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.
Topic: Can small countries in accepting bitcoin as legal transaction? - page 4. (Read 478 times)
Some information circulating shows that those (Elsavador residents) who do not have a bank account are not advised to save for at least two reasons.
First, holding cash is risky. Bitcoin wallets, however, protect savings via a password or PIN, naturally facilitating regular savings of small amounts over time.
Second, savers are rewarded by receiving interest on their money. Without this incentive there is little return on savings. Maybe that is a consideration and I think other countries if their governments support transactions using Bitcoin, it is not impossible that this will happen
First, holding cash is risky. Bitcoin wallets, however, protect savings via a password or PIN, naturally facilitating regular savings of small amounts over time.
Second, savers are rewarded by receiving interest on their money. Without this incentive there is little return on savings. Maybe that is a consideration and I think other countries if their governments support transactions using Bitcoin, it is not impossible that this will happen
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
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