Topic: Some information on Bitcoin - page 2. (Read 403 times)

I suppose that some countries can get benefits in case of btc legalization, while for some other countries it may turn out to be a disaster. In general, money system of any country is based on traditions, so any financial innovation has benefits and drawbacks. Some countries have a good internet coverage and powerplants, while others experience problems with networks and energy supply... Moreover, there are many countries (and territories), which can't introduce innovative fintech solutions due to the fact that many people there don't have a smartphone... So, the outcome of btc legalisation depends on multiple factors...

For now I don't think all the countries of the world will buy the idea of supporting bitcoin as a legal tender in their country, here are few points.

 1) Local currency (fiat): believe this all not almost all the countries of the world values their local currency more than anything else even when the values are depreciating they still believe that since it has existed for many years they wouldn't want any alternative that they know nothing about.

2) Governmental influence: governments and her agencies has played a major role in determining the acceptance of cryptocurrency in the country because they understand that Bitcoin is not like the local fiat currency that can be regulated and controlled by them so they wouldn't accept it hence their won't be in control of their citizens financial dealings if bitcoin is accepted in the country.

Personally I support the acceptance of bitcoin all over the world but bitcoin does not guarantee the total economic growth of any nation because it is not a Ponzi scheme investment but rather it can improve the financial situation in the country if the their in increase in the price compared to when one invested in it andore over, all the countries that accept bitcoin currently are not listed as the richest countries in the world but with time they can get to the level.

Maybe the intention is to trade it, not support it as a medium of exchange or currency, as far as I know the countries mentioned prohibit bitcoin trading.
Yes, only El Salvador legally accepts payments using Bitcoin for transactions, there are several Latin American countries that also want to do it, but I no longer follow the updates.

How can you support individuals? what about those who have a small economy or can be said to be poor and cannot buy more bitcoins, and of course if it works rich people will buy it first in large quantities.

Even though the post is short, there are plenty of dubious statements and ways of phrasing things here. The USA isn't against Bitcoin, but the SEC refuses to regulate it, the Congress is considering mining restrictions due to environmental concerns, and Bitcoin is taxed heavily. Then you say European countries, but include Mexico and Japan in the list. Oh, and the UK, while generally supportive of Bitcoin, also has some restrictions, such as shutting down Bitcoin ATMs.
Bitcoin is a good currency, but whether it's the best is a matter of opinion and what we put into the word "best".

@OP are you forget to write "gambling is bad" in the last sentence?

If a country want to make money, they can accept everything including the unethical for many people e.g. Bitcoin, gambling, alcohol, drugs, selling organs, selling weapon etc. There's a big demand for such thing, the country can tax and make money from it. But the government need to work and accept the risk by legalizing these stuffs.

I am also a bitcoin enthusiast, I also want bitcoin to become popular all over the world. But I really don't think bitcoin will be able to help improve a country's economy, I really don't understand why people always talk about that. Bitcoin is just currency and it is used for circulation, it cannot create jobs or help increase import and export to improve the national economy. The world or national economy depends on many factors and bitcoin is not a panacea.

Regarding the issue that there are still some countries that still ban bitcoin, I don't think we need to worry about that because as we have seen: more and more countries accept bitcoin so it is accepted globally. the whole world is just a matter of time.

Some of the countries you've mentioned here have once taken it hard on bitcoin in the last before they have a change in the way they legalize bitcoin for their citizens to use, we should know that wether the government support bitcoin or not, nothing csn stop it adoption or hinder the acceptance it has developed with the people's willingness for adoption even if the government remain adamant towards it adoption, what bitcoin has turned to is beyond what the common government influence could achieve their goal from stopping people to use bitcoin, even though it's not yet a legal tender in many of these countries, it's remains a legalized digital currency the people always want.

Bitcoin is not the only thing you need to support your economy in a country, of course bitcoin is necessary because it allows for decentralised monetary transactions, but you don't only need that to grow your economy other factors needs to come into play, ranging from manufacturing and exporting of goods to the international market.

For some of the countries you mentioned that didn't support bitcoin, at least I know of some you can still do P2P transaction to get your money, it Then means bitcoin transaction have been going on with those countries.
I just believe with time the general acceptability of bitcoin will come into fruition and some of this countries will relax their restrictions.

Can you provide the source to back up your findings? By support, you mean the countries that have given the green light for its people to use Bitcoin without any violation because I don't think there are countries that support Bitcoin but legalized it as a legal tender and do not provide any help, instead it is bitcoin that has been supporting them anytime they are in problem, Ukraine will never forget the donations that were made for them from people around the world to support them during the peak of the war in their country. Nevertheless, their still an increase in the use of Bitcoin in these countries you mentioned with the help of p2p.


Their different diversity across different countries, I don't think what you suggested will be valid in all countries, every nation will not make Bitcoin a legal tender but that's fine to me if they allow people to use it and do whatever they feel like doing with their bitcoin, it is fine by me because the adoption is what matters and not what other centralized group want it to be or they like it to exist.

As an investor, we all want that to happen but just as what we're saying this means that you can't please everybody. Those countries that dislike bitcoin and even banned it will remain as is with their decisions. But you'll never know when they might lift that dislike and ban.

It's not a promise but they need to consider that. We don't have to force them to do so just like what we've seen from the institutional investors. They were never forced to do what they're doing now but just take a look at many of them, they've adopted bitcoin and even invested on it and that's why the same thing might happen to those countries who are not 'yet' supporting bitcoin.

Again, this is just a reminder that bitcoin is not going to solve a country's economy. You you can used it as a legal tender like El Salvador, but it's not like a magic bean that will suddenly make a country GDP increased or provide jobs for it's citizen. Or it's population being rich and wealthy, it's not easy as that. Bitcoin become a investment vehicle, but it's not a get rich quick scheme.

It's good that we have countries that supported it, or at least government very lenient about it. But there are countries are well that doesn't like it because it will give so much freedom to their people and so it's will go against their basic principle, specially government that is oppressive and totalitarian. So at least there is a balance and that is good enough for us.

That's the problem with the post, the OP was not clear. Support for Bitcoin can be categorized into different sections.

Legal tender:There is just one country where Bitcoin is a legal tender which is El Salvador. Central African Republic has repelled the law that made Bitcoin a legal tender in the country. While in some nations Bitcoin is a currency and not a legal tender. As a legal tender individuals and corporations are mandated by the law to accept Bitcoin. So nobody has the right to reject it as a means of payment. 

Currency: You can use Bitcoin freely in places like Hong Kong and Dubai because the law fully supports it. Bitcoin is a recognized medium of payment. Banks and other institutions can pay and receive Bitcoin from customers. As a currency it not compulsory that it must be accepted by any individual or institutions except it is backed a law or agreed by both parties.

Partial Ban: Some countries have laws that ban or place restrictions on Bitcoin but they are hardly enforced. In such countries, you are free to engage in Bitcoin without any restrictions. Also, some countries have no policy on cryptocurrencies, one is also free to use Bitcoin in those countries. In some countries like Nigeria, only banks are restricted from engaging in Bitcoin transactions so citizens and companies can freely use the coin.

Strict ban: Some countries like China enforce the ban on Bitcoin and violators can be persecuted. In some countries investing, trading, or using Bitcoin is a criminal offense that can attract a fine or imprisonment.

Tax friendly/unfriendly : There are also nations that are tax-friendly to Bitcoin while others are hostile. In many nations, you will just have to pay little or sometimes no tax on income from Bitcoin but some tax it heavily. Germany, Singapore, and Hong Kong have lenient crypto tax laws.

Mining friendly/unfriendly :We can also have another two categories which are nations that have banned Bitcoin mining and others that are not hostile to miners. The United States of America is mining-friendly.

Even if a country supports Bitcoin, it does not necessarily imply that the country's economy will grow rapidly. I don't think it's that simple. Because, in my opinion, there is an appropriate procedure for this to occur.

Of course, you will inform your constituents about it. We know that most people are unaware of it; there are still many who are unaware of it, and it is inaccessible, particularly to people in the provinces. You understand what I mean because the country that supports Bitcoin is still distinct from the country that made Bitcoin legal tender. Do you see what I mean?

If we expect governments to accept bitcoin as a currency or means of payment to replace fiat, then I think it will be very unlikely, because we also know that they cannot control it, so their acceptance of it is very unlikely. So far, many countries have stopped being hostile and accept bitcoin, but most only consider it a commodity. No country has yet accepted bitcoin as currency except El Salvador which has accepted bitcoin as legal tender. But what I know they are also focusing on investing in bitcoin rather than adopting it to completely replace fiat currency.

Indeed, Bitcoin is the best currency in the world. Because of it, other coins and tokens emerged, and as a result, many great online opportunities opened up. Thanks to cryptocurrency, I gained value that I couldn't have obtained with the local currency. Bitcoin and other cryptocurrencies have given the freedom of having money.

I don't think Bitcoin is bad; it may only seem negative to some because of their experiences when entering the world of crypto and Bitcoin.

You're taking a one-sided view, so obviously there are pros and cons to supporting bitcoin in a country - the government wants fiat to be one of the means of payment because it can control it rather than bitcoin which is anonymous.

A country has different regulations even to the point of opposing it, this is still quite difficult to adopt early because bitcoin has only been around for more than a decade, so if you are in a friendly part of the country you are still grateful to be able to enjoy the real use of bitcoin, but there is a country that legalizes bitcoin only as a commodity asset while other payments are prohibited.

What kind of support do you mean? Does this country support it by campaigning for the use of Bitcoin? or support in the form of government regulations for bitcoin?

In a country's very complicated economic system, the use of bitcoin can have a good or bad impact depending on the readiness of the country and its population to understand bitcoin. If people are not ready and do not know how to make transactions and maintain the security of their wallets then this could become a new problem, besides that Bitcoin is often used by irresponsible individuals to carry out fraudulent Ponzi schemes. So whether Bitcoin is good or bad is relative and requires a good understanding of every aspect of society

You want to catch information about bitcoin? But turned out you're the one giving us the information here and we the readers are at the information catching end from you. Lol.

Please title your topic to correspond with your message next time.

Its no compulsory all countries must have to adopt bitcoin in my judgement as much as they give free hands to the citizens of the country to trade and do transactions with bitcoin not making policies that puts the individual adopters in a tight corner then am okay with it.  

I am sure bitcoin don't need the support of those countries to survive even as their support will be appreciated the continuous growth of bitcoin doesn't depend on it.

I am not sure all your information is correct but it seems like so but those nations and their policies, regulations are different. Support levels as well as restrictions are different in different nations, not the same even you can categorize them in support or don't support Bitcoin.

2023 Global Crypto Adoption
PWC - Global crypto regulation report 2023
Cryptocurrency Regulations Around The World

I don't need governments to support Bitcoin to use it but it will be more comfortable if they support it. For your sake of benefit, from safety, security to anonymity, government support Bitcoin or don't support it, you must always use non custodial wallets and don't store your bitcoins in online accounts which are custodial and can be requested to seize by governments.

If I should ask "What do you mean by to support Bitcoin?" Or are you referring to legalizing it as it's been done in some countries (e.g El Salvador & Central African Republic), because if that's the case & what you are referring to then I think you just need to understand that the fact that BTC is not legalized in a country, it doesn't mean it's prohibited or a crime for someone to buy or invest in it as an alternative asset for the future. And as such, there are some people who still own Bitcoin in a non-Bitcoin environment through the help of p2p, which anybody can use same medium to get their first BTC

Point of correction, I will like to say that supporting Bitcoin by a nation has nothing to do with boasting it's economy, as there are more other factors that contribute to economic growth, such as the availability of in-demand  natural resources a country has and e.t.c, but if you meant individual growth, then I can agree with you that's where bitcoin comes into play