Topic: Will other countries adopt Bitcoin as legal tender after El Salvador's recent mo (Read 415 times)
July 08, 2021, 08:34:39 PM
It is only a matter of time. El Salvador succeeded, and the third world countries will follow. The best way is that a big country like the United States adopts Bitcoin as legal currency, which will greatly accelerate the process of Bitcoin legalization.
July 08, 2021, 04:04:55 PM
A lot of countries don't have a real strategy towards dealing with cryptocurrency in general, either they make it ilegal because they don't have the resources to track or deal with the transactions which is what many countries are doing currently, or they accept it and let the people do what they want with it and use it as a p2p payment system, i really don't think that any major countries will adopt it as a supported payment system at least not publicly, but in small countries where the local currency and the economic system is having some problems maybe bitcoin would be a very good option to consider as a replacement.
That's certainly true, mate. Not every country has the resources to be able to adopt Bitcoin as legal tender. Even those that do have the resources don't feel the need to embrace Bitcoin because their Fiat currencies are still going strong. It's very unlikely developed countries like the United States, the United Kingdom, and Germany will adopt Bitcoin as legal tender or a replacement of Fiat. Heavy-handed regulations will be inevitable in the long run as governments try to prevent money laundering and tax evasion. Let's hope more countries join the game after El Salvador's recent move. Just my thoughts
June 30, 2021, 02:30:30 PM
A lot of countries don't have a real strategy towards dealing with cryptocurrency in general, either they make it ilegal because they don't have the resources to track or deal with the transactions which is what many countries are doing currently, or they accept it and let the people do what they want with it and use it as a p2p payment system, i really don't think that any major countries will adopt it as a supported payment system at least not publicly, but in small countries where the local currency and the economic system is having some problems maybe bitcoin would be a very good option to consider as a replacement.
June 30, 2021, 01:25:18 PM
according to my estimation in the near future, it is likely that other countries will not follow in el salvador's footsteps in legalizing bitcoin, as a legal tender, because considering that other developed countries are still using fiat currency, and are still looking for profit in fiat currency. .
- For the major economies, it will be difficult for countries in this region to follow suit in legalizing bitcoin because their cash is valuable to the community, some of the changes make it difficult to adapt, sometimes these countries also can't explain bitcoin and its opportunities and to be safe, incorporating bitcoin into their economy will need more reasons and a few experimental proofs like other small countries. That means some small and neighboring economies in the El Salvador region will be inclined to follow 
June 30, 2021, 12:55:29 PM
it is very difficult to predict whether other countries will accept bitcoin as a legal currency, like what elsavador
did.This is indeed interesting to discuss.of course large countries such as China and the United States will continue to monitor small countries in advantages in using bitcoin, if the country is successful it will be interesting to follow the continuation of these big countries
did.This is indeed interesting to discuss.of course large countries such as China and the United States will continue to monitor small countries in advantages in using bitcoin, if the country is successful it will be interesting to follow the continuation of these big countries
June 30, 2021, 11:50:28 AM
OP, I feel that there are a lot of thing a country's government should consider if it want to legalize bitcoin as a legal tender. Meanwhile, the fiat system that most people consider problematic is still very much wanted to be maintained because the government cannot fully control the bitcoin network. It's well known that government always want to control thing so they're centralized, but with bitcoin they definitely won't be able to do that.
I just think that adoption and legalization are two different thing. Meanwhile, El-Salvador is not the only country that has legalized bitcoin as a mean of payment because previously several other countries also gave freedom to business people to adopt bitcoin as a mean of payment as did Tesla and other companies that adopted bitcoin.
I just think that adoption and legalization are two different thing. Meanwhile, El-Salvador is not the only country that has legalized bitcoin as a mean of payment because previously several other countries also gave freedom to business people to adopt bitcoin as a mean of payment as did Tesla and other companies that adopted bitcoin.
June 30, 2021, 08:45:01 AM
I think that the way governments should handle Bitcoin is through regulation, not elimination. Each government will approach the Bitcoin phenomenon in a different way. In most countries, the only real concern is money laundering and illegal transactions. If the government is able to keep its grasp on the use of Bitcoin, then they will prefer to stay out of its way.
If Bitcoin is to become a global standard, will it be through the cooperation of national governments?
If Bitcoin is to become a global standard, will it be through the cooperation of national governments?
June 30, 2021, 08:38:58 AM
according to my estimation in the near future, it is likely that other countries will not follow in el salvador's footsteps in legalizing bitcoin, as a legal tender, because considering that other developed countries are still using fiat currency, and are still looking for profit in fiat currency. .
June 30, 2021, 08:00:06 AM
Examples of countries where this is happening is Zimbabwe / Yugoslavia / Venezuela / Hungary ...where they are struggling with hyperinflation.
Yugoslavia has not existed for 30 years, and you claim that they are doing something with Bitcoin there? Furthermore, what kind of hyperinflation are you talking about when it comes to Hungary?
The US Dollar is still powerful even with Bitcoin in play. What could happen is that developed countries back their currencies to the value of 1 Bitcoin. If they did it with Gold, they can do it with Bitcoin.
You still dream about things that are practically incompatible, because gold has been there for thousands of years and has nothing to do with Bitcoin - it is essentially a threat to the current system, not a solution the way you imagine it.
June 30, 2021, 07:27:16 AM
it is possible to legalize bitcoin but who knows when, if bitcoin can beat fiat, one thing is impossible because fiat is a legal tender in every country and cannot be replaced because fiat in every country is different
June 30, 2021, 07:12:59 AM
Looks difficult for other countries to adopt crypto the way El-Salvador adopted cryptocurrency. This country has a population of only 6 million so it is quite easy for its President to carry out such reforms. But for bigger countries, it might not be as easy as El-Salvador. But some smaller countries like Malta, Curacao or Vanuatu etc may consider the same, but bigger countries will have to go through a lot of changes for the to aopt cryptos. Remember, legalizing and adoption are not the same thing!
I don't think that population plays any role here. El Salvador was able to give the status of legal tender to Bitcoin, because it doesn't have a national currency. For the last two decades, they are using USD as the national currency. That is not the case with the countries you have listed out (such as Malta, Curacao or Vanuatu). If they make Bitcoin the legal tender, then Bitcoin will be competing against the national currencies. And for the government, this is not going to be a very viable situation. It will ultimately result in the devaluation of the national currency.
June 30, 2021, 07:11:30 AM
El Salvador became the first country in the world to adopt Bitcoin as legal tender. In a time where Fiat currencies are devaluing because of inflation, this is a pretty smart move. It's no secret that cryptocurrencies are becoming extremely popular in third-world countries. If this keeps up, Bitcoin may be able to destroy Fiat in its entirety.
Now, it's only a matter of time before other countries follow suit in adopting Bitcoin as legal tender. It's yet the time where a developed country hasn't adopted Bitcoin as legal tender. The United States, The United Kingdom, and other powerful countries still rely on Fiat. Imagine what will happen if they decide to abandon Fiat in favor of Bitcoin. It would decentralize the global economy.
Probably some more countries who are also facing the unstable economic conditions might be studying about adopting bitcoins by leaving off their fiats. I have read at least 10+ countries are making use of USD as their local tender and I'm sure such countries are next candidates to become the successors of El Salvador.Now, it's only a matter of time before other countries follow suit in adopting Bitcoin as legal tender. It's yet the time where a developed country hasn't adopted Bitcoin as legal tender. The United States, The United Kingdom, and other powerful countries still rely on Fiat. Imagine what will happen if they decide to abandon Fiat in favor of Bitcoin. It would decentralize the global economy.
I'm just praying to God that the economic growth of El Salvador will be sustaining in coming years so that other countries will be following it to adopt bitcoins as legal tender. But I'm not seeing any reasons for its economy to be getting worsen from the current state just because of adopting bitcoins so definitely more countries will copy.
June 30, 2021, 07:01:27 AM
El Salvador became the first country in the world to adopt Bitcoin as legal tender. In a time where Fiat currencies are devaluing because of inflation, this is a pretty smart move. It's no secret that cryptocurrencies are becoming extremely popular in third-world countries. If this keeps up, Bitcoin may be able to destroy Fiat in its entirety.
Now, it's only a matter of time before other countries follow suit in adopting Bitcoin as legal tender. It's yet the time where a developed country hasn't adopted Bitcoin as legal tender. The United States, The United Kingdom, and other powerful countries still rely on Fiat. Imagine what will happen if they decide to abandon Fiat in favor of Bitcoin. It would decentralize the global economy.
Do you think other countries will follow El Salvador's decision of adopting Bitcoin as legal tender? If not, why? Your input will be greatly appreciated. Thanks
Now, it's only a matter of time before other countries follow suit in adopting Bitcoin as legal tender. It's yet the time where a developed country hasn't adopted Bitcoin as legal tender. The United States, The United Kingdom, and other powerful countries still rely on Fiat. Imagine what will happen if they decide to abandon Fiat in favor of Bitcoin. It would decentralize the global economy.
Do you think other countries will follow El Salvador's decision of adopting Bitcoin as legal tender? If not, why? Your input will be greatly appreciated. Thanks
Looks difficult for other countries to adopt crypto the way El-Salvador adopted cryptocurrency. This country has a population of only 6 million so it is quite easy for its President to carry out such reforms. But for bigger countries, it might not be as easy as El-Salvador. But some smaller countries like Malta, Curacao or Vanuatu etc may consider the same, but bigger countries will have to go through a lot of changes for the to aopt cryptos. Remember, legalizing and adoption are not the same thing!
June 30, 2021, 06:54:17 AM
Bitcoin is the most promising crypto in the space so why it can't convince people to join wherein how it works and how it can guarantee profits despite of the situation..*buy low and sell high" is the common way why most enthusiast followed the trend. So there's no way people will not follow el Salvador, once they saw bitcoin is making improvements because of them....
the best example of this is within our family. I know for sure that not all of your family member thinks that Bitcoin is another form of currency but somewhat they think it was just a scam thing. Well, that it was hard to convince those few numbers, how much more for about a million individuals? The huge adoption had to come when we eliminate the doubts and look forward to the best, and to see how useful it was in a new era. It can be just a form of investment today but for sure, it become a currency accepted globally in the future.
June 30, 2021, 05:55:33 AM
Bitcoin is the most promising crypto in the space so why it can't convince people to join wherein how it works and how it can guarantee profits despite of the situation..*buy low and sell high" is the common way why most enthusiast followed the trend. So there's no way people will not follow el Salvador, once they saw bitcoin is making improvements because of them....
June 30, 2021, 05:17:01 AM
I am more than sure that Venezuela with this economic model should clearly use the crypt together with the fiat currency
June 30, 2021, 05:03:11 AM
it can be said that what elsavador did was very accurate by legalizing crypto currency in their country, maybe we can breathe a little easier with what the country is doing, with recognition from other countries this will have a very big impact positive.when other countries do not want to adopt the currency, hopefully this is the first step that will be followed by other countries in the world, because with many governments prohibiting the circulation of bitcoin in their respective countries it could be later they will be willing to accept bitcoin as legal tender
June 30, 2021, 04:52:14 AM
for other poor countries it is possible, but for big countries like America, China and countries in Europe they will not do it. legalizing bitcoin as a means of payment is a difficult thing to accept. they fear the rate of money laundering will increase, because bitcoin is essentially decentralized. they may prefer to make their own version of digital money using blockchain. they want to have control so that there are no financial problems in their country.
The problem with that though is that poor countries doesn't have enough funds or infrastructure to support or sustain the adoption for a long-term which is problematic because that means that a lot of their projects that was funded by the taxes of the people will only be put into waste because it didn't last.I know so far after accepting legalizing bitcoin in EI Salvador, some countries are thinking Bitcoin legitimacy in their country. Brazil, Poland, venuzuella, and hangerry.... Are ready to permit Bitcoin as their transactions systems in all spheres in life.
We can't really trust the interest in countries until the law of the country support it. Paraguay was close to it few days ago but a different news is in the media, although, the world Bank has given smaller countries the opportunity to adopt it but it looks more like an experiment with them. June 30, 2021, 03:56:35 AM
for other poor countries it is possible, but for big countries like America, China and countries in Europe they will not do it. legalizing bitcoin as a means of payment is a difficult thing to accept. they fear the rate of money laundering will increase, because bitcoin is essentially decentralized. they may prefer to make their own version of digital money using blockchain. they want to have control so that there are no financial problems in their country.
The problem with that though is that poor countries doesn't have enough funds or infrastructure to support or sustain the adoption for a long-term which is problematic because that means that a lot of their projects that was funded by the taxes of the people will only be put into waste because it didn't last. 
June 29, 2021, 11:23:17 PM
for other poor countries it is possible, but for big countries like America, China and countries in Europe they will not do it. legalizing bitcoin as a means of payment is a difficult thing to accept. they fear the rate of money laundering will increase, because bitcoin is essentially decentralized. they may prefer to make their own version of digital money using blockchain. they want to have control so that there are no financial problems in their country.
These are just excuses being meted out to support the fiat currency. I don't think that Bitcoin has any such characteristic which makes it attractive to money laundering. The prime choice to launder money is physical cash. None of the other mediums even come close. In case of Bitcoin, each and every transaction is recorded in the Blockchain and these records can't be deleted under any circumstance. This makes it very easy for the authorities to track down the flow of funds. There are anonymous cryptos such as Monero, but they have limited liquidity and can't be used for money laundering on a large scale.
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