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 483 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.
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.
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.
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.
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.
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.
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. 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.
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?
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.
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.
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.
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.
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. 
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.
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.
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.
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!
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!
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.
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.
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
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.
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.
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.
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.
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.
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.
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 .
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? .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. legendary
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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.
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 .
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
. 
Well bitcoin is still not very much accepted in my country.
Yes we are making use of fiat money in digital wallets but crypto seems to be still a foreign concept to others. It would still take a long time for bitcoin to be accepted or used in my country mainly because of how many users actually use its services for transactions.
Yes we are making use of fiat money in digital wallets but crypto seems to be still a foreign concept to others. It would still take a long time for bitcoin to be accepted or used in my country mainly because of how many users actually use its services for transactions.
There's way too many reasons why this dream will remain a dream. Governments and banks will simply not allow it to happen and they have a lot of tools at their disposal to stop widespread adoption. But they don't even do that right now because of another biggest obstacle in Bitcoin adoption - people themselves don't want it. Bitcoin is too complex and too risky for them and offers no big advantages from the point of view of average citizen. They are fine with their bank handling their funds, and they are fine with inflation because either they don't have a lot of money in savings or because they invest their money.
The most realistic adoption that can happen is that there will be simply more places that accept Bitcoin and you would be able to make a large share of your typical spendings with Bitcoin if you choose so.
The most realistic adoption that can happen is that there will be simply more places that accept Bitcoin and you would be able to make a large share of your typical spendings with Bitcoin if you choose so.
I dream of day in my country where I can earn in bitcoin and spend in bitcoin.
That day may come sooner than we expect because there may be some things that may happen that will facilitate and hasten massive acceptance and increase adoption. In your country @OP bitcoins are very popular and getting more popular, adoption for use in commercial transactions will not take as much time as it would in a country where even the citizens do not yet know about bitcoins.
@OP Every Bitcoin enthusiast dreams of such a situation where they can freely use Bitcoin as mode of payment, accept as salary and merchants everywhere that accept BTC not only you. But there are lots of hurdles for such a situation to happen. First is the availability of merchants locally to accept Bitcoin. Second is the confirmation time of the Bitcoin transaction, and the unregular Bitcoin fee where sometimes spike when the network is congested.
Bitcoin transaction confirmation time can be neglected online but P2p will waste lots of time for buyers and sellers when is used in local market, unless they are using the same centralized services the dilemma of this action is that we need a third-party authorization to make this thing happen.
High fees can be solved by using a centralized service. Transferring funds within the same platform is often free, for example, the fund transfer within the Binance platform has no fee. That is if one won't mind using third-party centralized services.
Bitcoin transaction confirmation time can be neglected online but P2p will waste lots of time for buyers and sellers when is used in local market, unless they are using the same centralized services the dilemma of this action is that we need a third-party authorization to make this thing happen.
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.
High fees can be solved by using a centralized service. Transferring funds within the same platform is often free, for example, the fund transfer within the Binance platform has no fee. That is if one won't mind using third-party centralized services.
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.
When the incumbent government took over i was very optimistic about this and also thought it will be a thing of few months before people can openly use bitcoin or accept bitcoin as a means of payment but right now it seems those days are getting further far away due to the restrictions we are seeing on cryptocurrency. The problem now is shops or business owners will definitely be wary of using bitcoin as a payment because of fear of been picked up by the government due to the recent saga of financial market vs the government over naira/dollar manipulation.
Aside that I have to agree with you that using bitcoin for transactions of smaller amounts isn’t viable at the moment because of the transaction fee which isn’t only caused now by the inscriptions alone but due to large volume of bitcoin transactions taking place on the network due to the upcoming halving/bull run
Everything has regulations and indeed we cannot force it when a country still has not made regulations and recognizes bitcoin as a payment option other than fiat so in this case all we have to do is wait and hope because even if every country welcomes bitcoin like the country I currently live in but makes regulations where treating bitcoin as one of the legal means of payment means they have to boldly say that they will adopt bitcoin for their country and this decision is still very passive and cannot be done without further consideration unless their government is very confident in bitcoin as El Savador is currently doing.
Whatever the truth is as long as the country does not close access to bitcoin development I think it is already a very good thing and does not rule out future adoption.
Whatever the truth is as long as the country does not close access to bitcoin development I think it is already a very good thing and does not rule out future adoption.
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.
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?
The ability to spend BTC in the economy has been confirmed by El Salvador, where people have been able to use the Lightning Network to make micro-payments easily, quickly, and at a very low cost. The only remaining issue is the legality and acceptance of BTC in your country's economy. I hope you have a government that is friendly to BTC and crypto, and it would be better if they are willing to accept BTC in the financial system as a means of payment.In my country, crypto are only considered commodities, we can trade and own crypto but are not allowed to use crypto as a substitute for fiat in payments. That is the way for the government to protect the role of fiat in the economy. Using BTC in payments would be the quickest and easiest way for us to get a fast ticket to jail
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?
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