Topic: The use of Bitcoin as a local currency! (Read 954 times)
Perhaps I would argue that not all countries will agree to this . One of them may be my country. Forbids bitcoin to be a currency even a legal tender. Even though they didn't stop bitcoin access in our country. There is very little possibility for bitcoin to replace local currency because local currency is physical, while bitcoin does not have physical currency, it is only digital. So it will be difficult to shift the existence of local currency that has been around for decades.
Everyone on the forum knows what Bitcoin is. We already know that many countries have removed this currency from the ban. I mean, will all the nations of the world use Bitcoin as a currency?How important will it be? It will not go to the good side to the bad side?I want to know the opinion-
I think you are missing a very important detail: BTC is intangible.
With this in mind, imagine having to transact everything digitally- this would put underdeveloped and developing countries at a prejudice since most do not even have access to basic education and food. This would put developed countries at the pedestal (makes them richer) and poor countries poorer! Though the idea may be implemented, I do not see it happening in the near future.
Everyone on the forum knows what Bitcoin is. We already know that many countries have removed this currency from the ban. I mean, will all the nations of the world use Bitcoin as a currency?How important will it be? It will not go to the good side to the bad side?I want to know the opinion-
People all over the world are already using Bitcoin as a currency, that was it's very purpose from day one. If you mean will all countries start to accept Bitcoin alongside their normal currency, as we see with El Salvador, it is highly unlikely. El Salvador is a rather unique case, as they use the US Dollar as their regular currency and had nothing to lose by setting up a second official currency. Most countries around the world prefer having their own currency because it allows the government and/or central bank much more control over their economic policy - if they convince other countries to accept it for debts, then they can print money and effectively inflate away the debt that they owe. This is what we see regularly happening in the US and China who try to devalue their currencies and subsequently their debts.
Everyone on the forum knows what Bitcoin is. We already know that many countries have removed this currency from the ban. I mean, will all the nations of the world use Bitcoin as a currency?How important will it be? It will not go to the good side to the bad side?I want to know the opinion-
It was really a good indication of global adaptation to some other countries who lift the ban for BTC or cryptocurrency as a whole but I think its impossible for BTC to be a local currency since the government wont even allow it. Maybe they will allow it but not to the extent of treating it as their own local currency.
Technological developments continue to increase, the growth is very fast. Likewise in terms of finance, now is the digital era. Buying and selling has been done online a lot, and Bitcoin is the solution for all of that.
Indeed, for now there are still many who oppose Bitcoin, but one day those who oppose Bitcoin will definitely accept it. Because Bitcoin will actually be used as a means of local and global payments.
Indeed, for now there are still many who oppose Bitcoin, but one day those who oppose Bitcoin will definitely accept it. Because Bitcoin will actually be used as a means of local and global payments.
Perhaps I would argue that not all countries will agree to this . One of them may be my country. Forbids bitcoin to be a currency even a legal tender. Even though they didn't stop bitcoin access in our country. There is very little possibility for bitcoin to replace local currency because local currency is physical, while bitcoin does not have physical currency, it is only digital. So it will be difficult to shift the existence of local currency that has been around for decades.
I too can agree with you on this matter.
Many countries still doing debate on whether to accept Bitcoin as a currency or not.
They are treating Bitcoins as Gold, they thinking Cryptos are assets.
So as like in old days you are trading gold for items , same will happen now also.
For this reason many countries still not accepting BTC as a local currency.
I don't think Bitcoin can be taken to be a world wide used currency. Most government of some countries takes Bitcoin to be a threat to their economy, and on the other hand, others finds it to be the next big thing for the future of technology.
Bitcoin's unique nature is not being under control of anyone or government, and the price has gone so volatile that it is no more controllable. The single thing that will work well with the crypto world and the government is for the countries to have their own coins, making it some must have coin as a crypto holder. Otherwise, it's a no way thing for the government to have a hold over Bitcoin.
Bitcoin's unique nature is not being under control of anyone or government, and the price has gone so volatile that it is no more controllable. The single thing that will work well with the crypto world and the government is for the countries to have their own coins, making it some must have coin as a crypto holder. Otherwise, it's a no way thing for the government to have a hold over Bitcoin.
the use of bitcoin as a local currency,, sounds very interesting but we must realize for now there are still people out there who don't understand bitcoin, some even don't know what bitcoin is, so in my opinion before we use bitcoin as the main currency , it would be nice if we introduce everyone first, and teach them how to play in bitcoin, and teach them about how to buy using bitcoin, after everyone knows about bitcoin after that we make a plan to use bitcoin as the main currency, that's the opinion I..
Bitcoin has already became a legal tender in El Salvador but i don't think this will be possible in my country as most of the people are still used to fiat and i don't think if they know bitcoin already or still ignorant about it. But it would be interesting though having bitcoin as a local currency as it would finally be used according to its purpose and not just as a pure investment.However, the government might oppose to this proposal as they also think bitcoin as a big scam. And that bitcoin is illegal. So even if we are eager to use bitcoin as a local currency, it will not be possible yet knowing there's still a need for mass education on bitcoin. Things might change in the future hopefully.
the use of bitcoin as a local currency,, sounds very interesting but we must realize for now there are still people out there who don't understand bitcoin, some even don't know what bitcoin is, so in my opinion before we use bitcoin as the main currency , it would be nice if we introduce everyone first, and teach them how to play in bitcoin, and teach them about how to buy using bitcoin, after everyone knows about bitcoin after that we make a plan to use bitcoin as the main currency, that's the opinion I..
I really agree with your opinion, because your opinion is very reasonable in my opinion, we must realize that there are still many people out there who don't understand bitcoin, let alone use bitcoin as the main currency, just to play bitcoin they don't know, according to I'm still too early if for now we use bitcoin as the main currency, preferably before we use bitcoin as the main currency, it would be nice if we assign everyone in this forum to jump into the field, to teach them to use currency in digital. .
the use of bitcoin as a local currency,, sounds very interesting but we must realize for now there are still people out there who don't understand bitcoin, some even don't know what bitcoin is, so in my opinion before we use bitcoin as the main currency , it would be nice if we introduce everyone first, and teach them how to play in bitcoin, and teach them about how to buy using bitcoin, after everyone knows about bitcoin after that we make a plan to use bitcoin as the main currency, that's the opinion I..
I really agree with your opinion, because your opinion is very reasonable in my opinion, we must realize that there are still many people out there who don't understand bitcoin, let alone use bitcoin as the main currency, just to play bitcoin they don't know, according to I'm still too early if for now we use bitcoin as the main currency, preferably before we use bitcoin as the main currency, it would be nice if we assign everyone in this forum to jump into the field, to teach them to use currency in digital. .
the use of bitcoin as a local currency,, sounds very interesting but we must realize for now there are still people out there who don't understand bitcoin, some even don't know what bitcoin is, so in my opinion before we use bitcoin as the main currency , it would be nice if we introduce everyone first, and teach them how to play in bitcoin, and teach them about how to buy using bitcoin, after everyone knows about bitcoin after that we make a plan to use bitcoin as the main currency, that's the opinion I..
In the future, all countries may support Bitcoin. It will take a while.
There are still many countries that do not understand Bitcoin and do not support Bitcoin. These will take time.
Some countries previously banned Bitcoin and later agreed to use Bitcoin. I believe other countries that ban Bitcoin will do the same.
Time can verify everything.
There are still many countries that do not understand Bitcoin and do not support Bitcoin. These will take time.
Some countries previously banned Bitcoin and later agreed to use Bitcoin. I believe other countries that ban Bitcoin will do the same.
Time can verify everything.
Bitcoin cannot be used as the legal tender of various countries. Its high price volatility is not suitable for daily trading, and it is now more suitable for investment to obtain high profits.
The decentralization of Bitcoin is not controlled by any third party, and the government will not suddenly accept currencies that they cannot control and cannot obtain revenue.
I think in the distant future it is possible that Bitcoin will be used as Alternative currency to buy goods and services but use of Bitcoin as national currency is not going to happens so soon specially in developed world as their economies are based on diversified souces of income and adopting Bitcoin will rise many issues but some under developed might adopt it becuase their economies are so weak and their main source of income is from overseas Remittance like EL-SALVADOR.
I do believe that bitcoin or cryptocurrency will be one of the circulating finances in the world economy but the thought that it would going to replace the fiat's existence I think this one is quite impossible. But for sure if bitcoin will become a legal tender in a certain country the government for sure will going to impose a tax. But for now we all know that bitcoin or cryptocurrency was still struggling to become legalize in many countries and other countries just banned it but still good to know that other countries were open to legalize crypto like El Salvador.
Its a struggle for cryptocurrencies to be used widely but it will exist with new developments with CBDC. The crypto.wallets we are using today I'm sure will have functionality where they all can coexist just as digital fiat and Bitcoin today that we can move funds in every chains.
Maybe this time its just BTC that had been used by a country as legal tender, maybe one day other tokens too like Eth.
I think in the distant future it is possible that Bitcoin will be used as Alternative currency to buy goods and services but use of Bitcoin as national currency is not going to happens so soon specially in developed world as their economies are based on diversified souces of income and adopting Bitcoin will rise many issues but some under developed might adopt it becuase their economies are so weak and their main source of income is from overseas Remittance like EL-SALVADOR.
I do believe that bitcoin or cryptocurrency will be one of the circulating finances in the world economy but the thought that it would going to replace the fiat's existence I think this one is quite impossible. But for sure if bitcoin will become a legal tender in a certain country the government for sure will going to impose a tax. But for now we all know that bitcoin or cryptocurrency was still struggling to become legalize in many countries and other countries just banned it but still good to know that other countries were open to legalize crypto like El Salvador.
The future of bitcoin is still uncertain, but developments that occur in the near future will be a new point for bitcoin and we'll see what happens, and in my opinion the digital currency system or bitcoin is difficult to become a national currency because of the trust and acceptance of conventional currencies still very large and so on.
My assessment of the future of bitcoin and national currencies will go hand in hand without eliminating either one, and bitcoin will remain an alternative payment option that can be used worldwide.
My assessment of the future of bitcoin and national currencies will go hand in hand without eliminating either one, and bitcoin will remain an alternative payment option that can be used worldwide.
Some of the factors you mentioned do make it difficult for Bitcoin to become a national currency, especially since the government cannot control
Bitcoin. This is clearly a big barrier that makes Bitcoin difficult to accept as a national currency. Moreover, many people are still comfortable using
fiat for daily transactions. Since the beginning Bitcoin was created as an alternative payment, not to replace fiat. After all I do want Bitcoin and fiat
co-exist, so both can complement each other and make financial transactions more convenient.
Using bitcoin in our daily life is not going to happen now because you know some countries banned it but in future there's lots of possibilities that we can use as local currency and some don't really know anything about bitcoin or the idea of cryptocurrency so that's also reason and some companies already accepting bitcoin.
The key thing to realize is that despite the fact that many countries declared bitcoin illegal on their territory, it cannot be fully banned. Many people take the risk and use bitcoin in daily transactions because sometimes their life depends on that. If your national currency is broken, it loses its value in the blink of an eye, you have no choice but to keep savings in bitcoin. People living in countries with hyperinflation return to a barter economy, in which the most saleable good becomes money, and is exchanged for commodities. Bitcoin sometimes becomes unofficial local currency because its features make it most desirable on local markets. The true national currency emerges from mutually agreed exchanges completely free of government influence. It exists not because someone forced you to use it, but because it was natural to adopt it.
Glad bitcoin has already changed this reality for those who risked adopting it.
That's true, there are different types of countries and they have their own monetary policies but they can't challenge the BTC. The BTC will be the Jiant in the future financial world. Willingly or Unwillingly, Every government in the world will be accepting BTC
The whole world can never use Bitcoin as a local currency. There are different governments in different Countries. They all act differently because they are controlled by different mindsets and have different motives. Adoption will surely continue. It'll definitely go far but not to that extent you just described.
Everyone on the forum knows what Bitcoin is. We already know that many countries have removed this currency from the ban. I mean, will all the nations of the world use Bitcoin as a currency?How important will it be? It will not go to the good side to the bad side?I want to know the opinion-
Only a small fraction of this forum's populace really knows the nitty-gritty of Bitcoin. Most treat it as an asset just like stocks and bonds. The struggles of Bitcoin adoption don't end with lifting the ban. Spreading awareness is the most difficult challenge it has to overcome. In almost every country, the majority of lawmakers and leaders are from the old generations. From where I'm from, lawmakers know very little about Bitcoin, or cryptocurrency in general, so no one is forward-thinking enough to pass laws meant to advance the adoption process. If anything, the laws they make add more restrictions than pathways. We need younger and more open-minded lawmakers and leaders. But seeing more countries joining the rank is progress, indeed.
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