The future of Bitcoin as payment means

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Quote from: Russlenat on Today at 07:33:56 AM

Quote from: Forever101 on October 07, 2024, 06:05:58 PM

The reality is that , the government will keep fighting bitcoin with all market strategy and strick regulations.

No, they’re not fighting Bitcoin; if they were, it would've been banned already. What they’re doing is worse, they’re trying to control it by regulating everything that accepts Bitcoin, so they can track people through exchanges and other regulated platforms. As a currency, Bitcoin itself is fine; any government could accept it as a legal tender. But let’s ask ourselves: is Bitcoin practical for daily transactions, like buying groceries and essentials? Not really. Transaction fees would crush our budget. It could work with a third-party system like the Lightning Network, but that hasn’t seen widespread adoption yet, so for now, I’d say no.

Only time will, though, yeah, BTC is not for groceries, I agree with that.
It's not suited and wasn't created for that, in fact.
What govs do is control BTC and everything related to it and the people that use it too, in fact.

Russlenat

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Quote from: Forever101 on October 07, 2024, 06:05:58 PM

The reality is that , the government will keep fighting bitcoin with all market strategy and strick regulations.

No, they’re not fighting Bitcoin; if they were, it would've been banned already. What they’re doing is worse, they’re trying to control it by regulating everything that accepts Bitcoin, so they can track people through exchanges and other regulated platforms. As a currency, Bitcoin itself is fine; any government could accept it as a legal tender. But let’s ask ourselves: is Bitcoin practical for daily transactions, like buying groceries and essentials? Not really. Transaction fees would crush our budget. It could work with a third-party system like the Lightning Network, but that hasn’t seen widespread adoption yet, so for now, I’d say no.

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Quote from: Forever101 on October 07, 2024, 06:05:58 PM

The fact El Salvador accepted Bitcoin as a legal currency does not mean that other government across the world will accept it someday. The reality is that , the government will keep fighting bitcoin with all market strategy and strick regulations.

People in government are not all against Bitcoin. Governments are against Bitcoin because the Bitcoin system will not benefit them if many people in each country use Bitcoin, except from the taxes imposed. But some countries like the UAE have already removed crypto taxes on crypto transactions.
If people in each country continue to use the government and private banking systems, then they can earn a lot of profit from the interest they lend to borrowers and from other sources that we do not know.

Quote from: Forever101 on October 07, 2024, 06:05:58 PM

We all know that through Bitcoin, every one will be there own boss. No control or submission to any authority over your own belonging or money, the life threatening taxes will be done away with.

The essence of Bitcoin is the currency of freedom where the owner is the king who can regulate his own ownership.

Apocollapse

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Quote from: FortuneFollower on October 08, 2024, 07:20:38 AM

Yeah, that's the central authorities for ya Grin

That's why it's essential to diversify everything. Though it may or may not work.

The point isn't about diversification, but @OP want to evade tax.

It's not easy to evade tax with Bitcoin because the blockchain is transparent, there's a chance the authority can track your coins.

The only possible way to stay undetected against authority if @OP received the money without linking to his banks or digital wallet, which is he need to trade physically.

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Quote from: Frankolala on October 08, 2024, 07:02:01 AM

It is not everyone that will use or buy bitcoin even if the government legalize it because some people will still prefer the traditional way. Currently, with the uptrend of bitcoin price, and high transaction fee occasionally, has made majority of bitcoin enthusiasts to use bitcoin as a long-term investment rather than a currency.

That's just the simple truth, even if bitcoin is been legalise it is not everyone that will accept it. Bitcoin was not created for everyone to accept it and no level of regulation can stop the existence and how important bitcoin is to people. Bitcoin is a decentralized currency people needs to accept willing because of how it is to them financially. If any goverment believes it has no use to them, then it is their choice but for those who really know what they want from bitcoin no amount of regulations will stop bitcoin.

In the past we've had regulations in different locations but it didn't slow the growth of bitcoin or to hide the potentials of bitcoin but still people get to know bitcoin.

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Quote from: Patikno on October 08, 2024, 08:18:05 AM

Quote from: Reatim on October 07, 2024, 11:03:00 PM

The government is sure that bitcoin or crypto is being used for illegal purposes that is why they are so keen on preventing it from spreading more and more people using cryptocurrencies. It’s a sloppy excuse because the real reason why they do not like crypto is because it is a threat to fiat. They lose control over the money and they lose control over the economy.

The reason for misuse for illegal activities such as money laundering isn't a reasonable reason, because illegal activities are not only in crypto, FIAT also experiences the same thing. That's the reason the Bitcoin community is getting stronger day by day because they're aware of all the unreasonableness made by the government. And yes, they're just afraid of losing control over what they should be able to control.

It is illegal activity and abuse whatever and it cannot be stopped no matter how the government tries to stop it. U will see day by day these rumors will continue to increase but it will not stop. The BTC community is growing stronger and will continue to grow. You can see how much buzz is going on about this BTC and how many things are happening about the validity but the progress of bitcoin is not stopped it is moving forward it will move forward and it will do better things in the near future.

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Quote from: Forever101 on October 07, 2024, 06:05:58 PM

The fact El Salvador accepted Bitcoin as a legal currency does not mean that other government across the world will accept it someday. The reality is that , the government will keep fighting bitcoin with all market strategy and strick regulations.

Reasons why they will keep fighting is not about the prosperity of the people majorly but about power and authority to control people. This is why they prefer the centralized system in order to keep the people poor so that they can run to their feet for daily bread, seek shelter and wait for other provision.

We all know that through Bitcoin, every one will be there own boss. No control or submission to any authority over your own belonging or money, the life threatening taxes will be done away with.

But as of now, no matter how popular Bitcoin becomes, it will keep facing the wrath of the angry government who need to keep people poor.

More also, before bitcoin will become used by everyone across the world as means of payment, most users hear must have grown white Bear,

You don't have to sound more like any one that get in terms with Bitcoin automatically becomes rich, don't be in a hurry to forget that Bitcoin is not a quick and get rich scheme, there are those who might not be that patient enough to ripe the potential that Bitcoin holds, which has nothing so with the government fighting against Bitcoin as a decentralized asset class, there is no guarantee that anyone who gets involved with Bitcoin will become rich. However, Bitcoin is a freedom currency and not just to be seen as a means of payment, which has to do with have the total control over your money, it offers privacy of which the government are not comfortable with the reason why they are most fighting it, my point is even if Bitcoin is not generally accepted as a means of payment which is not the main purpose for it's invention, it will still stand for what it stands for, which is privacy.

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Quote from: freedomgo on October 08, 2024, 08:22:35 AM

Bitcoin might get declared as legal currency in more countries, but it won’t likely replace the currencies used for daily transactions. The transaction fees alone make it impractical for microtransactions, which could turn users off. However, for larger transactions, Bitcoin could shine because it offers better transparency for both parties. The blockchain provides a permanent record, which is a huge plus beyond just documentation and contracts, as that record can never be erased.

In my country, real estate and other large purchases are made mainly with USD, so I don't see any reason why bitcoin can't replace the dollar in such transactions. And for small daily purchases, you can use national currencies, where there are no fees for payments. So far, I don't see that the acceptance of bitcoin as a means of payment has become a mass phenomenon for many countries, so far these are isolated cases like in El Salvador, or partially in Argentina, but in general, bitcoin is treated very cautiously.

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Quote from: Wexnident on October 08, 2024, 09:37:51 PM

And even if Bitcoin were legalized in the future, it would probably not be the main payment method most people use.

It can be a main payment method or can not be but there will be many people who don't use bitcoin. For example globally US. dollar is like a standard for cross-national exchanges but in each nation, people are more favorite of using their national fiat currency than US. dollar.

Bitcoin can be most popularly used than now because it has very good adoption growth that I believe it will continue to grow well, but to become a most common choice for payments, it will hardly get it.

Quote

At least for most day-to-day transactions.

At least, it does not with current technology. In future I don't know and if Bitcoin developers and community can develop and support game-changing technical improvements for Bitcoin blockchain, we might have something better for day-to-day transactions with cheaper fees. Now, only Lightning Network and Sidechain, Layer-2 solutions.

Sidechain Observer - Bitcoin L2 Projects & current state of development

Wexnident

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Quote from: Forever101 on October 07, 2024, 06:05:58 PM

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This is glorfying Bitcoin a bit too much no? Like it's some sort of gateway for people to be instantly rich if they buy it hence why the gov't doesn't want it. They just want control, or at least the ability to intervene. Right now it's mostly considered as an investment and I reckon if the gov't suddenly officially accepted it as a payment method, a bunch of angry mobs that don't know how to study would mald about them as to why their Bitcoin value is down or why they got scammed and the gov't probably wouldn't be able to answer jack since, well again, they don't have the ability to intervene with it.

And even if Bitcoin were legalized in the future, it would probably not be the main payment method most people use. At least for most day-to-day transactions.

tottong

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Quote from: Forever101 on October 07, 2024, 06:05:58 PM

The fact El Salvador accepted Bitcoin as a legal currency does not mean that other government across the world will accept it someday. The reality is that , the government will keep fighting bitcoin with all market strategy and strick regulations.

Why don't we turn the question around and think that some other governments will accept bitcoin as legal tender.
The only reason bitcoin can't be implemented as legal tender is because of the regulations or financial system in that country so they can't possibly use bitcoin as legal tender until those regulations are changed.

Quote

Reasons why they will keep fighting is not about the prosperity of the people majorly but about power and authority to control people. This is why they prefer the centralized system in order to keep the people poor so that they can run to their feet for daily bread, seek shelter and wait for other provision.

Not everyone can be a boss through bitcoin and what about the limited amount? Full control is with the owner and that's true because bitcoin has its advantages but we still have to pay taxes when converting to fiat currency.

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Quote from: Patikno on October 08, 2024, 08:18:05 AM

The reason for misuse for illegal activities such as money laundering isn't a reasonable reason, because illegal activities are not only in crypto, FIAT also experiences the same thing. That's the reason the Bitcoin community is getting stronger day by day because they're aware of all the unreasonableness made by the government. And yes, they're just afraid of losing control over what they should be able to control.

I can’t agree less with you, bitcoin to me has just been made a scapegoat by the government or let’s just simply say they are using the money laundering scheme to fund the excuse of not legalizing it. If we look at almost everything that we associate as decentralized the government usually just throws in the money laundering stuff just to demarket it. The money laundering issue yes I know will be on decentralized platforms as criminals always look for means to actually cover their tracks but bitcoin transactions are ultimately stored on public blockchain, but even then has the money laundering problem associated with even fiat currency be tackled? No, so seriously I see this just way to halt the spread of bitcoin or cryptocurrency, and if the government doesn’t stop and accept that it is here to be a better alternative then the adoption although will continue to grow will be slowed a bit

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Quote from: Darker45 on October 07, 2024, 09:42:27 PM

Don't underestimate the power of ideas. Who knows, there might come a time when governments would be led by people who are convinced that money should be made completely independent from the state. It has been proven countless of times that states can't be trusted with the power over money. Money has only been debased, devalued, squandered by governments. I guess time might come when leaders would realize that. At which point, Bitcoin might be the first alternative.

True that we can not underestimate the power of idea but not all government will want to support such ideas especially when it comes money and even if it will happen it's going to be a very long time, the government always want something to control since they are the ones issuing our money because with recognition of the government it does not have value.

Only few countries can take a bold decision when it comes to accepting bitcoin and El Salvador have been fully supported when it comes to bitcoin affairs and they don't have any difficulty in what so ever they are doing even making it a legal tender, the bold step will also encourage other countries to give a try, some countries are finding it hard for them to make it legal talk more of recognition as a legal tender.

I hope to see that time come because a lot have been happening within the finance they have shown that it is the main reason why they are their they don't longer driven by leadership but by the money they will be able to embezzle when they get their.

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There are different countries, with different governments, so I don't think that generalizing what governments will or won't generally do is fair. But I do agree that El Salvador is a small country with a small economy, and it doesn't look like there was some sort of economic miracle as a result of Bitcoin adoption there, so it's probably not going to be a trendsetter.
That being said, adoption of Bitcoin as legal tender is not the only way to go. Many countries are trying to regulate Bitcoin and other cryptos as assets, and while that has serious tax implications, it doesn't necessarily mean that governments are fighting against Bitcoin.

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Quote from: Forever101 on October 07, 2024, 06:05:58 PM

The fact El Salvador accepted Bitcoin as a legal currency does not mean that other government across the world will accept it someday. The reality is that , the government will keep fighting bitcoin with all market strategy and strick regulations.

The fact that El Salvador accepted Bitcoin means the first step into Bitcoin competition among countries. It's a signal to other countries that there is a country that accepts Bitcoin and it can steal many businesses and talents from your country, those who can generate a good amount of money for any government.

The governments also don't fight with bitcoin with all marketing strategy and strict regulations. To your mind, how big is an anti-Bitcoin marketing strategy? Do you see ads and banners everywhere against Bitcoin? No, right? So, an anti-PR marketing from governments is super low. If anything, you'll might hear a news how Bitcoin was used for illegal transactions and so on.

Quote from: Forever101 on October 07, 2024, 06:05:58 PM

Reasons why they will keep fighting is not about the prosperity of the people majorly but about power and authority to control people. This is why they prefer the centralized system in order to keep the people poor so that they can run to their feet for daily bread, seek shelter and wait for other provision.

They do not want to fight it, they want to take it over.

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Bitcoin might get declared as legal currency in more countries, but it won’t likely replace the currencies used for daily transactions. The transaction fees alone make it impractical for microtransactions, which could turn users off. However, for larger transactions, Bitcoin could shine because it offers better transparency for both parties. The blockchain provides a permanent record, which is a huge plus beyond just documentation and contracts, as that record can never be erased.

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Quote from: Reatim on October 07, 2024, 11:03:00 PM

The government is sure that bitcoin or crypto is being used for illegal purposes that is why they are so keen on preventing it from spreading more and more people using cryptocurrencies. It’s a sloppy excuse because the real reason why they do not like crypto is because it is a threat to fiat. They lose control over the money and they lose control over the economy.

The reason for misuse for illegal activities such as money laundering isn't a reasonable reason, because illegal activities are not only in crypto, FIAT also experiences the same thing. That's the reason the Bitcoin community is getting stronger day by day because they're aware of all the unreasonableness made by the government. And yes, they're just afraid of losing control over what they should be able to control.

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Quote from: Apocollapse on October 08, 2024, 05:33:49 AM

Quote from: Forever101 on October 07, 2024, 06:05:58 PM

We all know that through Bitcoin, every one will be there own boss. No control or submission to any authority over your own belonging or money, the life threatening taxes will be done away with.

I will call it bullshit.

If you sell your coins higher than what you bought and you receive your fiat either in banks or digital wallet, you will need to pay capital gains tax, otherwise it will raise suspicion with the inflow in your account.

If you report your income is small and you have a lot expensive stuff, don't be surprised if someday the tax authority investigate your wealth and how you can accumulate that.

Yeah, that's the central authorities for ya Grin

That's why it's essential to diversify everything. Though it may or may not work.

Frankolala

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The government is not happy with bitcoin because it is beyond their control and it is not from them. This has been the major problem for the government due to bitcoin decentralized nature and the privacy it gives its users. This is why government are also against decentralized platforms who are in support of privacy and anonymity.

It is not everyone that will use or buy bitcoin even if the government legalize it because some people will still prefer the traditional way. Currently, with the uptrend of bitcoin price, and high transaction fee occasionally, has made majority of bitcoin enthusiasts to use bitcoin as a long-term investment rather than a currency.

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Quote from: Forever101 on October 07, 2024, 06:05:58 PM

We all know that through Bitcoin, every one will be there own boss. No control or submission to any authority over your own belonging or money, the life threatening taxes will be done away with.

I will call it bullshit.

If you sell your coins higher than what you bought and you receive your fiat either in banks or digital wallet, you will need to pay capital gains tax, otherwise it will raise suspicion with the inflow in your account.

If you report your income is small and you have a lot expensive stuff, don't be surprised if someday the tax authority investigate your wealth and how you can accumulate that.

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