Is Bitcoin here to stay in Brazil or??.. - page 2.

Zlantann

legendary

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Quote from: Sexylizzy2813 on December 22, 2022, 04:28:41 PM

But with the Central Bank of Brazil (BCB) working to release it'd own digital coin, is Bitcoin being used as a sub to await the preparation of their CBDC or it would be given some important notice like El Salvador did??

https://bitcoinmagazine.com/legal/brazil-enacts-bitcoin-payments-bill

I don't see much difference between a country's CBDC and its local currency. Using CBDC is just like using the electronic version of the local currency. These CBDCs cannot compete favorably with Bitcoin because most people know that the advantages of using Bitcoin greatly outweigh the benefit of using these CBDCs. An example is the case of Nigeria where the government came up with the eNaira just to discourage its citizens from using Bitcoin. Instead of limiting the influence of Bitcoin, its awareness and adoption increased greatly and the government began to blame its mass adoption for the fall of the nation's currency. Decentralization, privacy, hedge against inflation, global acceptance, and international influence are some of the qualities that Bitcoin possesses that dwarfs other digital currencies. Brazil can introduce its CBDC but the fact is Bitcoin would still be number one in that country.

jackg

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https://bit.ly/387FXHi lightning theory

I think countries that have CBDCs will only see them well used if they incorporate them into international payment methods (and considering banks charge so much for converting between currencies, bitcoin and a few alts might be a good alternative for incorporating - particularly to allow large companies to hold other assets and transfer them eg internationally).

CBDCs won't do well on their own against systems like contactless payments and they might just end up being sold to banks too (or - hopefully - payment processors who do charge less fees if they have to be sold off to someone).

Bitcoin could already be used as a payment method in most places so the new law being passed in Brazil might be a gentle shove from a government member to put it in the news and get citizens to invest - especially at a time of a bear market.

Bear markets are normally the times things can be built and tested without the strains of dealing with bull markets (such as higher fees and a greater chance they'll be attacked).

Sexylizzy2813

sr. member

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Pardon my lofty beliefs and assumptions but is it too much to think Brazil could be like El Salvador in terms of adopting Bitcoin as means of exchange? This thoughts were birthed out from this link here though.
It's no news that Bitcoin is still bearish and still not out of the woods yet with prices fluctuating from $16k- 17k in the past two weeks; there's at least some positives in the clouds for the digital coin.

Brazil President, Jair Bolsonaro, has signed a bill which will be effective 180 days from today, the 22nd of December, recognizing the use of BTC as means of payment for trading purposes. This law would certainly encourage massive use and probably affect the price of BTC, hopefully.

But with the Central Bank of Brazil (BCB) working to release it'd own digital coin, is Bitcoin being used as a sub to await the preparation of their CBDC or it would be given some important notice like El Salvador did??

https://bitcoinmagazine.com/legal/brazil-enacts-bitcoin-payments-bill

Topic: Is Bitcoin here to stay in Brazil or??.. - page 2. (Read 369 times)