[LIST] The Introduction of Bitcoin Into the Global Economy - page 2.

davis196

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Quote

I read one article where it was said that in many European countries bitcoin ATMs are not popular due to the fact that the banks of those countries do not want to deal with the providers of these cryptomats.

I'm not an expert in this topic,but I think that Bitcoin ATMs can exist without any support coming from the banks.The main problem is the regulatory frame in most countries of the EU.
No business owner is going to invest hundreds of thousands dollars(or maybe millions) and face a possible ban after a few weeks.
Anyway,I'm not a big fan of the Bitcoin ATM business model.Bitcoin is created to be a truly digital online currency.There's no point of using ATMs.Using your smartphone or PC is way more convenient.

Symmetrick

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Quote from: kryptqnick on August 13, 2021, 06:27:35 AM

Thanks for compiling the list. It gives an overview of the developments, but I have a couple of things to note here. Firstly, it's comprised of positive news, but bad things that affect the image and adoption of Bitcoin are happening as well and are IMO equally important. I'm talking about Tesla stopping accepting Bitcoin, China restricting mining and things like this. Also, some news on the list are bullish but never came true, so they're speculative in nature, and their positive effect is only temporary. For instance, it seems that Airbnb never started accepting Bitcoin. And as for Bitcoin ATMs, they're still overwhelmingly in the US.

I would not seriously view news of the bans as a positive effect on Bitcoin adoption. Bans on bitcoin in certain countries or companies are unlikely to accelerate the adoption of bitcoin, they rather cause other companies or countries to occupy the formed niche and accelerate the adoption of bitcoin. The prohibition of mining in China is a bright hello to that.

Bitcoin ATMs are concentrated mainly in the United States, but who is stopping them from being installed in such quantities in other countries? I read one article where it was said that in many European countries bitcoin ATMs are not popular due to the fact that the banks of those countries do not want to deal with the providers of these cryptomats. Also, many countries cannot decide on the legal component of cryptocurrencies. These are all bureaucratic delays that hinder the normal expansion of Bitcoin ATMs around the world.

kryptqnick

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Thanks for compiling the list. It gives an overview of the developments, but I have a couple of things to note here. Firstly, it's comprised of positive news, but bad things that affect the image and adoption of Bitcoin are happening as well and are IMO equally important. I'm talking about Tesla stopping accepting Bitcoin, China restricting mining and things like this. Also, some news on the list are bullish but never came true, so they're speculative in nature, and their positive effect is only temporary. For instance, it seems that Airbnb never started accepting Bitcoin. And as for Bitcoin ATMs, they're still overwhelmingly in the US.

StanleyBoyle

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What you worry about will control you

Yes, very right. At least I realized that 70% of the assets are in cryptocurrency, and only 30% is used for daily expenses and some loan repayments. Since DEFI just started, some institutions have started When they entered the market one after another, the financial revolution had already begun.

cabron

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I really think it was introduced a long time ago when the exchanges started and the 3rd party that allows BTC to be converted to fiat money. This made the BTC available to the people to participate and treated Bitcoin as currency. But the biggest introduction that sparked everyone was when a legitimate and well-known company like Paypal and Visa allows users to buy and sell BTC. It made the impression of Bitcoin was being just used by criminals changed. It was a turning point that regular people tend to see Bitcoin be a real asset.

int03h

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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.

hello_good_sir

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Thanks for this. This is really useful.

This just shows how exponential the growth has been from an adoption perspective, and that is exactly what we like to see as it offers substance to back up the current bull run.

We should continue to see this sort of growth. Institutions are jumping on the opportunity to adopt bitcoin on a large scale more than ever. Retirement funds are moving, investment banks are moving, portfolio managers are moving... It's truly an alternative asset class that offers a low/negative Beta with the rest of the market.

Symmetrick

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Quote from: arallmuus on August 12, 2021, 02:59:55 PM

Great list. Im not sure but in the previous bull run on 2017/2018 was there any significant announcements for adoption like this ?

Thanks. I don’t remember that there were any important big announcements. Apparently all because then there was a bull run was speculative in nature. The price was pushed by retailers (often with borrowed and credit money) and few people were interested in how bitcoin could be used in the real economy. The main thing in this bull-run was to earn as soon as possible, and more.

Quote from: arallmuus on August 12, 2021, 02:59:55 PM

One of the main reason would be the US 10 year treasury yield has been plummeting because of the pandemic. The yield was below average and the big ventures need to maintain their funds so crypto was one of the best choice. Some ventures probably maintain over 10 billion so taking 5% of it to put it into crypto for around 3x gain is a pretty good decision

Undoubtedly, the pandemic also played a role in bitcoin adoption. Many companies became disenchanted with fiat, as it was printed in unlimited quantities to support the economy and, accordingly, lost its value due to rising inflation. Many companies switched to cryptocurrencies to preserve the value of their capital and to save themselves from macroeconomic risks.

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Quote from: Symmetrick on August 12, 2021, 11:56:28 AM

Let's recall the main announcements in which bitcoin adoption appears

Great list. Im not sure but in the previous bull run on 2017/2018 was there any significant announcements for adoption like this ?

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

Bitcoin adoption has definitely improved in the past one year, thus that means mainstream adoption is a possibility somewhere down the road.
-snip
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

One of the main reason would be the US 10 year treasury yield has been plummeting because of the pandemic. The yield was below average and the big ventures need to maintain their funds so crypto was one of the best choice. Some ventures probably maintain over 10 billion so taking 5% of it to put it into crypto for around 3x gain is a pretty good decision

Coyster

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Quote from: Symmetrick on August 12, 2021, 11:56:28 AM

Bitcoin adoption continues...

It's absolutely continuing, I mean, all this announcements/news were big when we heard/read about them after they were published, but bringing them together in one thread somewhat exposes users to how many they actually are, and tbh, Bitcoin adoption has definitely improved in the past one year, thus that means mainstream adoption is a possibility somewhere down the road.

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.

Symmetrick

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Over the past year, Bitcoin has grown 6.5 times, reaching ATH ~$64 800.

During this time, Bitcoin has significantly expanded the map of its adoption in the global economy, penetrating into various areas such as banking, payment, trade, and other areas of various goods and services. Next, I would like to present a retrospective of Bitcoin adoption for retailers over the past 14 months (from June 2020 to the present day). Bitcoin adoption among institutions can be found here: Bitcoin Treasuries

Let's recall the main announcements in which bitcoin adoption appears. Some of them greatly influenced the crypto industry in general and the price of bitcoin in particular:

June 2020:

- Bitcoin companies are now regulated in Canada
- Residents of Australia and New Zealand will be able to buy Coca-Cola for cryptocurrency
- PayPal's Venmo launches crypto buying and selling

July 2020:

- Travala.com Announces Partnership with Expedia to Offer Frictionless Crypto-Powered Booking for Travelers
- WikiLeaks Shop Now Accepts Bitcoin Lightning Payments
- Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets
- Streams of Excitement: Twitch Levels-Up to Unlock Bitcoin Discount

September 2020:

- Pornhub Now Only Accepts Bitcoin and Crypto for its Premium Membership
- Swiss Canton Takes Taxes in Bitcoin as Crypto Gains Traction
- Bitcoin Adoption: Just Eat France Now Accepts BTC Payments in Over 15,000 Restaurants

October 2020:

- PayPal added buy/sell cryptocurrencies
- LibertyX added the ability to sell BTC for cash in ATms
- Coinbase Announces Debit Card for Americans

November 2020:

- Belarus’ Largest Bank Launches Cryptocurrency Exchange Service
- Airbnb to Add Support for Blockchain and Cryptocurrencies
- Gazprombank (Switzerland) Ltd successfully trades Bitcoin for its clients and prepares for crypto payments with its Swiss partners
- Peninsula Visa, which provides passport and visa services, announced to buy a U.S. passport for Bitcoin.

December 2020:

- Spain’s Second-Largest Bank Will Soon Launch Crypto Services: Sources

January 2021:

- The American IT company offered employees a salary in crypto

February 2021:

- Bitcoin to Come to America’s Oldest Bank, BNY Mellon
- Why Mastercard is bringing crypto onto its network
- Bitcoin payments card BitPay now supports Apple Pay for in-app and retail purchases
- Google Finance Adds Crypto Data Tab
- JAPANESE E-COMMERCE PLATFORM RAKUTEN NOW ACCEPTS CRYPTO PAYMENTS

March 2021:

- Goldman Sachs to Restart Its Bitcoin Trading Desk and Explore ETF
- Bitfinex launches payment gateway for merchants to accept crypto
- Largest Movie Theater Chain in Thailand to Accept Bitcoin
- Elon Musk says people can now buy a Tesla with bitcoin

April 2021:

- Caruso Partners With Gemini In Industry First To Bring Blockchain Technology And Bitcoin To Caruso Properties Throughout Southern California
- Gemini Partners with Mastercard to Launch New Crypto Rewards Credit Card

May 2021:

- MoneyGram and Coinme Partner to Expand Access to Bitcoin
- Samsung Makes It Easier to Use Blockchain on Galaxy Devices With Support for Hardware Wallets
- Sheetz Becomes First Convenience Store Chain to Accept Bitcoin