[LIST] The Introduction of Bitcoin Into the Global Economy

Symmetrick

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Quote from: Poker Player on January 16, 2022, 04:19:22 AM

The truth is that with all the global adoption most of us expected the price to be much higher today. I guess we are in a delayed cycle, whoever sells now because they are discouraged with the price will probably have to buy at much higher prices in the future if they want to buy again. Somewhere I have read that Bitcoin is today at the same level of adoption as the Internet was in 1998-2000 approximately, and it seems to be so. The best is yet to come.

Bitcoin, which was worth $10 000 back in August 2020, has grown 7 times in a year and a half. 7 times. (!!!) Yes, taking into account the fact that this asset was already expensive ($10,000 for a digital coin is not a little), the adoption helped drive the price up to unprecedented heights. It's just that people think that growth should continue indefinitely and are already losing their sense of proportion. I believe that in the current cycle, bitcoin has already grown very much, so all this talk about slow development and that the price is not so high is all an excess of waiting mixed with greed, when it constantly seems not enough and you want more and more and more.

Of course, bitcoin adoption still has room to grow, so the price will rise, but not as fast as the crowd is asking for. I fully realized the value of bitcoin and now I try to store any amount of satoshi in the long term, because another 10-15 years will pass and the value of these Satoshi will be grandiose.

Poker Player

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The truth is that with all the global adoption most of us expected the price to be much higher today. I guess we are in a delayed cycle, whoever sells now because they are discouraged with the price will probably have to buy at much higher prices in the future if they want to buy again. Somewhere I have read that Bitcoin is today at the same level of adoption as the Internet was in 1998-2000 approximately, and it seems to be so. The best is yet to come.

Symmetrick

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Ongoing Expansion of Bitcoin Adoption:

November 2021:

- Bitcoin Latinum to Install 100,000 Crypto ATMs in the United States
- Australian banks are opening up to cryptocurrency
- AMC Theatres to accept Bitcoin (BTC) and other cryptocurrencies for online payments
- Regal Cinema Adds Support for Cryptocurrencies

December 2021:

- CROATIA’S LARGEST RETAIL CHAIN NOW ACCEPTS BITCOIN PAYMENTS ONLINE

ATM Growth Worldwide:

https://coinatmradar.com/charts/growth/

January 1, 2021 - 14 042 ATM, January 1, 2022 - 34 224 ATM. ATM growth worldwide for 2021 was +144%

Symmetrick

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Bitcoin Adoption for October:

- Strike Expands Service to Allow US Users Receive Income Payment in Bitcoin

- The first bitcoin futures ETF in the U.S. is set to begin trading in the week ahead

- Walmart Has Quietly Begun Hosting Bitcoin ATMs

- Mastercard says any bank or merchant on its vast network can soon offer crypto services

- Tesla might reenable Bitcoin payments

- India, no cryptocurrency ban on the way

It is strange, of course, that the market generally ignored the news about Mastercard and India. Although, in my opinion, the news about the mastercard is as strong as the news about PayPal. Apparently now they are trying to restrain the market.

Symmetrick

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Bitcoin adoption in the last 3 months. Bitcoin adoption continues its expansion. September turned out to be hot for various news on the adoption of bitcoin as a means of payment. The main event, of course, is the adoption of bitcoin by El Salvador as a means of payment throughout the country.

August 2021

- Bakkt Partners with Quiznos Restaurants to launch Pay with Bitcoin Pilot In-Store
- Aussie crypto exchange CoinJar partners with Mastercard for crypto cards
- AMC Theatres to Accept Bitcoin as Payment by End of 2021
- Substack platform to start accepting BTC payments
- Xiaomi retailer in Portugal now accepts Bitcoin payments
- More Than 200 Bitcoin ATMs Now Operating in El Salvador
- Luxury hotel in Swiss Alps accepts Bitcoin
- Cuba set to recognize and regulate cryptocurrency

September 2021

- Payment Network Flexa Integrates Bitcoin Lightning Network to Power Bitcoin Payments in El Salvador
- El Salvador Becomes First Country to Adopt Bitcoin as National Currency
- Twitter allows content creators to accept Bitcoin donations
- Mexican Retail and Banking Corporation to Add Support for the Bitcoin Lightning Network
- Paxful Integrates Lightning Network for Bitcoin Transactions
- Laos Authorizes Cryptocurrency Mining and Trading Activities
- Coinbase Launches 'Get Paid in Crypto' Direct Deposit

October 2021

- U.S. Bank announces new cryptocurrency custody services
- Venezuelan international airport to accept Bitcoin payments
- Wix To Accept Crypto Payments Through BitPay Partnership
- Bakkt crypto exchange partners with Google for payments

Symmetrick

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Quote from: timerland on August 23, 2021, 08:31:48 AM

Isn't it slightly ironic how all the CeFi providers are now singing a completely different tune after seeing how lucrative the bitcoin profits are?
It just goes to show how spineless they are. Some of them are even offering bitcoin trading without the option of depositing/withdrawing actual bitcoin which is absolutely insane - they are essentially disguising a derivatives product as a spot product without people knowing.
Bitcoin's success does not depend on the support of these platforms.

Of course, these platforms do nothing good for Bitcoin. They don't provide private keys, they slip you derivative wrappers. And a centralized platform like PayPal produces educational videos for beginners to introduce them to the world of cryptocurrencies. Although what good can a centralized platform teach? Their policy goes against the principles of cryptocurrency, where each crypto user is free to dispose of his own funds, without the participation of a third party. And such services just impose their services on a third party.

But, for the industry as a whole, and for the adoption of cryptocurrencies, these services are doing a useful job promoting the popularization of the use of cryptocurrencies among the population.

It is clear that these services will establish rules that are beneficial primarily to their business, and not to crypto users.

timerland

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Isn't it slightly ironic how all the CeFi providers are now singing a completely different tune after seeing how lucrative the bitcoin profits are?

It just goes to show how spineless they are. Some of them are even offering bitcoin trading without the option of depositing/withdrawing actual bitcoin which is absolutely insane - they are essentially disguising a derivatives product as a spot product without people knowing.

Bitcoin's success does not depend on the support of these platforms.

Symmetrick

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PayPal is finally out of the US with its own service. Today they have made an announcement that their service is available for the UK.

Did start an excursion to the European markets?

In press-release says that the service will work in cooperation with Paxos Trust Company:

Quote

The company has enabled its cryptocurrency offering through a partnership with Paxos Trust Company. PayPal’s venture capital arm has also made investments in blockchain and cryptocurrency-related start-ups including: TRM Labs, leading cryptocurrency risk management software; TaxBit, a provider of crypto tax software to customers and exchanges; and Talos, institutional-grade infrastructure technology for digital asset trading.

Wind_FURY

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Quote from: Symmetrick on August 22, 2021, 08:41:32 AM

Quote from: Wind_FURY on August 22, 2021, 08:33:52 AM

OP, I believe there’s another economy, that’s as important as the mainstream economy. The underground economy of the online dark markets. That’s where they truly need Bitcoin as the currency of their system. Without it, it would stop.

Revenues are also growing, https://www.secureworld.io/industry-news/record-profits-for-darknet-markets

It is not surprising that in the same 2020, the authorities of various countries began to work hard to close such marketplaces. The same DisrupTor operation, closing Empire Market, etc. Somewhere I read research on the fact that darknet marketplaces are less likely to use bitcoin as a means of payment.

Shower thought, is that good, or bad for the generally normal pleb/person in BitcoinTalk? I’m probably a permabull, but I believe it’s an important area of application for a protocol like Bitcoin as a censorship-resistant cryptocurrency.

Symmetrick

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Quote from: arallmuus on August 22, 2021, 04:57:37 PM

Well if it is then they made it right to the headlines though. Well this is a fantastic year for bitcoin overall because most people are hyping about 100k per bitcoin by the end of the year therefore alot of people / companies seems to be alot more interested with bitcoin recently

I am optimistic, but there is still some skepticism. Perhaps whales and manipulators are doing everything possible so that there is a background in space, in which this magical figure of 100 000 will constantly appear. Many are already waiting for it. I do not exclude the fact that this figure may not happen and everyone will be disappointed along with the price drop. I'm also looking forward to Musk's re-announcement of accepting bitcoin as payment for buying Tesla cars. Since Musk is a well-known manipulator, he can make this announcement at some key level, maybe even near the ath bitcoin, around $60 000, in order to stimulate further growth and adjust the price to the desired levels.

Quote from: arallmuus on August 22, 2021, 04:57:37 PM

Anyway, I noticed small typing error in your post

Thanks, fixed.

arallmuus

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Quote from: Symmetrick on August 22, 2021, 08:15:02 AM

An interesting idea, will such a precedent be further spread among other cities?

Only if there are some other donator that wish to sponsor this 'airdrop'. Its basically just giving free money to people but its seems The Mayor intention is to make the citizen as well as the city wealthier by holding those bitcoin. I thought that he will encourage his citizen to use bitcoin as some sort of internal money transfer or payment within the city ( not sure if this is against the law in Missouri )

Quote from: Symmetrick on August 22, 2021, 08:15:02 AM

Although this step may be just PR on the theme of cryptocurrencies.

Well if it is then they made it right to the headlines though. Well this is a fantastic year for bitcoin overall because most people are hyping about 100k per bitcoin by the end of the year therefore alot of people / companies seems to be alot more interested with bitcoin recently

Anyway, I noticed small typing error in your post

Should be July 2021 instead

Symmetrick

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Quote from: Wind_FURY on August 22, 2021, 08:33:52 AM

OP, I believe there’s another economy, that’s as important as the mainstream economy. The underground economy of the online dark markets. That’s where they truly need Bitcoin as the currency of their system. Without it, it would stop.

Revenues are also growing, https://www.secureworld.io/industry-news/record-profits-for-darknet-markets

It is not surprising that in the same 2020, the authorities of various countries began to work hard to close such marketplaces. The same DisrupTor operation, closing Empire Market, etc. Somewhere I read research on the fact that darknet marketplaces are less likely to use bitcoin as a means of payment.

Wind_FURY

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OP, I believe there’s another economy, that’s as important as the mainstream economy. The underground economy of the online dark markets. That’s where they truly need Bitcoin as the currency of their system. Without it, it would stop.

Revenues are also growing, https://www.secureworld.io/industry-news/record-profits-for-darknet-markets

Symmetrick

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An interesting way of Bitcoin adoption was chosen by the mayor of a little town from Missouri:
https://www.ksdk.com/article/news/local/missouri-mayor-wants-to-give-residents-1000-bitcoin/63-a329a9ad-fb82-42a5-a835-8d08e47d428b

This is a small town called COOL VALLEY. The mayor says that he is collecting funds to distribute some bitcoins to each of the 1 500 residents.

Quote

“Look, it's digital gold,” said Mayor Stewart. “I would like to see every single household in my city receive some level of Bitcoin, whether it be $500 or $1,000.”

The mayor said that funds for such an airdrop among the local population will come from investors who wished to remain incognito. They are ready to invest several million dollars in this project.

An interesting idea, will such a precedent be further spread among other cities? Although this step may be just PR on the theme of cryptocurrencies.

Rruchi man

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Quote from: Coyster on August 12, 2021, 12:17:46 PM

I don't think I'd be wrong to say the pandemic has had a lot to play in Bitcoins adoption in the last one year, I'm not saying it has been the sole factor, but the fall of traditional economies, inflation, plus government policies that society is still feeling the brunt of, and then the fact that Bitcoin was to a large extent unaffected by the pandemic and all, has allured quite a lot of people to the Bitcoin network, increasing their believe in the network as a possible "safe haven" (though it may not be there yet), and a hedge to devaluing fiat currencies.

I agree with you. Despite the crashing economies, people’s perception towards bitcoin changed and this drove the value of bitcoin in 2020 up even as the pandemic ravaged the world. Big companies started to accept payments in Bitcoin and even some workers agreed to start receiving a portion of their income in bitcoin. More online casinos also added bitcoin as an option for new members when signing up. The pandemic changed everything. Soon it will be mainstream.

dothebeats

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Excel is fun

Bitcoin has since gained traction on the news and on the adoption side as more and more people, companies, and governments recognize its potential to be a part of the working economy. I'm actually proud to see that small things such as that Coca Cola thing in NZ and Australia, and the taxi services in Germany were the ones to adopt crypto. It's these seemingly small things that normal people encounter everyday in their life that boosts bitcoin and crypto's popularity, as people will be curious to know more about what these things are. Add to that the growing number of companies and governments that are keenly interested in having some crypto-integration working on their platforms and services.

arallmuus

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Quote from: Symmetrick on August 12, 2021, 03:06:31 PM

Many companies switched to cryptocurrencies to preserve the value of their capital

Its more like to squeeze some profit out of it just like what Tesla did but its all good as long as they keep on giving positive images about bitcoin for the mass

Quote from: int03h on August 12, 2021, 09:15:05 PM

Bitcoin is receiving active support from companies around the world. They choose Bitcoin and that's how Bitcoin enter the world economy.

Its not really a 'support', its more of a give and take situation because sooner or later these companies that 'hold' bitcoin will have to sell it to get some profit from it. The obvious reason that most companies start to adopt bitcoin is to get in the hype train because most of these institution / companies believe that the current value for bitcoin is still a steal.

Quote from: int03h on August 12, 2021, 09:15:05 PM

As companies hold Bitcoin, the state will have to make specific laws to regulate Bitcoin.

Or ban it, it can go either way.

Sterbens

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Duelbits.com

Quote from: Symmetrick on August 13, 2021, 01:59:01 PM

Argentina Open To Adopting Bitcoin, Says President Alberto Fernandez

After El Salvador and Paraguay, Argentina was next in readiness for Bitcoin adoption. In an interview, the President of Argentina spoke about the possible adoption of Bitcoin at the state level. Since in bitcoin the inflationary effect is reduced to naught, then for Argentina the adoption of bitcoin will be an advantage, since inflation has been a big problem in the country for a long time.

In general, in Argentina, interest in cryptocurrencies has grown greatly in recent years. Bitcoin and stablecoins are popular among traders to help investors defend against devaluation of the local currency.

Argentina has experienced a major year-on-year economic downturn since early 2018, then there are 2 million cryptocurrencies there still active and the Argentine government is increasingly looking for ways to manage large amounts of finances and not harm inflation. On the other hand, Argentina dominates Bitcoin, Ethereum, and stablecoin crypto users.
Since the beginning of 2020, crypto users have increased a lot more than usual, coupled with the pandemic conditions they have all started to carry out massive attacks on crypto.

Sanugarid

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Quote from: int03h on August 12, 2021, 09:15:05 PM

Bitcoin is receiving active support from companies around the world. They choose Bitcoin and that's how Bitcoin enter the world economy. As companies hold Bitcoin, the state will have to make specific laws to regulate Bitcoin. That support will make Bitcoin expand its market share and increase its capitalization. That also means that the cryptocurrency market will be more active.

I think that the support from these companies are the second best thing that can happen to bitcoin because they can put in a lot of money to the market to drive the prices to go up, the biggest is still the support from the government because what's the point of having big pump in prices when the government bans it's use in the country.

Symmetrick

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Argentina Open To Adopting Bitcoin, Says President Alberto Fernandez

After El Salvador and Paraguay, Argentina was next in readiness for Bitcoin adoption. In an interview, the President of Argentina spoke about the possible adoption of Bitcoin at the state level. Since in bitcoin the inflationary effect is reduced to naught, then for Argentina the adoption of bitcoin will be an advantage, since inflation has been a big problem in the country for a long time.

In general, in Argentina, interest in cryptocurrencies has grown greatly in recent years. Bitcoin and stablecoins are popular among traders to help investors defend against devaluation of the local currency.

Topic: [LIST] The Introduction of Bitcoin Into the Global Economy (Read 228 times)