Topic: Some information on Bitcoin (Read 403 times)

I have been to BTC industry over some years, I don't think BTC is a bad digital currency and, it will never be a bad digital currency when you use it rightly because every currency in the world has their rules which is among some things that is making their citizens to continue value the particular currency in their country likewise BTC too.

 I will advise other countries of the world to support BTC and, it will help them to fight unemployment, delay in transaction that is fighting their citizens and if they will be able to adopt and support BTC, I believe they will begin to see some positive changes in the areas of unemployment, delay in transaction and economic which are the good things any countries of the world that will support BTC will continue to enjoy.

It is too personal and we should not force our personal thoughts to be accepted by the public.
Bitcoin, with all the basic knowledge and continuing to understand Bitcoin in detail, is indeed a currency with all the advantages that are known to many parties, but it is not necessary to designate it as legal tender because there are various factors that are the cause.

For us, by approving Bitcoin as we wish, we admit that the economy will progress. I don't require them to make Bitcoin like in El Salvador, by introducing Bitcoin without having to ban it is enough to help a country's economy.

But to get police and legal protection, we need to pay our taxes in full and follow all the regulations set by the government, including KYC. But I think many people won't like this, not too many people like being controlled by the government and not too many people like paying taxes. Meanwhile, if we invest illegally in bitcoin, we will avoid taxes but will not be protected by law if we fall into a scam trap in the market. It can be said that both have advantages and disadvantages.

And the funny thing is that many investors are very greedy, they want privacy and don't want to pay taxes but they always want to be protected by the law every time they fall into a fraud trap. Just like when FTX collapsed, many people complained and criticized the government for not protecting them but how many investors voluntarily pay taxes to the government?

There are pros and cons of being legal or illegal. Legal means citizens can use Bitcoin with law protection and if they get scammed, they can file reports to police, banks for help to get their money back. Illegal means citizens can use Bitcoin but law does not protect them with trading or investing activities. If they get scammed, they lose money, no one will protect them and support them to get money back.

Tax is another thing. No regulation, not legal yet, means you will be less watching in tax. Better protections with laws also mean stricter regulation on personal tax.

Even if Bitcoin is illegal in a country, the people of the country can invest or trade in Bitcoin. But there is an advantage if Bitcoin is legal in the country, Bitcoin can be used without any legal hassles. The country I live in is Bangladesh, Bitcoin is not legalized in our country. No initiative has yet been taken that Bitcoin will be legal in the future. However, many people in our country invest in Bitcoin and many people do trading. Using cryptocurrency is a legal offense in our country. Cryptocurrency users are punished if the administration finds out, so we have to be very careful. We have an advantage that we don't have to pay any tax on our bitcoins.

There are only two countries where Bitcoin is legal tender.

https://coinmarketcap.com/legal-tender-countries/

For other statuses of legality, there are some websites to check information.
https://newhedge.io/terminal/bitcoin/legality-map
https://coin.dance/poli/legality
https://www.atlanticcouncil.org/programs/geoeconomics-center/cryptoregulationtracker/

There are countries that'll ban Bitcoin and we won't care about the ban but there are other countries that their bans can't be ignored because it'll have its impact on the growth of Bitcoin. No country can't stop the growth of Bitcoin but they can delay the growth it spread so we don't wish for these country to join the others small countries that are banning Bitcoin. Bitcoin hasn't possed any threat to them and they should understand Bitcoin and choose to work with it instead of fighting it.

If the government are wise they would realized that there are alot of ways to benefits from the industry by collaborating with it instead of fighting it. I don't support centralization but they're alot of people that still wants the centralized authority to control their finances which is what they still prefer to use centralized exchanges and wallets providers instead of using the ones that give them full controls. The government can work with this service providers and regulate the market therefore giving the supposedly safety to those that trust them.

Fighting Bitcoin isn't the way to go and the government have to do better, their citizens wants to be incharge of their finances, that isn't too much to ask. They're taking the workload off the government so I don't see any reason why the government are getting all defensive and banning Bitcoin.

Op how do you know that those are countries that support bitcoin and not supporting bitcoin. You information is wrong, you didn't write the countries that support bitcoin as a legal tender. Such as El Salvador and Central Africa Republic which have adopted bitcoin as a legal tender in their countries and must those countries you mentioned were the haters of bitcoin and it is recently some of them are even trying to accept bitcoin and they are not in the history of countries that accepted bitcoin.

And I will agree with you on the area that bitcoin will be the best currency in the world.

It may be your personal opinion but the governments of countries where Bitcoin is not legal are not less experienced and less knowledgeable. They know very well why Bitcoin is not legalized in their countries Governments of countries that do not legalize Bitcoin think that if Bitcoin is legalized it will increase the amount of money laundering in their countryI am a citizen of Bangladesh but bitcoin is not legal in our country but here bitcoin transactions are constantly going on secretly. Even every year in the news headlines in our country many people are caught by CID due to Bitcoin and cryptocurrency transactions.

One simple thing we all know about Bitcoin is that Bitcoin is a virtual currency. Our Bangladesh Bank has warned us many times and they said that Bitcoin is a violation of law for money laundering and use of virtual currency for terrorist activities by transacting in this virtual currency so the government in our country has not yet taken any initiative to legalize Bitcoin.

I think being opposed by other countries or the IMF is not a matter of concern. The main problem is that even if a country completely eliminates fiat currency and uses bitcoin as its main currency, it will not help that economy grow or become a powerhouse. Bitcoin is very volatile and using it as a primary currency only causes the economy to collapse faster and that is why Elsavador uses bitcoin along with USD in their country. Not to mention the president of El Salvador is also focusing on investing in bitcoin like us and they need profits like us, not just considering it as currency.

Bitcoin was created by satoshi to be a peer-to-peer currency but let's see what bitcoin is becoming. It has been an asset, a highly volatile investment.

People can see Elsavado's example and assume that every country can succeed by supporting BItcoin as a currency. Things are not that simple. A country's currency is associated with many more complex things than we think. In addition, there must be determination from the country's leaders when the pressure from larger countries and from the International Monetary Fund (IMF) is huge. They will never want your country to use Bitcoin as currency, because if so, small countries will no longer be dependent on them, but will have the right to self-determine when using Bitcoin, because Bitcoin simply can't be printed like as fiat currency.

Bitcoin is one of the most popular projects in the world, day by day Bitcoin is becoming more popular and people are showing interest in investing in Bitcoin. Perhaps Bitcoin is legalized in many countries around the world whose governments have the power to regulate Bitcoin. But Bitcoin is not legal in our country maybe or the government is completely failed to manage it so the government of our country has not given decency to Bitcoin in our country. Due to some unscrupulous black market trading, it is better to have Bitcoin illegal than to lose the ability to manage it properly. But if Bitcoin was legal then maybe the common people of our country could work on Bitcoin more peacefully.

  If you look at the countries that supported BTC in their countries, you will know that they are doing well and their economy is making progress since they allowed their citizens to have access to decentralized currency which is the best thing a knowledgeable government can do to allow in the country.


I believe they will support BTC Soon because, they have seen what those countries that supports BTC are enjoying in their economy which it will also allow them to enjoy the same favour if only they can support BTC to be among the countries that is supporting BTC in this year 2024.

Supporting Bitcoin depends on the government's decision in that country and there is no obligation for a country to support Bitcoin, they are free to ban or support Bitcoin. Especially in countries that are currently having difficulty increasing the value of their currencies, it might give the impression that they will be very protective of their economies and banning Bitcoin is one way to protect their currencies.
Moreover, regardless of whether these countries support it or not, Bitcoin will continue to develop in the future, so there is no need to worry about countries that ban Bitcoin.

Countries that have legalized Bitcoin use Bitcoin openly, but countries that have not legalized Bitcoin use Bitcoin secretly. As you have mentioned some of the countries here, among them Bangladesh and Morocco I know some people online. I asked my online friends how to use bitcoin in your country, he told me that we use bitcoin secretly but our government doesn't pressure us in any way. We can safely use bitcoins properly.

So I say bitcoin is used in almost all countries but secret and open these two methods are used in all countries.

I'm a bitcoin supporter, a bitcoin investor, but I'm very realistic. I want to ask, are you an expert or economic advisor? On what basis do you assert that if countries accept bitcoin, their economies will definitely improve? For a country's economy to function, thousands of factors are required to create it. How can relying on bitcoin alone improve things? Bitcoin is money, a highly volatile investment asset, it is not a panacea or panacea. We need to be realistic and focus on improving the economy for ourselves and our families instead of giving advice that is beyond our understanding.

Just as you have the right to support Bitcoin so do other people too who believe that Bitcoin is harmful to their economy, and for that, they outright procrastinate in taking the time to properly study and analyze the potential that is embedded in Bitcoin, although some countries around the world are beginning to come to terms with the reality of the advantage of adopting Bitcoin and one of those countries are El Salvador who announced Bitcoin adoption sometime in 2021 which make a significant change in the country economy as the various Bitcoin holdings, are at high profits by now considering bitcoin current price.


One more thing, you will need to work on the thread because it lacks the needed content to make a good discussion,  i advise you to consider locking the thread.

It's not really going to be easy to accept bitcoin globally,bitcoin is a good cryptocurrency but its not all that consider it to have the same value.Bitcoin only benefits people that utilize it with caution and knowledge.If many of us have listened to the critics and misconception that people have laid,bitcoin wouldn't have attention and gained recognition.The financial technology is enjoying the benefits of having bitcoin in it so far.What gives it value more is the ability to stand out and rehabilitate the financial system to all bitcoin enthusiasts.
 Bitcoin advocates users to a decentralized structure built on trust and networking transparency.

Bitcoin is the most talked about project currently in the world. And it’s has grown widely over the years, spreading wide across the globe. We all saw how steadily the project went. The use of bitcoin comes with its own advantages and also disadvantages, but in my opinion I feel the advantages are greater than the disadvantages. One of the advantages of bitcoin is the decentralization. Another is the fast and swift transaction process and it’s transparent. There are lot of advantages to take from using bitcoin. As we all know what ever has an advantage will also have its disadvantages. The government of some countries are being skeptical about adopting this new technology due to its high black market activity. But all this can be controlled by the founders of the project. The Government can work in hand with these companies to better manage the use of bitcoin.
Bitcoin as we all have improve the life of some people. And it will continue to improve if properly invested and regulated.

Most of the countries have accepted bitcoin but there are many other countries which will not accept bitcoin due to some issues in those countries but according to my suggestion every country should legalise that things which are profitable for the economy of citizens as well as country. Government will never accept bitcoin until it turn from decentralized into centralized as those things which are not under their control are sometimes use as illegal works which will be bad for both humans and country.

Everything happens for a reason so when country don't allow bitcoin investment so may be it is better for you because country's situations are better understand by government as compared to citizens.