The acceptance of cryptocurrency worldwide - page 3.

Vishnu.Reang

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Quote from: mk4 on September 13, 2020, 08:32:01 AM

Unpopular opinion: Though there's zero doubt that it's better, Bitcoin doesn't need to be "accepted" by every country's governments and accepted by most merchants to be "successful".

Absolutely, it doesn’t just need mere acceptance by countries. Bitcoin is already successful, more success will depend on usage and per the value of bitcoin in recent times, you need no one to tell you that bitcoin is a success.

We don't need acceptance or endorsement of any kind. But I would like the governments to leave cryptocurrency on its own, without much external interference. Almost all the users are willing to pay whatever taxes that are due on trading with cryptocurrency and a majority of them are willing to undergo the KYC process as well. For the honest governments, there is nothing to worry from cryptocurrency. However, the case may be different for those countries with highly manipulated markets and economy. In such cases, the citizens may use cryptocurrency as a store of value, and the government authorities may not be comfortable with such usage.

Xinarae*

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Acceptance of cryptocurrency is increasing worldwide and the demand for crypto is increasing reaching a position of improvement in keeping pace with technology many countries around the world including the United States, are entering the crypto world because of their support for PayPal crypto, and the benefits of cryptocurrency adoption and blockchain are much higher. Digital currencies are exchanged online all information in the exchange is confidential most of the time unknown older systems as well as newer systems are increasing the acceptability of crypto.

emmybd

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Cryptocurrencies are very famous nowadays. Almost everyone knows about this transaction system. Cryptocurrency is a very easy transaction system. These days, more and more people are accepting cryptocurrencies.
Recently, PayPal have announced that they will soon allow users to exchange money by using cryptocurrencies. This announcement raised the value of cryptocurrencies more. Day by day users of cryptocurrencies are increasing incredibly. Cryptocurrencies are considered illegal in many countries as financial authorities can't control it. But it is famous among traders and investors. It's difficult to say the future condition of cryptocurrencies. It is said that cryptocurrencies can not be acceptable unless it is regulated by governments or financial authorities. Although, People are accepting cryptocurrencies but a lot of them are still reluctant to accept it. On the other hand, most of the countries are planning to ban cryptocurrencies. Unless regulating properly cryptocurrencies will not be accepted worldwide.

faulkner27

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Cryptocurrencies are global and will not be affected by decisions made by the government of one country or the other. With the advent of new technology, the older systems phase out giving way for new ones. A cryptocurrency is a virtual currency that is secured by nearly impossible to counterfeit cryptography.

Crptomagma

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Cryptocurrency is for the earth so it’s certainly going to be accepted worldwide but a function time because I know of some countries who don’t accept the Cryptocurrency but like I said it’s a function of time they will appreciate digital currency.

Swopon

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At the starting of BTC, the time was not suitable as this time. The time was more tuff but people accepting BTC more day by day. So it getting popular than the time of entrance. The acceptance of cryptocurrency increases continuously. So we hope one day there will no boundaries for cryptocurrency as well it will become the easier way of trading in the world.

Crptomagma

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Well to be frank enough we don’t know what tomorrow have for bitcoin looking at the market analysis but we keep our mind positive and doing our best to build bitcoin community. Bitcoin acceptance is what we all keep our mind positive for, I’m sure Satoshi have these same vision. We should also know that bitcoin is decentralized and will have to struggle hard to be accepted in all countries because the government are centralized and the breakthrough of bitcoin to be accepted worldwide is slim.

Beyerd17

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It will take a very long time for the whole world to accept cryptocurrencies on a massive scale. Parts of the world actively avoids using cryptocurrencies through legislation passed by governments in their respective countries.

This is happening because of those governments clinging onto wanting to be in full control of the financial system/framework.

The cure

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Due to the pandemic that hit the world this year 2020 so the acceptance of the majority increased compared to recent years. More people try crypto because of the impact of the pandemic on us due to unemployment and stayed at home because of lockdown. Perhaps the worldwide acceptance will happen slowly, as time goes on and technology continues to be developed.

Vaskiy

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The acceptance level of cryptocurrency has been found high compared to the previous years. Large companies like MicroStrategy and few other investing into bitcoin is the true confirmation for the same. 2020 was marked to be a big year for crypto, because during the pandemic the market kept growing while stocks were crashing. This made more people to give a try to cryptocurrency.

gundala

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As with bank transfers, Bitcoin can remain in an unconfirmed transaction state for a long time, which can lead to delays of one day or more.
It is not beneficial for countries that everyone switches to bitcoin, it is not taxed, and states exist precisely at the expense of taxes.

Nothing is perfect, right?
although bitcoin is quite effective in some ways, there are other parts that cannot be fully reached, or there are constraints regarding the transaction times you mentioned, all depending on network congestion and transaction fees.
Well, we just need to make the most of the opportunities that exist. Instead of choosing one, I think using conventional systems and bitcoin is the best option, so they complement each other.

tippytoes

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Quote from: Darkelf11 on October 21, 2020, 06:13:34 PM

Quote from: oprahwindfury on October 18, 2020, 01:03:28 PM

Bitcoin transaction is secure and fast although Most the countries government will not allow bitcoin or any decentralised coin as their currency because they don't have control on it and They are unable to know the earning source and amount.As if bitcoin Is very secure so My bitcoins will be useless if I died and my family members or any of them cannot use it for them.So this process is not taking place.

Not all transactions made with bitcoin are secured. The acceptance of bitcoin worldwide is still a debate because of its volatility. Some countries accepts bitcoin as one of the payment method and currency for their living and some are not. Some side of the goverment does not want bitcoin to be legalized because it is taxless and they do not control it unlike what they can do with fiat currency.

But in some parts of the world, cryptocurrency remittance is already booming as they can send money to their family or relatives with very minimal tx fee via crypto, and their family can just convert their crypto to their local fiat.

If you will check the section in coindesk under remittance, you will read that there are already several local companies accepting crypto other than bitcoin, ripple in particular as part of remittance. I can agree with XRP as their tx fee is really really small as compared to sending your btc to these remittance companies.

https://www.coindesk.com/tag/remittance

This is one good benefit of crypto, transferring money worldwide is easy and will incur you very small fee as compared to using remittance services like WU.

Darkelf11

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Quote from: oprahwindfury on October 18, 2020, 01:03:28 PM

Bitcoin transaction is secure and fast although Most the countries government will not allow bitcoin or any decentralised coin as their currency because they don't have control on it and They are unable to know the earning source and amount.As if bitcoin Is very secure so My bitcoins will be useless if I died and my family members or any of them cannot use it for them.So this process is not taking place.

Not all transactions made with bitcoin are secured. The acceptance of bitcoin worldwide is still a debate because of its volatility. Some countries accepts bitcoin as one of their payment method and currency for their living and some are not. Some side of the goverment does not want bitcoin to be legalized because it is taxless and they do not control it unlike what they can do with fiat currency.

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Quote from: Wesleyeric on September 13, 2020, 05:29:18 AM

If all countries can accepted crypto currencies in there various countries, as a means of payment and as a means of online exchanges, such as money is, money is anything use as a means of exchange and general acceptable. With the means I think all cryptocurrencies (bitcoin) will definitely go round the world, and will be use as a means of exchange. I will be so grateful to the creation of crypto currencies. This will also help our future generation, Remember something when we do international transfer across the countries, it may take a while to get the money to your local bank account, but with cryptocurrency you can get instant reflection if bitcoin etc is transfer to wallet,And you can make use of your coin (bitcoin ETC).

This would have been awesome no doubt ,using bitcoin as a global currency is something every crypto enthusiast want, but the chances of this happening is pretty low or equal to zero, I mean the government will never accept a decentralized currency ,they dislike the people being independent, so that will never happen, although it's possible for a virtual currency to become a global currency, but it will be centralized and controlled by the government.

Coroline

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But these advantages also have a negative impact on all of us in tracking existing transactions. We all cannot detect who owns a certain Bitcoin wallet without direct verification from the user (such as by creating a Sign Message). I further support the blockchain technology which has the possibility to become a major technology in the future with various adoptions in various aspects of data recording.

oprahwindfury

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Bitcoin transaction is secure and fast although Most the countries government will not allow bitcoin or any decentralised coin as their currency because they don't have control on it and They are unable to know the earning source and amount.As if bitcoin Is very secure so My bitcoins will be useless if I died and my family members or any of them cannot use it for them.So this process is not taking place.

finaleshot2016

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International transfers between countries via bitcoin or other cryptocurrencies can be done by anyone, but unfortunately we still need traditional banking to withdraw crypto funds into local currencies, and it happens here. looking forward to cryptocurrency adoption is my hope too.

Same case here in my country. We still need the traditional way which is the banking system for us to withdraw our money and use those we have earned through trading and such. Also, it's impossible for a worldwide adaptation since some countries already banned the use of cryptocurrency.

And also, there's a lot to consider such as the control of money and the internet provider which is some countries are having difficulties with the connection.

Fredomago

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Quote from: Genemind on October 17, 2020, 01:39:48 AM

Bitcoin is created to function as an alternative for cash. However, it will take time before Bitcoin or even crypto as a whole to be recognized as an alternative fiat because not everyone is aware of it yet, and crypto is not yet accessible to anyone yet. Not all merchants are accepting crypto, the function of crypto as of today is limited.

So far that's how things still works, they acceptance is not that much to consider being an alternative fiat, people who supports and acknowledge bitcoin is still small compared to each digital currencies.

But in due time things will happened along the way, we witness how bitcoin being used during this pandemic situations, lots of interest are flowing around and additional businesses are also starting to accept bitcoin/ crypto.

Slowly but much better than to hype like a bubble then dumped along the way and be forgotten.

btc78

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International transfers between countries via bitcoin or other cryptocurrencies can be done by anyone, but unfortunately we still need traditional banking to withdraw crypto funds into local currencies, and it happens here. looking forward to cryptocurrency adoption is my hope too.

Nope it depend in which country you live because in mine there is no need for banks to convert the Bitcoin to fiat because there are money order
company that offers the service with very minimal transaction fees so i believe that in some part this is much easier than others.

Quote from: semobo on October 17, 2020, 05:04:37 AM

If bitcoin was accepted by everyone and the uses this as only currency to pay for everything then it create its own problems, mainly the transaction fee and waiting time because that has been the biggest issue of bitcoin whenever the price of bitcoin rises.

i don't think this will happen soon,it will take very long time before the world will use a single currency.

semobo

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If bitcoin was accepted by everyone and the uses this as only currency to pay for everything then it create its own problems, mainly the transaction fee and waiting time because that has been the biggest issue of bitcoin whenever the price of bitcoin rises.

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