Effects of Cryptocurrency Adoption - page 4.

yhiaali3

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Quote from: kryptqnick on May 02, 2023, 05:04:05 AM

. Cross-border transactions are a good example of real use, at least in Ukraine and in a particular area of donations to the Ukrainian cause (both military and humanitarian, both NGOs and the state). But as for empowering entrepreneurs to innovate, I'm not so sure.

Yes, I think that the best use of cryptocurrencies at the moment is cross-border transactions, as I know cryptocurrencies have played a big role in the Ukrainian case and various other humanitarian issues.

But on the other hand, it contributed to Russia getting rid of the ban imposed on it by the United States and Western countries, so here we find a clear example of transferring money across borders without any restrictions, whether positive or negative.

Even on a personal level, you can move money freely and easily across the world without restrictions from banks or governments.

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It cannot be denied anymore that cryptocurrencies are getting massive and becoming a topic in many business news on television, online and so on, the market continues to grow and the increasing number of industries that use cryptocurrencies certainly makes a huge impact, the stable presence of coins makes the daily transaction volume continue to increase.

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I've seen very different metrics of crypto adoption that lead to various results when it comes to leading countries. The article is unfortunately pay-walled, so I can't learn more about the criteria of this index.
While cryptos have a lot of potential, how they are actually used can differ from the potential of their usage. For example, cryptos can be used as a currency for online payments (potentially) but aren't used for this purpose often in reality. Cross-border transactions are a good example of real use, at least in Ukraine and in a particular area of donations to the Ukrainian cause (both military and humanitarian, both NGOs and the state). But as for empowering entrepreneurs to innovate, I'm not so sure.

nesty

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The effects of cryptocurrency adoption are still currently indefinite, but there are potential benefits including increase in financial inclusion, lower transaction cost and greater security and transparency in financial transactions. Overall the impact of cryptocurrency adoption will depend on a variety of factors, including regulatory frameworkds, technology advancements and consumer adoption. There is also potential increase in volatility and the risk of fraud and other criminal activities. If the people would adopt crypto currency they should be ready to face the risk that involves crypto currency.

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Quote from: Supreemo on March 25, 2023, 10:02:54 AM

Quote from: maydna on March 25, 2023, 07:56:10 AM

Perhaps, bitcoin still needs time to be adopted by other countries because acceptance of bitcoin itself requires approval from the government. And if the government hasn't said anything about bitcoin, people haven't been able to use bitcoin freely. In the meantime, we can use bitcoin as a long-term investment and still accumulate more bitcoins before the price increases. And after there is an explanation from the government regarding the legal use of bitcoins, it will give us an opportunity because we already have a lot of bitcoins.

that's true. even if the government does not say anything about it, it also doesn't mean that we are already free to use it as modes of payment, but it can still be an option. it is as if they're saying "use it at your own risk". government wont really interfere as long as there's no major issue concerning someone's "security". well, even if we deny it sometimes the government will use that excuse whenever it is convenient for them. just saying.

To my viewpoint, as long as something is not prohibited, it is free to be used by people. Bottomline here is people who would take the initiative and embrace the risk from this industry. Bitcoin or this industry in general, is having problems regarding adoption iwith people who would take the risk of accepting this technology as a mode of payment. Perhaps business, how would a merchant be able to sustain the business itself if they are having doubts of revolving the payments especially during bearish market. Likewise with consumers who are hesitating because of profit potential. At the present, no doubt we're still far from that era wherein crypros are widely accepted.

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Quote from: Aanuoluwatofunmi on March 24, 2023, 12:05:08 PM

In the economy of business today, we cannot talk long without the mentioning of the word cryptocurrency because this is the era we are all into now, many countries are fast growing in crypto adoption and the more we go the better it becomes everywhere, cryptocurrency has emerge a great recognition to the world because of the interest people have in having an alternative to financial system through digital currency.

Yes, maybe that's one of them, but in my opinion, what makes a lot of people interested in crypto currency is because it can provide benefits when we hold crypto or bitcoin long enough (I think most people still rely on it compared to its utility), Is the best news if indeed bitcoin or crypto is used as its actual utility as currency.
If cyrpto is really used as a currency and financial system in industry or business, of course we will have a faster life in life and most likely people will ask the government to upgrade the internet network to be faster and better.

The Vietnamese people have an extraordinary sensitivity towards crypto. Of course it is an important point in the adoption of crypto in the country, I think it will be easier to find network developers there to improve usability, security and more when using crypto.

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Quote from: maydna on March 25, 2023, 07:56:10 AM

Perhaps, bitcoin still needs time to be adopted by other countries because acceptance of bitcoin itself requires approval from the government. And if the government hasn't said anything about bitcoin, people haven't been able to use bitcoin freely. In the meantime, we can use bitcoin as a long-term investment and still accumulate more bitcoins before the price increases. And after there is an explanation from the government regarding the legal use of bitcoins, it will give us an opportunity because we already have a lot of bitcoins.

that's true. even if the government does not say anything about it, it also doesn't mean that we are already free to use it as modes of payment, but it can still be an option. it is as if they're saying "use it at your own risk". government wont really interfere as long as there's no major issue concerning someone's "security". well, even if we deny it sometimes the government will use that excuse whenever it is convenient for them. just saying.

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Perhaps, bitcoin still needs time to be adopted by other countries because acceptance of bitcoin itself requires approval from the government. And if the government hasn't said anything about bitcoin, people haven't been able to use bitcoin freely. In the meantime, we can use bitcoin as a long-term investment and still accumulate more bitcoins before the price increases. And after there is an explanation from the government regarding the legal use of bitcoins, it will give us an opportunity because we already have a lot of bitcoins.

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Quote from: jenny56 on March 24, 2023, 11:23:43 AM

Hi, I hope your doing well. the way people conduct financial transactionsopening up opportunities for entrepreneurs, and bridging the gap for the unbanked population. The use of cryptocurrencies has the potential to revolutionize remittances, cross-border transactions, and access to financial services, empowering entrepreneurs to innovate and grow their businesses.

Source

Cryptocurrency adoption varies in size, from retail investors to merchants and financial service businesses.
Vietnam has the highest level of cryptocurrency adoption, with China and Nigeria engaging in cryptocurrency-based trade due to foreign exchange policies.
In Venezuela and Brazil, legacy financial systems' costs and bureaucracy drive people to experiment with and switch between different cryptocurrencies.

After the corona pandemic, people are changing how they handle money, and this is creating chances for business owners and helping those who don't have a bank account. Cryptocurrencies might change how we do money things, like sending money across borders and getting financial services. This could help business owners do new things and make their businesses grow.

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How can we verify the accuracy of this data because I have not seen many projects that come from Vietnam or are related to Vietnam, most of them are from the United States, where I believe that the percentage of American projects is much higher than Vietnam.

In general, the real impact must be in changing individuals or at least developing their lives and seeing how Bitcoin can make a change, even a small one, in the standard of living of individuals, which is something we are seeing now in Nigeria, where there are many posts in the forum on people whose lives have improved from the use of Bitcoin.

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Quote from: dimonstration on March 24, 2023, 12:04:55 PM

Quote from: Nwada001 on March 24, 2023, 11:39:27 AM

Nice one, you could have done a few analyzing on how the growth of crypto adoption is going rather than relaying on AI to get the work done for u.

Probably he just copy paste the full context from the source which Chat GPT use as reference on this exact statement. There’s nothing wrong with this since the content is well explained regardless if it’s from an AI generated or not since he posted the source for his content. I preferred Chat GPT over personal analysis if the OP can’t provide a better analysis than this.

It’s surprising that Vietnam still holds the number cryptocurrency adopter even if there’s a lot of country that already close to full adoption.

Probably they're low-key adopting it and is not openly declaring it though it could be based of numbers of wallet created, it is still a good amount of people I would say. As the world today where cryptocurrency is no longer new, it is also understandable that people are already aware even if it not locally recognized by their area but knowing that they have it at the back of their minds is helpful when the time comes.

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I didn't know that Vietnam is the first on the list but regardless of that, it means that adoption in crypto from country to country really varies. We can't expect that a country that doesn't look like a crypto friendly country is more to be the crypto friendly country.

So, don't judge based on the location and that's what I've learned. Adoption is increasing and that's why as we go to the halving, the rate of it will eventually increase because of the hope that the price of bitcoin and everything will increase.

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Quote from: Bushdark on March 24, 2023, 04:57:52 PM

Quote from: DainSLane on March 24, 2023, 11:51:19 AM

Quote from: jenny56 on March 24, 2023, 11:23:43 AM

Cryptocurrency adoption varies in size, from retail investors to merchants and financial service businesses.
Vietnam has the highest level of cryptocurrency adoption, with China and Nigeria engaging in cryptocurrency-based trade due to foreign exchange policies.
In Venezuela and Brazil, legacy financial systems' costs and bureaucracy drive people to experiment with and switch between different cryptocurrencies.

the use of cryptocurrencies for trade between China and Nigeria highlights the significance of foreign exchange policies in driving cryptocurrency adoption. In countries like Venezuela and Brazil, where the costs and bureaucracy of legacy financial systems are significant, cryptocurrencies offer a viable alternative for people to experiment with and switch between.

Cryptocurrency is growing everyday and the countries that had finally adopted Bitcoin would tend to benefit more from the market in both tax payment for users and other commissions. If the world can agree to employ Bitcoin adoption for the use of her citizens then things would become more with time. There are plenty of Bitcoin investors around the world and because of the restrictions of the use of cryptocurrencies in some area, it had affected so many businesses that ahd been accepting Bitcoin and other cryptocurrencies as a medium of Payment.

i can understand some governments to have hesitations when it comes to bitcoin acceptance. most of them need to fully grasp what this new currency is all about, so they know how to apply tax protocols and other regulations towards it. if they don't know how the market works, how can they implement regulations, right?
but definitely, with the go signal of the government, the adoption will further increase. but even if these governments won't accept btc as legal tender, the adoption will still grow as people will learn or discover this market, by word of mouth, reading online and others. that will give them interest to learn more of this market.

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Quote from: Gozie51 on March 24, 2023, 11:47:42 AM

Quote from: jenny56 on March 24, 2023, 11:23:43 AM

empowering entrepreneurs to innovate and grow their businesses.

How does Bitcoin do this? Do you mean creating wealth for entrepreneurs because I won't agree with that assumption. Or you mean by giving entrepreneurs access to optional financial services for them to leverage on then I will agree because bitcoin is traversing the business world so transaction of business and payment is easier.

It empowers entrepreneurs because they have a new set of audiences for their products. Those people who are into Bitcoin can be a new target for entrepreneurs and businesses. So It does create demands for its services and products by creating new clients and audiences if they add Bitcoin to its mode of payment. They (entrepreneurs and businesses are also able to tap cross borders clients instantly because Bitcoin transaction is borderless and is globally ready as a payment system.

Quote from: Gayong88 on March 24, 2023, 12:40:16 PM

My opinion on Adoption rates can be driven by dissatisfaction with the traditional financial system and the desire for greater flexibility and efficiency.

Not only that, adoption is also driven by the potential opportunities that may spring out once they adopt Bitcoin. As what I stated earlier, having new sets of clients and audiences upon adopting Bitcoin and implementing it into their payment system.

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Quote from: DainSLane on March 24, 2023, 11:51:19 AM

Quote from: jenny56 on March 24, 2023, 11:23:43 AM

Cryptocurrency adoption varies in size, from retail investors to merchants and financial service businesses.
Vietnam has the highest level of cryptocurrency adoption, with China and Nigeria engaging in cryptocurrency-based trade due to foreign exchange policies.
In Venezuela and Brazil, legacy financial systems' costs and bureaucracy drive people to experiment with and switch between different cryptocurrencies.

the use of cryptocurrencies for trade between China and Nigeria highlights the significance of foreign exchange policies in driving cryptocurrency adoption. In countries like Venezuela and Brazil, where the costs and bureaucracy of legacy financial systems are significant, cryptocurrencies offer a viable alternative for people to experiment with and switch between.

Cryptocurrency is growing everyday and the countries that had finally adopted Bitcoin would tend to benefit more from the market in both tax payment for users and other commissions. If the world can agree to employ Bitcoin adoption for the use of her citizens then things would become more with time. There are plenty of Bitcoin investors around the world and because of the restrictions of the use of cryptocurrencies in some area, it had affected so many businesses that ahd been accepting Bitcoin and other cryptocurrencies as a medium of Payment.

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Quote from: Aanuoluwatofunmi on March 24, 2023, 12:05:08 PM

In the economy of business today, we cannot talk long without the mentioning of the word cryptocurrency because this is the era we are all into now, many countries are fast growing in crypto adoption and the more we go the better it becomes everywhere, cryptocurrency has emerge a great recognition to the world because of the interest people have in having an alternative to financial system through digital currency.

The majority of countries that the OP's chart refers to are countries whose legislation does not support cryptocurrencies or at best they are lenient with crypto activities without there being laws regulating them. The adoption of bitcoin is from citizens individually or some startups that need to carry out operations with parties from outside the country.
One of the most important reasons that most of these countries share is the weakness of the economy and the decline in living standards due to the absence of investment opportunities due to bureaucracy and corruption and at other times wars, so I find it strange that countries such as Syria and Yemen are not in that list.

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Quote from: Aanuoluwatofunmi on March 24, 2023, 12:05:08 PM

In the economy of business today, we cannot talk long without the mentioning of the word cryptocurrency because this is the era we are all into now, many countries are fast growing in crypto adoption and the more we go the better it becomes everywhere, cryptocurrency has emerge a great recognition to the world because of the interest people have in having an alternative to financial system through digital currency.

Yes, today there are many businesses and individuals adopting cryptocurrencies as a means of payment and investment, and some countries are even exploring the use of digital currencies as legal forms of payment. especially in countries with unstable currencies or limited access to banking services.

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My opinion on Adoption rates can be driven by dissatisfaction with the traditional financial system and the desire for greater flexibility and efficiency. Cryptocurrency adoption is a complex and diverse phenomenon that is influenced by various social, economic and political factors including government policies and I think the level of adoption varies in different regions, both in Vietnam, in Venezuela, Brazil and other countries.

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Quote from: jenny56 on March 24, 2023, 11:23:43 AM

Cryptocurrency adoption varies in size, from retail investors to merchants and financial service businesses.
Vietnam has the highest level of cryptocurrency adoption, with China and Nigeria engaging in cryptocurrency-based trade due to foreign exchange policies.
In Venezuela and Brazil, legacy financial systems' costs and bureaucracy drive people to experiment with and switch between different cryptocurrencies.

Foreign exchange policy between Nigeria and China is stifling business; Nigeria deals with dollar to naira foreign exchange on goods rather than Yuan. The use of cryptocurrency for cross-border payment has greatly aided in resolving that issue, even though it is not based on a large known exchange of goods by the government due to restrictions imposed by the Nigerian government.

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In the economy of business today, we cannot talk long without the mentioning of the word cryptocurrency because this is the era we are all into now, many countries are fast growing in crypto adoption and the more we go the better it becomes everywhere, cryptocurrency has emerge a great recognition to the world because of the interest people have in having an alternative to financial system through digital currency.

Topic: Effects of Cryptocurrency Adoption - page 4. (Read 683 times)