Topic: Can Bitcoin be Palestine's currency of freedom?? - page 2. (Read 555 times)

what el salvador expects from legalizing bitcoin as legal tender in their country; is to attract investors to enter their country, but investors are reluctant to invest in that country because they see something else, investors need interesting things to increase their interest in investing in el salvador.


Regarding Palestine, we all know that currently they are still at war with Israel, besides that the infrastructure in Palestine is also very bad, accepting Bitcoin as a legal tender there will only make the trust of the countries that donate to them decrease.
the Palestinian government must have had a discourse on the future of bitcoin in their country but matters related to politics and infrastructure are their biggest obstacles, it's like a double-edged knife if they accept bitcoin as a legal tender at this time.

I don't think I can, because bitcoin is not a means of payment like fiat,
what is my highlight here you say elsavador is financially free is this real? there are many articles that state this country has not succeeded in using btc as a legal currency, and the society is still as it used to be.

Before the Palestinian state proposed a crypto currency, El Salvador had already legalized bitcoin and had made bitcoin a legal currency in their country, El Salvador had legalized bitcoin for over a year in their country but their country's economy was still weak and even fell worse from before they legalized crypto currency, now Palestine is also proposing to make bitcoin the currency of freedom in their country, indeed this is being a fierce debate, some say if they use bitcoin as the currency of freedom in their country, then they can be free from the Israeli population, there are also those who argue that using bitcoin as freedom money in Palestine will not be affected by anything about the war with the state of Israel.

And how that's financial freedom work in real life?
https://reliefweb.int/report/el-salvador/el-salvador-central-america-mexico-migration-crisis-emergency-appeal-no-mdr43008-country-operational-strategy

Is that simple, people who don't have money can't have bitcoin cause bitcoin is something of value, whatever you consider it, an asset, a currency, an investment, and when nearly everyone in that country is almost near poverty or below poverty level then there is not going to be any major influx to bitcoin or another cryptocurrency because they simply can't do it! Remember how Bitcoin was supposed to save Venezuela, how it was supposed to fix every country from Argentina to SriLanka, how millions of Turks were rushing to buy Bitcoin years ago, how each damn country in distress was seen as a new way to prove bitcoin is a cue for all?
No, it's not, because it's not something magical!

Bitcoin is a tool, it's a thing that has value, that needs to be bought and used, that can't build you a house out of nowhere, put food on the table by running a command or suddenly make millions of well-paid jobs appear. And the biggest tragedy in all of this is that people who managed to fuck a country beyond repair with this system, will definitely manage to screw one relying on Bitcoin also, it's just a matter of time till the stupidity of people will break anything!
I've always said and I will stay by this till the end, bitcoin will flourish more in an economically stable environment, you have to build on at least something solid, it won't work just by throwing coins around in a country ravaged by war, crime,  corruption, and poverty.

In fact, countries that legalize bitcoin as a legal means of payment/exchange such as paper money can help the country from economic and financial inflation.

because bitcoin is the only cryptocurrency asset that has a very limited supply and the ever-increasing market demand can make it more and more scarce so its price will rise rapidly.
so it is impossible if the economy in that country to weaken.

Why so? It's not like the government forced people to pay with bitcoin; I'm pretty sure it's just optional. In the end it's up to the person if he/she wants to hold or sell his/her BTC.

You are actually misunderstanding the concept of adopting bitcoin in El Salvador as they have made it also the legal tender along with US dollar so it's not the alone legal currency there and I think Nayib Bukele was aware about that same volatility that could affect the investment.

But as you can see from this tweet Tax revenue is also growing and the British Pound has plummeted to record high so no talking about it? They are under the way of Bitcoin city and have made progress of schools also and doing fine so can't say they will regret their decision of adopting btc.

Right on the point that bitcoin can't solve the world problems but can provide you with financial freedom and decentralisation only but how can it solve the wars? The ongoing war between Russia-Ukriane can't be handled with bitcoin although people are using it.

Like in the case of El Salvador they have adopted bitcoin but still the crime rate is high and you can check on it safe countries list ranking very low so you can't confuse bitcoin with these political agendas as it's not capable of solving it.

If a country like El-Savador can be fine and alright doings with bitcoin adoption and Central African Republic not regretting it decision for adoption then the Palestinians should have it assurance that they will definitely have their own good encounters with bitcoin as well, there's no way we can fully control people from having biased mindset towards it but the result will make the difference afterwards, the government also have to take some crucial steps and stop listening to the market noise and face business on its dealings with bitcoin, if they can plan, put resources together and work towards the desires of the people for privacy and decentralization in currency then they can make a very good awesomeness away from bitcoin adoption.

Bitcoin is a currency of the free. So it doesn't matter where you are in the world for you to make the most of Bitcoin. Whether you are in the US or Sweden or Palestine, Bitcoin provides you the opportunity to deal with other people without having to go through a third party.

In the case of Palestine, though, where the people are being subjected to rules and laws that may not really be of their preference, Bitcoin is a much more attractive option. In the face of an antagonistic authority, a currency that can't be censored is the better choice.

But missiles, guns, tanks (obsolete now lol),... need money you know. They ain't grow from the tree. All it comes to money to armed your militia, to defend yourself or whatever you stand for and are willing to die for. Like you can preach about 2nd armament all you want but when you don't have enough money to buy a gun (or two or maybe a lot of it just for safe) to defend your home, all was just talk.

I say Bitcoin has a chance to debut in Palestine as a currency for black market dealing. Less fiat money trail for Mossad to track and intercept or prevent it. Rich Arab dude might feel empathic to Palestine's cause and send Bitcoin for them to buy guns and missiles. Less chance for the intelligence agency to find and flag it as terrorist funding.
off-topic, with Israel and UAE's normalization relationship, even trying to buy each other weapons (Israel's SPYDER ADS for UAE), the chance for Palestine to count on the Arab brotherhood's support is slim.

I don't think we need to compare it to El Salvador and other countries that have embrace bitcoin and crypto as a whole. It really depends on how the country is going to used it, and if they it can be their currency of freedom then so be it. And it will really take years before some nation will adopt it as legal tender or alternative to their local currencies, and so it will be a big challenge and there are going to be obstacles along the way for Palestine, not be easy and so only in the future that we will know if they adapt this idea of bitcoin being 'currency of freedom' or not.

Bitcoin could be a part of the solution to the economic problems of Palestine but not the Messiah because the economic challenges of the nation are multi-dimensional. The country is facing serious economic blockage from another powerful nation that is strangulating the financial sector of Palestine. Yes Bitcoin can give them access to cheap and reliable international and also national transactions, but investment in Bitcoin would be very slim because the nationals are only focusing on meeting their basic needs. Also, because of political instability and constant military attack, investors in the Bitcoin space would not risk their funds in such a nation.


It might be too early to measure the impact of Bitcoin on the economies of both El Salvador and the Central African Republic because they are longtime investors in Bitcoin. The President of El Salvador is enduring a lot of criticism because of the bearish market. Although we have heard reports of more revenue being generated from tourism in El Salvador due to the adoption of Bitcoin and the SANGO project of CAR is barely a few months old. Let's just be patient and believe that something positive would come out of this nation's bold steps. 

Bitcoin is a boundary free currency system so anyone who has access to internet, can freely use bitcoin. That's the beauty of bitcoin! So if any country adopts it as a legal tender, they can indeed use it towards their best belief. However, there is a risk element to everything and bitcoin is no exception here. It can be used for criminal activities as well it's very very difficult to track for the enforcement agencies. That's one point which is acting as a bottleneck for a lot of governments.

Also the price volatility is another challenge. El-Salvador is definitely experiencing it in a hard way. So every government that are planning to adopt bitcoin as a legal tender. needs to have risk mitigation plan ready. Scraping their own currency is not good. Bitcoin can be simultaneously used alongside their own currency which is better and there is a fallback point. Completely depending upon bitcoin can bring disasters!

Underdeveloped countries aren't ready for Bitcoin/crypto.
BTC adoption failed in El Salvador, why do you think that it will be more successful in Palestine?
AFAIK, every Palestinian is free to use BTC/crypto if he or she wants. I don't know about crypto being illegal in Palestine.
Giving Bitcoin some miraculous powers of "bringing financial freedom" is simply dumb. The poor cannot be financially free because they are poor. The currency they are currently using doesn't matter. If you are poor and you are using crypto, you would still be quite the opposite of financially free, because you are poor. Bitcoin/crypto cannot help the poor to become rich. The financial/crypto market doesn't work that way.

How about actually diving into Palestinian politics a little?

We have the PLO which is supposed to be controlling the majority of Gaza-held Palestine, which is just a large coalition of political parties, the largest being Fatah, and then you have Hamas (which battles the PLO for control over Gaza) which instead of peacefully ruling over its part of the land, seeks to cause trouble with Israelis, which has resulted in it being classified as a terrorist organization by pretty much every western country.

Fatah's political leadership in particular is rife with corruption and it's questionable whether they actually care about the Palestinian cause.

Against this mixed façade, how do you expect Bitcoin to be of any political use here? At most, it only provides an economic relief.

You can not liberate your home with money, you'd need weapons.
When the planes come and drop bombs on your head, it doesn't matter if you are using bitcoin or another currency, you'll blow up just the same. Which is why freedom is only gained through armed defense just like in Ukraine.
You can't send Ukrainians bitcoin and ask them to fight the invades with money or blow up their tanks with bitcoin!!! They'll need missiles, guns, etc to fight the invaders.

Bitcoin doesn't mind (it doesn't care either). We don't mind. But.. it's not us who have to answer this.
It's all about people's willingness to use Bitcoin for their every day needs and about the political decision makers who can make this happen.
Just don't forget about the price volatility, since it's still a real problem.

Nope, there's an another article who discuss Palestine isn't directly accept Bitcoin payment, but they're need to convert Bitcoin to fiat which is that's not what to enjoy a complete freedom. When you need to convert Bitcoin to fiat, you're using exchanges and you will be asked to complete your KYC first.

There's no countries right now want to pay anything in Bitcoin equivalent since they're scared of the volatility, but at the same time if they purpose is to get complete freedom, you must not link your coins to any exchanges.

I have seen other posts of yours in the past and consider you a decent poster but this you have written is garbage to be honest. You say El Salvador and the Central African Republic are experiencing financial freedom? LOL. El Salvador remains about as poor as it was and Bitcoin adoption has been rather low despite government promotion:

Everyday Bitcoin usage in El Salvador remains low despite government push, US academic study finds

Most of them, when they receive a payment in Bitcoin, immediately convert it to USD, especially with the downward trend of the Bitcoin price for many months. Users in El Salvador, the vast majority, if they use Bitcoin do so through Chivo Wallet, which is centralized and with KYC. The financial freedom thing in those countries can only be understood as a joke, and you are going to reaffirm this, I hope that you will provide arguments to back it up.

I don't know much about the Central African Republic but I imagine it will be similar.

So the parallelism with respect to Palestine I don't know where you get it from, unless it is because of the logic that from a false premise you can deduce anything (incorrectly).

In this forum we are biased about Bitcoin and we tend to see it as a solution to the world's problems, but you have to get out of the fishbowl and realize that there is a whole world out of water.

Bitcoin is for everyone and everywhere. Just need to have Internet connection, a non custodial wallet (should have it, rather than custodial wallet), you can use Bitcoin.

Can use means you can receive and send it to others. Next, get accepted as a payment method locally is different; get legal tender is more different. If you use Bitcoin for illegal things, you will not have or have less issue with government even Bitcoin is not legal tender in your country.

It is totally free, portable and no central control or censorship.