Namibia Now Accepts Bitcoin As Payment

tjtonmoy

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Quote from: Piesel on October 10, 2022, 04:23:14 PM

The impact of Bitcoin adoption is lasting, and in some cases, it takes up to 4 to 5 years before thos impact can be felt, but the good thing is that Namibia Central bank may have taken the right step by adopting virtual assets but if you look at the article closely you will discover that the statement doesn't cover bitcoin and other decentralized currencies.

this is the first step towards that future where BTC will be on top. They are starting with digital currency first. People will use it and learn the good side and will be more interested to use others such as BTC and decentralized currency in the future. If you plat the seed of the ccuriosity then it will grow to be a big tree later.

So let's just wait and watch what happens next.

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Undoubtedly, the Central Bank of Namibia (BON) has made a very important innovative decision. Allowing Bitcoin to be used as a means of payment will one day open the door to its legal recognition. Therefore, BON has made an important decision where we can predict what might happen in the future. I think Namibia is already among the countries that are close to legally recognizing Bitcoin. Congratulations to the Central Bank of Namibia and Namiby politicians for contributing to the adoption of Bitcoin.

Could the next ones be from this list?

https://twitter.com/nayibbukele/status/1526029996787216387

Pmalek

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Quote from: Oluwa-btc on October 12, 2022, 12:52:27 AM

Now talking bout, El Salvador, Namibian and also Central African Republic, it's not about adding Bitcoin, how well can they go after one year accepting Bitcoin, how well has it been utilize ? How many old timers has successfully jumped in Bitcoin real life utilization?
How many businesses are using as a means of payment ? That's all that matters really if you ask me.

This is something that you can find out on site. It's impossible to know by reading a few articles or looking at interviews with the President. Older and not technically gifted folks will struggle working with a smartphone and getting the grip of bitcoin. They are not the target group for innovation, but still have to be considered.

To understand what the regular people think of bitcoin and if they use it, you walk down a random street and enter small shops and private businesses. By talking with the people there and asking them do they accept crypto and what they think about it will give you the information you need to know. That's completely different from tourist locations, shopping malls, and stuff like that.

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Quote from: Pmalek on October 11, 2022, 03:32:12 AM

Quote from: KingsDen on October 10, 2022, 02:24:12 PM

I discovered that it is the developing countries that are hungry to accept Bitcoin. They are also making their laws lenient on Bitcoin while some of the developed countries are not concerned about Bitcoin. Rather they are looking for means to starve bitcoin to death, by making or planning to make unfavourable laws for bitcoin and bitcoin mining.

Developed western nations don't fear for their economy and their national currencies the same way undeveloped countries do. You can't expect the British, Americans, or the Chinese to recognize BTC as legal tender as it will become a direct threat to their fiat currencies.

If we look back at El Salvador, they use the USD as legal tender because they don't have their own. Now they added BTC to the equation.
Namibia uses the Namibian Dollar which is basically a shitcoin. 1 NAD is 0.05 USD.
The francs used in Central African Republic are even worse and I am getting an exchange rate of 0.0015 USD for 1 CFA franc.

I consider it rather disturbing that humans can't sit to think for themselves especially when it come to this monetary sysoand rules placed by the government. Those fiat currencies are backed by government and all gains and profits goes back to them directly or indirectly.

Now talking bout, El Salvador, Namibian and also Central African Republic, it's not about adding Bitcoin, how well can they go after one year accepting Bitcoin, how well has it been utilize ? How many old timers has successfully jumped in Bitcoin real life utilization?
How many businesses are using as a means of payment ? That's all that matters really if you ask me.

I don't know how to get those data analysis of Bitcoin from El Salvador and Central African African Republic, it would be nice to see how they have been 6 months or a year with Bitcoin adoption.

It's also a good growth in a way, Government are too recalcitrant to stuff's like this, but they're loosened to it here, what I'm not comfortable with is the introduction of CDBC'S. Which they'll be forced to hold once government stop's circulation of them physical fiat.

Pmalek

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Quote from: KingsDen on October 10, 2022, 02:24:12 PM

I discovered that it is the developing countries that are hungry to accept Bitcoin. They are also making their laws lenient on Bitcoin while some of the developed countries are not concerned about Bitcoin. Rather they are looking for means to starve bitcoin to death, by making or planning to make unfavourable laws for bitcoin and bitcoin mining.

Developed western nations don't fear for their economy and their national currencies the same way undeveloped countries do. You can't expect the British, Americans, or the Chinese to recognize BTC as legal tender as it will become a direct threat to their fiat currencies.

If we look back at El Salvador, they use the USD as legal tender because they don't have their own. Now they added BTC to the equation.
Namibia uses the Namibian Dollar which is basically a shitcoin. 1 NAD is 0.05 USD.
The francs used in Central African Republic are even worse and I am getting an exchange rate of 0.0015 USD for 1 CFA franc.

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Quote from: KingsDen on October 10, 2022, 02:24:12 PM

I discovered that it is the developing countries that are hungry to accept Bitcoin. They are also making their laws lenient on Bitcoin while some of the developed countries are not concerned about Bitcoin. Rather they are looking for means to starve bitcoin to death, by making or planning to make unfavourable laws for bitcoin and bitcoin mining.

In the other words, any country which is initially hard on bitcoin and later becomes soft could be looking for a way to shill their CBDC with bitcoin.

More countries that are against cryptocurrency in the past have begun to adopt cryptocurrency finding ways to keep everything under control through the regulated usage. Even now governments weren't ready to accept the real potential of bitcoin, but they're on the side of creating negative things about bitcoin. As said, this is mostly happening with the growing countries. In the name of CBDC countries were trying to control the increasing usage which is wrong calculation.

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Quote from: Dunamisx on October 09, 2022, 11:30:35 AM

I think this is part of an accomplishment of a great milestone but let's anticipate further for the big catch ahead in seeing the next country to third the adoption of bitcoin as a legal tender, i believe since it's a thing of long term decision by many countries to consider a number if factors to back it up, i also believe taking a decision like this may not be as quick as expected since it's something that goes with protocols but despite all, i still got encouraged by El-Savador and the Central African Republic for their decision and prompt response in acting toward the adoption.

yeah, It will take some more time but as they say, "better late than never". We slowly move towards the adoption thought the whole world. As this is gaining more popularity, I think another country can't help but also acknowledge this, and they also move towards the adoption to Accept BTC as a legal tender. No one, if they are smart enough, can't accept staying behind as others move forward. So this will be interesting to see what happens next.

The impact of Bitcoin adoption is lasting, and in some cases, it takes up to 4 to 5 years before thos impact can be felt, but the good thing is that Namibia Central bank may have taken the right step by adopting virtual assets but if you look at the article closely you will discover that the statement doesn't cover bitcoin and other decentralized currencies.

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Quote from: Dunamisx on October 09, 2022, 11:30:35 AM

I think this is part of an accomplishment of a great milestone but let's anticipate further for the big catch ahead in seeing the next country to third the adoption of bitcoin as a legal tender, i believe since it's a thing of long term decision by many countries to consider a number if factors to back it up, i also believe taking a decision like this may not be as quick as expected since it's something that goes with protocols but despite all, i still got encouraged by El-Savador and Central African Republic for their decision and prompt response in acting toward the adoption.

yeah, It will take some more time but as they say, "better late than never". We slowly move towards the adoption thought the whole world. As this is gaining more popularity, I think other country can't help but also acknowledge this, and they also move towards the adoption to Accept BTC as a legal tender. No one, if they are smart enough, can't accept to stay behind as others move forward. So this will be interesting to see what happens next.

If we are to look into the reality behind some countries yet to adopt bitcoin but have make it a legal for use, i still see no reason to their indecision, they aren't adopting and same way they aren't giving a ban, maybe all they want is to see others with tangible and evident results before they could decide on their own, but what others among them still lack is the understanding that bitcoin have every potential that makes it outstand fiat, the people want bitcoin but the government is against it adoption, yet everyone remain being decentralized still using it including those in government.

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Quote from: Pmalek on October 08, 2022, 02:06:32 AM

Quote from: noormcs5 on October 08, 2022, 01:48:14 AM

So is this the beginning of adoption of bitcoin in Africa ? I think after Namibia, other African nations will follow the same and bitcoin should become a medium of exchange in African countries.

Only time will tell. This announcement doesn't make Bitcoin legal tender. The Central Bank has just decided to look the other way, and it doesn't mind that individuals or businesses use virtual assets (that's the term they use and not Bitcoin) as a medium of exchange. But they still warn their citizens of the dangers of using unregulated currencies (cryptocurrencies), and they are considering introducing a Namibian CBDC. If that happens, they would rather have people use the centralized government asset rather than bitcoin, which they can't touch or regulate.

I discovered that it is the developing countries that are hungry to accept Bitcoin. They are also making their laws lenient on Bitcoin while some of the developed countries are not concerned about Bitcoin. Rather they are looking for means to starve bitcoin to death, by making or planning to make unfavourable laws for bitcoin and bitcoin mining.

In the other words, any country which is initially hard on bitcoin and later becomes soft could be looking for a way to shill their CBDC with bitcoin.

KaliLinux

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I think it is a great move by the Namibian Government to allow for not only the trade of Bitcoin and other cryptocurrencies but also allow for its use as a means of payment even though cautioning the citizens of the risk that comes with it. This is a step in the right direction in terms of crypto adoption cos if the Government didn't see positivity in it, they wouldn't have taken this step and I also believe it is just a matter of time before they confirm it is an official Legal tender however I know they will want to weigh out the pros and cons before taking that move, nonetheless this is good news.

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Quote from: Welsh on October 07, 2022, 04:36:03 PM

At the moment, Bitcoin seems to be abused by the rich to make money or for those that are oppressed, and poor to get away from the corruption. Obviously, I'm only going by what the news portrays, so I might not be entirely accurate there, and there might be reasons I'm missing, I suspect there are. However, I do believe it's a major factor in the adoption there.

You are in some ways correct in what you are stating. In Nigeria, for instance, the so-called "yahoo boy" online fraudsters have persuaded the general public that using bitcoin is illegal. Even though crime existed before the creation of bitcoin, when they are questioned about the source of their wealth, they utilize bitcoin to mask their criminal activity.

This in turn gives security personnel the impression that everybody interested in bitcoin is also a yahoo boy. Only a small group of them possess adequate knowledge to understand what bitcoin actually involves. Once they discover that you are using Bitcoin on your mobile device, the handful who don't even know will tax you. In general, they’ve made the adoption of bitcoin harder in the country.

Piesel

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The central bank's focus is on virtual assets and if am not mistaken the terms used in this article, the Central Bank is going to issue the general public their regulated asset and currency in form of CBDC which will further introduce more capitalization and taxation of those assets.

But since they warn the general public about unregulated virtual assets that will be a big pushback to cryptocurrency development. I don't know why most African countries' central banks are having a drawback in their adoption of unregulated assets since their can still manage their way around it to generate tax and other developments.

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This is commendable and a good steps for the Namibians. Banks are scared of bitcoin because of its decentralized nature with so many benefits which outweighs the current conventional banking. This will make it easy for the people to freely and easily buy bitcoin and open up a channel of opportunities for learning centers abut how bitcoin works. I hope other African nations follow suit.

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Quote from: BitMaxz on October 07, 2022, 04:44:57 PM

I notice that there are many banks locally now accepting Bitcoin with free offers because here in my country they gradually developing and learning about Bitcoin.

Bitcoin is getting more popular, it becomes an important part of human life nowadays. More demands day after day, that's why banks are trying to understand the situation and are starting to accept Bitcoin. Now, banks may have realized that they also can take advantage of Bitcoin. So, they stop to refuse it, they know it is impossible to stop Bitcoin.

Quote from: BitMaxz on October 07, 2022, 04:44:57 PM

It seems that almost all countries will accept Bitcoin Legally.

It depends on the laws of the country. If the laws don't prohibit other currencies to use in the country, so it is possible that Bitcoin to be accepted legally both as digital assets and payment tools. But if the laws only allow the national currency of the country, Bitcoin may be considered as digital assets only but cannot be used as a legal currency there.

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Quote from: BIT-BENDER on October 09, 2022, 03:41:42 PM

I think this system works fine to me. A system where the government allows people to make the choice. I think Namibia are taking a bold step. I am from the country that has placed a complete ban on the Use of crypto-currency but I know how many times people has bought things online using same crypto-currency, so who is fooling who?
It's better that government recognizes that they can really check mate crypto-currency and it's not something they can scare people to stop using, I think if they actually looking out for their citizens then can do what we see on cigarettes packs (warn people about the risk and also tell people about the benefits of Crypto-currency) and then give people the option to making their own choices.

The decision to go with the people's choice is a must in today's world. The government's role is to understand the need of the people and do things accordingly. Maybe more countries can follow this, but when we take in account the population of Namibia it is around 2.5million. It is regarded as one among the country with good economy among the African nations based on the per capita income. This is a good step, but this won't make big impact on the bitcoin market and path towards adoption.

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I think this system works fine to me. A system where the government allows people to make the choice. I think Namibia are taking a bold step. I am from the country that has placed a complete ban on the Use of crypto-currency but I know how many times people has bought things online using same crypto-currency, so who is fooling who?
It's better that government recognizes that they can really check mate crypto-currency and it's not something they can scare people to stop using, I think if they actually looking out for their citizens then can do what we see on cigarettes packs (warn people about the risk and also tell people about the benefits of Crypto-currency) and then give people the option to making their own choices.

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Quote from: Oneandpure on October 09, 2022, 12:16:09 PM

Namibia is country located on southwest Africa and seems not really familiar on our hear depending economic condition or another great technology have by this country. Appreciated with southwest Namibia decision to make Bitcoin as legal and accepted currency payment but not have any big impact to make Bitcoin can reach higher price. Still dominance with small country have lower economic condition for legalizing bitcoin as payment currency from El Savador until with new country accepted Bitcoin is Namibia.

Comparison could be 10 small countries accepted Bitcoin as payment currency still not give positive impact with one highest country have good reputation their economic if want accepted Bitcoin. Slowly will have another new country accepted Bitcoin later and actually with many advantage get by using Bitcoin I believe on next time will have many countries accepted and make Bitcoin become legal currency payment.

Small countries are open-minded with this change in approach towards bitcoin because it is quite easy to implement to their people.
But we can't disregard their impact in the market. Because if neighboring countries are seeing its positive impact to their economy,
who knows which country will follow their path?
It may not have significant impact to the market but people will change their perspectives towards crypto if they are seeing success with such initiative.
You won't know who or what institutions they will be influenced if they are showing successful outcome because of this move.

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Namibia is country located on southwest Africa and seems not really familiar on our hear depending economic condition or another great technology have by this country. Appreciated with southwest Namibia decision to make Bitcoin as legal and accepted currency payment but not have any big impact to make Bitcoin can reach higher price. Still dominance with small country have lower economic condition for legalizing bitcoin as payment currency from El Savador until with new country accepted Bitcoin is Namibia.

Comparison could be 10 small countries accepted Bitcoin as payment currency still not give positive impact with one highest country have good reputation their economic if want accepted Bitcoin. Slowly will have another new country accepted Bitcoin later and actually with many advantage get by using Bitcoin I believe on next time will have many countries accepted and make Bitcoin become legal currency payment.

Dunamisx

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First El Salvador, and yesterday I saw a post in this forum about MEXICO accepting BTC as a legal currency. And today I see this. Namibia. And i also heard some gossip about Canada and some other country accepting too. Which country will be the next. I wish my country will accept BTC as well.

I think this is part of an accomplishment of a great milestone but let's anticipate further for the big catch ahead in seeing the next country to third the adoption of bitcoin as a legal tender, i believe since it's a thing of long term decision by many countries to consider a number if factors to back it up, i also believe taking a decision like this may not be as quick as expected since it's something that goes with protocols but despite all, i still got encouraged by El-Savador and Central African Republic for their decision and prompt response in acting toward the adoption.

n0ne

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African countries keeps adding bitcoin as payments and for different transaction needs. Long back in an interview with a women who is into business buying things from business sells back into their country. I don't remember the country, and she mentioned she used bitcoin as an easy asset to carry whereas it is hard for them to carry their inflated currencies.

Long back itself African country people have begun to use bitcoin and cryptocurrencies for different needs amidst the regulation and legality within the country. With time usage will increase and the same is being happening with Namibia.

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