I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of day in my country where I can earn in bitcoin and spend in bitcoin. I dream of the day where, even though I need to keep my bitcoin secure in a cold storage, I can still have say $100 worth of BTC in a hot wallet that I spend to buy goods and services from people who accept bitcoin. The idea will be to spend from this hot wallet for purchases while promptly replacing it. That is, after spending the $100, I simply buy another $100 worth of Bitcoin to refill the hot wallet. I remain optimistic that my dream will eventually come true in my country. In the meantime, I would be happy to hear the experiences of bitcoiners who are already living my dream bitcoin circular economy in their country. What is it like for you?
Bitcoin is not capable of fulfilling your dream because it's not ready for massive usage. Have a look at what happened when ordinals started minting NFTs on bitcoin blokchain. They were regularly minting and creating tons of transactions on bitcoin blockchain and this caused clogging of mempool. In result, we got enormously high transaction fees. Now imagine, if Bitcoin becomes popular (forget ordinal attack), how will you be able to pay with it? Massive adoption and usage means massive transaction fees since developers aren't going to increase bitcoin block size. It's easy to make that dream reality with centralized system inside the country but that's against the whole purpose of having a decentralized p2p currency.
Topic: My Dreams of a Bitcoin Circular Economy in my Country (Read 484 times)
Not only in your country, but most of the 3rd world countries are slow when it comes to such kinds of development because of their government and they are not gonna be easy to negotiate with since they are always asking for huge amounts of money for some local exchange to establish there. As for partnerships, they will just simply go for the nations that already have some successful relations with crypto and invest right there rather than taking the risk of investing in such countries where they can't even assure their profit.
I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of day in my country where I can earn in bitcoin and spend in bitcoin. I dream of the day where, even though I need to keep my bitcoin secure in a cold storage, I can still have say $100 worth of BTC in a hot wallet that I spend to buy goods and services from people who accept bitcoin. The idea will be to spend from this hot wallet for purchases while promptly replacing it. That is, after spending the $100, I simply buy another $100 worth of Bitcoin to refill the hot wallet. I remain optimistic that my dream will eventually come true in my country. In the meantime, I would be happy to hear the experiences of bitcoiners who are already living my dream bitcoin circular economy in their country. What is it like for you?
Bitcoin is not capable of fulfilling your dream because it's not ready for massive usage. Have a look at what happened when ordinals started minting NFTs on bitcoin blokchain. They were regularly minting and creating tons of transactions on bitcoin blockchain and this caused clogging of mempool. In result, we got enormously high transaction fees. Now imagine, if Bitcoin becomes popular (forget ordinal attack), how will you be able to pay with it? Massive adoption and usage means massive transaction fees since developers aren't going to increase bitcoin block size. It's easy to make that dream reality with centralized system inside the country but that's against the whole purpose of having a decentralized p2p currency. 
I remain optimistic that my dream will eventually come true in my country. In the meantime, I would be happy to hear the experiences of bitcoiners who are already living my dream bitcoin circular economy in their country. What is it like for you?
It is just a matter of time your dream will come to pass and you will spend your bitcoin on things just the way you like . If other countries can have access to bitcoin and spend it the way they want that means a day is coming when bitcoin will be legal in your country when you can now spend bitcoin just as fiat. I believe bitcoin is getting to an era it will be spent without any restrictions by the government, the reason why in some regions people don't use bitcoin freely is because the government in these places haven't know bitcoin well and how it can be of benefit to people. To me I feel bitcoin is still growing and since countries are accepting it as a legal tender, it will still get to the turn of other countries to accept it as a legal tender also.
I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of day in my country where I can earn in bitcoin and spend in bitcoin. I dream of the day where, even though I need to keep my bitcoin secure in a cold storage, I can still have say $100 worth of BTC in a hot wallet that I spend to buy goods and services from people who accept bitcoin. The idea will be to spend from this hot wallet for purchases while promptly replacing it. That is, after spending the $100, I simply buy another $100 worth of Bitcoin to refill the hot wallet. I remain optimistic that my dream will eventually come true in my country. In the meantime, I would be happy to hear the experiences of bitcoiners who are already living my dream bitcoin circular economy in their country. What is it like for you?
Some things we want may not happen right away. Considering the stages Bitcoin has gone through, it is possible for what you want to happen. I think we will see the time when states will accept Bitcoin legally. When this happens, what you want happens faster.
As I said, Bitcoin has proven itself through many difficult stages. From now on, Bitcoin will continue to prove itself and be used.
We often call bitcoin digital gold, which means people also treat bitcoin like gold. And do you see gold being used for payments globally?
Personally, I'm the opposite of you, I don't think bitcoin can become a global means of payment in the future. Looking at what's going on, I see people talking about bitcoin as an investment, a commodity that can bring them profits. Not to mention, do you think governments will accept a currency that they will not be able to control and cannot tax? I like reality and don't want to live in illusion and this is my view of what bitcoin has been and will become. Bitcoin is an asset to invest in and in the future it will also be an investment, an asset.
Why you need to use other people opinions to define something? what most people say about Bitcoin is scam or ponzi, will you think Bitcoin is like that?Personally, I'm the opposite of you, I don't think bitcoin can become a global means of payment in the future. Looking at what's going on, I see people talking about bitcoin as an investment, a commodity that can bring them profits. Not to mention, do you think governments will accept a currency that they will not be able to control and cannot tax? I like reality and don't want to live in illusion and this is my view of what bitcoin has been and will become. Bitcoin is an asset to invest in and in the future it will also be an investment, an asset.
Government already accept Bitcoin as legal tender, check El Salvador, that means they don't have to control Bitcoin in order to accept Bitcoin.
How you can think they can't tax Bitcoin? it doesn't have to be as a commodity i.e. capital gains in order to tax Bitcoin, everything you earn get taxed i.e. income tax.
Governments will certainly find ways to tax, but with the use of bitcoin they will have difficulty collecting taxes. We don't need to ask someone, ask yourself, do you want to pay taxes to the government if they want to collect taxes on your bitcoin investment? And how many people will voluntarily pay taxes or are trying to avoid taxes through bitcoin?
It is not far from now that Bitcoin becomes more popular among the general public, which will convince other companies to introduce Bitcoin as a suitable way to repay financial debts. But it still has to fix some problems before that day comes. One of the main obstacles to using Bitcoin as currency in common small purchases, such as groceries, is the high transaction costs. No one wants to pay too much just for some goods. Where Bitcoin transaction confirmation speed depends on the amount you pay as fees. If you choose low fees, you will have to wait a long time before your transaction is confirmed. This situation can be inconvenient for both buyers and sellers, especially if quick sales are threatened in such situations.
I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of day in my country where I can earn in bitcoin and spend in bitcoin. I dream of the day where, even though I need to keep my bitcoin secure in a cold storage, I can still have say $100 worth of BTC in a hot wallet that I spend to buy goods and services from people who accept bitcoin. The idea will be to spend from this hot wallet for purchases while promptly replacing it. That is, after spending the $100, I simply buy another $100 worth of Bitcoin to refill the hot wallet. I remain optimistic that my dream will eventually come true in my country. In the meantime, I would be happy to hear the experiences of bitcoiners who are already living my dream bitcoin circular economy in their country. What is it like for you?
your dream is much better than just using the bitcoin because what you wanna do is completely circulating in which i believe is the main objective of Satoshi when she created the bitcoin.and instead of just using that 100 dollars to pay your grocery , what you wanted is to use bitcoin first then refill it with another bitcoin an amazing plan mate , hope you will manage to see that coming.
but cant you have a small business in your place that will accept bitcoin as payment? so you can start that welcoming of bitcoin payment before others follows you.
I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of day in my country where I can earn in bitcoin and spend in bitcoin. I dream of the day where, even though I need to keep my bitcoin secure in a cold storage, I can still have say $100 worth of BTC in a hot wallet that I spend to buy goods and services from people who accept bitcoin. The idea will be to spend from this hot wallet for purchases while promptly replacing it. That is, after spending the $100, I simply buy another $100 worth of Bitcoin to refill the hot wallet. I remain optimistic that my dream will eventually come true in my country. In the meantime, I would be happy to hear the experiences of bitcoiners who are already living my dream bitcoin circular economy in their country. What is it like for you?
Your dream seems to have been realized in El Salvador and the Central African Republic. And I hope there are users here who can share their stories in that country. Or anyone who has visited there. because it looks like it would be fun to read stories of people visiting the most bitcoin-friendly countries that have even legalized bitcoin as legal tender.And I hope that your country can soon follow the steps of El Salvador and the Central African Republic. In my country bitcoin is only a commodity asset. And it still cannot be used as a means of payment. So I also have difficulty if I want to have experience in paying with bitcoin in the real world. Unless it's done with friends, maybe it can be done. But for me, Bitcoin being a commodity asset is good enough. And this makes people who were initially cynical about bitcoin speechless.
We often call bitcoin digital gold, which means people also treat bitcoin like gold. And do you see gold being used for payments globally?
Personally, I'm the opposite of you, I don't think bitcoin can become a global means of payment in the future. Looking at what's going on, I see people talking about bitcoin as an investment, a commodity that can bring them profits. Not to mention, do you think governments will accept a currency that they will not be able to control and cannot tax? I like reality and don't want to live in illusion and this is my view of what bitcoin has been and will become. Bitcoin is an asset to invest in and in the future it will also be an investment, an asset.
Why you need to use other people opinions to define something? what most people say about Bitcoin is scam or ponzi, will you think Bitcoin is like that?Personally, I'm the opposite of you, I don't think bitcoin can become a global means of payment in the future. Looking at what's going on, I see people talking about bitcoin as an investment, a commodity that can bring them profits. Not to mention, do you think governments will accept a currency that they will not be able to control and cannot tax? I like reality and don't want to live in illusion and this is my view of what bitcoin has been and will become. Bitcoin is an asset to invest in and in the future it will also be an investment, an asset.
Government already accept Bitcoin as legal tender, check El Salvador, that means they don't have to control Bitcoin in order to accept Bitcoin.
How you can think they can't tax Bitcoin? it doesn't have to be as a commodity i.e. capital gains in order to tax Bitcoin, everything you earn get taxed i.e. income tax.
I dream of day in my country where I can earn in bitcoin and spend in bitcoin.
A day like that will come, it is just for us to be alive and see it happen when it does. What I do know is that nothing that has been unaccepted will remain unaccepted forever without being accepted someday. As for bitcoin, it will one day become a global means of payment for goods and services.The government of your country and other countries may keep on being against the growth of bitcoin, but the time will come when they will fully accept it as El Salvador did. It is just a matter of time. By the way, bitcoin is still in its early stage which will make us say it is taking too long for one to earn and spend on bitcoin.
Personally, I'm the opposite of you, I don't think bitcoin can become a global means of payment in the future. Looking at what's going on, I see people talking about bitcoin as an investment, a commodity that can bring them profits. Not to mention, do you think governments will accept a currency that they will not be able to control and cannot tax? I like reality and don't want to live in illusion and this is my view of what bitcoin has been and will become. Bitcoin is an asset to invest in and in the future it will also be an investment, an asset.
To be honest with you, I fear the worse for cryptocurrencies under this government. Maybe what we're experiencing now is just a tip of the iceberg.
I hope they end up disappointing me and actually turning out to be the government that embraces cryptocurrency in this country if not I have already gotten same fears you have now long since they arrived. But they actually put up some encouraging signs or let me say words to make one think they could be friendlier.
My advice to o any crypto investors in the country as a this moment is if they have be taking their privacy for granted this is the time to go more anonymous
I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of day in my country where I can earn in bitcoin and spend in bitcoin. I dream of the day where, even though I need to keep my bitcoin secure in a cold storage, I can still have say $100 worth of BTC in a hot wallet that I spend to buy goods and services from people who accept bitcoin. The idea will be to spend from this hot wallet for purchases while promptly replacing it. That is, after spending the $100, I simply buy another $100 worth of Bitcoin to refill the hot wallet. I remain optimistic that my dream will eventually come true in my country. In the meantime, I would be happy to hear the experiences of bitcoiners who are already living my dream bitcoin circular economy in their country. What is it like for you?
That time will come. While you're very optimistic with that idea that your country will be Bitcoin friendly soon and more shops are going to accept Bitcoin as a payment, only time will tell when that shall happen.As for your likes of spending it instead of fiat. You can start purchasing online by paying Bitcoin for the goods that you like or want to have which the merchant accepts it.
But definitely, it will include you shipping fee if the merchant is from overseas. At least, that's a good start of what you're advocating about and soon you just have to manifest that it will happen there.
I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of day in my country where I can earn in bitcoin and spend in bitcoin. I dream of the day where, even though I need to keep my bitcoin secure in a cold storage, I can still have say $100 worth of BTC in a hot wallet that I spend to buy goods and services from people who accept bitcoin. The idea will be to spend from this hot wallet for purchases while promptly replacing it. That is, after spending the $100, I simply buy another $100 worth of Bitcoin to refill the hot wallet. I remain optimistic that my dream will eventually come true in my country. In the meantime, I would be happy to hear the experiences of bitcoiners who are already living my dream bitcoin circular economy in their country. What is it like for you?
In a sense, that's what everyone wanted though, to used Bitcoin as it was designed by Satoshi a P2P. But it has evolved to be some form of investment now and with it's volatility, very hard to see it as what we imagine. Although here in our country we have our local wallet that we can used bitcoin, it's not not a direct P2P as we will have to convert it first to local currency and used to pay our bills. So it might take some time, although we have El Salvador that might have been doing it in years as they make bitcoin a legal tender. But the majority is still in the gray area as far as the acceptance of bitcoin so this dreams of ours might take some time to become a reality.
I dream of day in my country where I can earn in bitcoin and spend in bitcoin.
A day like that will come, it is just for us to be alive and see it happen when it does. What I do know is that nothing that has been unaccepted will remain unaccepted forever without being accepted someday. As for bitcoin, it will one day become a global means of payment for goods and services.The government of your country and other countries may keep on being against the growth of bitcoin, but the time will come when they will fully accept it as El Salvador did. It is just a matter of time. By the way, bitcoin is still in its early stage which will make us say it is taking too long for one to earn and spend on bitcoin.
To be honest with you, I fear the worse for cryptocurrencies under this government. Maybe what we're experiencing now is just a tip of the iceberg.
I'm far from being able to experience that because our government isn't very friendly with Bitcoin and digital currencies, you can't even use your bank account for transactions involving cryptocurrencies in my country because if they come to know about it, your account will be blocked and your funds will be held and they will ask you for proof and many other things to have it clear and that will only happen if you prove it to them that you aren't dealing in cryptocurrencies. It's ridiculous but it is what it is.
Maybe in the far future, we may see some changes when government officials are changed and new people with new mindsets come in power who might value technology and growth of this sector within the country and allow people to use cryptocurrencies and all other digital currencies without any problems.
Regulations are not a problem, but it should at least be allowed.
Maybe in the far future, we may see some changes when government officials are changed and new people with new mindsets come in power who might value technology and growth of this sector within the country and allow people to use cryptocurrencies and all other digital currencies without any problems.
Regulations are not a problem, but it should at least be allowed.
That day is not so far away. There are businesses and services that accept bitcoin as payment in Nigeria although the ratio is not as high as those that accept fiat as payment. The challenges of business accepting bitcoin as payment is the high fees for bitcoin transaction. I doubt many will want to use bitcoins to pay for groceries with the current fees. The lesser the fee, the longer the confirmation time. You would have to wait at the store for your transaction to get at least three confirmations on the blockchain.
The high transaction fees is not only the impediment to the mass adoption of Bitcoin. Most developing nations lack basic infastructure that will make Bitcoin use or transaction smooth. Poor internet connections and unstable power supply will make Bitcoin adoption slow in some of these countries. The Nigerian economy rely so much on physical fiat currency due to the high level of illiteracy. Many people have not even embraced online banking because they lack the basic skills of reading and understanding how it works. I doubt if many business owner will choose to use Bitcoin as a payment option sue to their poor level o education. However, Bitcoin adoption will be gradual and consistent since most young Nigerians are embracing the currency in a large scale. 
I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of day in my country where I can earn in bitcoin and spend in bitcoin. I dream of the day where, even though I need to keep my bitcoin secure in a cold storage, I can still have say $100 worth of BTC in a hot wallet that I spend to buy goods and services from people who accept bitcoin.
That means your country only allows bitcoin as an investment asset and the same way my country treats bitcoin. For me, that is much more sufficient because we are still allowed to use bitcoin as an investment asset, while to spend bitcoin we can do it in online shops that accept bitcoin even though our country doesn't allow it. Everyone dreams of this, but what happens is enough for us to use and maybe it will help us to reach the stage of perfection in terms of achieving better finances.The idea will be to spend from this hot wallet for purchases while promptly replacing it. That is, after spending the $100, I simply buy another $100 worth of Bitcoin to refill the hot wallet. I remain optimistic that my dream will eventually come true in my country. In the meantime, I would be happy to hear the experiences of bitcoiners who are already living my dream bitcoin circular economy in their country. What is it like for you?
Hopefully that will happen in the future although it is a bit much more difficult to implement as you wish. But nothing is impossible as long as it has a good impact on everyone, even though currently the government as the highest authority does not yet see this opportunity as a good reference. If the problem is filling in and taking out bitcoins to spend then there is a way we can do it and maybe we have done that up to now. I dream that bitcoin will never be completely banned in my country so that we can use bitcoin as an investment step because when the government starts to ban it, it will be much more difficult for us to get involved in this investment. I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of day in my country where I can earn in bitcoin and spend in bitcoin. I dream of the day where, even though I need to keep my bitcoin secure in a cold storage, I can still have say $100 worth of BTC in a hot wallet that I spend to buy goods and services from people who accept bitcoin.
Why not give a little more time to see the positive change and impact of bitcoin in your country than you expected, the situation currently for now may not be encouraging, but you have to understand that change is the only constant thing in life, you will need more patience in due time to see that not only the people are interested about learning bitcoin and using it for their daily economy, the government also might change their take and approach to regard bitcoin than they do presently, it takes time to achieve some kind of success, at least, there's always an opportunity for that to come into a reality.
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