Topic: Will other countries adopt Bitcoin as legal tender after El Salvador's recent mo - page 2. (Read 415 times)
June 29, 2021, 11:07:04 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.
June 29, 2021, 03:32:23 PM
It is not needed for a country to adopt bitcoin as a legal tender just to be labeled that they've adopted bitcoin. There were many countries that have been friendly to crypto, Malta, Japan just to name a new.
They don't really have to declare it as a legal tender, they just have to allow their citizens use it and won't impose a crypto ban.
They don't really have to declare it as a legal tender, they just have to allow their citizens use it and won't impose a crypto ban.
This kind of justification is what we have here in our country, the government doesn't announced a legal adoption of bitcoin as a currency but people and some other establishments are already using it, accepting it as a mode payment, many of us here in our country are preferring of putting an investment in cryptocurrency. I guess at this time the government officials of every nation were still thinking, observing the possible effect of adopting cryptocurrency before they going to announced the legal used. But in any sense bitcoin and crypto don't need to be announce as legal tender because people already knows the worth of bitcoin and without the permission of government people will still going to use and invest in bitcoin.
But the support of the government that haven't been recognized is that when they don't impose a ban and shows their support through allowing the circulation of cryptocurrencies in their jurisdiction.
Yet, some people are still demanding such as what happened in El Salvador. It's not all about being a legal tender as the main basis that a country shows support for crypto adoption.
June 29, 2021, 12:10:17 PM
I think your statement is not entirely true, because Japan was actually the first country that accepted Bitcoin as a "Currency" and even if some other countries does not accept it as a legal tender, people still buy and sell Bitcoin without their permission. Examples of countries where this is happening is Zimbabwe / Yugoslavia / Venezuela / Hungary ...where they are struggling with hyperinflation.
Most of these people are forced to do this, because they need to protect their wealth against a failing Fiat currency. So yes... other countries will also do this, because more and more countries are struggling economically and hyperinflation is becoming more common now.
Most of these people are forced to do this, because they need to protect their wealth against a failing Fiat currency. So yes... other countries will also do this, because more and more countries are struggling economically and hyperinflation is becoming more common now.
That's good to know. The more countries adopt Bitcoin as legal tender, the higher its demand will be. It makes sense for third-world countries to adopt Bitcoin as legal tender since their own currencies are dying because of hyperinflation. For developed countries like the US and the UK, that's another story. It's very unlikely Bitcoin will replace Fiat on developed countries, since governments see no need to make the switch. 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.
Let's see what happens with Bitcoin after the next halving. I'm sure adoption will grow even higher as more countries join the game. Whatever happens, Bitcoin won't be going anywhere thanks to its decentralized and open source nature. Just my opinion
June 28, 2021, 04:09:02 PM
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.
June 28, 2021, 03:53:57 PM
Depends on who will be the one who runs that country. if ever a man with having enough knowledge on what the cryptocurrencies can do, he will take advantage of it and use the opportunity to give his people some option of investment but of course, that would be some trouble if somethings might go wrong. however, promoting this industry has been a hard battle for those people who wanted it to become an official currency of the world. More adoptions are most likely will occur after they will witness the good result of those countries who adopt Bitcoin earlier.
June 28, 2021, 03:42:33 PM
we might expect so, what el Salvador took is a firm and bold step. While other countries do not legalize bitcoin, but in these countries adopt the digital currency. This is a very good step, with the existence of countries that have adopted this digital currency. recognize bitcoin currency, and other countries will start to slightly consider adopting the same thing in their country
June 28, 2021, 07:27:16 AM
El Salvador was in a better position to do this as compared with nearly any other country: they don't have their own currency and have been relying on USD. I think we are going to see this play out and depending on how that goes, we might see more countries doing the same thing. But this is going to take some time and there will major hurdles to overcome as forcing an entire country to use bitcoin the way El Salvador is going for it (anyone accepting money has to also accept bitcoin as it stands at the moment) is not going to be easy nor achieved quickly.
June 28, 2021, 07:22:33 AM
Maybe in the long term we can expect more countries to adopt Bitcoin into their economic structure. Right now El Salvador had taken a big step forward and the same has influenced small countries. Based on the development El Salvador attain over the falling years we can expect more countries adopt bitcoin.
June 28, 2021, 07:19:37 AM
surely other countries will follow El Salvador, if El Salvador manages to improve its economy by adopting Bitcoin...
Bitcoin cannot be stopped, countries that have been dependent on fiat will definitely try to find other alternatives to help their countries get out of financial problems. El Salvador is a pioneer in this regard and it is only a matter of time till many countries will follow El Salvador.
Bitcoin cannot be stopped, countries that have been dependent on fiat will definitely try to find other alternatives to help their countries get out of financial problems. El Salvador is a pioneer in this regard and it is only a matter of time till many countries will follow El Salvador.
June 28, 2021, 07:12:32 AM
Our country is slowly coming into this because the stand is not in negative side,
there has been some issue that the government agencies are giving warning to the people to choose which coin to invest an always check to Central banks about the legitimacy of the projects conducted.
so basically ? yes other countries will follow what El Salvador does.
there has been some issue that the government agencies are giving warning to the people to choose which coin to invest an always check to Central banks about the legitimacy of the projects conducted.
so basically ? yes other countries will follow what El Salvador does.
June 28, 2021, 06:52:34 AM
I think other developed countries currently don't want to make bitcoin a legal tender, as small countries, such as El Salvador, do, on the grounds that their developed economies are still strong, and their fiat currency can still compete with other developed countries. other countries, developed countries still make bitcoin as their asset, for now developed countries don't see that, but what will happen in front of us we don't know yet..
June 28, 2021, 05:50:25 AM
I think more countries will accept bitcoin as payment method. However cryptocurrency community is a big community, I think our community have big chance to dominating online transaction which means that our community is a big market. Beside big opportunity to earn profit from trading, there are many opportunities for investors and businessman to build new companies and new industries. I think the potential is very big.
June 28, 2021, 05:45:25 AM
It is not needed for a country to adopt bitcoin as a legal tender just to be labeled that they've adopted bitcoin. There were many countries that have been friendly to crypto, Malta, Japan just to name a new.
They don't really have to declare it as a legal tender, they just have to allow their citizens use it and won't impose a crypto ban.
They don't really have to declare it as a legal tender, they just have to allow their citizens use it and won't impose a crypto ban.
This kind of justification is what we have here in our country, the government doesn't announced a legal adoption of bitcoin as a currency but people and some other establishments are already using it, accepting it as a mode payment, many of us here in our country are preferring of putting an investment in cryptocurrency. I guess at this time the government officials of every nation were still thinking, observing the possible effect of adopting cryptocurrency before they going to announced the legal used. But in any sense bitcoin and crypto don't need to be announce as legal tender because people already knows the worth of bitcoin and without the permission of government people will still going to use and invest in bitcoin.
June 28, 2021, 05:27:59 AM
It is not needed for a country to adopt bitcoin as a legal tender just to be labeled that they've adopted bitcoin. There were many countries that have been friendly to crypto, Malta, Japan just to name a new.
They don't really have to declare it as a legal tender, they just have to allow their citizens use it and won't impose a crypto ban.
They don't really have to declare it as a legal tender, they just have to allow their citizens use it and won't impose a crypto ban.
June 28, 2021, 04:49:19 AM
OP, we don’t know, but if some other country is incetivized to adopt Bitcoin as legal tender, then maybe they will. BUT, does Bitcoin actually need to become officially “legal tender” to be used as a currency? I believe it was working, and chugging along before El Salvador joined the bandwagon.
Maybe the officiation of being a legal tender adds some legitimacy to the status of bitcoin as a currency and an asset. This bandwagon would probably get much bigger if El Salvador can pull off all the things that they are announcing to the world.“Legitimacy”? Does Bitcoin really need “legitimacy”. It’s artificial, created and signed by a cabal into law. Bitcoin is an open, permissionless system. It doesn’t need “legitimacy” to be used. Anyone is welcome to use it. Bitcoin will work just as fine without El Salvador’s Legal Tender law.
June 26, 2021, 04:59:08 AM
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 have to admit that you made me laugh with this, because flying donkeys and goats will appear in the sky sooner than the US or the UK will accept any other currency as a legal tender. Consider that the UK has been in the EU for as long as 47 years, without ever giving up its national currency in favor of the euro, and that US politics is defending the US dollar by all possible means, no matter who is in power there.
A world in which there will be one and decentralized currency is still very far in the future, and maybe then it will not be needed or will not be as important as today. Despite the fact that I support Bitcoin, I still believe that every country should have its own currency, because it is part of national identity and sovereignty.
June 26, 2021, 04:40:48 AM
It would be wise for other countries to wait a bit and see how it goes. Maybe it's still too early to adopt Bitcoin as legal tender, because of problems like fees and volatility, as it would make people develop negative first impressions if they will be forced to deal with it. I wouldn't expect more legal tender adoption in the next months.
June 26, 2021, 04:06:46 AM
I think your statement is not entirely true, because Japan was actually the first country that accepted Bitcoin as a "Currency" and even if some other countries does not accept it as a legal tender, people still buy and sell Bitcoin without their permission. Examples of countries where this is happening is Zimbabwe / Yugoslavia / Venezuela / Hungary ...where they are struggling with hyperinflation.
Most of these people are forced to do this, because they need to protect their wealth against a failing Fiat currency. So yes... other countries will also do this, because more and more countries are struggling economically and hyperinflation is becoming more common now.
Most of these people are forced to do this, because they need to protect their wealth against a failing Fiat currency. So yes... other countries will also do this, because more and more countries are struggling economically and hyperinflation is becoming more common now.
June 26, 2021, 03:50:00 AM
It's a slow process but i'm sure the other will do the same or something like this. It's inevitable in a long term i guess.
June 26, 2021, 03:38:41 AM
My amateur economic opinion is that don't expect the bigger first world countries to be adopting Bitcoin as legal tender any time soon. Chances are, the smaller countries(e.g. El Salvador) will be going first simply because they have far less to lose. While the bigger first world countries like the US will be watching these countries very closely, taking a look if adopting Bitcoin as legal tender would do them more good or more harm (e.g. less control over money vs probably more economic activity).
I think it's not an amateur opinion, that sounds like what 1st world countries will do, I mean they won't simply acknowledge the fact that a 3rd world country is better than them. Maybe if the results in El Salvador is a resounding success, maybe they might consider. Jump to: