Topic: What do you Think might aid the global adoption of Bitcoin? (Read 677 times)

Yes, you are right, Bitcoin is more likely to be legalized in all countries. But it is not only necessary to look at getting the legalized. It is also necessary to look at its proper use. As easy as it is to transact here, fraud is also high. If you accidentally give your money to someone else, you have no recourse to get that money back.Also, the reason it's not legal in other countries is because the government doesn't get its taxes.
Governments like banks don't get taxed on bitcoin transactions here. So whoever wants to do the transaction. Which is not covered by the government.
So don't just think about the legality of Bitcoin, you should also look at its downsides.

I do not agree with you on the issue of adoption, as there are many countries that have done this. Only two countries have done this, and it can be said that the two experiments were not as successful as hoped.

Unfortunately, most uses of Bitcoin are for trading and investment, and we have not yet reached the point of benefiting from it functionally, and this is mainly caused by countries not adopting it as a legal tender in daily exchanges and transactions. A few investments have begun to accept Bitcoin payments, and some of them started doing so very early, but it still does not always represent a large percentage of the total usage. The same idea applies to what we call “market whales” who cannot get governments and financial institutions to fully adopt.

What made the matter worse was the launch of so-called “stablecoins” that absolutely replaced fiat money on the blockchain. More than 99% of the stablecoins in the market are backed by the dollar, and we clearly notice how these currencies took the place of Bitcoin and Crypto and contributed more to disrupting full adoption.

On the other hand, I don't think people have grown last the point of seeing Bitcoin as a get rich quick investment because I made a comment on a post where someone had to take of his six thousand dollars from works bank and also took loan from bank and also from his uncle to be able to buy one Bitcoin and such a person is already too confident Bitcoin would make him happy and change his life or possibly give him thrice of his investment forgetting that it can also fall back again, taking much more longer time to recover.
Bitcoin is still making alot of people rich and I know how many people Bitcoin has improved their lives and also given them some sort of financial independence but all that was on personal risk and patience, hence Bitcoin is volatile and anything can happen at anytime regardless of the analysis of the financial analyst.

I think people are past the point of thinking of Bitcoin as a "get rich quick scheme" and it is now seen as a volatile but prosperous alternative currency investment. It's funny, because Bitcoin did make a lot of people rich...it was more of a get rich quick investment than it was a scheme. I digress. In terms of increasing adoption, the next step is payment gateways for businesses. This absolutely needs to accelerate before governments begin banning cash from their economies if Bitcoin wants to take full advantage of the "day to day usage" use-case when the time comes that cash is abolished.

Yes, Challenges are in the way of widespread adoption of Bitcoin and other cryptocurrencies, there are lots of positive news and benefits also investing in Bitcoin. This may not be enough to overcome the obstacles posed by regulations and government opposition for Bitcoin to fulfill its promise as a transformative technology for the world.

On the face of it some governments may still be hesitant to embrace Bitcoin and other cryptocurrencies because of concerns about financial stability, regulatory oversight, and the potential for illegal activity. This reluctance is perhaps more pronounced in large countries that have an interest in maintaining the dominance of their national currencies.

However, it is also important to recognize that the adoption of Bitcoin and other cryptocurrencies is a global phenomenon that cannot be easily suppressed or controlled by any single government. Because more and more people around the world are using Bitcoin and its many benefits. My view is that the Government will be moved to engage with this new digital asset class by itself and it will be the government's job to set the right regulatory framework that balances innovation and risk.

Different countries have taken different actions on the usage of bitcoin. In Bangladesh there is N incident in which the users were arrested. Even after that the usage of cryptocurrencies haven't decreased, people find ways to continue using it. There are very few number of countries that have legalized the usage of cryptocurrencies whereas the majority stay neutral. El Salvador have taken the right decision and have made it the legal tender. More countries were predicted to follow it, hope more good adoption happens through them

There are already many governments in the world that approve Bitcoin. El Salvador government is one of the governments that really supports Bitcoin development. They make Bitcoin as a legal tender. Now, there is an issue that more countries to follow El Salvador to announce it as a legal tender. If El Salvador government can be successful to rise their economic level by utilizing Bitcoin, I'm sure there are many countries to follow El Salvador. But this doesn't mean that the government controls Bitcoin since it is decentralized. The government just utilizes it, not control it, dude!

More adoption will certainly benefit those investors who are already into bitcoin. and if you are a bitcoin holder then of course you will expect wider bitcoin adoption. because it will also trigger a higher price increase. and of course when bitcoin adoption has spread widely then the government will of course monitor it and maybe make taxes for bitcoin holders and traders. and that's a normal thing and it can also help the state's income. Instead of banning bitcoin, the government's move to control bitcoin and apply tax laws against it would do much better to supplement the country's revenue and also help encourage more bitcoin adoption. in my country Indonesia this has been done by the government so that the adoption of bitcoin is expanding rapidly in my country.

What happens is that people are very willing to tell them things, if you go and talk about bitcon to certain people they will not believe you, they will only believe you if they say it in the news or if a regulated system makes them knowing that bitcoin is an investment that will make them earn a lot of money, if a Government, if a regulatory agent says so, then people are going to listen to it and they are going to start buying more, I think full Adoption will always be in the end Governments and the other bodies that people follow.

It is not easy to promote the global adoption of bitcoin, because this represents a system on which the financial world (banks and funds) cannot profit so they fight again crypto.
Essentially I think it's only a matter of time, and with the future generations of humanity bitcoin will be a global currency parallel to the traditional financial system.
I hope I live long enough to see it 

You're right but I think even without been accepted, there are taxes on it if I'm not wrong and in my country we are taxed indirectly on almost everything that we do and one of the major reason I'm wanting the global adoption of Bitcoin despite this very point you mentioned is so as to enable people work freely with their possessions.
In my country, since Bitcoin isn't accepted, it automatically becomes a very big crime to mention to someone that you work on a crypto related project hence the security officers will be treating you like a criminal.

No matter the disadvantages associated with the adoption of Bitcoin, I still want it to be accepted globally.

I doubt it. Bitcoin was able to become so popular right now without the intervention of the government. It is more like the government has to adjust with Bitcoin and vise versa. But I got your point, in order for everyone to benefits from it, taxes will be involved and government too. I think global adoption of Bitcoin depends on how it will address the challenges that have prevented it from gaining wider acceptance so far including regulations. Also and most of all, many people are still not familiar with Bitcoin and cryptocurrencies until today. Raising awareness on how Bitcoin works could help to increase adoption.

Is widespread bitcoin adoption really in our favor? For everyone to use bitcoin, bitcoin needs government approval. And the government will not be able to accept it if there is no benefit from it, meaning bitcoin will be more controlled, we will be controlled by them, taxed...So I really didn't expect bitcoin to be popular that way.

Adopting bitcoin is not easy, especially at the level of adoption in a country. it will definitely take a very long time to adjust and get used to bitcoin. because not everyone in this world knows bitcoin, and not everyone likes bitcoin. so surely all of this will be a great challenge for countries that want to adopt bitcoin.

and you ask about what is a powerful way to successfully adopt bitcoin? In my opinion, the most effective way is to start slowly. because I believe that in a relaxed way it always produces positive results, everything must be planned, organized, and targeted.
and the procedure in my opinion is like this

• community surveys to every corner, to inform the public that there is bitcoin and the country will adopt it.
• Look at technological developments in every region and remote area, is the internet network all the way around and the community already has at least an Android cell phone.
• vote for the public, so that they know what percentage the probability of adoption is successful, if the voting results show good results/many agree, it means there is a possibility of success. but if it's the other way around, then it should be postponed first. because if the community does not want to continue to be forced into adoption, they are afraid that there will be commotion in the form of rejection and demonstrations from the community.

if this method has been done, just waiting for the results of the bitcoin adoption.

yes, it would be better if bitcoin adoption goes naturally. if it provides encouragement or a regulated system, maybe the use of bitcoin will have restrictions. if any country wants to adopt it, then let them adopt it based on what they want. sooner or later, bitcoin may be adopted globally, even now almost all countries have their own bitcoin users, it's just not evenly distributed.

It's possible, but what are the chances of most of the countries considering Bitcoin as a legal tender? At first place, the government isn't the one who are issuing or producing Bitcoin, so they can't control it, and that would be a problem for them in the long run. It's good that we are seeing one or two countries putting Bitcoin as a legal tender.

With regards to get rich scheme, it will all comes to how people are getting educated. If people got educated, they will realize that Bitcoin isn't a get-rich quick scheme.

Social Media, Internet, Education.

I think there are some, but these 3 are the main things that will aid global adoption of Bitcoin. Social Media, and Internet is very vital when it comes to spreading the word right now especially now that we are in a digital era, and people are spending 2 hours and 27 minutes per day (base on Google search) browsing different social media platforms. Just imagine on that span of time, they will saw an ad or a video with regards to Bitcoin. That's why for me, Social Media and Internet are 2 keys for Bitcoin to be used and adopted worldwide.

Education? No further explanation from that. We just need to educate people what really Bitcoin is, and let them realize what really it is.

No need of re:global adoption for bitcoin, its good to be like what is, and let other countries who are interested regulates it. Having El salvador making bitcoin as legal tender is enough to get referenced by any countries who wants to regulate it.

The more bitcoin getting regulated the more problem people faced, meddling of authorities, high tax, BS KYC on different platforms, etc.

Yup this.

While certainly there are improvements needed in regulations for exchanges, regulatory clarity for legacy finance firms to get into Bitcoin, UI/UX of bitcoin wallets, plenty of improvements in Lightning Network, merchant adoption both for online and brick and mortar stores, tax laws allowing purchases with bitcoin without owing capital gains taxes...the main thing that is needed for global adoption is much greater education on Bitcoin.

If you ask someone who has money to invest and doesn't have Bitcoin why they don't have Bitcoin, the answer invariable is going to be related to lack of education on Bitcoin. They either don't know what it is or they are scared of it, or they heard it is going to zero or is some sort of pyramid scheme, or they think its bad for the environment, or they think it'll just be banned, or they think it doesn't have any utility, or they are scared of the volatility. All these are lack of education problems. Somewhat lack of financial education but mostly specifically lack of bitcoin education.

If the whole world magically got educated on Bitcoin tomorrow you'd have probably a billion people buying Bitcoin for the first time tomorrow, and many more after that.

The vast majority have either no information about Bitcoin or mostly/entirely misinformation. This leads them to be ignorant or negative towards Bitcoin. Unfortunately we can't magically educate everyone tomorrow. It'll take many years to educate the general public.


If we could even just educate the public on the difference between volatility and long term growth, the four year bitcoin cycle (so that they aren't always buying at the top when they get in), what hard money is and why Bitcoin is the best hard money humanity has ever had, why PoW mining is so positive for humanity and the environment, why Bitcoin is unique compared to every other crypto, and how bitcoin lets people bank themselves and send money to anyone in the world, and the basics of making an address and using a wallet to send transactions, that alone would get most people with spare money interested in owning Bitcoin. And you could probably teach someone the basics of all that in one day, at least enough for them to have a surface-level comprehension of why Bitcoin is so good.

But of course in reality they have to seek out the information for themselves, find good sources and be interested enough to learn, and get passed the flood of misinformation which dominates the information landscape around Bitcoin. So the reality is that it is not an easy task and will take many years, maybe a generation, to get the general public informed on Bitcoin.

If we only spread positive news it will be more easily accepted by many people, but in reality there are still many disadvantages and risks that exist when using Bitcoin. We are the same as fooling everyone if we only spread the profits and if they experience losses then they will likely hate Bitcoin even more.
It's better if we spread what is about the advantages and disadvantages of using Bitcoin and after that let other people decide whether to take the opportunity in Bitcoin or not.


It's not that every government doesn't want to know, but in fact, of course, they already know about Bitcoin, and they are definitely discussing it because this is related to existing digital developments that have been discussed by everyone in the world. It's just that they haven't found the right way to regulate it so that it can be adapted to the existing system in their country and not harm their citizens.

Aside from government regulation, information dissemination indeed is one of the keys to Bitcoin adoption but it shouldn't stop there.  People who got informed about Bitcoin and tried to use it should be satisfied or experience less trouble.  We all know that Bitcoin takes time to be confirmed, and waiting for a long time for the processing of transaction is quite annoying.  Delays often incur huge losses on business so in order for Bitcoin to be accepted or adopted in global businesses, the scalability of Bitcoin must be improved so that transactions can be processed and confirmed faster.

Aside from that as an individual, users should not experience difficulty in using or accessing Bitcoin, so developing applications that ease the usage of Bitcoin must be created.  Thus, Bitcoin application should be user-friendly. Aside from that, Bitcoin should be available to use anywhere so we also need to create promotions where merchants will be enticed to accept Bitcoin as the mode of payment.  More merchants, more places to spend Bitcoin and with the situation, global adoption can be increased.