Topic: We need small communities and towns to create circular Bitcoin economies (Read 433 times)

I think promoting bitcoin no matter where you are is already a step forward

this community alone that we have is enough to kickstart the mass adoption of bitcoin now what we need to do is start incorporating bitcoin into our daily lives bit by bit i think this is what can influence more people or merchants to start using bitcoin within their economies as well

it will be a bit difficult though because small businesses may not have the capacity to make use of bitcoin just yet but it is small businesses that are crucial to the adoption of bitcoin

You can't blame some of these business owners because some only have small capital for their business to continuously operate. Hence, whatever they are receiving in crypto payments, they will also convert it to their fiat. Though it should not affect the corresponding amount in fiat even during bearish season, but these owners may have other plans for their money.

Also, I can agree that that barrier should only be the network fees. But I guess, business owners have other takes on this market.

If they are to adopt bitcoin usage, they should do it and don't make it seasonal. Most of them who are accepting payments on Bitcoin don’t even save it for a long time, so why should the bull and bearish markets affect their methods of payment?

The only thing that I see that is supposed to serve as a barrier is the network fee. If the network is congested and the fee is way too high, then they can consider pending the payment method as the fee won’t be conducive for both parties.

No one has touched bitcoin physically neither has anyone touched it through social media, what happened is that we can only view it from address we know such unit represent a particular amount of Bitcoin in equivalent to dollars but can't feel rather can been view through the wallet its. The say way we hear people talks about bitcoin on social media is same way we see people talks about bitcoin on TV. I could vividly remember that there's a channel in our local TV that regularly gives update about bitcoin price including the stock market, they shows up the prices of commodities/assets.

Price of goods and services are not measured in Satoshi but measure in usd and other legally recognized legal tenders in other countries. The problem with accepting Bitcoin as payment option is not the problem but it becomes a problem the moment you want to keep it as a store of value. Let's say for instance, you sold some items last week when Bitcoin was trading above $60k and you haven't restock and today it's trading around $57.5k and you want to restock your shop, you will be shortage in the real value of what you have sold and that's the main problem I mean by volatility.

However, if the shop owner isn't Bitcoin dependent, like he has another fund to buy more items in his shop, he is going to benefit in the future but his business will be moving X and Y direction like he is not making any profits. Cash flow isn't the kind of business someone has to do with Bitcoin but fixed asset are will go well like selling lands, vehicles and so on.

Here in the forum, I often saw posts mostly from Indian and Nigerian members where they share their BTC knowledge to the people nearby, so small communities are definitely possible, especially the online one but towns?

I think this mostly happens for now in a country where BTC have been made as a legal tender, since it is a bit tricky and needs some serious legalizations or permits from the local governments which we know that are less likely to be approved because many of them are still allergic with BTC or doesn't know anything about it. Also BTC can rarely be seen on the TV's but not in the social medias. Many people can still learn BTC through it.

Price "Volatility" only become a problem, if you convert bitcoin to Fiat currencies, but in a circulating economy like this, coins are not converted to Fiat.

Remember... X pay Y for a product and Y pay Z for a service and the bitcoins stay in circulation. Yes, some things can only be paid in Fiat currencies, but that is why they are running a dual payment option, with both Fiat currencies and Bitcoin being accepted as a payment option.

If you need "cash".. you still have the option to convert some of your bitcoins to Fiat currency.

I think it can be possible if this work is done at the government level. If the government of a country wants to make Bitcoin famous and make it popular among the people, they can do it easily because of what is done at the government level, people believe in it and don't think much about investing in it but if in such countries where Bitcoin is not legal, no matter how big a businessman or investor tells us to buy Bitcoin or about it, the people of that country will never understand because of this fear.

People who invested in Bitcoin a few years ago and got profit, want everyone to know how profitable Bitcoin is and how much profit can be made in the future. Think about the people of the country, they want people to invest their money where they can get a good return and this is one of their virtues.
They think about others too.

In other words, in order for a new empire to rise, the old one should first be destroyed - but the problem is that the old empire was created literally for thousands of years and has solid foundations all over the world. In addition, Bitcoin is completely dependent (at this point) on the foundations of that empire, which are banks, various regulatory agencies, governments, and private companies through which most of the trading is done (CEXs).

Unfortunately, the elimination of one empire would also bring down the so-called Bitcoin empire, so we should focus more on BTC as an alternative in smaller areas than some kind of global solution.

This is already happening within the space if you can sense it correctly there are people who don't know about bitcoin but due to information that are spreading all over including TV and other social media channels people are learning massively to say but as you said there are other local communities like the grass roots should be well sanitizer and given proper orientation about bitcoin and the overall knowledge concerning wallet and how to maintain one asset to hold long.

It is good if shop owners in the community accepts Bitcoin as a mode of payment but the problem is sensitization of this shop owners, what if they don't know much about or nothing about Bitcoin,? Do we expect them to accept what they know nothing about, despite that Bitcoin is created for everyone and mainly for interested individuals, bitcoiners has work to do in terms sensitizing people on the need to accept Bitcoin as means of payment.
You have said it all, Bitcoin being used as a mode of payment can not totally cause fiat face off, no matter what, some people that believe in fiat must make use of it, as for the government involvement in Bitcoin before trust can be gained in the system as you said, this might be true but people should not wait for such because they government arent ready for total acceptance of Bitcoin and I believe that their reason for that is selfishness and misunderstanding, we are at the level of individual and institution adoption, so we should maintain that for now unless the government of various country decide on their own to approve total adoption, acceptance and make it legal tender, Bitcoin is already built on trust, so waiting for the government involvement in the acceptance will take ages, lets continue doing the liitle we can now until the apointed time if the government will take a new stand to that effect.

A similar thing was started in the Philippines, particularly in its most famous beach if I'm not mistaken, during the height of the pandemic, possibly to prepare tourists and attract crypto bros into it later down the line. However, it flopped because while it was a good tourism move, it didn't take into account whether the people who lived in there since time immemorial would approve of the idea, stores become crypto friendly against their wills, bitcoin narrative is fed to the general public whilst little to no information campaign was put out leaving people literally in the dark about cryptocurrency and bitcoin besides the fact that it is money and is very valuable. It seriously diluted in a few month's time and while there are still stalls and stores who accept bitcoin, the entire concept of a Bitcoin Island in the Philippines is already a dead one and people don't even want anything to do with it lol.

Just letting you know that a bitcoin community is good, but it doesn't just happen in a snap of a finger, you need a massive cultural and intellectual upheaval if you want something like this to be realized my friend.

Adoption will come naturally if the technology answers a large need within the population. If not, you can do any move you want it will never be massively adopted. That's why Bitcoin technology needs to evolve and to be adapted to the current people needs. Instead of wanting customers and merchants to use something they don't really need in the end.

In this theory it is emphasizing on the adoption of Bitcoin and we know quite well that Bitcoin is massively adopted currently done to comparing the adoption of Bitcoin during the time Bitcoin is being launched in 2009 if you when it happened to be massively adopted it was when bitcoin begin to have fun in 2012 so what I'm saying in essence about I don't show up Bitcoin is taking place everyday by day because almost everyone in my country is interested for cryptocurrency investment because of the good news bitcoin has done to itself through investors who are beneficiaries of Bitcoin

The dream of building a Bitcoin empire is a beautiful dream that makes Bitcoin lovers everywhere ecstatic with happiness, but this dream is not easy, and building a Bitcoin empire is different from building a Rome empire.

In the example of building the empire of Rome, people came together little by little to achieve one goal because they were in agreement. As for Bitcoin, there is no agreement yet. People want Bitcoin, but the controlling governments refuse it. If agreement and acceptance by everyone does not occur, then I think it will be difficult to build the Bitcoin empire.

Rome might not be built in a day but you know that you have to behave like a Rome person when you are in Rome, you can't do otherwise else there might be some consequences. I'm talking about place where Bitcoin is prohibited, you can't push adoption to places where they don't want you, it can only be done in places where they want to see Bitcoin. There are some countries that Bitcoin is prohibited, such adoption will only invite problems to your doorsteps.

Another thing is that Bitcoin payment means that you will be paying tax for converting your Bitcoin into cash apart form the taxes you would have paid for running your business, it will be too complicated and uninteresting for a merchant to accept Bitcoin and hold because there wouldn't be flow of cash and when it's time for restocking, you wouldn't have cash to buy new products and it's not everyone that will accept Bitcoin if you offer them such option.

It's happening and we're seeing that from every part of the world. There's El Salvador, there's Nigeria however they're struggling due to the not favorable move given by their government. I agree that small communities are a threat to the government when they're formed if they're promoting decentralized systems and that probably was the major issue seen by them and they're now taking steps to stop all of these reformations from the citizens of Nigeria. I remember all of the buzzwords about "blockchain city" with this kind of concept but they never have been brought to fruition. But if they did, for sure they're now advanced and many crypto enthusiasts are going to visit that city someday.

It's a good idea to improve adoption rates in bitcoin however, I think that in this kind of model, someone has to take the hit for bitcoin's volatility. These merchants will not always acquire their goods in a flat rate, and surely will not operate at a loss if they're not millionaires to begin with. This will improve bitcoin's visibility on other people's radar but is not feasible on these merchants in the long run.

If the majority of the world remains dependent on fiat for a huge volume of their transactions, I don't think a circular bitcoin community will survive for long. That cycle will always have a weak link that will cause a domino effect, eventually affecting everyone else around them.

Though at the least, they are spreading the word by just existing. It helps establish confidence to those who are hesitant, and instill inspiration to those who also wants to take that giant step into cryptocurrencies.

Good to see there are some adoptions in South Africa. This can be good if they can maintain this such practice even in the bear market.

There had been something like this in my country where they say we can pay anything in BTC in the city. A lot or so they say are accepting BTC but when the bear market came only a few stores left accepting BTC. When the bull market started again, they gradually come back to accept BTC. Seasons come and go I guess.

I would say that Bitcoin Beach (El Salvador) still has one significant advantage over some of the other already mentioned locations, namely that it is relatively close to tourists from the US who are known to spend a lot, and are also very familiar with cryptocurrencies. On the other hand, someone from Europe who wants to travel to El Salvador or Boracay will need to spend a lot of money and time to get there at all.

I think that these locations would achieve much more if they did promotion in such a way as to give certain discounts on, for example, hotels to those who would pay in advance with BTC. People need to be attracted somehow, and I think that simply too little has been done for such projects to succeed.


It seems like an eternal problem that BTC has, although people started to be much more careful about it only after the bull run of 2017. There are more and more people who are pushing Bitcoin towards the idea of ​​digital gold, and this is somehow dissuading people from using it as a currency - because why spend today if it will be worth twice as much tomorrow?


That makes sense, because why wouldn't I simply spend BTC in some exotic country instead of converting it to fiat and at the same time be forced to pay perhaps too much tax. In addition, considering how obsessive CEXs have become with coin analysis, unpleasant situations can always happen. We all probably have coins that at some point were part of some suspicious transaction, so even though this does not mean that we are guilty of it, we should not doubt that it can always be used against us.