Topic: What do you Think might aid the global adoption of Bitcoin? - page 6. (Read 726 times)

Sure, it is a long way to go but to say that it's failed on El Salvador as a legal tender, IMHO is too early to say. Yeah, it was like a few years ago already and even if there have been residents that's too annoyed with its forced adoption, if you're from there and can tell based on your experience that it's a failed adoption then I might believe.

Well, it's very positive as much as what we can see today. Before it wasn't like this and there's no overwhelming reaction from those that don't know what bitcoin is.

But if you'll ask someone if he doesn't know bitcoin, you may get a feeling that they like to have it if you explain the little details of it and if they get a background of the idea that it's a cryptocurrency, a payment method and an asset too.

You're right that they can only make the purchasing process difficult and they've also succeeded in doing so in my country but no matter how hard they try, it wouldn't be a success because I know Bitcoin is here to stay.


That's true because this is really work especially in developing countries where the right of their citizens are valued and respected and in a country like mine where the leaders don't even have any respect for human rights and opinions and they don't even respect court orders.
Even if the Marchants are upto millions, the government of my country cab just suddenly wake up one morning and decide to stop or ban Bitcoin forgetting that they're rendering alot of physical Marchants jobless..
I really look forward to the day Bitcoin vets accepted in my country.


Did Bitcoin work in Nigeria?
I don't think so because every Bitcoin related activities are done in disguise and I don't think people openly use Bitcoin and I don't also think Bitcoin will get accepted if banks fail because we've seen alot of banks fail in my country and even recently, there was high scarcity of cash which was one of banks major failure but I never saw people turning into adopting crypto (Bitcoin) but one still has to convert it to Fiat before using except you want to face the charges which isn't small when converted to my local currency.

I don't think BTC in El Salvador failed. If it worked in Nigeria, it will work in smaller countries like El Salvador. USD was also forced on this country and they have no choice but with BTC, they already have a choice. After learning that IMF hates Bukele for adopting BTC, we are already aware that there will be news that will paint Bukele as to fail but he did pay off the country's debt to IMF.

What might trigger global BTC adoption is the bank failures that had happened recently with Silvergate, SVB, and Signature bank. When people couldn't get their money back from the bank they deposit, depositors will not trust banks.

For Bitcoin to get more adoption, it must become all-around better than its competition. Simply being better in one aspect, like being resistant to inflation won't cut it. Because people don't choose their money based on only one parameter.

Bitcoin needs to become stable and not fluctuate by more than a few percent over a quarter. That's why the world still uses USD and not Bitcoin - it's better to predictably lose some 2-8% of your value in a year than to risk losing 50% in one month with Bitcoin - the latter makes economic planning nearly impossible.

Lightning network needs to be perfectly stable and free of bugs and vulnerabilites so it can be used for small transactions, since on-chain is increasingly more unsuitable for that purpose.

And lastly, Bitcoin requires a culture of good computer use literacy - losing your coins to mistakes is too easy. And despite everyone living in digital world these days, the levels of computer literacy are not improving, as people use simple one-click solutions like phone apps rather than tinkering with command line, OS settings, registry editors and so on.

Much beyond that calling for legalization of Bitcoin in different jurisdictions, we can also support those merchants who have openly embraced Bitcoin as a way to make their businesses grow, if we encourage more people to take Bitcoin for their goods and services, then it would be just matter of time before more jurisdictions and big players started to notice it.

If the number of independent merchants is big, then the negative measures or banning of Bitcoin would be a highly unpopular decision by politicians.

Different rules, but the beauty of Bitcoin is that despite a nation's disposition to Bitcoin and self custody, they cannot stop one from creating a wallet and funding it with bitcoins, they can only make the purchase process more difficult or illegal.

I would rather not have an enticement or limitation, governments should just stay out of Bitcoin investments.

It is too early to judge El Salvador's experience of adopting Bitcoin as a failure, as the experiment is still in its infancy, and Bitcoin is still in its infancy.

In general, new inventions take a long time for people to accept, adopt, and get used to using them, and introduce them to the many features that greatly improve their lives.

The first and most important factor for bitcoin to get global adoption is for people to look at bitcoin as a currency, not as an investment. When people start looking at bitcoin as a safe, easy, and decentralized way of peer-to-peer payment and stop looking at the rise and fall of the price, then we are ready for global adoption.

I wish we could enticed I'm such a way rather than fustrating the users of Bitcoin over here in my country and you did well in your explanation and I also agree with the points you listed about getting Bitcoin adopted globally and I think having more Marchants is key as it will ease the buying and selling of Bitcoin and also having the machines globally distributed will be the best.


This is truly evident in my country and I saw how much the people suffered during the last month of cash scarcity as people couldn't use their money since cash wasn't available and the network signal was so poor and I had to relate this to ease of Bitcoin acceptance and I think my country might be one of the least countries to adopt Bitcoin.

Citizens of El Salvador we're not forced but rather enticed to use Bitcoin with a $30 bonus when the register on a certain platform. While they the platform to claim the bonus was mandatory and merchants were herded towards using that platform as well, the option to use or not use Bitcoin was optional.

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• More merchants adopt it,
• Purchasing becomes much easier and Bitcoin ATMs become more popular,
• Price stability or reduction in volatility.

Like NdaMk, I wouldn't call Bitcoin adoption forced upon people in El Salvador (although you could say it was forced on the merchants, maybe), and I don't think it was obligatory to use it, and they still use the USD as their other legal tender. But in some countries, where digital literary and Internet penetration is low, whereas the poverty rate is high, people may not care about things like Bitcoin and may find it unnecessarily hard to rely on anything aside from cash. So I think what can help, apart from the things like a $30 bonus and the legal framework that was implemented in El Salvador, is an educational campaign and business partnerships (the state convincing businesses to accept Bitcoin rather than requiring it), as well as highlighting the economic benefits and ensuring that people are easily able to use Bitcoin.

I do agree with you that Bitcoin doesn't have to be a legal tender of some country for people to see it a been accepted globally. Even now we have seen or read about investments spread across the globe accepting Bitcoin as payments even if the Government of that country hasn't pronounced it a legal tender, but I must say that crypto in general has been globally recognized or adopted, The 2022 Global Crypto Adoption Index and you know we cannot really speak crypto without Bitcoin.

Talking about Bukele’s policy in El Salvador, I feel people that are against his policies or his administration are the ones painting his idea of having bitcoin a legal tender bad. It is purely politics and I don’t think it was forced on them.

The government definitely will be a big role in the global adoption of bitcoin by making it a legal tender. When it is a legal tender or even free from ban people will use more of it and through the process it will attract more investors towards it. But if the government placed a ban on it, it definitely has its toll on people mostly older generations as they tend to run off from everything illegal and this could reduce the rate of global adoption.

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