First thing i will do if Bitcoin become legal tender globally

jokers10

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Quote from: RealMalatesta on February 20, 2023, 06:58:22 AM

I have to say, as a long term investor myself, I do not really care about the volatility. It wouldn't matter to me if the price was 60k today, like suddenly it moved up, it wouldn't really matter. Since I am going to hold no matter what the price is, and ı am going to be around in 10+ years, that means it doesn't matter what the price is today, it could be 10k or it could be 100k and I would still not consider that as any issue at all, and wouldn't care.

Of course not all long term investors are like me, some may prefer stability and less volatility, but I am not one of those guys, I am going to hold for many years, so how it moves right now doesn't really matter to me.

It doesn't disprove my words. Even if you don't care about volatility it doesn't still mean that you like it or will be upset when it will go down in time. So you will not leave the bitcoin market depending on volatility. And some other long term investors who prefer less volatile assets will come to the market later, and traders will go searching for some more volatile markets as they like short and high waves.

And moreover while we expect when bitcoin will be a world spread currency we know that volatility will go down so in some sense you are holding your assets in those expectations, isn't it?

skarais

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Quote from: reagansimms on February 20, 2023, 09:57:47 AM

The first thing I will do is teach the people around me from adults to teenagers to get to know Bitcoin more closely. When Bitcoin is used as a legal means of payment globally, of course ordinary people about Cryptocurrency need education to know how to get Bitcoin and sell it when they need cash or other transactions.
When Bitcoin is present in the midst of people who live around the countryside, it will be a new phenomenon for those who have never known Bitcoin before. It takes continuous recognition to encourage them to be interested in using Bitcoin as a transaction tool in everyday life.

Bitcoin has been recognized globally since its introduction, but bitcoin has not been adopted globally as legal currency because the government has not legalized it.

If you want to teach as many people about bitcoin then I don't think you need to wait for global adoption and get started. Currently bitcoin has been recognized as legal currency in several countries, such as El Salvador and other countries, but in many other countries it is still limited to legalized investment asset. You can start now while waiting for the rules to soften on their own in the future. If the government is ready to change and start considering adoption, then the people you teach are ready for the new financial system.

reagansimms

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Quote from: Ojima-ojo on January 21, 2023, 12:35:31 PM

WHAT IS THE FIRST THING YOU WILL DO IF BITCOIN BECOMES GLOBALLY ACCEPTED JUST LIKE THE INTERNET?

The first thing I will do is teach the people around me from adults to teenagers to get to know Bitcoin more closely. When Bitcoin is used as a legal means of payment globally, of course ordinary people about Cryptocurrency need education to know how to get Bitcoin and sell it when they need cash or other transactions.
When Bitcoin is present in the midst of people who live around the countryside, it will be a new phenomenon for those who have never known Bitcoin before. It takes continuous recognition to encourage them to be interested in using Bitcoin as a transaction tool in everyday life.

RealMalatesta

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Quote from: jokers10 on February 19, 2023, 11:40:30 PM

Quote from: DanWalker on February 19, 2023, 04:33:08 AM

But less volatility will be a disadvantage for those who are looking at it as an investment, without volatility, we would not be able to make a profit. We are on two sides in this market. One side that sees bitcoin as a payment method wants it to be a currency, so they don't like the volatility of bitcoin, one side sees bitcoin as an investment, and volatility is what they are looking for. I used to be a forex trader, and I was attracted to bitcoin because of its volatility, it made me more money than forex.

It's not so, you confuse trading and investing: of course traders like volatility as it gives an opportunity to play with waves, but investors prefer long term income and stability. If you want to keep your savings for using them when you want you'll prefer a deflationary asset with low volatility as it will be more costly in the future at any time and not at the bull's top only. So we'll just see how one investors will replace another ones. And those ones who like volatility the most will just look for another asset to play with, they are not fond of bitcoin as for bitcoin. And if you look at the charts you can see that bitcoin is losing volatility with time, it is natural and will go on the same way.

I have to say, as a long term investor myself, I do not really care about the volatility. It wouldn't matter to me if the price was 60k today, like suddenly it moved up, it wouldn't really matter. Since I am going to hold no matter what the price is, and ı am going to be around in 10+ years, that means it doesn't matter what the price is today, it could be 10k or it could be 100k and I would still not consider that as any issue at all, and wouldn't care.

Of course not all long term investors are like me, some may prefer stability and less volatility, but I am not one of those guys, I am going to hold for many years, so how it moves right now doesn't really matter to me.

jokers10

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Quote from: DanWalker on February 19, 2023, 04:33:08 AM

But less volatility will be a disadvantage for those who are looking at it as an investment, without volatility, we would not be able to make a profit. We are on two sides in this market. One side that sees bitcoin as a payment method wants it to be a currency, so they don't like the volatility of bitcoin, one side sees bitcoin as an investment, and volatility is what they are looking for. I used to be a forex trader, and I was attracted to bitcoin because of its volatility, it made me more money than forex.

It's not so, you confuse trading and investing: of course traders like volatility as it gives an opportunity to play with waves, but investors prefer long term income and stability. If you want to keep your savings for using them when you want you'll prefer a deflationary asset with low volatility as it will be more costly in the future at any time and not at the bull's top only. So we'll just see how one investors will replace another ones. And those ones who like volatility the most will just look for another asset to play with, they are not fond of bitcoin as for bitcoin. And if you look at the charts you can see that bitcoin is losing volatility with time, it is natural and will go on the same way.

nullama

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Quote from: cozytrade on February 19, 2023, 01:11:18 AM

~snip~
I think the use of Bitcoin will increase as time goes by. But earlier days people didn't use Bitcoin much. Now I see almost people know about Bitcoin and are starting to use it. In next few years Bitcoin will be more popular and Bitcoin will be used by all people. The use will be more popular. It is really a matter of pride for us that Bitcoin will be used by people all over the world.

It's strange, it feels like it was completely unknown in the beginning, then it slowly started to be accepted everywhere, and then suddenly it kinda stopped, and now it's getting a second wave of being accepted everywhere.

Not sure what is fueling this, maybe the idea that if you spend something now it will be worth more tomorrow?

Also lightning makes it easier to spend micropayments, kinda like how bitcoin was valued at the beginning

DanWalker

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Quote from: jokers10 on February 18, 2023, 09:50:08 PM

...

Less volatility will make bitcoin more attractive for everyday using: you'll spend it easier when you know that it will not grow up several times and you will accept it easier when you know that it won't fall down several times.

But less volatility will be a disadvantage for those who are looking at it as an investment, without volatility, we would not be able to make a profit. We are on two sides in this market. One side that sees bitcoin as a payment method wants it to be a currency, so they don't like the volatility of bitcoin, one side sees bitcoin as an investment, and volatility is what they are looking for. I used to be a forex trader, and I was attracted to bitcoin because of its volatility, it made me more money than forex.

cozytrade

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Quote from: nullama on February 18, 2023, 03:01:33 AM

Quote from: Ojima-ojo on February 16, 2023, 05:39:15 PM

~snip~
The long-term goal is the perfect way to gain the level of adoption we all glamour for I'm bitcoin, most especially now that various countries have their sentimental judgement about Bitcoin.

But as long as Bitcoin continue to provide the best alternative it will become more of the currency of the citizens and not the government and that is why it is called alternatives currency.

Yeah, Bitcoin really is the best way to transfer money from point A to point B in the world. The thing is that the people in charge of how currently things are done are very powerful, and they're not going to stop living their fancy life because of this Bitcoin thing.

The more people realize how to use Bitcoin, the better most people will be.

It's just a matter of time. Changes at this scale take time, plus also it doesn't happen everywhere at the same time.

I think the use of Bitcoin will increase as time goes by. But earlier days people didn't use Bitcoin much. Now I see almost people know about Bitcoin and are starting to use it. In next few years Bitcoin will be more popular and Bitcoin will be used by all people. The use will be more popular. It is really a matter of pride for us that Bitcoin will be used by people all over the world.

jokers10

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Quote from: White pawn on February 18, 2023, 11:54:14 AM

You’re right about one thing. Most people would take volatility as a disadvantage in bitcoin and I think they’re wise for seeing volatility as a disadvantage.
...

Do you think they are wrong? Or may be could it be so that for one purposes of bitcoin adoption volatility works against development and for other purposes of attracting attention and trading it can be not so bad? It is usual when the same thing can be good for one and bad for another. Just like in a parable about the blind men and an elephant: if you think that others are wrong because you are sure smth looks other way it could be so that you don't see it from another angle.

Less volatility will make bitcoin more attractive for everyday using: you'll spend it easier when you know that it will not grow up several times and you will accept it easier when you know that it won't fall down several times.

White pawn

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Quote from: jeraldskie11 on February 01, 2023, 10:33:21 PM

Quote from: Ojima-ojo on January 21, 2023, 12:35:31 PM

WHAT IS THE FIRST THING YOU WILL DO IF BITCOIN BECOMES GLOBALLY ACCEPTED JUST LIKE THE INTERNET?

If Bitcoin is globally accepted, my first thing to do is to accept Bitcoin payment in my businesses because it's a great opportunity for me. And if I have a job, I would rather choose Bitcoin as salary because I know that it is volatile and I know the Bitcoin's price will increase gradually. People might take volatility as disadvantage in Bitcoin but for me, I will take this as an advantage.

You’re right about one thing. Most people would take volatility as a disadvantage in bitcoin and I think they’re wise for seeing volatility as a disadvantage.
I think it’s great that you would accept bitcoin to be as a payment method in your business. I know if and perhaps when bitcoin is globally accepted, you would certainly have a lot of customers that would like and appreciate the idea of paying in bitcoins.
While accepting payments in bitcoin in your business and in your job(if you have) is all nice and good, you should consider holding a little fiat currency.

nullama

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Quote from: Ojima-ojo on February 16, 2023, 05:39:15 PM

~snip~
The long-term goal is the perfect way to gain the level of adoption we all glamour for I'm bitcoin, most especially now that various countries have their sentimental judgement about Bitcoin.

But as long as Bitcoin continue to provide the best alternative it will become more of the currency of the citizens and not the government and that is why it is called alternatives currency.

Yeah, Bitcoin really is the best way to transfer money from point A to point B in the world. The thing is that the people in charge of how currently things are done are very powerful, and they're not going to stop living their fancy life because of this Bitcoin thing.

The more people realize how to use Bitcoin, the better most people will be.

It's just a matter of time. Changes at this scale take time, plus also it doesn't happen everywhere at the same time.

Ojima-ojo

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Quote from: Newlifebtc on January 30, 2023, 06:55:37 PM

Before bitcoin will become a legal tendency I think it will take you so here is because many governments of the different nation is against bitcoin inclement so bitcoin becoming an illegal tendency I don't think that is something today or something that to happen interval of 2 years so they are for let us just give bitcoin increment of Bitcoin adoption for more 5 years to come because I still have ways to circulate

The long-term goal is the perfect way to gain the level of adoption we all glamour for I'm bitcoin, most especially now that various countries have their sentimental judgement about Bitcoin.

But as long as Bitcoin continue to provide the best alternative it will become more of the currency of the citizens and not the government and that is why it is called alternatives currency.

Franctoshi

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Quote from: Ojima-ojo on January 21, 2023, 12:35:31 PM

WHAT IS THE FIRST THING YOU WILL DO IF BITCOIN BECOMES GLOBALLY ACCEPTED JUST LIKE THE INTERNET?
For me I will open my Bitcoin mining farm that will be public with a website and registered under the law for clients that will want third-party services that will align with global best practices of cryptography and digital asset management.

If eventually that Bitcoin becomes a legal tender globally, don't you think that you will be late to the party?, To start your mining business by that time.
The best way to profit from any business is getting in early, basically when the business is at its early phase just like Bitcoin now, So If this is your plan for Bitcoin, and if Bitcoin and it's mining activities is not banned in your country, I would suggest you better act fast, take the risk because the worst risk is really not taking any risk, and profit is always on the risk side.

CryptoHeadlineNews

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Quote from: Ojima-ojo on January 21, 2023, 12:35:31 PM

WHAT IS THE FIRST THING YOU WILL DO IF BITCOIN BECOMES GLOBALLY ACCEPTED JUST LIKE THE INTERNET?
For me I will open my Bitcoin mining farm that will be public with a website and registered under the law for clients that will want third-party services that will align with global best practices of cryptography and digital asset management.

For me, since I don't have money to open a Bitcoin mining farm just like you, what I will do is try my very best to ensure I help educate more people who will be interested in learning more about this new digital currency just globally accepted, because definitely there will be lots of person interested to learn about Bitcoin and how it works. And my work as a member of this forum will be to help spread the little knowledge I have about Bitcoin.

Dickiy

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Quote from: dimonstration on January 21, 2023, 01:03:45 PM

I believe I will open my own business and accept Bitcoin as payment method since people will surely excited to use Bitcoin for their purchase. There will be a demand for business that accepts Bitcoin that time which is very good to earn more profits from the Bitcoin craze.

Also buying goods on our super market using Bitcoin as direct payment is cool. Imagine you are going on the wet market to buy fresh fish while local sellers accepts Bitcoin payment for small purchase. I just hope that transaction fee that time will be cheaper through the use of more developed lightning network because there will be a problem on huge fee if this kind of mass adoption really happened.

Yes, integrating bitcoin into a payment system or alternative payment is a cool thing to do for business development, as well as me, I will also integrate it into my conventional business, especially if there are a lot of bitcoin enthusiasts it looks like I will get bitcoin from my selling business.

I also hope that transaction fees must be cheaper than now to be more effective and efficient when using bitcoin fractions and I hope that developers can meet the needs of traders who sell with bitcoin fractions.

Minor Miner

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Quote from: jeraldskie11 on February 01, 2023, 10:33:21 PM

Quote from: Ojima-ojo on January 21, 2023, 12:35:31 PM

WHAT IS THE FIRST THING YOU WILL DO IF BITCOIN BECOMES GLOBALLY ACCEPTED JUST LIKE THE INTERNET?

If Bitcoin is globally accepted, my first thing to do is to accept Bitcoin payment in my businesses because it's a great opportunity for me. And if I have a job, I would rather choose Bitcoin as salary because I know that it is volatile and I know the Bitcoin's price will increase gradually. People might take volatility as disadvantage in Bitcoin but for me, I will take this as an advantage.

You don't need to wait for bitcoin to be accepted globally or become a legal tender to do so, as long as you live in a country where bitcoin is not illegal, then you can use bitcoin for your business.
If you really want to own a lot of bitcoins, fully believe in bitcoins, then you can use your salary to buy bitcoins as soon as you receive them, no need to find a job that pays in bitcoins. Today, buying and selling bitcoin is extremely simple and fast, as long as we want to, we can do it all.

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Quote from: Ojima-ojo on January 21, 2023, 12:35:31 PM

We all will agree that most countries around the world have had a misconception about bitcoin which has lowered the rate of Bitcoin adoption globally, various countries with their own mode of Bitcoin view the authoritarian states like china will have a total ban on Bitcoin even though it is an impossible thing since bitcoin is decentralized uncontrollable and independent.

Even with all this, Bitcoin has continued to consistently thrive to pursue its true mandate and even though a few numbers of Bitcoin adopters and bitcoin have been perceived as illegal, and public display of Bitcoin can be prosecuted through states laws that ban Bitcoin authoritatively e.g china and other countries in Africa and other part of the world that have one or two regulations.

WHAT IS THE FIRST THING YOU WILL DO IF BITCOIN BECOMES GLOBALLY ACCEPTED JUST LIKE THE INTERNET?
For me I will open my Bitcoin mining farm that will be public with a website and registered under the law for clients that will want third-party services that will align with global best practices of cryptography and digital asset management.

You are wrong here. Only few countries have put a complete ban and made crypto currency illegal. Almost all countries in the word allows the usage of crypto currencies and is regulated. It just that most countries don't recognize crypto currencies as a legal tender. Just because it isn't a legal tender, doesn't mean it is illegal to use or trade or do transaction with crypto currencies.

Even if crypto isn't a legal tender, you can still own a mining farm. Not sure what "third party" service you are talking about, but whatever it is, doesn't sound decentralized to me.

suzanne5223

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Quote from: xSkylarx on February 01, 2023, 10:56:16 PM

There are also countries that the SEC doesn't care about at all; mostly, only the SEC will be taking part if there is a company or ponzi scheme that is trending in a country, and that is where they post notices about it. Also, they can't just put Bitcoin on their notice, as it is a token. As long as Bitcoin isn't declared illegal in the country, or even if they haven't announced it as legal, it is okay to use it as a payment method or transact on it.

The SEC's responsibilities include safeguarding investors, upholding justice in the investing environment, promoting capital development, and fostering effective markets. However, they are always against illegal market operations and any form of currency that is against the country's rules and regulations.
Having said that, I believe the other user was talking about people using Bitcoin in a country despite it not being welcome that's why I made the statement about SEC.

fadhilz123

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Quote from: jeraldskie11 on February 01, 2023, 10:33:21 PM

Quote from: Ojima-ojo on January 21, 2023, 12:35:31 PM

WHAT IS THE FIRST THING YOU WILL DO IF BITCOIN BECOMES GLOBALLY ACCEPTED JUST LIKE THE INTERNET?

If Bitcoin is globally accepted, my first thing to do is to accept Bitcoin payment in my businesses because it's a great opportunity for me. And if I have a job, I would rather choose Bitcoin as salary because I know that it is volatile and I know the Bitcoin's price will increase gradually. People might take volatility as disadvantage in Bitcoin but for me, I will take this as an advantage.

Just pray that it can happen and it can happen to you because when everyone has accepted Bitcoin it is like accepting fiat at this time. Of course the price of Bitcoin will be very expensive and everyone will not be so willing to give Bitcoin to others for free on everything that is not considered important. This means that everyone will use Bitcoin on work and things that are already considered important than what they usually do, because everyone will not be so easy to throw away anymore like selling to the market for more.

kro55

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*STOP NOWHERE*

Quote from: KiaKia on January 31, 2023, 01:11:02 PM

Quote from: Ojima-ojo on January 21, 2023, 12:35:31 PM

WHAT IS THE FIRST THING YOU WILL DO IF BITCOIN BECOMES GLOBALLY ACCEPTED JUST LIKE THE INTERNET?
For me I will open my Bitcoin mining farm that will be public with a website and registered under the law for clients that will want third-party services that will align with global best practices of cryptography and digital asset management.

When Bitcoin becomes globally accepted in your country do not try to mine publicly, keep your mining farm to yourself because of greedy and bad people, when they know what you are doing you might be a target, there is a similar situation with someone I knew where five of his mining equipment went missing, he had to involved the police and it came out to be that his neighbor was behind it.

Later the police start questioning him what he uses the equipment for, he lied to them and the policemen ignored it, if they knew it generates income per day it's another problem, later he left the area and rented another apartment far away from the state.

Theft happens everywhere in the world, as long as they are valuable, they will be noticed by thieves, not just bitcoin mining devices. Once you build a mining farm, you need to take measures to protect your property just like your other assets. All are bought with money so they have value.
OP's intention to publicize his mining farm is because of his business, he wants to expand his business and needs to find a partner...not bragging, so there's nothing wrong with him going public on everything.

Topic: First thing i will do if Bitcoin become legal tender globally (Read 1203 times)