Topic: What do you Think might aid the global adoption of Bitcoin? - page 4. (Read 726 times)
I don't know why the OP seemed to have concluded that what El Salvador had done, which had legalized bitcoin as a legal tender, had failed. Even though for me it is the country of El Salvador itself that has succeeded in making all eyes from all over the world more familiar with bitcoin. so that the adoption of bitcoin becomes more and increases every day. and to me if any other country does the same move as El salvador then that would be a stronger driver to faster bitcoin adoption.
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I agree with you because it seems the El Salvador government is already buying more of Bitcoin even with the dip and that is one thing that will definitely benefit the country and it's economy. Most times it actually takes a great leader to make great decisions and one thing I've known of people is the fact that they always want things their way irrespective of the consequences and always feel entitled to every decision the government makes even without considering the future of such decisions.I stand with El Salvador government after reviewing their intentions and I think the first step was making it accepted in their country and every other step towards it will fall into place.
Because if all country leaders have that kind of mindset like the leader of El Salvador, I guess the adoption went massive and fast, and so the price will become less volatile as the deman and supply is consistent.
For the past few days now, I've read and also written on some threads talking about how difficult it is for countries to adopt crypto and in one of the threads Here It was also pointed out that Bitcoin adoption in El Salvador failed because it was forced on the people.
On the other hand, I think if the mindset of seeing Bitcoin as a legal tender rather than an investment or a get rich scheme will go a long way to aid the global adoption of Bitcoin.
What do you think could aid the adoption of Bitcoin?
Let's discuss please
The solution to massive bitcoin adoption is not to make bitcoin a legal tender. Bitcoin must not be made a legal tender before it can be massively adopted. On the other hand, I think if the mindset of seeing Bitcoin as a legal tender rather than an investment or a get rich scheme will go a long way to aid the global adoption of Bitcoin.
What do you think could aid the adoption of Bitcoin?
Let's discuss please
Check a situation where government does not make bitcoin a legal tender and yet does not make laws that restrict the usage of bitcoin. This will be a win win situation for government and for bitcoin.
So government does not need to tamper her fiat for bitcoin to excel and vice versa
Suppose there is a well known convenience store in the locality and they start giving out special discounts to people spending crypto there. The interest in the public will rise about this "new" thing. They will get the impetus from themselves to know about it and then try to aquire it.
Compared to this method, force feeding a person with the idea of crypto and making them use it has less compliance.
Thus my point is that the adoption of crypto does not necessarily need governmenta but th people's acceptance and use. Do that and the government will be forced to allow crypto.
Compared to this method, force feeding a person with the idea of crypto and making them use it has less compliance.
Thus my point is that the adoption of crypto does not necessarily need governmenta but th people's acceptance and use. Do that and the government will be forced to allow crypto.
I don't know tye country you're actually writing from but I'm very sure in my country, the government has so much role to play on the acceptance of Bitcoin and I think one of the major reason why the adoption of Bitcoin is taking so much time is the fact that government can't have any major control over Bitcoin and my government wouldn't actually want it's citizens freedom due to the fear of dethronement (just my common opinion).
At the long run, no matter how hard we try to push the acceptance of Bitcoin, it wouldn't be a total success without government approval.
This world, this society belongs to the government, they are the ones who control and manage it, and nothing can exist without their permission. That's what's been going on for hundreds of years.
If people can accept and use bitcoin without the permission of the government, and then the government will please their people. If things were that easy, I believe that in countries where there is corruption, people there would have demanded a change in government, and there would be no corruption or discontent in the society as it is today.
Regarding stability, clear regulations I think can also help drive Bitcoin adoption, where Many countries are still grappling with how to regulate Bitcoin and other cryptocurrencies which can always create uncertainty for potential users, what does that mean? going forward, both entrepreneurs and investors will be more relaxed if a clear and stable regulatory framework has been established.
It is also undeniable that the role of the government regarding regulatory stability can help encourage greater adoption of Bitcoin so that it can be integrated into the mainstream financial system and can be mass adopted in the future.
It is also undeniable that the role of the government regarding regulatory stability can help encourage greater adoption of Bitcoin so that it can be integrated into the mainstream financial system and can be mass adopted in the future.
~snip~
I agree with you because it seems the El Salvador government is already buying more of Bitcoin even with the dip and that is one thing that will definitely benefit the country and it's economy. Most times it actually takes a great leader to make great decisions and one thing I've known of people is the fact that they always want things their way irrespective of the consequences and always feel entitled to every decision the government makes even without considering the future of such decisions.I stand with El Salvador government after reviewing their intentions and I think the first step was making it accepted in their country and every other step towards it will fall into place.
What do you think could aid the adoption of Bitcoin?
Let's discuss please
In my view there are several factors that can help Bitcoin adoption globally. One factor is increased education and awareness about Bitcoin and its potential benefits. This includes educating people about how Bitcoin works, its advantages over traditional currencies, and how Bitcoin can be used for everyday transactions.
Another factor deemed necessary is the development of more user-friendly and secure Bitcoin wallets and exchanges. Many people are hesitant to use Bitcoin out of concern for the safety of their funds. By creating more secure and user-friendly wallets and exchanges, people may feel more comfortable using Bitcoin for everyday transactions.
Firstly let me say weldone for this post. Trying to shed light to how our collective need for Bitcoin adoption maybe achieved. I have a few Ideas,
1: Education: this is the most important but mostly overlooked factor, education well implemented can turn the world upside down as it literally has, but a well channelled education system targeting the young demographic will achieve wonders by the time they were men.
2: Merchant adoption: More merchants need to accept Bitcoin and other cryptocurrencies as payment. This would increase the use cases for cryptocurrencies and help to legitimize them as a form of payment.
3: Infrastructure: The availability of user-friendly and secure infrastructure for buying, storing, and using cryptocurrencies is crucial for adoption. This includes easy-to-use wallets, exchanges, and payment gateways.
1: Education: this is the most important but mostly overlooked factor, education well implemented can turn the world upside down as it literally has, but a well channelled education system targeting the young demographic will achieve wonders by the time they were men.
2: Merchant adoption: More merchants need to accept Bitcoin and other cryptocurrencies as payment. This would increase the use cases for cryptocurrencies and help to legitimize them as a form of payment.
3: Infrastructure: The availability of user-friendly and secure infrastructure for buying, storing, and using cryptocurrencies is crucial for adoption. This includes easy-to-use wallets, exchanges, and payment gateways.
It was also pointed out that Bitcoin adoption in El Salvador failed because it was forced on the people.
I will always say that El Salvador was not prepared for what they adopted as legal tender, and this is against the will of the people to make it worse. This was why protests were all over the place. Making a hugely volatile asset a legal tender is ill-informed in my opinion.I think if the mindset of seeing Bitcoin as a legal tender rather than an investment or a get rich scheme will go a long way to aid the global adoption of Bitcoin.
Making Bitcoin a legal tender carries a high degree of risk for any country. What I can advise is for countries to invest in Bitcoin just like their reserves, and with time, it will surely yield for them. Also, Bitcoin has naturally spelt out how to use and operate it, you pay with it, trade it, invest in it and many others, which I don't believe are harmful in any way if one could fully understand them, it will profit such person.What do you think could aid the adoption of Bitcoin?
Bitcoin has been helping itself by itself, it has attracted people since it's used for cross-border payments and one could gain from trading and investing it. I believe that more positive results from the current users will naturally convince more people to adopt it. More regulation will also convince people and even make the government that banned or restricted it change their minds.hero member
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Most of the government of some countries are scared of adapting Bitcoin because of the fear of fustrating the lives of their citizens as a result of the high volatility involved with Bitcoin and cryptocurrency in general.
The government always wants to be in charge because they are in power, and since Bitcoin is decentralized, they find it uneasy to control or enforce any laws on it. Also, just as the International Monetary Fund (IMF) talks about the risks involved in making Bitcoin a legal tender in El Salvador, such as financial stability, to protect consumers from financial instability, they are stressing that El Salvador should stop the use of Bitcoin as legal tender.
So OP, every country's government has their reasons why they don't want to legalize Bitcoin in their country; some also think it could increase the rate of money laundering and theft.
It was also pointed out that Bitcoin adoption in El Salvador failed because it was forced on the people.
I will always say that El Salvador was not prepared for what they adopted as legal tender, and this is against the will of the people to make it worse. This was why protests were all over the place. Making a hugely volatile asset a legal tender is ill-informed in my opinion.I think if the mindset of seeing Bitcoin as a legal tender rather than an investment or a get rich scheme will go a long way to aid the global adoption of Bitcoin.
Making Bitcoin a legal tender carries a high degree of risk for any country. What I can advise is for countries to invest in Bitcoin just like their reserves, and with time, it will surely yield for them. Also, Bitcoin has naturally spelt out how to use and operate it, you pay with it, trade it, invest in it and many others, which I don't believe are harmful in any way if one could fully understand them, it will profit such person..What do you think could aid the adoption of Bitcoin?
Bitcoin has been helping itself by itself, it has attracted people since it's used for cross-border payments and one could gain from trading and investing it. I believe that more positive results from the current users will naturally convince more people to adopt it. More regulation will also convince people and even make the government that banned or restricted it change their minds. For the past few days now, I've read and also written on some threads talking about how difficult it is for countries to adopt crypto and in one of the threads Here It was also pointed out that Bitcoin adoption in El Salvador failed because it was forced on the people.
On the other hand, I think if the mindset of seeing Bitcoin as a legal tender rather than an investment or a get rich scheme will go a long way to aid the global adoption of Bitcoin.
What do you think could aid the adoption of Bitcoin?
Let's discuss please
I think bitcoin and we as bitcoin lovers shouldn't really do anything about it, that doesn't really require anything at all. I think it is very important to focus that we should let fiat kill itself and bitcoin will grow thanks to that.On the other hand, I think if the mindset of seeing Bitcoin as a legal tender rather than an investment or a get rich scheme will go a long way to aid the global adoption of Bitcoin.
What do you think could aid the adoption of Bitcoin?
Let's discuss please
I know that many people think that fiat will never die, but as long as fiat keeps getting worse and worse like this, there will be a point where people will say enough is enough and they will stop using their money and will try to figure an alternative. Obviously it would have some governmental alternatives one day, but bitcoin is already here and people could switch to this a lot more and adoption could increase every single day.
Suppose there is a well known convenience store in the locality and they start giving out special discounts to people spending crypto there. The interest in the public will rise about this "new" thing. They will get the impetus from themselves to know about it and then try to aquire it.
Compared to this method, force feeding a person with the idea of crypto and making them use it has less compliance.
Thus my point is that the adoption of crypto does not necessarily need governmenta but th people's acceptance and use. Do that and the government will be forced to allow crypto.
Compared to this method, force feeding a person with the idea of crypto and making them use it has less compliance.
Thus my point is that the adoption of crypto does not necessarily need governmenta but th people's acceptance and use. Do that and the government will be forced to allow crypto.
I don't know tye country you're actually writing from but I'm very sure in my country, the government has so much role to play on the acceptance of Bitcoin and I think one of the major reason why the adoption of Bitcoin is taking so much time is the fact that government can't have any major control over Bitcoin and my government wouldn't actually want it's citizens freedom due to the fear of dethronement (just my common opinion).
At the long run, no matter how hard we try to push the acceptance of Bitcoin, it wouldn't be a total success without government approval.
The government have a big roll to play on the adoption of Bitcoin but in some cases where they use it as a means of corruption is worrisome.
I also learnt that one of the major factors government in my country is fighting Bitcoin is that it was rumored to be one of the untraceable way or means to cart away money from scam by scam artist and it was used for more of criminal acts rather than it's purpose.
The government have a big roll to play on the adoption of Bitcoin but in some cases where they use it as a means of corruption is worrisome. If everything is plain, Bitcoin can provide significant benefits by increasing financial services and by overcoming social trust in some developed countries.
In some third world countries there are people who consider Bitcoin as a means to support the economic growth, by so doing poverty rate may decrease drastically.here
In some third world countries there are people who consider Bitcoin as a means to support the economic growth, by so doing poverty rate may decrease drastically.here
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This is really true. People think that adoption would be coming from becoming the legalization of Bitcoin or crypto in general. Legalization might even hurt the true nature of decentralization of Bitcoin since surely govt ain't just sitting around looking at their people not paying taxes from their income and surely regulations will take place.P2P trading has been like an old school practice already in trading/exchanging crypto with other people, and surely that alone is enough for at least "global adoption" of Bitcoin.
For the past few days now, I've read and also written on some threads talking about how difficult it is for countries to adopt crypto and in one of the threads Here It was also pointed out that Bitcoin adoption in El Salvador failed because it was forced on the people.
On the other hand, I think if the mindset of seeing Bitcoin as a legal tender rather than an investment or a get rich scheme will go a long way to aid the global adoption of Bitcoin.
What do you think could aid the adoption of Bitcoin?
Let's discuss please
On the other hand, I think if the mindset of seeing Bitcoin as a legal tender rather than an investment or a get rich scheme will go a long way to aid the global adoption of Bitcoin.
What do you think could aid the adoption of Bitcoin?
Let's discuss please
Firstly you cannot certainly say that Bitcoin failed or is failing in El Salvador. It is too early to evaluate the performance of Bitcoin in El Salvador and there should be a yardstick for evaluation. And this evaluation should be based on the different sector of the country. The drop in the price of Bitcoin affected the country's Bitcoin investment but the country is a long-term investor and the future is unpredictable. We can not also deny that the friendly bitcoin policy increased investment in tourism and other investment.
The spread of basic education in some developing countries will increase Bitcoin awarenesses and adoption because a large chunk of the population of some third world nations are illiterates. Providing basic facilities like electricity and internet connections will also help Bitcoin adoption. Favorable or unfavorable government policies has a very huge impact on Bitcoin adoption in any country.
Bitcoins cannot be globally adopted by the government. People can still adopt it unofficially. But the government would not make Bitcoins legal at any cost. The reason is very simple. Bitcoins are decentralized, that is, they cannot be controlled by any governing body; hence, the government cannot keep track of Bitcoin transactions, etc., and hence they won’t adopt it. I mean, are we facing any problems? No right? We are able to do P2P trades. So without worrying about this, I would ask you to move on with this topic.
Nothing I see to help global adoption that is the government will support crypto and acknowledge that it was another form of currency that can be accepted as a mode of payment. So people who would see this will eventually change their minds and would have the confidence that they are safe from using this as no authorities to stop them from using and accepting Bitcoin. Thus, in this situation, we can encourage people to become a part of crypto and willingness to accept the changes.
Nowadays with the fear of decentralized systems making global governments will not accept crypto. They can't control and that's the main culprit. So not injecting dead crypto is already a huge advantage. Like the government I have tried to take taxes from trade transactions. That gives the state finances quite a lot.
So I quite agree with you, adding users I think is enough to add a community of users. The more users will benefit from the growth of crypto. So don't think about crypto for global adoption anytime soon because all goes against the government's financial system.
Nothing I see to help global adoption that is the government will support crypto and acknowledge that it was another form of currency that can be accepted as a mode of payment. So people who would see this will eventually change their minds and would have the confidence that they are safe from using this as no authorities to stop them from using and accepting Bitcoin. Thus, in this situation, we can encourage people to become a part of crypto and willingness to accept the changes.
I doubt this possibility because, in my opinion, 90-95% of people enter the market for profit and not because of bitcoin's superior technology. Even if we are talking about bitcoin price per day, how can someone treat bitcoin as a currency while we are not?
Yes, as you mentioned "90-95% of people enter the market for profit and not because of bitcoin's superior technology" so this is why we will never get stability in the price of bitcoin, what I mean in my words is that adoption needs price stability while people keep speculating in bitcoin Which makes the price not stable at all.In other words, we need the Bitcoin price to stabilize first in order to get adoption, because a financial system cannot be based on an unstable currency.
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