Topic: Individual efforts and the progress of BTC - page 2. (Read 285 times)

There likely won't be any notable shifts in adoption.  Similar to what occurred in El Salvador, there may be resistance from certain people due to their distrust in it as a currency.  This could potentially steer people towards stablecoins and altcoins like Monero.  However, I doubt people would conduct Bitcoin transactions in its current form.  They would probably be directed to create a wallet account, such as Chivo, which lacks self-custody.

Interesting statistics from El Salvador:  https://www.statista.com/topics/8401/bitcoin-in-el-salvador.

The economy of a country will not be saved from inflation simply because the country adopted Bitcoin as a legal tender. If the nation adds bitcoins to its reserves it will gain from the appreciation of the asset, but if the country does not export goods or services or attract investors and tourists, the economy will be disposed to inflation.

Even if businesses choose to pay workers in Bitcoin, it will be adjusted with changes in inflation.

- Jay -

One aspect of it is for the government to be interested in adopting bitcoin as a legal tender, another aspect of it is in seeing people going for bitcoin irrespective of the government decision towards it, which i think the second aspect is what is happening currently with the world as at today while the first instance is what is happening in El-Salvador and the president whereby they have the right leader who is so interested in the affairs of the people and bitcoin adoption in other to help them achieve their financial goals.

If more countries recognized bitcoin then it would be much easier for a lot of investors to participate in crypto related activities. We will then see individual economic growth which will lead to a global economic growth as well.

I have to say though that it will be best if we can solve the issue of scalability in order to achieve what we are all hoping to achieve in the future.

My prediction is that more nations might invest in Bitcoin for profit making but not many will make it a legal tender like El Salvador. It is on record that some countries are holding Bitcoins because they intend to make a profit from them in the future. However, not many nations will want to make Bitcoin legal because it will make them lose control of the financial system of the nation. It is also important to note that Bitcoin can serve as a hedge against inflation only if it can be kept for a long time since its price also fluctuates. We have also taken note that only BItcoin cannot protect a nation from inflation. Other economic solutions must be put in place to curb national inflation.

If more nations adopt Bitcoin it will increase awareness and adoption. Bitcoin's use as a currency will also increase because more businesses might begin to adopt it as currency for the payment of goods and services. Bitcoin might also be used as a means of payment in international trade. This might also lead to an increase in the value of the coin.

Isn't it obvious that the effect is that we might see adoption of Bitcoin increasing if a country will recognized it just like what El Salvador has done. Although there are a lot of Bitcoin friendly countries already or at least in the grey area wherein it is not illegally to have Bitcoin and there are no taxes yet.

But in any case though, Bitcoin will continue to thrive, regardless if there are big countries that are going to support it and make it legal.

We have survived the last 10 years, and so it will go and sustained it run in the next 10 years with our without countries recognizing it.

The Human Right Foundation last month launched the Finney Freedom Prize,  it is an award designed in Hal Finney’s memory to celebrate global achievements in the area of Bitcoin and human rights. Hal Finney is the first to receive this award posthumously. There are nominations for other individuals who have contributed positively to the growth of Bitcoin. If we wait for countries to do this, it will never happen so organizations, CSOs, NGOs, NPOs focused on Bitcoin and cryptocurrencies are taking up the initiative.

The relationship of every human being with the economic system of a country is continuous and acts as a driving force. Through individual efforts, the recognition of his work at every stage is definitely through the overall welfare of the country. Recognition of good deeds of people can reward him in various ways and even take nobel.

I would like to quote a man named "Nayib Bukele" who is the President of "El Salvador". We see from his personal history that he was a businessman and has been serving as president since 2019. He adopted Bitcoin as legal tender within 2 years of coming to power. This is certainly the first case in the world that the first recognition of Bitcoin as a cryptocurrency. But we also know the historical price history of Bitcoin before that, how high it has been in just 15 years. BTC can act as a hedge in favor of a country's development which can contribute to controlling inflation in that country. Citizens of every country can use BTC to protect their wealth in times of financial distress and inflation. Many developing countries lack access to traditional banking services, but bitcoin provides an unprecedented way for everyone worldwide to participate in the economy without a bank account.

I am saying that many countries will continue to recognize bitcoin in the future as a result of individual efforts and concerted efforts. As a result of individual efforts, it is accepted as legal tender in "El Salvador". This is possible because of the efforts of "Nayib Bukele". So many may emerge in the future in an effort to have bitcoin accepted as legal tender by many more countries. I also know that it is capped at 21 million coins and 18.7 million of them have already been mined.

What do you think the overall situation could be if more countries recognize Bitcoin?