilian would charge $500, I detest the idea that Brazilian web developer will always be worse, sure there are some great developers in the USA, some great in Brazil, some terrible in the USA, some terrible in Brazil, so that means people will pay the Brazil a lot more frequently and that money will be spent to pay his bills, food, rent and so forth.
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December 01, 2022, 08:23:51 AM
Yes, this is a piece of good news for all crypto enthusiasts that we see some lawmakers that acknowledge Bitcoin as legal tender but according to the article provided by the OP, this news is not official because the Brazilian new President's signature is still required, and from what I read the previous President will leave office on Dec. 31 while the new elected President will resume. Therefore, it will be next year before we know if BTC is truly legal tender in Brazil.
I was reading this news in the morning, and I am wondering if this is the reason why bitcoin is going up today. Although no final decision has been made yet, this is a great start and hopefully the new president will also be a bitcoin-friendly person and Brazil is also a South American country known for its crypto-friendliness.
I am a Brazilian football fan, it would be great if they could win the WC this year and bitcoin would be legal tender in this country. That's just my wish
.
December 01, 2022, 07:56:32 AM
Brazil didn't make Bitcoin a legal tender, it just allowed to use it. And IMO it is good and better corresponds the spirit of Bitcoin: you got an alternative but you are not made to use it. Bitcoin has enough benefits of using it and not to be needed in legislative enforcement to use it.
Brazil have yet made Bitcoin legal tender in their country but the impact from Brazil is bigger than legal tender in El Salvador.Brazil is a far bigger country than El Salvador with bigger economy so that this adoption in Brazil is very important for Bitcoin community. After Brazil, we can have other smaller and bigger countries adopt Bitcoin as a payment method in their territories.
Annual GDP for Brazil in 2021 is $1,608,080M and for El Salvador is $28,737M
https://countryeconomy.com/countries/compare/brazil/el-salvador
December 01, 2022, 07:23:52 AM
I saw this headline this morning in the news, but never read it into detail, between this is a good move by the Brazilian people to adopt Bitcoin as a payment method in other news as a legal tender just like in El Salvador.
Now Brazil joins other countries in adopting bitcoin as an alternative currency which gives citizens a wide range of options for financial transactions.
Now Brazil joins other countries in adopting bitcoin as an alternative currency which gives citizens a wide range of options for financial transactions.
Brazil didn't make Bitcoin a legal tender, it just allowed to use it. And IMO it is good and better corresponds the spirit of Bitcoin: you got an alternative but you are not made to use it. Bitcoin has enough benefits of using it and not to be needed in legislative enforcement to use it.
December 01, 2022, 06:48:17 AM
Looking at statistics, more people or individuals are interested in investing in bitcoin. Most people are comparing bitcoin and fiat, and Latin American Brazil, to be specific, accepting bitcoin as a payment method is actually a good one, it will also help the market, and other countries' law markers should consider it, as well. Bitcoin is gaining more traction since El Salvador made a disclosure that buying bitcoin every day will bring so many countries to have interest in investing in it. Looking at this new one was a good one and am seeing more coming.
December 01, 2022, 05:45:01 AM
Yes, this is a piece of good news for all crypto enthusiasts that we see some lawmakers that acknowledge Bitcoin as legal tender but according to the article provided by the OP, this news is not official because the Brazilian new President's signature is still required, and from what I read the previous President will leave office on Dec. 31 while the new elected President will resume. Therefore, it will be next year before we know if BTC is truly legal tender in Brazil.
I was reading this news in the morning, and I am wondering if this is the reason why bitcoin is going up today. Although no final decision has been made yet, this is a great start and hopefully the new president will also be a bitcoin-friendly person and Brazil is also a South American country known for its crypto-friendliness.
I am a Brazilian football fan, it would be great if they could win the WC this year and bitcoin would be legal tender in this country. That's just my wish
. December 01, 2022, 05:11:56 AM
Very good and interesting news for all.Big congratulation for Brazil has approved the bill recocgnizing Bitcoin as a Payment method. Many countries are interesting on bitcoin investment. Many countries government accepted bitcoin and bitcoin payment method. Brazil is famous country and now their economic will be more growing in future. I think,it will be positivity in their countries bill payment method.
December 01, 2022, 04:20:09 AM
An interesting moment! Bitcoin has been adopted at the legislative level. But using it as a payment is not very convenient because of the very high fees. Doesn't that seem strange? Of course, this has some advantages for Bitcoin, but it cannot be said with certainty that it has changed something a lot! Maybe I don't understand something? The opinion of others will be interesting.
November 30, 2022, 05:59:28 PM
Indeed another win for Bitcoin and the cryptocurrency ecosystem at large.
Today, it announced that the Latin America country - Brazil, through their lawmakers, has approved Bitcoin as a payment method.
This simply means that Bitcoin is now a legal means of payment for goods and services in the country.
This is another win for Bitcoin and gradually, adoption is coming to Bitcoin and the entire crypto ecosystem.
Read full update on: Cryptoslate
November 30, 2022, 05:48:44 PM
Is there a difference between Payment Method and a legal tender?
It is extremely frivolous to comment on something without reading what exactly it is about - is it so difficult to click on a link or do you consider it a waste of time?
Quote
While this represents a huge step forward for cryptocurrency adoption, the bill falls short of making Bitcoin legal tender.
For all those who relate this news in any way to El Salvador, don't be too excited - Brazil has not declared Bitcoin to be legal tender. How much this kind of law will help people in Brazil remains to be seen, and we will be able to see that only when it is officially approved by the new president next year.
Yea while it does fall short of making Bitcoin legal tender, it's a massive step forward and
could be seen as a stepping stone to the legal tender status.
Another positive is that it's Brazil, largest country in South America. It's also another
government softening it's view on Bitcoin.
On the down side there will be more regulation. It's important in times like this that
we can be reminded that we should seek out decentralised options for entry and exit points.
November 30, 2022, 05:23:03 PM
This is really a thing of joy for the entire crypto space and ecosystem as there are now more global adoption of this currency Bitcoin.
Despite the adoption with is the pending full approval and stamp from the president ,there are also some restrictions sounding this adoption and some taxes paid on transactions .
Generally, regardless of whatever restrictions sounding Bitcoin and it's adoptions in some countries, Bitcoin has come to stay and it will gradually make it's way to tye heart of all.
Despite the adoption with is the pending full approval and stamp from the president ,there are also some restrictions sounding this adoption and some taxes paid on transactions .
Generally, regardless of whatever restrictions sounding Bitcoin and it's adoptions in some countries, Bitcoin has come to stay and it will gradually make it's way to tye heart of all.
the government is now seeing that they can't stop the adoption of crypto in their financial system. so they just need to accept this currency and make it legal. with this action, black market for this currency is prevented as people will just deal with it in legal means. also, the govt can collect their taxes from crypto-related businesses which is good for their economy. banning will just give them so much problem.
November 30, 2022, 05:12:13 PM
recognising it as a currency. is different to treating it as a legal tender that all merchants should allow to be accepted as payment.
much like how the US did in 2014. treating it as a currency which allowed regulators to start knocking on doors of bitcoin swap services to declare them as money currency service businesses,(financial exchanges)
it was more about allowing those regulators in and not so much making bitcoin "mainstream"
anyways
brazil with a population of 200m
has a regulatory arena of possible business acceptance of customer base far more then the UK by a factor of 3.5x
has a regulatory arena of possible business acceptance of customer base far of 0.66x of the US
so brazils play in the arena could put UK down a peg and have brazil in 2nd/3rd place to the US, while also maybe taking businesses away from america if it sets the right consumer protection regulations and legitimises business better than the US did
only time can tell
much like how the US did in 2014. treating it as a currency which allowed regulators to start knocking on doors of bitcoin swap services to declare them as money currency service businesses,(financial exchanges)
it was more about allowing those regulators in and not so much making bitcoin "mainstream"
anyways
brazil with a population of 200m
has a regulatory arena of possible business acceptance of customer base far more then the UK by a factor of 3.5x
has a regulatory arena of possible business acceptance of customer base far of 0.66x of the US
so brazils play in the arena could put UK down a peg and have brazil in 2nd/3rd place to the US, while also maybe taking businesses away from america if it sets the right consumer protection regulations and legitimises business better than the US did
only time can tell
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