Topic: The future of Bitcoin as payment means - page 2. (Read 345 times)

When you said the government, you are referring to a single government of a country, probably yours, because mine is different from yours, if you don't accept Bitcoin as means of payment in your own country doesn't mean my government should do the same, your government could keep fighting Bitcoin all they want bit don't expect all the world to follow.

The reason why I like Bitcoin even more is the freedom it gives, even for the centralised authorities, they have the freedom to choose, and it is fine to abandon Bitcoin, but this will only be some part of the world, not the whole world, how cool is that?

Even if only two countries in the world accept Bitcoin as means of payment it has done so well already, the world don't need to accept Bitcoin, it is decentralised, only those who understands will use and accept Bitcoin, whatever the case might be it is all well and good.

Your Post made sense for the most part but I have no idea what the hell you were trying to say here,


Listen, it makes sense why a Government would NOT want to have to deal with Bitcoin as Legal Tender.  Particularly because Fiat is so much easier to seize and control.  I get why they love Fiat and Bitcoin will definitely never be a choice of theirs.

Realistically, Bitcoin will probably never be a beloved Currency by any big Government.  Simply because they all have the fear of losing their power handle.  So it is very realistic in my opinion to expect it not to become like Fiat but a semi underground alternative to it.  You could bury a plate with your Seed Phrase engraved in it next to a Pass phrase for years some where in China and have the same Seed on your phone, using it in The United States for both receiving and sending.

Authorities can take your phone, your clothes, your life, but unless they can access your phone and know your Pass phrase they have no clue how to take that Money off you.  And no matter what happens, the only way to retrieve it is either by forcing you to tell them the password to your phone, the Pass phrase if they already unlocked it or if you were forced to tell them were the Seed was buried.

This is true Freedom and it grants access to nobody else besides you.  This is why they hate Bitcoin and this is why I love it.  You can never Trust a Bank enough.  Or a Government or any Authority in general.  Particularly lately, they all seem very focused on doing the opposite of protecting us.  They are gradually becoming our Enemy and Bitcoin is pretty much our hope.

Bitcoin goes against what governments stands for and that is centralization, where their central banks can oversee and be in control of the cash flow within the economy. Bitcoin decentralization is a problem for governments because it gives it's holders freedom and privacy so they'll keep coming up with regulations to interfere with the decentralization. In my country cryptocurrency is not banned but the government is not crypto friendly, our banks are forbidden to facilitate cryptocurrency transactions and top exchanges are disabled for our fiat p2p transactions.

Despite all the restrictions by governments Bitcoin adoption is still increasing worldwide because it has proven to be a store of value. Although the use of Bitcoin as a means of payment has not increased with the rate of it's adoption, hopefully that will change in the future.

Surely it's not expected that everyone most accept the use of bitcoin. Who'd even impose such policy in the first place when bitcoin on its own is a decentralized currency? Even the El Salvador that accepted it as legal tender for payments wasn't a force abiding but the government only made it and open source for individuals in its respective religion to make their decisions on the technology.
El Salvador isn't a world power neither is the treasures of the world centered on them to say everyone most follow their steps up to accepting bitcoin.
But one thing is sure that as the world keep to approach devaluations of fiats and people growing poorer, such is the more reasons why bitcoin adoption would keep growing until it's dominated.
So believe it that the virtual of bitcoin is based on individual and not about the government strategies for bitcoin is a decentralized financial technology.

That’s why I only mentioned ltc, doge and xmr. I could have mentioned say shib too but I haven’t. It is because there are too many shitcoin around at the moment. They might seem to work at the moment but it is not worth the risk when there are other established altcoins which I mentioned above.

I thought about it one more time and I think xmr also have some traits of bitcoin. Since it is fully anonymous and not many people want to use it, it is probably the second best store of value coin. (Even though the XMR price doesn’t reflect it) Too bad it doesn’t have limited supply but since its inflation rate is very low I don’t think it will matter much in the long run.

Interesting. Never heard about the same processes in Argentina, I should take a look at them because I think there are articles already.
I hope that El Salvador will move forward and adopt the BTC for the better of themselves and their people. So that their economy would be safe and intact.

You have actually said it all, the government welcome new technology everyday, it's just because of the decentralized nature of Bitcoin, that's why they government are scrutinizing it, apart from that they sees no problem with Bitcoin.
Because Bitcoin deprived them of that control that a government of a state needs to govern.

Then on this particular statement her by the op, I have a question for you, you said that Bitcoin will make everyone his or her own boss, so I want to ask you, In Salvador that Bitcoin is already legalize, is everyone rich? Or is everyone their own boss?  Or are no one submitting to the government?  So please stop making it look as if Bitcoin is going to be a major problem of the government, because it's not.

Governments around the world closely monitor the Bitcoin's situation and urge the imposition of regulations, but that is not because they want to keep people in poverty. For example, El Salvador adopted Bitcoin as legal tender, but it became the target of suspicions from organizations such as the IMF, which issued warnings about possible threats related to financial stability and lack of transparency. IMF even urged El Salvador to make some adjustments in its Bitcoin-related regulations.

BitCoin is excellent in theory about decentralization, but the hassles are very much real in the form of volatility and security concerns. Even in El Salvador, calls for heightened regulation persist in protecting its consumers and deterring illicit activities, such as money laundering. It is not a power struggle on the part of the governments but rather an initiative to make sure of the general safety and resilience of the financial system. That said, Bitcoin adoption globally is on the increase, including in countries like Argentina looking into similar policies-meaning governments are not wholly against it.

Thank you very much for the sources listed!
Indeed, I would too put my money and trust into Litecoin, not in Doge per se
Also, I heard a lot about Monero, but I didn't dig into it too deep, maybe - I should. As I understood, it has its extra steps for it that would be beneficial privacy-wise.

When it comes to payment methods, people often only care about speed and transaction fees, few people care about decentralization and privacy. I agree with what you say, bitcoin will not be everyone's first choice or preferred payment method.

I wonder if those who want to make bitcoin a payment method use bitcoin for everyday bills and are they willing to pay extra transaction fees even for bills of just a few dollars? I wonder if people who want to make bitcoin a payment method will use bitcoin for everyday bills? And are they willing to pay extra transaction fees even for bills of just a few dollars? Meanwhile, if we use altcoins, we won't have to spend too much money on transaction fees or even no fees if we use fiat. Honestly, I don't see any good reason to use bitcoin as a payment method, especially for my everyday bills.

Given the characteristics of bitcoin, it is more suitable to be an investment, an asset than a payment method.

When considering a cryptocurrency for transactions, and also thinking of transaction fee, we have to consider security of these blockchains together with what blockchains can give us cheaper transaction fees.
https://howmanyconfs.com/
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3y

Two above websites can help to check blockchain security comparison (the first site) and transaction fee comparison (the second site).

Litecoin and Dogecoin are good altcoins for transactions. Monero is only fitted for people who are ready for privacy and know deeper steps on transactions with privacy coin, and don't want to have troubles with centralized exchanges.

I personally see that currently the interest in blockchain technology is increasingly interesting and high from many circles, especially for digital currency transactions, besides being seen as faster, it is also easy in terms of access by various parties or individuals.

For all applications, a process is needed towards mass adoption of Bitcoin and that will happen if all components are ready, meaning that if users, for example, have more funds that will later be put into their wallets for investment or trading, they will be safe from malicious attempts by irresponsible individuals when theft or cyber attacks occur.

I don’t think bitcoin will be people’s first choice to make payments as bitcoin transaction fees get very high under heavy load. Right now the fees are very cheap but still not as cheap as major alts. LTC and Doge are more suitable for the task imo. Since you will be using them to make payments, their decentralization feature isn’t as important.

Bitcoin on the other hand, needs to be decentralized because many people keep their life savings in bitcoin, not in alts. Alts can mess stuff up occasionally, just use the other one that is cheaper in that scenario.

However there isn’t really an alternative to bitcoin when it comes to save wealth digitally.

Payments > doge, ltc, xmr
Digital gold > only btc

It's about other nations and it's hard to find consensus among hundreds of countries globally. Issues in other countries belong to these national citizens, not problems of El Salvador citizens.

We have to firstly look at how El Salvador citizens feel about Bitcoin Legal Tender in their homeland.

From normal citizens, as Bitcoin users who want to pay their purchases with bitcoin, to business, merchants, stores there that have to accept bitcoins as payment method from their customers.

According to discussions I read, people there especially businesses are not happy because they are forced to accept bitcoin, while they don't consider themselves as Bitcoin holders, investors. And receiving bitcoin causes some unwanted losses for their business treasuries.

El Salvador’s Experiment with Bitcoin as Legal Tender

Are cryptocurrencies currencies? Bitcoin as legal tender in El Salvador.

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.

We don’t know. One person will not be enough to turn things around. It will take more than that to deconstruct the system that most countries have been using to seamlessly turn to using crypto.

Bitcoin is slowly becoming more popular, more and more governments and countries are legalizing bitcoin and there are not too many countries that are hostile to bitcoin anymore. It is safe to say we are getting better, we don't need hateful, anti-government posts making the situation between government and bitcoin worse.

You criticize governments for trying to regulate and manage bitcoin, so do you think it would be good if governments let people use bitcoin freely and cause the economy to collapse soon? Or will criminals become more daring and aggressive because there are no laws to stop them? The price of too much freedom is sometimes not as beautiful as we think.

Also, do you think the people of El Salvador are free and not controlled by their government? Is their government stupid enough to accept bitcoin as legal tender just to have their citizens turn against them?

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. 

Which government wants its people to remain poor? I don't think any country in the world wants that, Bitcoin is disliked by governments because it can't be controlled, unlike regular payment instruments (FIAT for example) which can be easily tracked and monopolized. With Bitcoin, there are no more boundaries, between me using IDR & you using your FIAT, there's no more currency dominance, that's what makes them angry.

It's not about keeping people poor but it's about maintaining their power and that's what the government is all about, to have central power and Bitcoin doesn't allow that. But in some other areas, the government can still get themselves involved through the gateways of where people are using Bitcoin. Whether it's with the transactions, the trades/exchanges, and other means of it. That's what we're seeing, they're banning, increasing the taxes, or anything that they are in control to discourage people from having and using it. But, even with that, we're all eager to continue this. It's no longer about the future of Bitcoin but it's about the value of Bitcoin holds and the governments are taking a long time before the realize this. They should get the hint from the financial institutions that have applied for an spot etf for it and have bulks of reserved of BTC on their stash.

The government welcomes new technology, and the only problem I think the government has with Bitcoin is because of its decentralised nature, not because they are afraid that it will make everyone rich; they just fear it because it promotes privacy and makes it harder for them to know who is the owner of the wallet that holds this and that, which is why they are fighting against privacy tools.




Bitcoin can't make everyone in the world rich; it can only make a few individuals out of the total world population rich and not the entire world. It's not enough to pull out such; beside, it's merely to be used to carry out seemless transactions and not a poverty eradication program.




I still disagree with this not because I think the Government are not fighting bitcoin but because you said they want to continue keeping the people poor.


Bitcoin is here to serve as an alternative means of payment. Even if all governments approve its use, not everyone will love to make use of it; some prefer to remain old-fashioned.