Topic: The acceptance of cryptocurrency worldwide - page 7. (Read 1418 times)

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".

Yes, this is gonna happen for sure. By the time centralized virtual currency will be functional over the blockchain platform. Bitcoin will get used same as now, as an alternate to the traditional system. However there is chance to see bitcoin as the national currency in any of the country in the world.

Why this hasn't happened already, is 10 years not enough? Why you can't just go outside and randomly bump into a "bitcoin accepted here" sign, and instead if you want to buy something with Bitcoin, you have to search for stores that accept it on the Internet and then spend your time getting there, and there's no guarantee that they offer better prices than regular stores.

And don't mix Bitcoin with altcoins, altcoins are fundamentally not suitable to be global currencies, they are full of bugs and bad design choices that make them unsecure and centralized.

FYI  You might be interested in the responses to this recent thread since 'mainstream' and acceptance are closely related --> Poll: when will cryptocurrency go mainstream?

I have been pondering this question recently.  While bitcoin is decentralized and not dependent on governments for its existence I believe that it is dependent on countries for its acceptance (or at least the degree of acceptance). Countries support for bitcoin varies considerably from where ownership and trade is practically illegal to more 'bitcoin friendly' countries. All governments have a fiat currency which drives its economy and bitcoin doesn't do it any favors so it is understandable that even so-called 'bitcoin friendly' countries are really just 'bitcoin tolerant'. The larger bitcoin gets the great the perceived threat to their fiat currency the more likely the country will become less tolerant. Your example of international transfers is a great one where bitcoin can do a much better job than traditional means however that isn't going to drive wide spread acceptance IMHO. It needs more use cases where it is a superior the alternatives. 

Take the USA which I would describe as bitcoin tolerant...Yes, I can own and trade bitcoins BUT I needed to track every exchange and report it on my taxes.  That means if I was to use bitcoins to buy, say, my dinner I would have to track this micro purchase and report it as a gain (or loss) which to me is a massive barrier toward its usage. Hence it largely is viewed/used as commodity or a 'store of value' for speculative investment. In this space most countries can tolerate bitcoin because it doesn't go head to head with their own fiat currency. They just need to regulate it so they can get their proper tax cut out of any investment appreciation and they are happy.

Satoshi's response to 'Bitcoins are most like shares of common stock' thread:
The problem is that the alternative for micro purchases to the vast majority (of people living in the USA at least) is a touch act to follow even if you ignore the tax tracking issue.  Credit cards are widely accepted, easy to use, and even pays me money back to use it (yes I am blessed in that I can pay off all my CC debt). Sure, they are susceptible to fraud but largely I am not held liable when it occurs unless I am grossly negligent. Can bitcoin really compete with that use case?

Satoshi outlines an interesting 'fringe' use case that unfortunately won't lead to universal acceptance, but is interesting 

But unfortunately government doesn't operate decentralized coin and all the things are dependent on centralized local currency. Hopefully in future, Bitcoin and other major coin will be accepted by government.

This analogy you posits is not something that will likely happen and even if it's going to happen, I don't see it replacing the existing fiat each country is currently utilising. The reason is simple aside the primary currency function that fiat satisfy, it still goes a step further by being an identity of the country and that is something that cannot be quantified.

There is a chance that it will accept soon but still right now we need to take some actions. Some of the country still banned the use of the bitcoin and cryptocurrency. But some of the country are just regulating the use of the crypto some of them used wallets that support the crypto and they set a limitation on it so they can make sure there is no illegal action like sending a large amount of funds. Some of the business today too are already accepting the use of the bitcoin as a payment to their stores so they can transfer their funds immediately and pay the bills without hassle there is a chance too they will do this because now we need to make a physical distancing or social distancing to prevent spreading the infection.

Worldwide cryptocurrency acceptance is impossible i guess, because despite the trends and its popularity, there are still several conservative countries who are hesitant and refuses to adopt and legalized it. The fact that it is really beneficial and useful to the Country's economy is still not enough to encourage the Government to make it  as the mainstream payment method. There are a lot of things to consider, maybe in the future but it will take a long process and fiat/physical currency will remain in the mainstream fund management.

Here's an issue I see: banks have the right to ask you where some of your funds come from or what a tx is for. Authorities have the right to seize funds in case they think something's wrong with them. Not only that, but transactions through banks take much longer while BTC ones are instant.

If Bitcoin becomes a massively adopted coin, things will have to be the same with BTC too. You would be interrogated at any given time about txs, those that aren't linked to your identity could be flagged as suspicious, your home could be raided in case they wanted to seize your BTC etc. In the world we are currently living in, a pseudonymous cryptocurrency that is fully decentralized simply cannot become mainstream.

There's more to it: Say the government has its annual spending budget in a Bitcoin wallet and, suddenly, someone clicks the wrong thing and everything vanishes into some random hacker's wallet (or poofs into a wrong address that has never even been used yet). Bitcoin is decentralized, so there goes literally all that money. Forever. How do you enforce tax payments? How do you make it so that Bitcoin payments become affordable for everyone?

Freedom is nice. Decentralization is as well. But unfortunately, we just aren't ready yet to fully adopt them as daily drivers. The only way to do so would be if we had decentralized everything and had no central governance.. and that means war.

Agreed 100%.

OP probably meant "Bitcoin and others (et cetera)".

There is so many people who are okay with credit cards now. The process of leaving credit cards and starting to use cryptocurrencies will not be so fast I think. Besides, there are so many governments that are against the decentralized nature of Bitcoin. They would like to have the control over cryptos. So, I think we will see many centralized cryptos in the future. There will also be decentralized ones too but they will be used as alternative.

Worldwide acceptance is still too low. There are a lot of problems with regulation and merchants adoption. And still, not so much people need it in general

it is sad that some people tend to ignore these things and boast about bitcoin can fix almost every economic problem.

when the OP said "bitcoin ETC" the OP probably meant bitcoin and other cryptocurrency.

The future global currency will not be based on Bitcoin or any of the current alts in my opinion. It will be a centralised virtual currency operated by the banking elite.

this is not so simple. we have to look the other way:

For example, if a person has 100 bitcoins and after that person dies without showing the family private keys and password, how will the family benefit from bitcoins?

If a worker receives wages in bitcoin, how will the government discount life insurance to guarantee the person's retirement? and with this question of volatility how will everything be?


am i missing something? is this new altcoin?

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).