Topic: Why Digital Currencies Should Be Adopted Globally (Read 233 times)

It really depends on what era you are born in, but I'm pretty confident that you and I can somehow witness bitcoin to be adopted and widely used at least 70 percent globally. And while you are right on your statement that there are plethora of factors to consider first, many of which are negative, but we can't also deny the fact that there's indeed more positive about it. And what do you mean by a bad reputation? That kinda makes me confuse.

What is the wait here? Crypto currency is free stuff in terms of its usage. You can just grab and start exchanging it for the daily things. The challenge is not everyone in the Nigeria is willing to do it because they do not have enough infrastructure for that. That is the only restrictive factors for them. You need to have constant internet connection so that you can trade with bitcoin and have that peer to peer technology.

Right now if this situation would have been in any other country with proper infra then there was high chance of bitcoin's adoption. In Nigeria banks are just demonetizing and trying to revise the way their currencies are exchanged in terms of "value".  However, there is not much restrictions on how much you can spend using your internet banking.

I am not sure where are those guys now, who used to post the pictures of bitcoin banks getting opened up in Nigeria for easy trading. They can really help out nigerians in this situation and make bitcoin adoption far more stronger.

The picture was literally posted here on the forum few weeks ago, where it clearly mentioned about the physical presence, address, and what they are doing with the bitcoin. Trade, exchanges, with all available facility that is cash or digital money. They should really jump in!

An adoption could be reached if there is a utilization among its features, no matter how big or small if some people or community uses bitcoin as a way of payment, the adoption could spark from there. One shouldn't wait for other to accept or uses bitcoin, instead, they can initiate to offer or give exposure about bitcoin. With that in mind, the awareness of bitcoin itself will evolve, thus an adoption might come later.

The point is to initiate, instead of waiting until it is widely accepted.

Bitcoin and other cryptos can be more attractive in some places and less in others. If it's a country with very low Internet penetration, online payments aren't really a priority there. If it's a country with a high level of digitalization but people trust in their economy and banks very rarely let people down, Bitcoin will have a hard time competing against online banking as well. But if there's enough Internet users, smartphones are quite common, while the trust in the banks is relatively low and/or local fiat is suffering from heavy inflation and people would love to have an alternative, such conditions can be good for Bitcoin adoption.

Your intentions are good, but I do not think you have a proper understanding of the subject, If you did you will know that "digital currency" does not only mean bitcoins and cryptocurrency. People do not only need to carry physical fiat around to be able to transact, with bank transfers on a good day without network challenges, you are good to go.

Bitcoin adoption will not magically make life better. Imagine going to a nearby shop to buy something very little, how willing will you be to pay with your bitcoins?

I didn't expect more so that Bitcoin/crypto became legal tender. The undeterred and legal condition as an asset commodity has made me happy. In accordance with your argument, I also agree that in the near future it will be difficult to realize. The current slack has already helped me improve my family's economy. So someday for example it will become a legal transaction tool it will be very pleasant but because it goes against the regulations it will be difficult to realize.

Digital currencies will be adopted everywhere, it's a gradual process and it doesn't even need a government's permission because it's borderless. 5 to 10 years maybe the people who have not heard of Bitcoin yet will also be learning about it.

Even countries with very strict rules about crypto like China was considering lifting the ban. They might be forced to lift the ban when all other countries are going to be using digital currencies after all they plan Hongkong to be a crypto hub.

Yes, if Bitcoin and cryptocurrencies are accepted as payment in the country in subject people won't need to depend on the Commercial and Central Bank but cryptocurrency is never the answer or solution to every challenge people are facing around the world.
Having said that, if you're waiting for crypto to be globally adopted will have to wait for decades cause the decentralized aspect of crypto is against the government rules and regulations of some countries.

They are probably doing this for their selfish gain. They will be able to have more money to lend to the rich folks and make more money for themselves.

You have a good point here, the bitcoin slogan is "Be your own bank" and as you mention this is an awesome option for 3rd world countries. But there is something that you need to understand, crypto users need the Internet. Bitcoin and Cryptos without the internet are almost impossible to make it work, and I say almost because some people have found a way to send transactions with Radio waves but is a complex task. So, first we need to solve the internet problem before the economic problem.

For sure it is wonderful to imagine that more people would be able to use this technology's advantages. But what's a bit worrying me lately is the extent of how Bitcoin and other cryptocurrencies are being used; as a profitable asset. What's more likely to happen if we would push adoption of this technology is regulation more likely. Governments would want to benefit on every transaction of its users and that is thru taxation. Also if this is the case, there is a tendency for the price to be less volatile simply because demand would be neutral as well because of the possible increase with fees and such which would persuade some investors to just use fiat based digital currency. If the price would be less volatile, will this industry still has a high demand from it afterwards?

This is true. Legal tender will just help mass adoption for Bitcoin since a store will have no choice than to accept Bitcoin as payment which means all establishments is required to accept Bitcoin as payment.

On OP case like Nigeria. I believe they need to established first their government before they can jump on accepting crypto by themselves since it’s useless to use crypto as payment if there’s no bank or any means for them to cash in their fiat money online unless their salary is in the form of Bitcoin.

After seeing what's happening in Nigeria, the riots, running battles with the police as a result of a shortage of cash thanks to new bank policies..
I really feel bitcoin can bridge this gap and ensure such wrangles are avoided once and for all!

We really don't need cash for day-to-day transactions, a simple scan and pay can sort this out with the aid of technology.

The problem politicians don't like to promote mediums that are likely to have a footprint and bitcoin being such an asset can never be adopted globally unless the people (citizens) that hold the real power pursue this motion of adopting cryptocurrencies globally!

Otherwise going the bitcoin route will eliminate problems of cash shortages, cut budgets for the central bank when it comes to the printing of money, transparency and accountability obviously thanks to bitcoins public ledger and many other great benefits.

There is no obligation to reach the global adoption level, but all countries should realize that there is convenience behind all the technology that this currency has. I think digital currency is not the same as cryptocurrency, it should be different because fiat can be digital even if it is not built on any blockchain.

Adoption can be expected to continue to increase day by day, and this is a demand that will likely be difficult to prevent because it is fundamentally a necessity. More and more people are losing trust in banks to handle their financial transactions, and cryptocurrencies offer many things that are possibly better than just being handled by banks. Bitcoin one of the forefront has received high interest among the public, but adoption is still limited by regulation.

This may nit be possible because you're including other cryptocurrencies along knowing that they were most not recognized as a digital currency due to the fact that some of them were being categoried under shitcoins, if i were you i would rather insist only on bitcoin here for global adoption.


Do you even need to mention your country, i believe this economical crisis is a global challenge so why do you think it's only in your own country things were being affected, it is expected that we should not rely on government for being responsible for how we leave our lives.


We all need this digital monetary era of a decentralized technology with bitcoin, this will help in changing many fiat monetary policies with handling cash and bulkiness people were facing.

fiat currencies are somehow losing its purchasing power in every country, the fiat money will still remain but the purchasing power is declining fast.  Lebanon and Argentina are the latest countries where money was plunging down and it was very abrupt.

i could be wrong but i have the feeling that fiat might really be gone in the coming years. with the rise of BTC and crypto, it's a sputnik moment for the central banks. it's in thier best interest to launch CBDC to keep up with the technology.

Isn't bitcoin already in use around the world? What prevents you from owning bitcoin in any country on the planet? Nothing. You can get rid of dependence on banks right now. I perfectly understand the situation that is happening with many national currencies and people can find saving their money from new monetary policies in btc.

If you dream of accepted of btc at the official, state level, then there is a chance that you will have to wait a long time or not wait at all. Bitcoin existed without it, and people did without the approval of governments.

I think it depends on the country you live in, also I have never had a problem with my local bank since I used it until now, 14 years have passed. But maybe a few countries are having problems that make people unhappy and especially Nigeria, recently, they changed the national currency, so it caused a lot of frustration for people. I support people using bitcoin as an alternative but no need to badmouth the bank as we will still need to use it in the future even if bitcoin is widely accepted.

I think that "should" is wrong because it means that we no longer have the option to use fiat in that case. Even don we have adapted digital currencies, this won't stop people from using fiat money, the freedom remains depending on where they are comfortable. It was to know that the existence of Bitcoin and any digital currency is not to replace paper money but this is to give an option to everyone and that rights remain no matter what will happen. In fact, as we can see that many people are still in favored fiat money over crypto, it means that we are still to far from fully adopted.

True there is a country that accepts Bitcoin as legal tender but the country's influence isn't that huge.  It would be great if powerful countries like USA and alike acknowledge Bitcoin as legal tender, if not I am ok with them accepting Bitcoin as mode of payment.  This way, Bitcoin will have a global recognition to have a purchasing power.


True, whether we accept a cryptocurrency or not is up to our own discretion, it is that we need regulations if we are to use them on the economy.

even if Bitcoin is accepted as legal tender, you will still sometimes need the local currency to spend, and perhaps most people are already accepting Bitcoin as payment, unless for the market women that sell some petty perishable food stuffs. 

For Nigerians that are not yet coping so well with the cashless policy, is it digital currency that they can handle so happily? Even if Bitcoin becomes legal tender, most people will still not accept it, and it wouldn't stop people from putting money in the bank.