St. Kitts and Nevis legalize Bitcoin Cash (BCH) as a means of payment

Jawhead999

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Quote from: Dickiy on November 18, 2022, 02:59:21 PM

The Caribbean country of St.Kitts and Nevis held a conference on the use of Bitcoin Cash (BCH) as a legal tender for payment in their country in March 2023.

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LOL, there's no relation between BCH and BTC, actually the reason why BCH was created is to takeover BTC position! moreover the BCH's creator e.g. Roger Ver was trick many people in their site since they wrote a real Bitcoin is Bitcoin Core while he wrote BCH is Bitcoin.

BCH is just a shitcoin that many newbie buy because the price is cheaper than Bitcoin and it's the biggest Bitcoin fork, actually it doesn't worth to invest since sooner or later Roger Ver will disappeared and run away with investors money.

Vaskiy

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Quote from: Bitcoin_Arena on November 20, 2022, 06:37:30 PM

Here we go again. A shitcoin whose sole purpose is to make newbies believe it's the real Bitcoin while BTCitcoin should be called Bitcoin core Grin

.

I hope people of St. Kitts and Nevis one day wake up and realized Bitcoin cash is just an impersonator and a shady project with no good intentions. It's a coin that is dying a slow painful death, and it will be forgotten just like all other shitcoin such as Bitcoin Diamond, Bitcoin Gold, Bitcoinetc

It was during the hardfork, the discussion arose which is the real bitcoin. By reaching consensus from the miners bitcoin reached its position of being the original. At some point BCH was to steal the show.

Now this move could've been a way to keep Bitcoin Cash good in real life usage. It is good that St. Kitts and Nevis have adopted cryptocurrency into their system. Whether it is bitcoin or something else is secondary. As said, over time the people will wake and move to adopt the real one.

Bitcoin_Arena

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Here we go again. A shitcoin whose sole purpose is to make newbies believe it's the real Bitcoin while BTCitcoin should be called Bitcoin core Grin

.

I hope people of St. Kitts and Nevis one day wake up and realized Bitcoin cash is just an impersonator and a shady project with no good intentions. It's a coin that is dying a slow painful death, and it will be forgotten just like all other shitcoin such as Bitcoin Diamond, Bitcoin Gold, Bitcoinetc

BitDane

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Quote from: ingiltere on November 19, 2022, 04:48:56 PM

I'm not sure how this would be a good news for Bitcoin. It looks more like they paid St. Kitts and Nevis bureaucrats to advertise themselves. I wonder what Roger Ver think about that. It might look positive in paper but I don't think it has any benefit for either Bitcoin Cash or whole crypto community in reality. It's not like people immediately start to use Bitcoin Cash there.

The news about one kind of cryptocurrency is accepted as legal tender in two different places is a positive thing to me. It not only emphasize that cryptocurrency can be recognized as legal tender, it will also enable more investors to look at the cryptocurrency market. Of course BCH will have the most benefits from this news but somehow this will also have an effect to cryptocurrency industry.

Quote from: o48o on November 19, 2022, 04:07:10 PM

These kind of small places don't have as much to lose. It's enough when someone wants to use anything resembling money in there that they can change to real money. Anything that could attract tourism and is a win-win for them. I mean the total population of these places are fraction of some small town.

True, it is more beneficial to those places than BCH itself. Its adoption of BCH put their place into the radar of crypto community.

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Quote from: serjent05 on November 19, 2022, 05:05:28 PM

I like this reply from that tweet. Somehow humorous and possibly true Grin

. Anyway, Adoption is adoption, whether it is Bitcoin or another cryptocurrency I take it as a positive move toward the Cryptocurrency Industry. But I wonder how much money Bitcoin Cash spent to make this thing happen? Anyway, it looks like we will be seeing some green move on BCH in the following days due to this news.

Misread by the government gonna have some bullish move on the market of bitcoin cash Angry

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Roger Ver might've made some deal with the country. Trying all the ways to keep it on the top as a competitor to bitcoin as it failed to prove as the original bitcoin during the 2017 hardfork. Following this different countries will consider different cryptocurrencies as the legal tender which doesn't look like a healthy way of adoption.

serjent05

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I like this reply from that tweet. Somehow humorous and possibly true Grin

. Anyway, Adoption is adoption, whether it is Bitcoin or another cryptocurrency I take it as a positive move toward the Cryptocurrency Industry. But I wonder how much money Bitcoin Cash spent to make this thing happen? Anyway, it looks like we will be seeing some green move on BCH in the following days due to this news.

ingiltere

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I'm not sure how this would be a good news for Bitcoin. It looks more like they paid St. Kitts and Nevis bureaucrats to advertise themselves. I wonder what Roger Ver think about that. It might look positive in paper but I don't think it has any benefit for either Bitcoin Cash or whole crypto community in reality. It's not like people immediately start to use Bitcoin Cash there.

o48o

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Quote from: Upgrade00 on November 18, 2022, 03:17:40 PM

On the contrary, governments legalizing shitcoins like BitcoinCash could impede adoption as citizens would associate failure if the currency to pick up to Bitcoin, which is the leading cryptocurrency. Altcoins and CBDCs alike are just distractions, which I don't believe has any significant, long lasting effect on the trajectory of Bitcoin, in terms of adoption and popularity.

If you consider the country which has adopted Bitcoin directly, it really has not had much of an effect on the market, and that's a good thing in my opinion; government's policies does not influence the market, it's actions of traders that do.

These kind of small places don't have as much to lose. It's enough when someone wants to use anything resembling money in there that they can change to real money. Anything that could attract tourism and is a win-win for them. I mean the total population of these places are fraction of some small town.

dothebeats

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I don't see why BCH being accepted as legal tender in this small island country can affect the price of bitcoin positively in any way. They held a conference, and for all we know they already know the difference between BTC and BCH. Also, I don't think most of them will be using the said crypto in all of their transactions. They'd most probably still stick with their local currency or USD. Legalizing a crypto for payment purposes doesn't always equate to the nation upping their payments system overnight. Those are two completely different things.

jossiel

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Quote from: Jaered on November 19, 2022, 01:27:04 PM

I still think the idea of adopting crypto as a legal tender is a bit too early and erratic. It can plunge a whole nation into all sorts of problems. Also if the network or Blockchain is flawed, then the real danger materializes. Example is Bukele's experiment with Salvador with bitcoin

If they choose the wrong crypto as a legal tender then they're really going to be bound for failing.

You're right, just as crypto, the adoption of crypto as a legal tender is still on its infancy but we'll never see the drawback of it if there are no countries that would try it.

In El Salvador, the president believes on bitcoin and I guess this will be the same for other countries who have their own belief and favorite cryptos to adopt as a legal tender.

cryptomaniac_xxx

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Not sure though why the government chooses BCH against BTC, perhaps they don't like BTC volatility, but the risk is higher for BCH.

I do agree that this could be a 50:50 for BTC and the rest of the altcoin market. It has a small population, but if majority will try to invest on BTC and other crypto, it could be a win win for us. Global adoption is another question though, it might take long and slow process for the world to see how BTC and others are going to benefit every government. On the other hand, CBDC has been growing as well in the last couple of years.

wheelz1200

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Quote from: Upgrade00 on November 18, 2022, 03:17:40 PM

Quote from: Dickiy on November 18, 2022, 02:59:21 PM

The government's decision of St. Kitts and Nevis to make BCH the legal tender for payments in the country would be bullish news for the future of Bitcoin. In my opinion, the more countries that legalize the use of Cryptocurrency as a transaction tool, the brighter the future of BTC will be.

On the contrary, governments legalizing shitcoins like BitcoinCash could impede adoption as citizens would associate failure if the currency to pick up to Bitcoin, which is the leading cryptocurrency. Altcoins and CBDCs alike are just distractions, which I don't believe has any significant, long lasting effect on the trajectory of Bitcoin, in terms of adoption and popularity.

If you consider the country which has adopted Bitcoin directly, it really has not had much of an effect on the market, and that's a good thing in my opinion; government's policies does not influence the market, it's actions of traders that do.

Ave.

Agreed this is terrible if true. Having a country of people involved in what easily could be a failed experiment is a terrible idea. Starting with bitcoin then fan pit from there not the other way around. This will end bad for those people

Bitstar_coin

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Why in the world will they legalize bch of all coins? arent they following the news or what?
I guess this is one of the many surprises you see in crypto space. Cheesy

I bet Craig will be thrilled to hear bch has achieved such a huge milestone Tongue

Well, I wish the government and people of Nevis great success with this new achievement, I hope it helps strengthen their economy. Grin

Quote from: Jaered on November 19, 2022, 01:27:04 PM

I still think the idea of adopting crypto as a legal tender is a bit too early and erratic. It can plunge a whole nation into all sorts of problems. Also if the network or Blockchain is flawed, then the real danger materializes. Example is Bukele's experiment with Salvador with bitcoin

If you think El Salvador legalizing btc brought problems to their economy then imagine what will happen to Nevis economy with bch that is full of ~~crap~~ Lips sealed

Jaered

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I still think the idea of adopting crypto as a legal tender is a bit too early and erratic. It can plunge a whole nation into all sorts of problems. Also if the network or Blockchain is flawed, then the real danger materializes. Example is Bukele's experiment with Salvador with bitcoin

Dickiy

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Quote from: Upgrade00 on November 18, 2022, 03:17:40 PM

Quote from: Dickiy on November 18, 2022, 02:59:21 PM

The government's decision of St. Kitts and Nevis to make BCH the legal tender for payments in the country would be bullish news for the future of Bitcoin. In my opinion, the more countries that legalize the use of Cryptocurrency as a transaction tool, the brighter the future of BTC will be.

On the contrary, governments legalizing shitcoins like BitcoinCash could impede adoption as citizens would associate failure if the currency to pick up to Bitcoin, which is the leading cryptocurrency. Altcoins and CBDCs alike are just distractions, which I don't believe has any significant, long lasting effect on the trajectory of Bitcoin, in terms of adoption and popularity.

If you consider the country which has adopted Bitcoin directly, it really has not had much of an effect on the market, and that's a good thing in my opinion; government's policies does not influence the market, it's actions of traders that do.

Not entirely annoying in my opinion, I mean so that everyone knows in advance how to use crypto as a means of direct payment such as buying food and clothes.
This will return to the experience process where everyone will seek the best in their life experience, it could be that if BCH fails to meet the needs of the citizens of Saint Kitts and Nevis it will be very easy for the government to transfer it to BTC because people in general can already use crypto in payments.

I think we also have to appreciate this because there are still very few countries that legalize cryptocurrencies as a means of transaction in their countries. Even though it's true that you don't think it will have a big impact on bitcoin at the moment, if the use of BCH isn't going well in that country, maybe you can find an alternative that is easier, safer, more comfortable in transactions.

Ultimately Bitcoin will be the solution

Upgrade00

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Quote from: Dickiy on November 18, 2022, 02:59:21 PM

The government's decision of St. Kitts and Nevis to make BCH the legal tender for payments in the country would be bullish news for the future of Bitcoin. In my opinion, the more countries that legalize the use of Cryptocurrency as a transaction tool, the brighter the future of BTC will be.

On the contrary, governments legalizing shitcoins like BitcoinCash could impede adoption as citizens would associate failure if the currency to pick up to Bitcoin, which is the leading cryptocurrency. Altcoins and CBDCs alike are just distractions, which I don't believe has any significant, long lasting effect on the trajectory of Bitcoin, in terms of adoption and popularity.

If you consider the country which has adopted Bitcoin directly, it really has not had much of an effect on the market, and that's a good thing in my opinion; government's policies does not influence the market, it's actions of traders that do.

Dickiy

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The Caribbean country of St.Kitts and Nevis held a conference on the use of Bitcoin Cash (BCH) as a legal tender for payment in their country in March 2023.

Quote

he Caribbean nation of St. Kitts and Nevis may declare Bitcoin Cash BCH legal tender by March 2023. Prime Minister Terrance Drew made that announcement while he spoke at the Bitcoin Cash 2022 conference in St. Kitts on Nov. 12.

St. Kitts and Nevis is a member of the Eastern Caribbean Central Bank and part of the ECCB’s DCash central bank digital currency (CBDC) program, which was launched in March 2019. “Our nation has always been a forward-thinking nation and a leader in exploring new technologies that can advance our people,” Drew said, but he added:

“I can confirm that we are prepared to explore that possibility with the guidance of experts and professionals and after consultation with our regional banking system. […] I welcome the opportunity to dialog further with a view to exploring future opportunities to engage in Bitcoin Cash mining and making Bitcoin Cash legal tender here in St. Kitts and Nevis by March 2023, once safeguards to our country and our people are guaranteed.”
Bitcoin Cash was created from Bitcoin in a 2017 fork. The DCash program has had technical problems that have impeded adoption. Besides introducing new competition to DCash, the Caribbean nation may be eyeing its replacement. Sint Maarten Member of Parliament Rolando Brison spoke after Drew and expressed his support for Bitcoin Cash and his opposition to a CBDC.

Brison opposed CBDC as “too much of a danger to consider.” He said:

“I love the fact that in our jurisdiction, the central bank has at least been open enough to say and admit, ‘We don’t have the capability to monitor and engage and promote and safeguard something like this.’ […] If they can’t properly regulate the banking sector, […] why would I give them now a huge mandate to do something that they have no idea about? […] The legislator should be the one to have a say on what happens in regulation.”

https://cointelegraph.com/news/caribbean-nation-st-kitts-nevis-may-adopt-bitcoin-cash-as-legal-tender-by-march-2023
https://coinmarketcap.com/id/currencies/bitcoin-cash/

Saint Kitts and Nevis is a country in the Leeward Islands, Caribbean. with a population of 53,546 people (data for 2021). You could say this is the smallest country in America. The government's decision of St. Kitts and Nevis to make BCH the legal tender for payments in the country would be bullish news for the future of Bitcoin. In my opinion, the more countries that legalize the use of Cryptocurrency as a transaction tool, the brighter the future of BTC will be.

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