Topic: The future of Bitcoin as payment means - page 3. (Read 1333 times)

It will be more difficult if done globally for government issues because it is limited to the regulations they regarding money transactions.
Voluntary adoption with individual involvement will be much more possible even though the pattern must be done secretly.
In our region, transactions using bitcoin are still prohibited and will get heavy sanctions if done, because bitcoin is only allowed to be used as an investment asset.

For the future we never know how it will happen but it is not impossible that most governments will be much more accepting of the change and they will definitely try to protect something so that the previous system does not get worse.

We don't need to oblige anyone to use this digital currency as they should understand first how to use this in their daily transaction. The adoption should come voluntarily. And when it comes to the government, I believe, it is their prerogative to create laws and regulations or protocols how to handle such currency. After all, they need to look after for the welfare of their citizens.

Well we can’t hide the fact most leaders don’t want their citizens associating with bitcoin, it’s either they see bitcoin as financial freedom and who will not see bitcoin as a threat to fiat system? Almost everyone will view bitcoin in such manner and they don’t want to create a wide number of adoption due to fear regardless we’ve seen bitcoin position and growth. I’m sure bitcoin doesn’t need everyone’s adoption neither acceptance before growing as seen before and always, I don’t know if bitcoin enthusiasts manage to make use of bitcoin in a restricted environment since this is the problem.
I don’t believe everyone will accept bitcoin so let them think what they feel is best, we can’t force anyone including the government, I only feel they’re making things difficult nothing else.

You're correct about the government not allowing Bitcoin to become a fully accepted currency for payment. But they can't stop Bitcoin adoption from becoming globally popular. Bitcoin can be global as a way to individuals investing in it for profits but not as a way to pay for things. It will take a very long time before we can use Bitcoin for payment of our daily needs  as the government wouldn't want to kill their currency just to make Bitcoin successful. I don't worry that much about Bitcoin future as I'm comfortable with the way that I'm making use of my Bitcoin, I don't intend to spend them on things anyway but to keep hodling.

In as much as making Bitcoin a legal tender, it might not still fully determine it's adoption rate or how well it is used. Sometime last month, I read a thread that was shared on a board (can't really remember now) about this year's ChainAnalysis Global Adoption figures. Surprisingly, El Salvador didn't make the 10 list. Just imagine a country where Bitcoin has been declared a legal tender wasn't on the list. Well, maybe they might be in the list next year, but it's quite shocking not to see them in this year's list.

And as you've said, Bitcoin usage as means of payment and investment is quite okay, but the government are just the only issue on ground. In the country I live in for example, we can't even make direct purchase of Bitcoin via bank account. If the bank figures out, then you might likely lose your account. Though we've been able to manage the situation for long. But regardless, normal legalization of Bitcoin for investment and payment purposes should do. But that doesn't mean that the ideal to make it a legal tender is bad.

Actually Bitcoin is right as it is now, there is no need to force it to become a legal tender that can be used for daily payments, just make it an alternative payment that makes our transactions easier and secure, if you want more you probably won't be able to expect much from the government, especially in countries that prohibit the adoption of Bitcoin. But I am sure that the development of Bitcoin is good enough as a means of payment and investment, it just takes time for countries globally to fully accept it, but maybe not as legal tender.

As some have said, bitcoin's volatility is one of the barriers that keep people from using it as a currency. And if you think bitcoin will be unstable in the next 10 years, why can you blame the government when bitcoin cannot become a currency? What role does the government play in bitcoin volatility?

In my opinion, we are the ones who contribute to bitcoin not being able to become a currency. I want to ask, do any of us expect bitcoin to be stable? I'm pretty sure not many people want bitcoin to be stable, and that means we're the ones preventing bitcoin from becoming a currency.
The government is also responsible because they would never legalize a currency they did not create and control, but it is not all their fault.

Well, you’ve got a point there, because most people in government are against it. So, we shouldn’t expect them to vote in favor of bitcoin becoming an official alternative currency—it's impossible for people who don’t understand it. Many only see the negatives about bitcoin—scams, issues, etc. It’s tough to convince someone whose mind is already made up, and even harder to change their decision once it’s set.

That’s why the situation remains unclear, as many still doubt bitcoin’s potential as a currency. Even 10 years from now, I think it still won’t be that stable for widespread use, and most will continue to see it as just an investment.

Politics was involved in it, I dont the same will happen with countries anytime soon. But I am hopeful of some accepting the user of bitcoin and at least not be verdictive when coming across users transacting bitcoin, so far things have not been that bad.

Outside this forum though, the people dont care about the importance of bitcoin, its decentralization and its advantages over fiat. They mostly look for the money in investing and flipping.

So as a payment system, we have a long way to go. The above mentioned users dont see bitcoin as payment mode and that will not change unless governments become lenient.

It's safe to say that El Salvador's adoption of bitcoin as legal tender is a proud milestone, but let's be realistic. I don't want to deny that what I see is that they are also just using bitcoin as an investment or as a store of value as you said with their plan to buy one bitcoin a day. It is clear that they also intend to use bitcoin to make themselves rich. I have never seen Nayib Bukele or any report saying that the use of bitcoin as a currency there is going well and the president is pushing for it.

We should be realistic and not blindly support it like that.

Despite all the hostility towards Bitcoin, I believe that governments will gradually accept Bitcoin as a means of payment, but only society will determine whether they want to use Bitcoin in this way, or whether it will be a good investment for them. Bitcoin has been accepted as a means of payment in El Salvador for quite some time, but it is not widely used there, the reasons are different and they have been discussed many times in other threads, but the essence remains the same, Bitcoin is increasingly becoming a good investment, people prefer to hold it than spend it on purchases.

The government can not be predicted sometimes and that is why we don't know the show they will come up with later maybe they will tell people that investing in Bitcoin is not safe and that the highest they can do is to talk but Bitcoin is not something they can stop its operation and if trump should even win the election they there will be more positive news and it will reflect on the price of bitcoin and the government is always trying to control everything they want to be in charge of everything. the only way they will want to frustrate Bitcoin users with their policies is to look at countries where they are taxing almost 30% of every transaction for something they did not work for the government likes exploiting people I want to know their contribution when they are collecting something huge from the people, and because of the tax, they are making they are not bothered about the feeling of the people so they won't be saying much about bitcoin.

This was true in the past but not true these days as not many countries ban bitcoin anymore. Most accept and acknowledge bitcoin as legal.

They no longer ban bitcoin because it doesn't benefit them and they realize that banning it doesn't reduce its popularity or stop people from using it. Instead, they legalized it but put in a lot of regulations to control it and us.



That is the reality and what is happening, most people just consider bitcoin as a place to make profit, get rich. The idea of ​​turning it into a means of payment is no longer mentioned much and no longer receives much attention.
I agree with you, with the scarce and volatile nature of bitcoin, it is more suitable for accumulation and investment than using it as a payment method.

This is nothing new. We already know that Bitcoins are hated by the government. Due to the decentralized nature of the coin, the government cannot track how many Bitcoins a person is dealing with. Hence, many governments have labeled Bitcoins as illegal.
Now I believe that all the Bitcoin investors treat Bitcoins as a source of investment and not as a means of payment. Bitcoins are rare and limited in numbers. Hence, I think it will be ideal to just accumulate and not spend it as a mode of payment.

Yep, governments and institutions are all for BTC in my opinion, and will continue to accumulate them or create reserves of BTC, some may take the lead in that field, but I do think it will be the U.S., sooner or later.
After all, BTC and its benefits will be seen by all, but only smart and forward people and organizations will work with it from now and going into the future.

Well this is why you need different mindset to be in one to achieve a common goal, I'm saying this because humans generally have different perspective on how the see things and act on them but meanwhile alot of people have been bent on the fate and future of Bitcoin but none can really tell so with that it is not a poverty eradication means rather it's a mode of payments for a transactions just like every other currencies and seeing it in this aspect would do alot good and just as other currencies was approved by the government for use definitely Bitcoin needs time so as the government to understand it's benefits.

yes, I also see that of course bitcoin and the government are now starting to be friends and of course now the situation with bitcoin and the government is starting to improve and of course, after all, we also need the government so of course it would be better if bitcoin and the government were friends.

Yes, I agree with your opinion because if the government does not intervene in Bitcoin, it will certainly mean that citizens who invest in BTC will definitely not get legal protection and it will definitely create danger for BTC investors if there is no legal protection from the government. So yes, of course the government does not mean evil towards its people because the government certainly wants its society to be full of progress and the government is definitely afraid that its people will suffer losses.

Yes, in El Salvador, BTC and the government have become friends and of course the government has intervened with the aim of protecting its people. Yes, the point is we can't blame the government because no matter what, the government will always love its people.

Yes, of course, ElSalvador is an example of a country that allows BTC to be used as a means of payment, of course this is a good thing, but of course the government which does not allow its people to use BTC as a means of payment is also not wrong because of course the government has researched what is best for the future of its people. In my country, people are not allowed to use BTC as a means of payment, but the government allows people to invest in BTC. But of course, with that, I'm happy even though I can't make payments using BTC, but being able to invest in BTC is also something that makes me happy.

I doubt the government will want to keep fighting bitcoin. What they will try to do is bring it under their control which would be almost impossible. Hence, right now all they are doing is pulling out policies and imposing absurd laws so they can at least indirectly control the whole network. The government cant help but accept crypto currencies eventually. Fighting it would only leave them behind on the field of financial tech development. The future is fiat and bitcoin/cryptocurrencies being used together. About the taxes part, even if bitcoin goes mainstream, you will still need to pay taxes. There is no escaping that.

True. But here in my crypto friendly country I think it will be not as complicated as everyone think about the decentralization for now but I don't know in the future what the government will see it given that crypto sometimes has involvement to crimes. Though crypto adoption in the country will also help with taxes since they have plans in regulating foreign crypto exchanges that will benefit both the government and it's users in the long run.

Market dynamics and global adoption will play a major role going forward and what you have said above is also quite realistic.

Of course, all good things in the beginning are always faced with some unusual challenges and that comes from various parties who still have not reached their thinking about the growth of the financial ecosystem going forward, But, I am very sure their perspective will fade over time about BTC when If demand continues to increase.