Can small countries in accepting bitcoin as legal transaction? - page 3.

BlackBoss_

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Quote from: AmoreJaz on May 29, 2024, 06:37:27 PM

That is true, don't think that a country will be progressive if they will make bitcoin as legal tender. Treat it the same as fiat, how people are using it for day to day transactions. Any country who will go into crypto doesn't mean their economy will improve outright. It still depends on their government how they are going to use the crypto market to their own advantage.

Their nations and governments, central banks must make Bitcoin legal tender in their countries but at global scale, they will be challenged by IMF and other big countries. The world is still far from time when all or most countries adopt Bitcoin as legal tender for payments.

There is good achievement from El Salvador some years after they made Bitcoin legal tender and invested national treasury in Bitcoin.

The credit rating of El Salvador improved and it's good for their country.
https://tradingeconomics.com/country-list/rating
S&P Global: El Salvador 'B-' Long-Term Ratings Affirmed
Bukele Wins Big in El Salvador

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Quote from: Upgrade00 on May 29, 2024, 12:30:29 PM

Any country small or big can make Bitcoin a legal tender. What they shouldn't do is have a unrealistic expectation that doing so will improve be the economy of their country and the standard of living is the citizens and they shouldn't restrict citizens to a certain platform like El Salvador did.
Sure, it will help the acceptance of Bitcoin if a top country makes it a legal tender and if it becomes popular among many countries, but that's about it.

In many countries it is already possible for businesses to accept Bitcoin as a means of payment and these are the businesses that see the value in it. Making it a legal tender means eveey business will be compelled to use it but may not see the value in it and may not get many users paying through that option.

That is true, don't think that a country will be progressive if they will make bitcoin as legal tender. Treat it the same as fiat, how people are using it for day to day transactions. Any country who will go into crypto doesn't mean their economy will improve outright. It still depends on their government how they are going to use the crypto market to their own advantage.

Cryptomultiplier

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Quote from: JacksonFmessayah on May 29, 2024, 12:20:23 PM

we know to be the first country in the world to officially accept Bitcoin as legal tender. This was followed by the President of El Salvador, Nayib Bukele, who announced that the government would start buying 1 BTC per day on November 16 2022, but can other small countries follow in El Salvador's footsteps and what are the country's challenges in this regard? This might be a very interesting discussion to see that so many people from small countries are interested in cryptocurrency, more specifically Bitcoin

I even learnt of El Salvador citizens receiving some amounts of BTC from the government for them to use as at the first time they adopted it.
Also, Lugano signed a memorandum of understanding with El Salvador until it recently adopted cryptocurrency as part of its nations currency and for use for payment processing that includes tax payments.
In addition Brazil still uses cryptocurrency and even accept it when the citizens use it to pay their taxes too as well as they have centres where cryptocurrency can be bought and traded too.

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Quote from: JacksonFmessayah on May 29, 2024, 12:20:23 PM

we know to be the first country in the world to officially accept Bitcoin as legal tender. This was followed by the President of El Salvador, Nayib Bukele, who announced that the government would start buying 1 BTC per day on November 16 2022, but can other small countries follow in El Salvador's footsteps and what are the country's challenges in this regard? This might be a very interesting discussion to see that so many people from small countries are interested in cryptocurrency, more specifically Bitcoin

All countries could follow and implement. Itcoun or adopt bitcoin to their transactions but the thing is how can they manage bitcoin tramsaction, how can they handle its complexity and fit it into multiple scenarios, its eqsy for a country to adopt one thing but the major problem is how will they handle the short commings and the order of that thing, for example in bitcoin if government started to accept bitcoin or any crypto currency payment, how will they handle the main problem which is the transaction fee which is we all know can be too high sometimes, and also the congested network sometimes, so what I mean is any country could adopt and fully implement bitcoin or crypto currency payment but it depends on how will they handle everything, will it be good for their country or not? It depends on the official and the government itself and the prople that will adopt the changes.

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Quote from: JacksonFmessayah on May 29, 2024, 12:20:23 PM

but can other small countries follow in El Salvador's footsteps

Bitcoin was created to be owned by everyone from all people who want to have it. Bitcoin is an elctronik peer-to-peer currency system. Transparent bitcoin is not difficult. Bitcoin is also used as an investment asset by most of its users.
If other small countries want to follow in the footsteps of El Salvador against Bitcoin, of course you can.

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and what are the country's challenges in this regard?

Criticized by the officials of the banking organization because they could stand negatively against the stability of the country's economy. This can be one of the challenges that will be faced. There are many more reasons that will arise for those who are cons if another small country follows in the footsteps of El Salvador.

If every year there are small countries making bitcoin a legal tender, there will be an increase in the amount of bitcoin adoption and that is very positive.

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Quote from: JacksonFmessayah on May 29, 2024, 12:20:23 PM

we know to be the first country in the world to officially accept Bitcoin as legal tender. This was followed by the President of El Salvador, Nayib Bukele, who announced that the government would start buying 1 BTC per day on November 16 2022, but can other small countries follow in El Salvador's footsteps and what are the country's challenges in this regard? This might be a very interesting discussion to see that so many people from small countries are interested in cryptocurrency, more specifically Bitcoin

Of course it is possible, all countries even small countries, can follow El Salvador's steps to buy Bitcoin using the DCA method, but this is not easy to do, especially as each country has different political conditions. The political conditions in El Salvador are definitely very peaceful so the policy is safe for buying 1 bitcoin every month is approved but this doesn't necessarily happen in other countries, so the political conditions of each country play a big role in investing in bitcoin.

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Quote from: serjent05 on May 29, 2024, 03:29:57 PM

I think implementing a certain thing to be a legal tender relies solely on the government and its financial institution. Implementing BTC as legal tender is not that hard if the government and its financial institution wanted to just like how El Salvador accept BTC as legal tender.

The question is, why would a government want to make BTC a legal tender, what do they stand to gain. Surely it would be great news for we bitcoiners if more countries can make BTC a legal tender, but that is not going to happen; it is decentralized and they cannot benefit from it, instead it gives their citizens a way to avoid surveillance, and since governments are anti-privacy, they would not like that.

Quote from: serjent05 on May 29, 2024, 03:29:57 PM

Quote from: Z-tight on May 29, 2024, 02:20:27 PM

Someone has to have the courage and take full responsibility and enforce it, just like Nayib Bukele. In Europe, I think it is extremely difficult for it to happen. But one thing I am almost certain of is that EL Salvador will not be the only country in the next few years to accept Bitcoin as a legal method of payment.

Fix your quote, i wasn't the one who said this.

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Quote from: Z-tight on May 29, 2024, 02:20:27 PM

It is going to be hard for small and poor countries to make BTC a legal tender, in these countries people are more worried about what they are going to eat, rather than using a censorship resistant currency. Take note that even in El Salvador, a greater population of the people do not even use BTC, neither do they even really understand how it really works.

I think implementing a certain thing to be a legal tender relies solely on the government and its financial institution. Implementing BTC as legal tender is not that hard if the government and its financial institution wanted to just like how El Salvador accept BTC as legal tender. The only challenge is the pressure from outside force and the process of establishing the foundation of the said financial system in maintaining the effectivity of its implementation just like what happened in CAR.

Any country as long as the government is willing can accept Bitcoin as legal transaction, after all it is the government that sets rules and policies over its jurisdiction.

Quote from: MinoRaiola on May 29, 2024, 02:06:32 PM

Not every country can follow the example of El Salvador, there are other structures and very difficult things such a big decision is usually only decided by single person. So if it has to be decided democratically, then I dont think it will happen.

It is because not every country shares the same belief as the leader of El Salvador. Just like in my country, even though Bitcoin is legal, it is only recognized as a mode of payment and not as a legal tender.

Quote from: Z-tight on May 29, 2024, 02:20:27 PM

Someone has to have the courage and take full responsibility and enforce it, just like Nayib Bukele. In Europe, I think it is extremely difficult for it to happen. But one thing I am almost certain of is that EL Salvador will not be the only country in the next few years to accept Bitcoin as a legal method of payment.

Legal tender and legal mode of payment is two different thing, aside from El Salvador, many country also recognize Bitcon as legal mode of payment. Here is the list of countries that accept Bitcoin as legal mode of payment: https://b2binpay.com/en/countries-which-allow-cryptocurrency-as-legal-payment-method/

Stalker22

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What El Salvador did with Bitcoin was bold, no doubt. They took a risk. Making Bitcoin legal currency along with the US dollar probably wasnt hugely disruptive since they have used the dollar for ages without their own currency and the lack of a central bank or domestic currency made this transition smoother. Still, its a pioneering move with risks. Plenty might go wrong.

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Quote from: JacksonFmessayah on May 29, 2024, 12:20:23 PM

we know to be the first country in the world to officially accept Bitcoin as legal tender. This was followed by the President of El Salvador, Nayib Bukele, who announced that the government would start buying 1 BTC per day on November 16 2022, but can other small countries follow in El Salvador's footsteps and what are the country's challenges in this regard? This might be a very interesting discussion to see that so many people from small countries are interested in cryptocurrency, more specifically Bitcoin

I have not seen any country apart from El Salvador that accepts Bitcoin as a legal tender, and I believe that other countries are trying to be more reasonable about it. Fine, any country may conclude to invest in an asset, it is a different ballgame, but agreeing that it becomes a legal tender goes way more. There are factors that will be considered, especially the informal nature of Bitcoin, its decentralization and the privacy tendency that could aid anonymity in a way.

This calls for strict and serious regulation even if they accept it to be their legal tender, but how many countries have the capacity to regulate a decentralised asset like Bitcoin? This is why I believe countries are avoiding it as the risk could have outweighed the benefits in terms of security, lack of control, money laundry tendency that could aid enough illegality, and the risk of its high volatility that could make it unreliable at times.

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Both small and big countries can accept bitcoin as a legal tender,even if Bitcoin has not been accepted as a legal tender in most countries doesn't stop the transaction from proceeding, that's the power of decentralization.El Salvador became the first country to accept Bitcoin as a legal tender all because their government knows the value of Bitcoin.Although it stands as a challenge to those countries fighting against the use Bitcoin and crypto transaction,most especially the countries that have been promoting the adoption of Bitcoin.
Satoshi Nakamoto invented bitcoin not with the intention of it being accepted as a legal tender,I see the major reason why most countries accept Bitcoin as a legal tender is to adopt it as a method of payment and allow transactions amongst enthusiast without any form of restrictions by governments.

Z-tight

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Do you know what, Central African Republic tried to follow in El Salvador's footsteps and did the same thing by making BTC a legal tender in their own country, it didn't last for a long time and they revoked that policy. The policy failed because of poverty in CAR, lack of electricity, internet and their limited knowledge in technology.

It is going to be hard for small and poor countries to make BTC a legal tender, in these countries people are more worried about what they are going to eat, rather than using a censorship resistant currency. Take note that even in El Salvador, a greater population of the people do not even use BTC, neither do they even really understand how it really works.

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Not every country can follow the example of El Salvador, there are other structures and very difficult things such a big decision is usually only decided by single person. So if it has to be decided democratically, then I dont think it will happen. Someone has to have the courage and take full responsibility and enforce it, just like Nayib Bukele. In Europe, I think it is extremely difficult for it to happen. But one thing I am almost certain of is that EL Salvador will not be the only country in the next few years to accept Bitcoin as a legal method of payment.

Sim_card

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Making bitcoin a legal tender would not change anything, especially in a small country from a third world country. This is because it will not add any value to the economy and the government will not have the financial power to make it easily used by the poor. Which means that it is only the rich people that will be using it. The reason why I said so is that, android phones and laptops with the internet are needed, and the youths will be the ones that might want to start using bitcoin, but the other people will prefer to use their local fiat that is easy to them for buying and selling without waiting for confirmation of transactions. If the blockchain is congested that alone can make the government and the citizens abandon bitcoin as a legal tender. It not compulsory for bitcoin to be a legal tender before it can be used in countries that did not restrict the use of cryptocurrency, so why must it be a legal tender.

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It is very possible, but Bitcoin adoption is not that easy to do because El Salvador itself is also struggling to do Bitcoin adoption because of the many pros and cons that occur in society.

But look at how El Salvador is now, they are successful with bitcoin and by regularly buying bitcoin, El Salvador makes a multiplied profit.
As well as, they have bitcoin mining machines that use geothermal energy from volcanic activity.

And for other small countries it's going to be a challenge whether they can do it or not.
Because there are several challenges to do adoption such as high mortality, regulation, infrastructure for the implementation of bitcoin adoption and how the public or society responds about bitcoin adoption. All of that will be a challenge that needs to be passed and needs to do research so that there is no failure in its application.

Actually, in today's modern era, Adoption can be done quite easily if the governments of small countries or other large countries are ready.
Crypto education is already quite extensive and of course already know what the benefits are for countries that adopt it.

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Quote from: JacksonFmessayah on May 29, 2024, 12:20:23 PM

we know to be the first country in the world to officially accept Bitcoin as legal tender. This was followed by the President of El Salvador, Nayib Bukele, who announced that the government would start buying 1 BTC per day on November 16 2022, but can other small countries follow in El Salvador's footsteps and what are the country's challenges in this regard? This might be a very interesting discussion to see that so many people from small countries are interested in cryptocurrency, more specifically Bitcoin

Why not. That is, as long as the country's president has a concept and strategy that is ready to implement it in the country he leads, then it can be done. By the word ready, I mean that the President is aware of the pros and cons that will occur during the implementation.
Bukele, the President, is ready with all the pros and cons, but in implementing it with his attitude and commitments, El Salvador has become a country that is widely discussed positively.

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Quote from: JacksonFmessayah on May 29, 2024, 12:20:23 PM

but can other small countries follow in El Salvador's footsteps and what are the country's challenges in this regard?

There is no restriction for most countries if they wanna do what El Salvador did. Is it a challenge or a commitment?

Whatever it is, they're all free to follow it or they can work on their own terms depending on the capacity of their budgeting for purchasing BTC.

Small or big countries, as long as they're able to buy it and it's not illegal on them, they're free to do it.

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Quote from: JacksonFmessayah on May 29, 2024, 12:20:23 PM

we know to be the first country in the world to officially accept Bitcoin as legal tender. This was followed by the President of El Salvador, Nayib Bukele, who announced that the government would start buying 1 BTC per day on November 16 2022, but can other small countries follow in El Salvador's footsteps and what are the country's challenges in this regard?

Bitcoin adoption is a thing of choice and any country that is willing to embrace on adopting it can make decision for that at any time without waiting on others, this was what we had with El-Salvador when its make the decision of adopting bitcoin as a legal tender, after some time, we have Central African Republic following after, Which i believe is a developing country, what i can only advise from this is that before any country could make its conclusion on bitcoin adoption, they must have to make adequate plans ahead to enhance the suitability of the use of bitcoin among the citizens just as the Nayib Bukele Administration started with.

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Regardless be it a small country or big country they can make Bitcoin as legal tender but they choose not to do and the reason is they will not have control over it which the government will never agree and moreover just one random though what if whales starts manipulating Bitcoin to the core? It will disrupt the economy.Bitcoin as a legal currency would be difficult.

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Quote from: JacksonFmessayah on May 29, 2024, 12:20:23 PM

we know to be the first country in the world to officially accept Bitcoin as legal tender. This was followed by the President of El Salvador, Nayib Bukele, who announced that the government would start buying 1 BTC per day on November 16 2022, but can other small countries follow in El Salvador's footsteps and what are the country's challenges in this regard? This might be a very interesting discussion to see that so many people from small countries are interested in cryptocurrency, more specifically Bitcoin

After El Salvador became the first country to make Bitcoin a legal tender, another small African country, the Central African Republic (CAR), also followed the same step. The president of the country, President Faustin-Archange Touadera, assented to the law that made Bitcoin a legal tender after it was approved by the legislature.

Surprisingly, the law was repealed after a few months. The government never gave any reason for this action but I suspect that the adoption policy was not well planned. No provision for basic infrastructure that would have made the policy executable. Also, the government was not sincere because it was suspected that the government wanted to use the policy to help a country invade sanctions. But when they discovered that it would not go smoothly, they had to repeal the law. There was also a report that the government was pressured by some international lending organizations like the World Bank and IMF to repeal the law.

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