Which option will better to take? | Bitcointalksearch.org

landheer

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Quote from: Despairo on August 24, 2022, 02:30:06 AM

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.

I, agree with your opinion, there are indeed many countries that do not accept bitcoin as a legal tender, and indeed certainly cannot be forced, but it would be nice if the government did not prohibit the buying and selling of bitcoin and crypto, but mostly even though bitcoin is not made legal tender, but the government mostly allows buying and selling of bitcoin and crypto, because with the sale and purchase of bitcoin and crypto in the community,
Many people's economy is helped because they can buy and sell bitcoin and crypto.

budi691

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legal payments using bitcoin in countries that have legalized bitcoin only need the right rules so as not to disrupt the country's economy, because if too many bitcoin adoptions will disrupt the country's economy a little, but if the rules are right maybe not much of a problem it will happen

Peanutswar

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It is good in the different perspective because the convenient and adaptation with the new technology of the crypto currency and as additional payment method. Some of the country approved this already because they can make a centralized wallet or exchange for their users at the same time is the transaction fees every transaction committed by the users it is additional tax at the same time.

Also being it is secured and easily get tracked and check by the users by using the Tx Id it becomes more transparent.

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Quote from: |MINER| on August 26, 2022, 12:48:41 PM

Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

~snip~

I think both options should be taken together. I think it's also possible to take bitcoin legal and also control on them. I can't fully get it what is the meaning of your controls word. But if you mean illegal transactions i.e. money laundering or any crime committed through it, then I would say they can be controlled. And always remember that bitcoin or cryptocurrency will have always volatile and that's why not only about the country every traders should take proper step when they are involving with it . And also should know that the 1st rules of trading is " Invest as much as you can afford to loose".

There's no way on controlling it technically but somehow they could really make out some prohibitions into those platforms or businesses that do touch up crypto to have at least some restriction or specific conditions

which might able to decrease out the probability in speaking with crimes.Government doesnt really like decentralized things honestly speaking although there are some who do see the brighter side which do really

end up for them on adopting it instead of banning or making out prohibitions.Also in terms of volatility then this is the main issue into those people who do really get used on using fiat
and doesnt mind off about investment.

|MINER|

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

~snip~

I think both options should be taken together. I think it's also possible to take bitcoin legal and also control on them. I can't fully get it what is the meaning of your controls word. But if you mean illegal transactions i.e. money laundering or any crime committed through it, then I would say they can be controlled. And always remember that bitcoin or cryptocurrency will have always volatile and that's why not only about the country every traders should take proper step when they are involving with it . And also should know that the 1st rules of trading is " Invest as much as you can afford to loose".

Bitstar_coin

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Making BTC a legal tender by a country won't reduce volatility (not at once anyways) because some other countries will still speculate and trade it as asset. The only way to achieve this , is when all countries government adopt and legalize btc as legal tender to operate as an alternative payment option. Fiat despite how centralized still plays important role in the financial system and will be very difficult to erase it from the system. The moment btc becomes a legal option, the government will exert the necessary control in other to suit their desire and have absolute power. Even if the government decided to adopt btc, i doubt it will have any negative impact on the economy since it will only serve as a means of payment and not an asset, or even if it serves as both, the value will increase overtime which will boost the economy of that country in the long run.

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

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.

Doesn't matter if it is bearish or bullish. It is about the fact that we are in a world where things are just getting to a point where payment with fiat is not the point, holding it is the point. So long story short, if you are holding fiat then you are always keeping something that loses value, whereas if you are keeping bitcoin then you are holding something that only sometimes goes down.

On top of that, moving busd into btc is easier than moving usd to btc, some people may think it is not like that but there is a big difference. So at the end of the day, there is a good case to be made about the fact that bitcoin legal tender is better at all times, in any case.

Rufsilf

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Let this thing Bitcoin become a legal tender and let us see what is the results. Because it was too hard to assume anything in the future that we never have experienced yet. We can't tell if it gives harm to the economy because on the other side, some people are also benefiting from this, and it can be the government as well.

As I see the adoption keeps on growing and many countries are proposing to use this as a legal tender. I'd never imagined what are the negatives thing may contribute but what is think about is all about positives.

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Quote from: Rengga Jati on August 24, 2022, 06:40:20 PM

this may not give a big impact on danger to the economy, but this may influence how accumulation and government control the assets of their citizen. when people have their money in Bitcoin, the government may not be able to control and get taxes appropriately from the city themselves. There is complex conditions to do by the government. From this side itself, we can see that it is not about the economy, but more about how the government will work on it. As we know, many governments may not want to take any complex things under control.

governments only control what they can control. Bitcoin or cryptocurrency certainly will not be fully controlled by the government. Countries that implement cryptocurrency regulations as a commodity tool, of course, are aware of some of the risks that will arise regarding the imposition of taxes that cannot be targeted and will be more complicated. taxation can only be done on exchanges that trade these cryptocurrencies. but for countries that have fully adopted bitcoin like EL-Salvador of course they already have standard regulations that will be applied to the use of crypto, so there is no big risk that occurs. EL-Salvador is one example of a country that dares to adopt bitcoin and will make a bitcoin city run on bitcoin completely.

Quote from: Rengga Jati on August 24, 2022, 06:40:20 PM

But so far, as long as the country has offered the easiness for crypto industry and allows crypto even only as a digital asset or investment, not as legal tender, this has been good enough. At least, they have been open-minded with the recent situation of the world technology development.

In our country, crypto is only allowed as a commodity asset and cannot be used as a legal tender. this is enough and gives concessions to regulations regarding the use of crypto. many benefits are felt for crypto investors about the commodity regulations that are applied. The regulation has provided space for crypto users and provided additional tax revenue for the state.

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

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.

It depends upon a user’s thought process.
The countries that are making Bitcoins as a legal tender, knows the true capacity of the coin.
They have already seen the marketcap and also the all time high price, so hence it won’t affect the economy that much if we see it thoroughly.
Moreover making it as a legal tender, won’t harm much, as the government cannot control the coin completely due to it’s decentralised nature. So it’s useless to discuss about the economy with respect to Bitcoins.

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Quote from: Rigon on August 24, 2022, 06:06:57 PM

Yes if bitcoin is registered as legal tender but of course bitcoin will be more powerful.Bitcoin is not legal in our country but we have been using it secretly.If Bitcoin transactions are passed legally in our country, then our country will have large remittances.In this a nag rik of the country will take advantage of this and their position will be recorded as an identification.We who work on Bitcoin can't disclose to everyone but we can disclose to everyone when we get the coin's legal tender.

Have another negative side when bitcoin become legal transaction currency digital because government will adapt with tax system, depending when using local exchange market and have to pass identity verification actually will not hidden about who have much assets in their account local exchange market. I agree with bitcoin as legal currency transaction but need to analyze about positive and negative side before adopting,

Quote from: Rigon on August 24, 2022, 06:06:57 PM

We who work on Bitcoin can't disclose to everyone but we can disclose to everyone when we get the coin's legal tender.

This reason afraid if bitcoin under government controlling when have been as legal currency transaction, without any safety rule have powerful by government when suspend several investor depending their problem faced.

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this may not give a big impact on danger to the economy, but this may influence how accumulation and government control the assets of their citizen. when people have their money in Bitcoin, the government may not be able to control and get taxes appropriately from the city themselves. There is complex conditions to do by the government. From this side itself, we can see that it is not about the economy, but more about how the government will work on it. As we know, many governments may not want to take any complex things under control.

But so far, as long as the country has offered the easiness for crypto industry and allow crypto even only as a digital asset or investment, not as legal tender, this has been good neough. At least, they have been open minded withreent situation of the world technology development.

GreatArkansas

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

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 ?
(....)

I don't think it will affect business if you have proper management on how to handle Bitcoin payments, like do you convert them immediately into fiat cash or any stable assets like stablecoins after you received payments from a customer, or do you hold it for some time? Which this is I believe get affected if Bitcoin is bearish.
I believe there are already a lot of services that handle also volatility when it affects payment processors.

Rigon

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Quote from: mk4 on August 24, 2022, 02:34:42 AM

Snip

I agree with you that it is true that adoption as legal tender is not necessary to increase adoption. However I think, when it is accepted as legal tender, the use of Bitcoin in general will continue to increase and the adoption may increase. Since the situation has not yet developed that everyone is adopting only Bitcoin to the exclusion of other financial systems. But when people start adopting it more, the volatile nature of Bitcoin coins may affect the economic condition of the country. I think it would be good to have the ability to control that along with legal tender.

Yes if bitcoin is registered as legal tender but of course bitcoin will be more powerful.Bitcoin is not legal in our country but we have been using it secretly.If Bitcoin transactions are passed legally in our country, then our country will have large remittances.In this a nag rik of the country will take advantage of this and their position will be recorded as an identification.We who work on Bitcoin can't disclose to everyone but we can disclose to everyone when we get the coin's legal tender.

uneng

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A bearish bitcoin doesn't harm the economy of countries which adopt it as legal tender if the citizens have an organized financial life. In practice it means at the beginning of a month, when an individual receives his wage, he is immediately going to pay his bills, so bitcoin fluctuations won't impact him negatively, because at the moment he received his wage and at the moment he paid his expenses bitcoin was at the same price range.

The only issue is to think in a month time period bitcoin can lose 10%-20% of its value. It means this individual is also going to lose 10%-20% purchasing power on that month. Consequently, he should buy everything he needs as soon as he receives his wage and keep the rest of his money invested for the future.

Hypnosis00

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

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.

I'd never see any threat for it to the economy or any harmful impact on the community but instead, this could give the people the freedom to choose what option they take when paying bills and buying stuff. In fact, the idea of making this a currency it was not foreseen to ruin the economy as for sure the government will impose rules in regards to taxes which never found using Bitcoin is an escape, not anymore. Because once it was allowed and supported from the government, it was also their mind to anticipate the impact on it, therefore, they'll go first before it becomes a legal tender.

Captain Corporate

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Thats the point, people should realize that we could co-exist together and we shouldn't be expecting it to be something special. I personally believe that the best thing to do about this would be letting bitcoin (and general crypto) co-exists with fiat and together they would be accepted everywhere. If we can do that then we are going to be fine and I do not think that we should be wondering what happened and why it happened etc for the past, just look at the future and how we could make it work, thats at least realistic because you can't change the past, but we can make more crypto friendly future for ourselves.

isaac_clarke22

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Quote from: milewilda on August 24, 2022, 04:27:32 PM

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No need to worry if decentralization won't take over. Surely we still can talk about how Bitcoin and fiat would co-exist with each other though it should be independent. We don't need Bitcoin to be legal tender. As long as Bitcoin is not banned or being stopped from being used, we don't need to worry about it too much. We are more than okay already, since we might not want government to attempt to control each and everyone's money as being termed as "legalized" or being used as "legal tender".

I would enjoy doing transaction with my friends without involving any authorities in day-to-day basis.

To be honest back then, I thought that making Bitcoin a legal tender is the ultimate goal but nah. It should be obvious but I just had realization.

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

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.

Bitcoin did not come to destroy the fiat economy but bitcoin is here to continue to develop the national economy. Bitcoin only came to moderate the economy to a standard level. Even those countries that have accepted bitcoin as their legal tender, have not killed their national economy for bitcoin. Bitcoin is an alternative currency that has more value that even the fiat economy. You do not need to be afraid because bitcoin as it is said before, bitcoin was not created to cause harm to the fiat economy but to even make it more stronger. A wish country will us his own country economy in the bear market because bitcoin is an alternative currency. And I also believe no country in the whole world has taken bitcoin as the full payment service of goods and services. But for specific areas and things. With it nature of control, bitcoin cannot be control by national authority for now. Because bitcoin is decentralized in nature. Those countries that outlaw bitcoin can not regulate or control the bitcoin because bitcoin is an individual race.

CryptoHeadlineNews

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For me, I literally agree with the host of others who have spoken hear that mass adoption or legal approval of Bitcoin to be use as a legal tender in one's country will actually have an effect on the country's economy. Because taking a look at the concept of "legal tender", it simply means it has been generally accepted as a medium of exchange, for easy and fast transactions, and not that the country will be investing in Bitcoin with all it's public fund, because only if had all the country's fund been invested into Bitcoin, then will it affect it's economy during bear market

milewilda

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Quote from: Marvelman on August 24, 2022, 04:06:29 PM

Obviously, the fiat money is controlled by the government. The decentralization of bitcoin and its security features make it a big threat to the current economic and financial systems. The more people that start using bitcoin, the more difficult it becomes for governments to keep track of transactions. This is why there are so many negative comments about Bitcoin. The government wants to retain control over the currency and financial systems. My feeling is that governments will eventually learn how to use Bitcoin instead of fighting against it. They'll find ways to work with the currency rather than against it. Of course, that's also a problem, in that government involvement may lead to more regulation and higher taxes on Bitcoin users, which could stifle growth in the long term. How this plays out is anyone's guess, but it will be interesting to see how things play out moving forward.

Decentralization totally opposes centralization which government do much prefer or having this stuff through the beginning of time and there's no way that a decentralized thing will really be taking over.
Speaking about being legal tender which some people do say that its impossible but we've seen that there's a country who do make this thing possible but majority of countries are really that hesitant
due to volatility and legal thing issues which it would really be normal that it would really be the main problem and thats why its not surprising that it will really be not easily able to patch up
for it to be considered to be a legal tender on most place.It could always stay up as an alternative but not the main ones.

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Obviously, the fiat money is controlled by the government. The decentralization of bitcoin and its security features make it a big threat to the current economic and financial systems. The more people that start using bitcoin, the more difficult it becomes for governments to keep track of transactions. This is why there are so many negative comments about Bitcoin. The government wants to retain control over the currency and financial systems. My feeling is that governments will eventually learn how to use Bitcoin instead of fighting against it. They'll find ways to work with the currency rather than against it. Of course, that's also a problem, in that government involvement may lead to more regulation and higher taxes on Bitcoin users, which could stifle growth in the long term. How this plays out is anyone's guess, but it will be interesting to see how things play out moving forward.

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All the countries with the exception of a few, where not by culture but by law the payment conditions are respected to the maximum within the framework of the permitted transactions, and it is very simple if you do not respect you go to jail, but the majority of countries circulate assets of payments as art, cars, houses, gold, diamonds, etc. which in a certain way do not appear many times in the legality of an invoice or a notarized document, but rather it is the most common barter, but in general they are assets that they are acquired legally, so there is a "grey" area where all those named things serve as payment methods in practice, so it is simple to allow bitcoin.

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Quote from: Despairo on August 24, 2022, 02:30:06 AM

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.

It is a difficult topic for bitcoin maximalists for a coin that is volatile with that long bear and unpredictable bull market, it is not advisable. I would advise bitcoin to stay as store of value than legal tender. How will a trader take care of the deep when he need fund from another purchase of good? Government also understand the challenges and try not to encourage citizens to use it especially those that cant handle the ordeal of its volatility.

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

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 ?

Accepting it doesn't mean that you have to buy it and hold it as reserve, which means it doesn't matter if BTC is in a bull or bear trend.

As a business owner you also shouldn't care because your money is always flowing in and out. Say you have a restaurant. Clients pay, you pay your staff, bills, taxes, order new products. You don't hold a lot of money and if you don't trust BTC enough to hold it, you can spend it on the same day.

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

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 ?

This is imho quite a good question, actually.
While some will say it doesn't matter it's a bear market since Bitcoin can easily be used only as means of payment, ... it's more complicated than that. Bitcoin price can fluctuate a lot.. in both directions. If one gets his salary in Bitcoin and in a matter of days his salary's value drops by 10%, he won't be happy.
That's why I've found it interesting the way El Salvador did; one can still use internally fiat (USD) if he wants to, while he does accept Bitcoin. If he decides to keep/invest into Bitcoin, it's on him and, depending on his patience, he may or may not earn big.
Someday, not too far in the future, the price should no longer have wild fluctuations and then it will be more suitable for adopting bitcoin as legal tender.

Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

Or is it better to use it through control to avoid illegal or the bad side effect on economy?

I don't understand this. Adopted or not, they still cannot control it. I don't think it has too much effect even on El Salvador's economy, although they have indeed bought some and the price is down now (they still have USD too as legal tender); on the other hand the tourism there has grown over the expectations.

Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

Many countries have still outlawed it for not being able to control it.

Some are afraid of it, some have their own agenda (CBDCs), some simply want to protect their crappy fiat currency....

BIT-BENDER

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Many countries has frowned on Bitcoin and crypto-currency in general, I am from such countries and if I am to tell you from my experience I think the ban is just formalities, really I don't think crypto-currency can be ban, the usage of Bitcoin and other cryptos in still going on especially this time the currency of my country is devaluing Crypto has really saved many.

My own stand on your question is this, every individual should be giving the freedom to express them self, told about the dangers and benefits. I think Crypto-currency should be a legal tend by choice, that is who individuals should chose the medium they want to use to carry out their transactions. I personally I have found saving in crypto fat more beneficial than saving in Fiat, so do many now taking away this option is an infringement on Human rights.

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

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.

Try to look and observed on whats happening on El Salvador you could really see that they do able to handle it well even though bearish times do come and able to sustain out and even instead buying coins

when it cheap.You could really be able to determine on whats their intent and future goals towards accepting or making bitcoin as a legal tender.Lots had been criticizing on what actions that they had made out

but it turns out that they arent really that affected with those but instead they are really accumulating even more whenever the market do give out cheap prices.

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

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 ?

Regardless of the Bitcoin's trend, either bullish or bearish, still, if its use as a legal tender, it will be used as how usual fiat currency was being used. I don't see how it will harm the economy where in return, it's still a currency. No changes at all. In the first place, bitcoin was meant to served as a currency.

Although expect some more regulations, maybe more strict ones once it becomes a legal tender in a certain country.

Like to see someone here from El Salvador and share experience on how's the feeling that bitcoin is being used everywhere on that country like fiat.

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Accepting bitcoin as a legal tender means the country is progressive/liberal-minded. For the short term, it might cause some downtrend to the economy (as people don't tend to use currencies that fluctuate more than the foreign ones), but in the long term it can take another dimension. Deflation benefits those who save up money. Therefore, a country consisted of Bitcoiners is a country consisted of individuals whose savings can't be devalued by authorities.

Bitcoin as a legal tender isn't "good" neither "bad". It depends on the how, and according to what.

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Legal tender means legally valid. That means anyone will be able to transact Bitcoin within that country. If a person is using Bitcoin with honest motive then I think there will be no problem in using it. On the other side , Bitcoin is the most volatile currency, there will be risk in investing. If the market is bearish, the price will decrease and if it is bullish, opposite will be happen. After knowing all the thing no one wants to lose. I basically don't find anything negativity in the OP's two questions.

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

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.

That last sentence that you wrote really puts what i wanted to reply in a nutshell.

Many countries have outlawed it because they are not able to control it. And honestly, by now they have proven that they simply cannot do anything except scare people into believing that they somehow can.

The economy won't be harmed. In fact, a transparent, fair and verifiable market which cannot be corrupted will only benefit the economy.

The only ones it hurts are the people who profit from financial corruption. That's why corrupt countries like china try to desperately ban it.

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

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.

It hurts when the government doesn't really have the same goals as Bitcoin. Therefore, there are not a few countries that still refuse because of the uncontrollability of incoming and outgoing finances. As for talking about the economic growth that a country has achieved due to adopting Bitcoin, it is not a specific benchmark. But specifically, if a country wants to adopt Bitcoin, it means that the parties managing finances in that country have a goal of building public trust. For example, in El Salvador, initially many countries doubted the decision to adopt Bitcoin.

Especially when a bear market you may see bait against the government of El Salvador considered a failure. But all of them went through with confidence and as a result, they experienced a change of condition that improved when other countries were just starting their economic recovery after the epidemic.

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

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BTC as a legal tender or not is not going to change a shitty economy of a country. I can recall back in 2017 when people were having that thoughts that Bitcoin would even solve unemployment and poverty as that is one notable economic problem that countries encounter.
Illegal stuff like money laundering are even happening outside crypto so we cannot just assume that just crypto would be able to resolve it just that easily and heck to those people that even think that Bitcoin should be banned because it is used for all those illegal activities that you could think of.

I cannot recall who was that user but this thread made me recall of that one user that mentioned that making Bitcoin as a legal tender is a no-no since regulations would happen which is somehow against to the nature of Bitcoin itself and...... he has a good point.

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

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 ?

Accepting bitcoin as a legal tender will not have a huge adverse effect on a country's economy. Having it as a reserve currency, will surely have an adverse effect. Or else if the government makes a large investment into bitcoin, that will bring in adverse effect. Simply making it a legal tender is just fine.

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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.

El-Salvador is trying to do it through the government sponsored Chivo wallet but I am sure they haven't yet fully succeeded. It's extremely difficult to just filter out illegal transactions. So that has become a major pain point for many couturiers where it is not yet accepted as a legal tender. But the concerns are real indeed.

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Quote from: _act_ on August 24, 2022, 02:33:40 AM

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.

El Savador most popular country right now know after accepting bitcoin as legal currency transaction payment, I think around 90% of Salvadorans accepted bitcoin as legal currency transaction give positive impact exactly with tourism. I think not matter about Salvadorans directly converting payment using bitcoin to fiat but they helped many tourism easy when make travelling or vacation to El Savador. How ever tourism when using bitcoin as legal currency transaction not busy for converting to be local cash money and they can use directly bitcoin as transaction payment.

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Legal tender or not, there will be guys who do legal things and there will be others who do illegal things.

Bitcoin can not be stopped by legal tender, governmemts, regulations but we can not stop bad people use Bitcoin for illegal things. But it is not because Bitcoin is bad. Bad people use Bitcoin for their bad things. Kind people use Bitcoin for useful things.

Bitcoin was not created intentionally for bad, illegal things.

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I am not getting actually how this would be harmful. Imagine my country doesn't accept Bitcoin but still a lot of people use that. Is it harmful to the country's economy? If it's not now then why should harmful when it's legal tender unless government accumulates a big amount of Bitcoin? Bitcoin legal tender means it's open to use or store, you can exchange it easily to cash anytime. So I don't think it's harmful anyway.

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You see that's why other countries remain neutral about their judgment about bitcoin because they cannot risk their economy and the first country that implements it as legal tender is not yet showing some good results of what they have done. For me, those countries that are not making it hard for the traders are the real heroes because they are not only giving a chance for their people to earn they also making it easy for the local exchanges to operate by taking some small taxes from both of them.

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I think it will not be harmful to the country's economy as long as the state treasury is not included in bitcoin but for legal payments it will not harm it, it's just that the government has no control over it so many still prohibit bitcoin payments.

This adoption sooner or later there will definitely be some countries that follow like El Salvador but the government will still make fiat as the main currency and bitcoin only as a payment, that's still a lot of things we need to know the government will certainly have a more mature plan about this.

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

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.

Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

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.

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

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

Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

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.

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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.

_act_

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

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.

Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

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.

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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.

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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.

Topic: Which option will better to take? (Read 508 times)