My Dreams of a Bitcoin Circular Economy in my Country - page 2.

Spaceman1000$

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Quote from: Davidvictorson on March 30, 2024, 03:08:53 PM

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?

I can relate to your dreams and aspirations OP, I believe it's just with time of all this will fall in place, there are few businesses I know in Nigeria as well that do receive payment through bitcoin. Remember even most of the bitcoin activities we do today, we weren't prevy to them before. So The good thing is, bitcoin is legal in our country, so the growth and expansion will definitely come, today we use P2P to trade to get fiat in our local currency, it will certainly get a to point we will earn and spend in bitcoin.

However for we to get to these desired feet, there will be massive adoption of BTC and good knowledge of what it entails, so most business owners will know the intricacies in Bitcoin, which for me I know that it will take time for most of them to understand the concept called bitcoin, however a good number of the youthful population know a thing or two about bitcoin, and i believe they are the driving force that is needed to spread the knowledge.

Davidvictorson

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Quote from: davis196 on April 02, 2024, 12:59:21 AM

Imagine all merchants in your country start accepting BTC payments and no fiat. The BTC blockchain gets stuck with multiple transactions, the transaction fees increase and the confirmation time becomes annoying. Will the merchants keep accepting BTC payments or will they return to fiat payments?

Hey Davis, despite my big dreams for a Bitcoin circular economy, I imagine that all the merchants in my country will keep accepting fiat and also have the option to accept Bitcoin. Not Bitcoin only. In addition, while they have the Bitcoin option, I also imagine that your concern of the Blockchain getting stuck because of multiple transactions will not be experienced as payment will be done using the lightning network on apps such as the bitfinex. Transaction fees and confirmation time will not be a problem.

davis196

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Quote from: Davidvictorson on March 30, 2024, 03:08:53 PM

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?

Imagine all merchants in your country start accepting BTC payments and no fiat. The BTC blockchain gets stuck with multiple transactions, the transaction fees increase and the confirmation time becomes annoying. Will the merchants keep accepting BTC payments or will they return to fiat payments? Also imagine the BTC price volatility when Bitcoin gets accepted as the one and only currency in your country.
Spending some BTC for groceries, but the BTC price does up 20% tomorrow. Will the buyers be happy with this? I don't think so.
Dreams are for free, but good luck with making your dream come true. Grin

armanda90

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Your dreaming is right how to make bitcoin become more popular in your country by using as legal tender payment transaction, but your government regulation about bitcoin still not acceptable yet and you have other way how to make bitcoin more popular in the future by advertising of bitcoin advantage and bitcoin become passive income as investment with short term or long term way. Personally I doubt with your ideas right now how to promote bitcoin will be legal payment transaction in your country and indirectly you want to make bitcoin become investment assets for your citizen because current bitcoin too high right now.
For less experienced people with loss in their business very risk talk them about bitcoin raise higher price currently, better waiting with correction moment and promote bitcoin for your citizen easily to earn much profit when bitcoin on lower price than take risk promoting when bitcoin still too high price.

BALIK

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Quote from: Darker45 on April 01, 2024, 08:42:09 PM

Here in my country, a popular island was dubbed as the Bitcoin island. The project is to create a circular Bitcoin economy on the island. So far, hundreds of merchants are already onboarded. Bitcoin is already accepted a bit widely across the tourist island. I've been there. I saw stores and shops displaying Bitcoin accepted here stickers. But when I talked to a tattoo shop artist, he said that only a handful have paid in Bitcoin so far.

The point is that in such a setup, Bitcoin cannot compete against fiat. On the ground, when dealing face to face with a merchant, cash is king.

It's the same thing I always doubted about El Salvador, even though they have accepted bitcoin as legal currency, but is bitcoin used as a popular payment method there, or do people still prefer fiat currency? Many people will not accept the truth but if we evaluate it fairly, bitcoin cannot compete with fiat money in terms of being people's preferred payment method.

Let's ask ourselves a question, if we buy bitcoin for $73k and now bitcoin is trading at $69k, would we be generous enough to use bitcoin as a payment method and accept losses and spend more money?

Darker45

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Here in my country, a popular island was dubbed as the Bitcoin island. The project is to create a circular Bitcoin economy on the island. So far, hundreds of merchants are already onboarded. Bitcoin is already accepted a bit widely across the tourist island. I've been there. I saw stores and shops displaying Bitcoin accepted here stickers. But when I talked to a tattoo shop artist, he said that only a handful have paid in Bitcoin so far.

The point is that in such a setup, Bitcoin cannot compete against fiat. On the ground, when dealing face to face with a merchant, cash is king.

Assface16678

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You need to accept it, bitcoin being main stream or being adopted and using in the society or in a country will be a very long hourney, yes we could see that it is possible but do mund that implementing bitcoin will not be as easy as it looks, there are many things need to be considered, especially in financial, not all people are open and known to bitcoin or any crypto currency.

if a country will push the adoptation and accepting of bitcoin payment then I'm sure many businesses that will also accept it may have a hard time dealing with the number one problem in bitcoin transaction, hugh transaction fees, if there will be developed that could make the bitcoin transfer more faster and cheaper maybe it can be implemented with ease but that's not the case as we know fees is the most common problem in crypto currency or in bitcoin rather.

Pi-network314159

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Quote from: Davidvictorson on March 30, 2024, 03:08:53 PM

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.

Spending your money in Bitcoin may be possible in the future. Though the government may be using there influence to subside or subdue Bitcoin existence, but time will come when your wishes will become reality. one important key factor of success is patient, endurance and time. As the new generation is coming up daily, weekly yearly and otherwise, many may decide to adopt the Bitcoin system because by then the men with the negative mindset would have been gone and we will be left out with no choice than we all to accept Bitcoin for transactions and many more things to do.

Faisal2202

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So you are from Nigeria, an oil-producing country. Last time I made a post on the Nigerian economy's topic opened by another Nigerian. I then realized the situation in your country. Which is bad but according to stats better than before, I know you are living there so you better know. The point is, I don't think according to the current scenario the main focus of the leader there would be to implement a seamless system to use BTC as a payment method. Because they first have to legalize it, which they won't. Due to a number of factors, if they are good then they will not accept it with their traditional minds, if they are bad actors, then they will not legalize it because with it legalized they won't be able to do corruption.

I think this system will only be implemented if a voice is raised, AFAI remember one of your community members shared a post where he visited a government office for some crypto-related work and they also allowed that too. I don't really remember what was the case, you might have an idea.

tranthidung

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Quote from: Davidvictorson on March 30, 2024, 03:08:53 PM

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.

A circular economy is more complicated than just earning and spending with a same thing, in this example, Bitcoin.

A circular economy must be sustainable that is why you can see many GameFi project fails even gamers and their investors can buy NFTs, items in game with token and can earn token to sell it later. However, by bad tokenomics design, their token will lose purchasing power with time, in game and on cryptocurrency market.

Bitcoin is different than those GameFi token, Proof of Work, limited supply and when you have a strong and big community that support and accept Bitcoin, you have a Bitcoin circular economy.

kryptqnick

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In my country, some places accept Bitcoin, but it's not common. What's way more common is donations in Bitcoin, and I did a few of those. In one case, I got a hoodie in exchange for my donation, so I technically bought something directly with Bitcoin. Perhaps I also used it for something like online hosting subscription, but I'm not sure.
If more people in your country start feeling like you, op, the demand will create the supply. Bitcoin is inconvenient for some purchases but can work well for significant online purchases. Good luck!

Marvell1

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Quote from: oktana on March 31, 2024, 06:30:32 AM

It’s not just about your country, bitcoin hasn’t really grown to be averagely accepted as a currency. But it is getting there. We hope to someday get to that point where we can see a fair number of businesses accepting Bitcoin. But make no mistake because Bitcoin will never be able to replace fiat. Fiat is engraved in the brain of humans. People want to be able to have a hold of their money too.

What do you rely on to see that bitcoin is on its way to becoming a currency? Because as I know, most of us just like to invest in it to make profits, there are very few people who want to use it as currency because of its volatility. Additionally, approval of bitcoin ETFs means it has been recognized as an asset by the government and we can trade and buy & sell. And it is impossible to have an asset that is both a commodity and a circulating currency.

I'm not pessimistic, but looking at what's going on, I see that bitcoin's path to becoming a currency is gradually closing as the world comes to know it as an investment.

oktana

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It’s not just about your country, bitcoin hasn’t really grown to be averagely accepted as a currency. But it is getting there. We hope to someday get to that point where we can see a fair number of businesses accepting Bitcoin. But make no mistake because Bitcoin will never be able to replace fiat. Fiat is engraved in the brain of humans. People want to be able to have a hold of their money too.

kentrolla

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To be practical it's still far away as there are lot of challenges because you will not be able to use Bitcoin as a replacement for fiat for daily usage due to adoption rate and also any business won't risk volatility and people need to understand Bitcoin was not built for this purpose but rather as an alternative to P2P transfers. How can one use it for daily use when the transaction charges are so high? It's illogical

Husires

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Bitcoin circular economy is a description of why your life depends 100% on Bitcoin? This is not possible in the near future. Bitcoin needs to be stable to be accepted for the purchase of goods, commodities, and products with an annual increase rate of about 10%. In order for these conditions to be met, I assume that the price of Bitcoin must be in the range of $400,000 to $600,000.
Forecasting in your country is a matter of time. If Bitcoin is legalized and the potential for gains is higher than the risks, you will inevitably find that Bitcoin has become accepted in all stores in your country.

blckhawk

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It's a slow process and the best thing that anyone can do in this situation is to just wait it out, it's a good thing that you didn't pursue the promotion of bitcoin in your country, I think that it's going to paint a target on you if you ever do that and I don't think that it's a good idea to have that especially if there's other ways that you can disseminate information to deliver the same thing that you plan to do. I don't believe that we're going to wait any longer about this kind of dream though, once bitcoin grows even bigger, I'm sure that we're going to more and more countries that will have the consideration to adopt bitcoin as a part of their economy, only a matter of time for some and real soon for others, we just have to be ready when this kind of thing happens, that's the only way that we can be benefiting from this if it ever happens.

Bananington

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As far as I know, the U.S has laws that permit the use and acceptance of Bitcoin and some cryptocurrencies too.
There are even Bitcoin ATM machines in use and it works. Although, Bitcoin just like all other cryptos is taxed and regulated, it can be bought and exchanged at will.

It depends actually on the country region you are from. They may get around the idea soon or not unless the exchange agrees to be regulated for now and that's how such a dream of yours can become reality.
Hold on to your dream as much as you do your coins and things might just turn out as you hope.

Solosanz

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Your country need to make banks accept Bitcoin, then accept Bitcoin as legal tender, and last, accept lightning network. I don't think it will gonna happen in soon, probably in the next generations.

Quote from: Ayers on March 31, 2024, 12:13:16 AM

We all have the desire to turn bitcoin into currency, but when it becomes a reality, I really want to know how many people will use bitcoin as a means of payment when bitcoin prices are still volatile and delivery fees are high still high Grin

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Because it's just a bunch of bullshit, if they really want to use Bitcoin as a legal tender, why they didn't move to El Salvador? Huh

Quote from: SatoPrincess on March 30, 2024, 04:40:26 PM

You would have to wait at the store for your transaction to get at least three confirmations on the blockchain.

It don't have to be three confirmations, you won't spend more than $1K for groceries, so it's only need one confirmations.

Don Pedro Dinero

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As long as bitcoin coexists with fiat currencies, which will continue to happen for at least the next 100 years I believe, it makes no sense to consider spending only on bitcoin. Besides, you live in Nigeria, don't you? You prefer to spend bitcoin and not spend the local currency junk? To be able to do what you are proposing, a huge change is needed, which I doubt will happen, which is that people abandon local currencies, and currencies like the dollar if they are used even if it is not local currency, to transact only with bitcoin.

Ayers

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Bitcoin's fees and transaction speeds remain a major stumbling block for retail investors, so let's not talk about using bitcoin as a popular payment method for everyday expenses. When someone is asked about their dream, they often say they want to use bitcoin as a currency to pay everyday bills. But my question is, how many people will do that if the government actually accepts bitcoin as currency? People who earn less than $500 per month and have families behind that need to be taken care of. Do they have the courage to spend $2-5 in fees per transaction just to buy a kilo of bananas or a loaf of bread? Also, everyone expects bitcoin to increase in price even higher, will people be willing to spend bitcoin or will they keep trying to accumulate more because its value is increasing every day?

We all have the desire to turn bitcoin into currency, but when it becomes a reality, I really want to know how many people will use bitcoin as a means of payment when bitcoin prices are still volatile and delivery fees are high still high Grin

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Topic: My Dreams of a Bitcoin Circular Economy in my Country - page 2. (Read 483 times)