More Calls for Bitcoin Adoption Amidst Transaction Challenges

Die_empty

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Quote from: Aanuoluwatofunmi on May 09, 2023, 05:13:06 AM

Also in Florida, the governor made the announcement that they are not interested in the government controlled and centralized financial institutions in running the economy assets, they are giving in support for bitcoin adoption in other for everyone to have this same financial freedom others are benefiting

Governor Ron DeSantis seems to be rooting for cryptocurrencies. He once declared that he has mandated the Florida tax agencies to work out modalities for how companies can pay tax using cryptocurrencies. His recent criticism of CBDC and his promotion of privacy are plus to the cryptocurrency space. But politicians can't be trusted. The Republican 2024 presidential nomination hopeful might be using this means to secure the votes of young voters. He is aware of the closeness of the youths to crypto so he wants to tell them what they want to hear. But I am not totally pushing aside his termination to make his state a crypto hub. This means the US will be more crypto-friendly if he becomes the president of the united states.

BIT-BENDER

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I was not expecting the transactions issues we are currently experiencing right now to cause less adoption of bitcoin, I honestly thing we are hyping this transaction history and making mountains out of the whole situation. This present situation isn’t a permanent one.

On the lighter side it’s great seeing adoption push like this one, it goes to show the believe bitcoin is getting from people of different works of life, I would advice anyone showing panic this time due to the transactions fee to relax and plan your transactions properly to avoid unnecessary transactions fee, it would still get back to normal.

Obari

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This is one of the boldest step I've seen so far and it is also a welcome development but taking this to the bank isn't right from my perspective as I think its causing more harm to the banking institution since its a business of its own.

The transaction fee and very slow transaction due to the transaction fee is very disheartening and it seems no one is doing anything about it and one of the major reason why the adoption of bitcoin has been on the increase is is decentralization and respect to privatization and I think its time for most of the private exchanges to start capitalizing on the high fee and also reduce the kyc policies on their platforms especially that of binance and I also want to suggest that mepool should also do their best to retify this situation because if this persist, people might want to switch to other alternative means of crypto payment which wouldn't be helpful for bitcoin.

mvdheuvel1983

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Quote from: Aanuoluwatofunmi on May 09, 2023, 05:13:06 AM

This amaze me seing that despite the current ongoing crisis with the bitcoin transaction high fee demands, individuals, institutions and governments are not giving up on bitcoin because they want a total free abd fare decentralized financial network which can only be soughted with bitcoin and it's adoption irrespective of the situation now, there's still more confidence and hope in bitcoin than the traditional currency we have been using.

People who know bitcoin already know that these high fees have been experienced before and it went away in a couple of months. So, this is not new. Besides, if bitcoin survived then and the rate of adoption increased, nothing can stop it now. The call and push for bitcoin adoption should not be hindered by the high fees. I do not think that people who invest in bitcoin today will be preforming any transactions tomorrow.

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Also in Florida, the governor made the announcement that they are not interested in the government controlled and centralized financial institutions in running the economy assets, they are giving in support for bitcoin adoption in other for everyone to have this same financial freedom others are benefiting.

Hold up, isn't the governor of Florida also a government official? Well, it is one thing to give support to bitcoin and it is another thing to have other members of parliament or however they call them in the US support the motion. Unless he gives an executive order.

Zaguru12

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Quote from: KiaKia on May 09, 2023, 12:12:08 PM

My best bet will be the coexistence of decentralization and centralization in one package in the future, it feels good to see that finally some countries are tired of banning crypto, they can work on being friendly towards each other than trying to cut each other's throats.

Hopefully, things will keep going well for Bitcoin and crypto.

It is certainly almost impossible because it can only happen if the government gets there will of regulating cryptocurrencies or bitcoin. Just look at how exchanges mostly the centralized exchanges that are been regulated are coping at them moment. One regulatory problem with the government and other. If there is regulation, there might be the possibility of every platforms been regulated to seek for users KYC and this could also be gotten by the government whenever they seek the need to do so. This will certainly defeat the sole purpose of decentralization, which is the main reason for all this anyways

KiaKia

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The federal government will benefit more from CBDC, what are you saying that the government are not giving up on Bitcoin? I accept others but not the government, unless you are from country that has legalized Bitcoin, are you OP?

Decentralization can't win this war, it's like trying to make sure that the government should seize to exist and that's impossible, in as much as the government is in every countries of the world, they will always want to be in control and that's through centralization.

My best bet will be the coexistence of decentralization and centralization in one package in the future, it feels good to see that finally some countries are tired of banning crypto, they can work on being friendly towards each other than trying to cut each other's throats.

Hopefully, things will keep going well for Bitcoin and crypto.

Queentoshi

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There is an understanding that the challenges facing transactions in bitcoins which is the high transaction fees is something which is temporary and is expected to return to normal again. Another reason is that the major concern for people who are pushing for adoption is not the fees that banks deduct from their bank balance, their major concern is that they want to be in charge of their finance and reduce the hold of the government on them, so even with the present high transaction fees, they do not see it as a problem.

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Quote from: avikz on May 09, 2023, 08:04:46 AM

Transaction issues are temporary, it will go away in some time. But considering how US is taking actions against crypto companies since last couple of months, I don't honestly see a green light at the end of the tunnel.

I agree the US is trying its best to suppress all the originations, exchanges, and other bodies that are somehow connected with the trade of Bitcoin or are providing Bitcoin to US citizens. But, states like Florida and their citizens are favoring Bitcoin and in that matter the Federal government will definitely interfere with them.

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I understand that US has a federal structure, but do the states have power to ignore a government controlled currency system? I am not sure but it seems states do not have an option here. It's good to see that call for adopting Bitcoin but avoiding CBDC, doesn't looks like an option for the state government and also for the citizens.

No, the states can't ignore the US dollar because they don't have that power. The constitution of US grants the complete power to congress and only congress can make a currency and regulate its value. As you know that US dollar is currently the official currency in all states and that's the reason that states can 't restrict its usage.

The states have limited powers in this regard and they can only increase the taxes to some extent on dollar but they have no power to create or declare their own currency. And they also lack the power to refuse the US dollar as payment for debts or taxes etc.

thecodebear

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Quote from: avikz on May 09, 2023, 08:04:46 AM

Transaction issues are temporary, it will go away in some time. But considering how US is taking actions against crypto companies since last couple of months, I don't honestly see a green light at the end of the tunnel.

I understand that US has a federal structure, but do the states have power to ignore a government controlled currency system? I am not sure but it seems states do not have an option here. It's good to see that call for adopting Bitcoin but avoiding CBDC, doesn't looks like an option for the state government and also for the citizens.

Pretty sure if the govt introduces CBDC and there are states that have banned it then this type of thing would end up in the Supreme Court, which would likely rule in favor of the federal govt. I see this more of a symbolic resistance to CBDCs where states are publicly saying "hey CBDCs are bad and we don't want them" to try to convince the federal govt not to implement one in the future.

avikz

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Transaction issues are temporary, it will go away in some time. But considering how US is taking actions against crypto companies since last couple of months, I don't honestly see a green light at the end of the tunnel.

I understand that US has a federal structure, but do the states have power to ignore a government controlled currency system? I am not sure but it seems states do not have an option here. It's good to see that call for adopting Bitcoin but avoiding CBDC, doesn't looks like an option for the state government and also for the citizens.

tbct_mt2

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Bitcoin gives us a tool for censorship-resistant peer-to-peer transactions and it fulfills this mission.

Do you want to make a transaction with bank in fiat currency, digital currency, CBDC and a few hours later, you receive a notification that it is rejected and censored by some stupid reasons?

I believe none of us want to experience it but with CBDCs, you will have to cope with censorship that you don't like definitely.

[GUIDE] All About Central Bank Digital Currency (CBDC). It is helpful to get basics about CBDCs and how censorship can be done by banks and their CBDCs.

Aanuoluwatofunmi

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This amaze me seing that despite the current ongoing crisis with the bitcoin transaction high fee demands, individuals, institutions and governments are not giving up on bitcoin because they want a total free abd fare decentralized financial network which can only be soughted with bitcoin and it's adoption irrespective of the situation now, there's still more confidence and hope in bitcoin than the traditional currency we have been using.

Also in Florida, the governor made the announcement that they are not interested in the government controlled and centralized financial institutions in running the economy assets, they are giving in support for bitcoin adoption in other for everyone to have this same financial freedom others are benefiting
https://twitter.com/BitcoinMagazine/status/1655633904311705601?t=v6wKdpwDL-FRf30NGNMMvw&s=19

source

There's no more expression of fear in demanding for what the people want, we are in the era of an opened expression of interest and freedom of speech, this led to the demanding for bitcoin adoption right in front of First Republic Bank, a centralized financial institutions that no more deals with CBDC and calls for bitcoin adoption in their poster right in front of the bank.

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