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Topic: Which option will better to take? - page 3. (Read 508 times)

hero member
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Leading Crypto Sports Betting & Casino Platform
August 24, 2022, 04:02:42 AM
#6
Recently it has been seen that some countries have accepted Bitcoin as legal tender. But my question is more adoption of btc and taking it as legal tender aren't going to harmful for the economy of a country, specially when btc is in bearish ?
No. Why it would be? It's like having another means of exchange in that country. It's no different from paying with fiat to the businessmen and as well as paying them bitcoin with anything you purchase from them. And when there's a new means of exchange and legal tender, since it's bitcoin, there's a lot of use of it and it's even creating more sources for a country.

Or is it better to use it through control to avoid illegal or the bad side effect on economy?
Many countries have still outlawed it for not being able to control it.
You use it or not, you'll just going to contribute to the growth of the economy. Because if you hold it, in the future, you'll be able to make profit from it so you still add to the growth.
hero member
Activity: 714
Merit: 521
August 24, 2022, 03:54:19 AM
#5
Recently it has been seen that some countries have accepted Bitcoin as legal tender. But my question is more adoption of btc and taking it as legal tender aren't going to harmful for the economy of a country, specially when btc is in bearish ?

No country will prefer an appropriate time to adopt bitcoin as a legal tender than this present moment when there's dip in bitcoin price, which is a good timing to also buy as individuals, because onece the entry is set in now, the only anticipation is for a bullrun to occur and within 2023 to 2024 comes in a new ATH which is another added advantage

Or is it better to use it through control to avoid illegal or the bad side effect on economy?
Many countries have still outlawed it for not being able to control it.

Nothing can be controlled in bitcoin, with or without adoption there will always be illegal activities in the society, while countries that thought it could be controlled eventually failed to adopt it, they rather introduced thier own CBDC, if you want a currency under control then remain centralized with fiat, bitcoin cannot comply to the dictate of centralization, it is decentralized already right from the start.
mk4
legendary
Activity: 2870
Merit: 3873
Paldo.io 🤖
August 24, 2022, 02:34:42 AM
#4
Take note that accepting BTC as legal tender doesn't necessarily mean that a country would automatically need to dump a huge amount of their capital into bitcoin. Accepting BTC as legal tender is just that — the fact that people can legally accept BTC payments.

BTC being "harmful" or not would obviously just depend on the people if they buy(or receive) at higher prices and sell at low prices.
legendary
Activity: 1064
Merit: 1298
Lightning network is good with small amount of BTC
August 24, 2022, 02:33:40 AM
#3
Recently it has been seen that some countries have accepted Bitcoin as legal tender. But my question is more adoption of btc and taking it as legal tender aren't going to harmful for the economy of a country, specially when btc is in bearish ?
Just two countries accepted bitcoin as a legal tender, El Salvador and CAR but including a tourist island in Honduras. There is no harm in my opinion because according to some research in El Salvador, most people (over 90% Salvadorans) that accept payment in bitcoin are converting it to fiat, but bitcoin absolutely help Salvadorans in remittance, cross border payment.

Or is it better to use it through control to avoid illegal or the bad side effect on economy?
Many countries have still outlawed it for not being able to control it.
Not more than 14 countries that absolutely ban bitcoin, the rest either make it legal or partially make it legal in a way citizens can trade it using p2p. In my country, bitcoin is partially banned, but we people have the right to trade it using p2p.
hero member
Activity: 1064
Merit: 843
August 24, 2022, 02:30:06 AM
#2
Accepting Bitcoin as legal tender wouldn't harm for the economy even it's on bear market, this because people are use it as a currency and not mainly for store a value. Actually countries that doesn't accept Bitcoin as legal tender would harm the economy since they're not use Bitcoin regularly due to it's not accepted on merchants. But we're talking if there's many people who hold Bitcoin, if it's only small group, then the effect is small.

The best option is don't force the countries to accept Bitcoin as legal tender, but governments shouldn't ban Bitcoin and allow any merchants if they want to accept Bitcoin payment.
hero member
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August 24, 2022, 01:55:19 AM
#1
Recently it has been seen that some countries have accepted Bitcoin as legal tender. But my question is more adoption of btc and taking it as legal tender aren't going to harmful for the economy of a country, specially when btc is in bearish ?

Or is it better to use it through control to avoid illegal or the bad side effect on economy?
Many countries have still outlawed it for not being able to control it.
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