Topic: What do you Think might aid the global adoption of Bitcoin? - page 5. (Read 726 times)

There are several factors that could aid the global adoption of Bitcoin. Education is key, as many people are still unfamiliar with how Bitcoin works and its potential benefits. Governments and businesses could provide educational resources to their citizens and customers to increase awareness and understanding of Bitcoin.

Another important factor is regulation, as clear and fair regulations can provide a supportive environment for Bitcoin adoption. It's important for governments to strike a balance between consumer protection and innovation, so that Bitcoin can grow in a safe and stable manner.

In addition, making Bitcoin more accessible and user-friendly would encourage adoption. This could include developing easier-to-use wallets and exchanges, as well as creating more opportunities for people to earn and use Bitcoin in their everyday lives.

Overall, a combination of education, regulation, and accessibility can help drive global adoption of Bitcoin as a legitimate and inclusive fashion.

I think one of the main goals of bitcoin is to serve as a means of payment. However, this is also one of the reasons why bitcoin is difficult to accept in some countries. that's because bitcoin can suppress the use of fiat. this is because bitcoin has many benefits compared to fiat. however, the government tries to reject bitcoin as legal tender because it sees the negative side or risks such as its very volatile price, and so on. Moreover, due to the purely decentralized bitcoin system, it makes it very difficult for the government to take taxes from it. So, I think bitcoin's journey to being accepted as a payment alternative is still quite a long way off. However, I see that many businesses are currently accepting bitcoin as a payment alternative, this is specifically for bitcoin users, and the risk is borne by the business owner. sooner or later, people will get used to it and accept it.

I don't think the El Salvador government is forcing their people, they are still using USD besides bitcoin, which means people still have a choice. While El Salvador hasn't made any major gains since accepting bitcoin as a legal tender, it wouldn't be right to rush to the conclusion that they've failed. Bitcoin is a digital currency, so it will be harder to use than fiat, so they need a lot of time to apply it perfectly. I still believe they will succeed in universally adopting bitcoin for everyone in the future.

There are some major countries in the world that have a very strong influence on other countries that depend on them for something or have close mutually benefiting relationship. The top influential countries in the world are United States, China, United Kingdom, France, Germany, Russia, Japan, Italy, UAE and Isreal, that ismentioning the top ten according to report, you can see the whole list here. If these countries begin to accept and use bitcoins, It will have a strong effect on other countries where they have their influence, and that can then lead to global adoption.

Why do you think that El Salvador failed in bitcoin adoption? I think it's doing pretty well: What Bitcoin adoption is ACTUALLY like in El Salvador.
It's not good to force business to accept payments, actually, business shouldn't be pushed to accept any type of payment because it will attract more customers and logically it should be their priority to do so.
But it's clear that Bukele build its economy on bitcoin and cryptocurrencies, it can turn their country into crypto hub and very successful place if he takes care of criminals and improves education of people.

The general idea that governments tend to reject bitcoin is because of a lack of control. Bitcoin is beyond their control, which is they implement mandatory AML and KYC policies, they are also pushing around regulation in regard to any aspect of bitcoin, like mining usage, etc.


Regulation clarity will surely encourage businesses to offer bitcoin payment. But that doesn't mean acceptance is strictly required if only because of legalization causes. Bitcoin acceptance within a community will pressure a government or regulator to act on it, whether it will result in legalization or prohibition.

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.

El Salvador did it wrong if they are forcing Bitcoin adoption on people, they have to give them some reasons why Bitcoin is good for making payment, they need lectures about Bitcoin not force, there are many old people in the country, how will they even understand what Bitcoin is all about? Some old people are tough to lecture about something new, to them Bitcoin will be so complicated, especially the part that Bitcoin is highly volatile.

You're right mate but don't you think one of the major reasons why government find it difficult to legalize the use of Bitcoin is the wrong concept been translated to them ?
I mean from the first adapters of Bitcoin?
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.


Don't you also think that if Bitcoin is accepted as a legal tender, it seems means it will definitely gain more publicity at least in that country?
If it gets accepted as a legal tender, i personally think it will draw the attention of the more to Bitcoin and it will be easier to get more Marchants and hence increasing the acceptance?
Legalization is the first step to crypto acceptance.

I disagree that bitcoin adoption in El Salvador failed. It's been legalized only for more than a year. And it's not like fiat money in El Salvador is discontinued and bitcoin is the replacement. Fiat money is still there in El Salvador so bitcoin is legalized but more like an option. It is still growing and we are in a bear market so what do we expect for a currency that is so volatile? Give it time bro before calling the bitcoin adoption in El Salvador a failure. Its economy is not doing well in the first place so that also means doubts when it comes to global investments. But generally, El Salvador did a good job of accepting bitcoin as a legal tender and soon it will reap its benefits. The country just needs to stabilize its economy a bit and upgrade its transportation, security, and internet speed in order for investors and even ordinary people to start investing and traveling to El Salvador.

Of course it's important. But most of us use Bitcoin as an investment. There are some people who invest in Bitcoin without knowing well about it and do corruption through Bitcoin, make illegal transactions through Bitcoin. Because of which the government can't know anything and can't stop it, which leads to the collapse of Bitcoin. If we use bitcoin as a currency and securely transact bitcoin it will be ready for global adoption.

Increased awareness and education: Bitcoin is still a relatively new concept for many people, and there is a need for greater awareness and education about its benefits and risks. As more people become aware of the advantages of Bitcoin, such as its ability to facilitate fast and low-cost cross-border transactions, its adoption is likely to increase.

Greater regulatory clarity: Many countries are still grappling with how to regulate cryptocurrencies like Bitcoin, and there is a need for greater regulatory clarity to provide a framework for businesses and individuals to use Bitcoin without fear of legal repercussions. Clear and consistent regulations can also help to build trust in the cryptocurrency and encourage more widespread adoption.

Improvements in technology: The Bitcoin network is still in its early stages and there is room for improvement in terms of scalability, security, and ease of use. As technology continues to advance and new solutions are developed to address these challenges, Bitcoin is likely to become more user-friendly and accessible to a wider audience.

Support from major institutions: The support of major institutions, such as banks, financial institutions, and governments, can help to legitimize Bitcoin and increase its adoption. As more institutions begin to integrate Bitcoin into their operations, it is likely that more people will become comfortable using the cryptocurrency.

Stable prices and less volatility: Bitcoin is known for its high volatility, which can deter many people from using it as a medium of exchange or store of value. If the price of Bitcoin becomes more stable and less volatile, it could help to increase its adoption by making it a more reliable and predictable asset

Even if bitcoin is still in its infancy, and El Salvador accepted it as a legal tender just two years ago, it cannot be called a failure. Just like we have been holding bitcoins for 2 years and still have not made a profit, it cannot be said that our investment has failed.

If we compare the history of fiat and bitcoin or other traditional assets, it is clear that bitcoin is a kid compared to old men. We should not rush, it takes time for people to gradually know and accept bitcoin.

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?

You don't need legal tender to use Bitcoin and exchange it with others. You only need it is not prohibited legally and it is enough for you to find people who accept Bitcoin or business that accepts Bitcoin to exchange your Bitcoin for their fiat currencies, altcoins or products.

Like in El Salvador, legal tender does not bring too many people to Bitcoin and does not create natural adoption in that nation.

Let it grows naturally and avoid to shill it as a Get-rich asset that sounds too good to be true. The more you talk about something is too good to be true, the more hesitation and doubt people will have against it.

My hope is blockchain technology will be developed and applied more in society. By its consequences, Bitcoin will get benefit of the growth of blockchain technology.

IMO...this probably sounds really dumb, but IMO simplest thing to increase adoption would be to start stating price and value in satoshi's...I think most people who hear the word 'bitcoin' and don't know anything about it already assume it is out of their reach. If they only knew they could buy in for less than a dollar I bet we'd see more widespread adoption...

legal tender, which means it is generally accepted as payment for business as well. But,  OP, even if Bitcoin is seen as a means of investment, that doesn't mean it will decrease the rate of adoption. The adoption of Bitcoin will increase over time as people keep talking about it. The government of a country has to make crypto legal in their country before citizens think of accepting it for payment.

Aid is people shouldn't be forced to use Bitcoin. El Salvador did great by making Bitcoin a legal Tender. But they somehow force citizens to use Bitcoin which isn't a good idea at all. We have to encourage new people about Bitcoin but can't force it. El Salvador is over-excited about Bitcoin. We like mass adaption as well. But there are some limitations where the government is centralized. For real adaptation, we have to make Bitcoin usable everywhere. This means besides fiat, Bitcoin payment options should be available. So every day more people will be introduced to and use Bitcoin as well.

I get your point mate be the truth is that we users can't make Bitcoin a legal tender and if Bitcoin is banned in a country, then whoever is found using it might be tag as enemy of the state for disobeying government and might even get penalized.
On the other hand, what we're really pushing for is the general acceptance of Bitcoin in the country  and world in general so we wouldn't have to move in fear when holding Bitcoin but rather be free if it's a legal tender
No matter how successful Bitcoin might be, we still need the approval of the government so as to be able to use Bitcoin freely without any hesitation.

Nayib Bukele only promoted Bitcoin and never enforced it on El Salvador. Although his experimentation on Bitcoin as legal tender failed due to the declining market but yet the US Dollar was also adopted along side Bitcoin as legal tender abandoning their local currency the  colón. Which gave its citizens two choices to make either spend their Dollar or spend their Bitcoin equally on any commodity. I am thinking the enticing offer of Bitcoin lured the citizens.

Bitcoin been a legal tender or an investment offer cannot make the world adopt it as a global currency. Not when they cannot control your funds. El Salvador felt Bitcoin could salvage their dieing economy. And since El Salvador experimentation didn't work out many nations will see it as a reason not to look at Bitcoin as a legal tender

There is nothing there to aid the adoption, the believe Bitcoin is already speaking for it's self and it's believer (we bitcoiners) are already users of it. We don't need necessarily don't need any Big announcement or any kind from a world government. To me Bitcoin is already globally accepted, we can't count 20 countries countries currently without having about 16 out of 20 countries making use of Bitcoin in one way or the other even without their governments approval.
What's else do we need for it to be called global adoption?