Topic: Can Bitcoin save us - page 2. (Read 2159 times)

That's a harsh reality. We are witnessing something that might have been anticipated but wasn't planned. Satoshi knew that Bitcoin was going to become extremely popular in the future which is why he said that after a decade, there would either be a lot of transactions in the blockchain or there would be none. He probably also knew that the price value of Bitcoin would increase over time considering the fact that it has a limited supply and the rule of supply and demand will power the price up once the demand increases.

However, his vision was definitely different. He didn't create Bitcoin to become an investment asset or a scheme that people could use to become rich by buying and selling it. What's even more ironic is that many of the people who invest in Bitcoin don't even know what it was created for, they think it was created to become what it has become these days which isn't true.

You want to know why volatility is still an issue? It's because people value Bitcoin in terms of Fiat (particularly in USD). The world is still stuck with the Fiat standard. Once BTC becomes the standard unit of account, then prices wouldn't matter. You'd start buying/selling stuff directly in BTC terms instead of Fiat. I mean 1 BTC = 1 BTC, right? So when you go to the store, and buy something for 0.0001 BTC (for example), it will stay that way no matter what. Static/constant prices, not changing based on current market prices (volatility).

At least, that's the dream. But it'll never become a reality because: A. People invest in BTC out of greed (to get rich quick), and B. Governments won't allow this to happen. At this point, I doubt Bitcoin will be able to save the world. In fact, banks and governments will become stronger by using the same tech underpinning Bitcoin (Blockchain). They will launch CBDCs, effectively rising all the way to power. Who needs decentralized cryptocurrencies, when digital Fiat (CBDCs) can do the same job with the added advantage of greater merchant acceptance and versatility? Therefore, Bitcoin will remain an alternative than a replacement of the Fiat money system forever.

You are right beside these two countries, BTC is not considered legal tender in any of the countries and AFAIK out of 195, around 56 countries don't allow BTC but according to Coingecko, only 22 countries have imposed strict rules against crypto while the remaining 25 has not imposed any rules and regulations, meaning they are neutral, while the remaining countries have allowed crypto usage.

So we can use crypto to pay for almost anything considering the fact there must be buyers and sellers using this method, in my country I can't pay with BTC directly, but it is not the surprising thing for me because in most of the shops near me they don't even take payments in banking apps lol I mean they are literally not accepting digital fiat then why would they think to take payment in BTC.

An alternative may be a much more valid reason than a replacement narrative.
The creators of bitcoin had an idea of why people should consider their product an alternative and we all know that bitcoin can provide something much better.
There are many problems with fiat currencies and we can see how economic developments are causing banking systems to become more chaotic and inflation is high, making currency exchange rates worse for some countries.

Money continues to lose value and is no longer able to maintain the resilience of a centralized system, but the economic journey is still needed by humans despite its weaknesses.

It is understanding that if you're fine your way very good for bitcoin investment bitcoin can save you from financial downfall because the level of Bitcoin increment from year to another year is getting larger so the Bitcoin you invest today may not be the same value of bitcoin receive next year because of it yearly increase for now so that alone, that bitcoin will help you for boosting economy or making you to be a financial strength through the investment I don't know for other people but what I know is that and when you mislead the information of Bitcoin investment you will end up condemning bitcoin and its investment because you have not known about Bitcoin or make inquiring about bitcoin very well before your invest on it

Bitcoin has many uses but no one is using Bitcoin permanently for the volatile market only. Maybe many people are investing in Bitcoin and just holding it but no one is accepting it as payment for business. Since the price of Bitcoin fluctuates over time, it is not permanently accepted as a medium of exchange. In particular, other purchases will not be accepted as payment in exchange. Although the popularity of Bitcoin is constantly increasing, but as such, no country is validating Bitcoin. However, it is not possible to say whether Bitcoin will be accepted as a universal currency around the world in the future. Since popularity and acceptance are two different things, only Bitcoin's popularity is increasing but acceptance among people and as a means of payment exchange is not.

The fact is that the dark old days of bitcoin are gone. Bitcoin is well positioned to continue to excel in the economy. Countries have made bitcoin a legal tender, and even others that have not made it a legal tender, atleast it is legitimate in some of those countries.

Gone are the days we here ban! Ban! Ban against bitcoin. This time around we have started hearing that some countries are lifting ban on bitcoin. Whether they lift the ban in order to be able to tax bitcoin, it doesn't really matter.
We have all forgotten when a former president and an aspiring president of America using bitcoin was a prayer point, today it seems normal.

At this point, it's too late for Bitcoin to save us. Banks are still relevant, while centralized exchanges dominate a large portion of the market. Satoshi's vision of decentralizing the economy cannot be fulfilled this way. In the early days, I've thought BTC was going to render banks obsolete and even move people's interest away from Fiat. Guess I was wrong. The vast majority people consider Bitcoin as an investment. Not a currency. They buy BTC with the hopes of getting rich in the future.

Believe me, Bitcoin is far more than "meets the eye". The whole purpose was to eliminate the middleman. But with the greedy mindset most people have, this would only be a long and distant dream. It's why banks, and centralized exchanges are still a thing. Now things are worse with the launch of spot Bitcoin ETFs in the US and abroad. Institutional investment firms will accumulate a large portion of the circulating supply. Thus, making Bitcoin unequal and subject to the desires of these giants. Governments can now do whatever they want with it.

The good old days are gone. BTC is now tied to the financial system that collapsed a few years ago. So if the mainstream economy crashes, so will BTC. End of story. At least, Bitcoin can make you money if sell it at the right time. As long as you're one step ahead of inflation, nothing else matters.

This is not true because they do not have their own national currency, they use USD as their national currency, the pressure they were under at that time was the weak economy. The IMF doesn't want to lend them more money to save the economy and they are on the brink of bankruptcy with no other solution. Bitcoin was their last gamble, and luckily, things turned out just as they expected.


El Salvador was criticized and warned by the IMF at the time for making bitcoin a legal currency, not for investing in bitcoin. Investing in bitcoin is up to each country's independent decision without asking anyone's permission and no one cares about it. Furthermore, they were criticized because their economy was on the verge of bankruptcy at that time and it was indeed a reckless decision. Just like we often advise each other to only invest in bitcoin when we have a stable income or only invest with the amount of money we can afford to lose.

I do remember up those moments on the time or moment that El Salvador did make out such decision on adopting or making Bitcoin as a legal tender on which there are tons of bashes and criticisms on what they have done.Now that the market did make out some good movement in price then this is where they could be able to say that they had made out the right decision. I do remember up those days that they had bought even
more when the market did make out some crash and they havent changed up their mind on accumulating more. They have done the right choice and pretty sure that they are really that indeed in profits.
As for personal point of view or condition then Bitcoin wont be able to save you in terms of finances, not unless if you have tons of coins  that invested and able to buy them on the lower price but of course it will
really be just that depending on how much you have invested before you could really be able to tell that you are really that successful into it or simply saying that you have that been saved.

Yeah, it depends on how much faith and belief you have for BTC as a whole. And not lots of govs and groups of businesses do have such in abundance 

This is not about either a country is small or not this is about what a country won't and making new decisions when it comes to their finances, because I won't say that El Salvador is a small country but they made a personal decision that they want to invest invest in bitcoin and accepting it as a legal tender is to also relief pressure on there own currency and the thing is now that only few people will want to use their bitcoin for purchase they will rather keep it for more profits. And even without an official announcement people use it as a legal tender, their are sites that you might want to buy something from the site and you will be asked to pay in bitcoin and this is something I can choose  to do personally. I can choose to make bitcoin a legal tender in my own business, it all depends on me.

As far as I know, the Central African Republic has declared that they failed to make bitcoin legal tender and since then there hasn't been much news about them. So it's hard to know exactly whether people can still use bitcoin to make payments there.


Yes, some companies or stores in the US have accepted bitcoin as a payment method but the problem is that it is not legal yet so it is not popular and I think if the government does not legalize it then not many people will want to use it. Because they know that if a dispute arises, they will not be protected by the law.


We can use bitcoin as a currency and payment method without asking for government permission, but the problem is that if it is not legalized by the government, we will be at a disadvantage and cannot use it widely.

Yes, its just my opinion for smaller countries, but that depends on many economic factors.

Benefits of making bitcoin as legal tender is still a big debate between those skeptical and those who support to this move. Economic improvements are considered in different ways like many crypto projects moved and have office based there due this legality thus more jobs equals more taxes. Also, tourism has major effect knowing its their (El Salvador) forte, many crypto enthusiast go/went there to at least experience of a place where bitcoin is fully accepted.

Abolishing the use of USD is a suicide move in any country where imports and exports prices are based on this currency or any currency to be precise, so it's reasonable that they will still use it. Of course it depends on where to exports/imports, say China and Russia mostly preferred to use their own currency when accepting imports/exports but most of these countries use USD.

Well, it's true that bitcoin volatility matters, once it drops the value of their reserve will be in danger, that's why it's too risky move.

Now, just based on idealogy, a country being bullish on bitcoin will lift up others to do so and demands will go rise then price will go up. Of course, someone will dump it as in free market.

For the record, as of the current price, assuming El salvador didn't sold any fraction of their holdings either in private since there's no official announcement made in public, their bitcoin holding is in profit, knowing they buy something in the last few years in price range of $40k and $60k.

Even in smaller countries that is very unlikely. Honestly, I wonder what benefits using bitcoin as legal currency would bring to their economy? Many people say that El Salvador's economy has improved thanks to bitcoin, since they legalized bitcoin, is that true? Does anyone know what El Salvador's economic strengths are? How can we ensure their economy is improved with bitcoin? As far as I know, their strengths are tourism and agricultural exports, so what does this have to do with bitcoin? If bitcoin really impacts and helps them improve their economy, then why do they still use USD as their official currency instead of eliminating it?

Bitcoin volatility will bring more risks than benefits to any country's economy, we need to face the problem and accept that fact.

There are 2 countries that we officially can use Bitcoin for any payment purposes.
1. El Salvador (USD, BTC)
2. Central African Republic (XAF, BTC)

Besides these countries, there are also another country that we possibly use Bitcoin for paying goods or services, it is in USA. Although in USA Bitcoin isn't a legal tender but it is the fact that Bitcoin has been used to pay goods. Even Trump already gave the example to pay Burgers with Bitcoin.  

Related sources:
1. https://coinmarketcap.com/legal-tender-countries/
2. https://b2binpay.com/en/countries-which-allow-cryptocurrency-as-legal-payment-method/
3. https://cointelegraph.com/news/donald-trump-bitcoin-transaction-burger-nyc-bar

I would only expect smaller countries to adopt bitcoin as legal tender, not the big boys whose economy's are vast and lots of influence to other countries like US, China and Russia and any country in EU knowing how centralized their monetary system and policy there. Expect next country will be from Latin America, Africa or Asia, except in Middle East knowing how their official currencies are tied on oils.

You mean there are no other country that accepted Bitcoin as a legal tender except El Salvador. How long do you think it takes for other countries to also accept Bitcoin as a legal tender starting from the day El Salvador accepted bitcoin as a legal tender?. I think it will take a lot of time although I don't have an exact date and as of now in my country, the central bank regulated an exchange platform.

Honestly, I don't see anything wrong with someone keeping money in the bank for emergencies or intending to use the money in the near future. And it would be a bad idea to put all our savings into bitcoin because in the short term, bitcoin's volatility will hurt us worse than inflation. Just like the 2022 bear season, bitcoin lost more than 70% of its value in just 1 year and those with savings in bitcoin certainly had the worst time.
When it comes to bitcoin, it is only suitable for investment because of its high volatility, not even suitable for storing value or hedging against inflation.


Not just your country, no country has accepted bitcoin as legal currency yet, except El Salvador. Most only legalize bitcoin as an asset, an investment.

That is what I observe from bitcoin, to continue to remain in decentralized till kingdom come because government will never allow decentralized currency to take over their fiat position in the country, but that is not the reason bitcoin was created. I believe the people of El Salvador people can testify about the benefits they are receiving from bitcoin in their country, because nothing like delay in transaction in the land again, and many business men and women has made their business available to accept bitcoin as payment which is the major tool to fight inflation in a country.