Will other countries adopt Bitcoin as legal tender after El Salvador's recent mo - page 3.

KaliLinux

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Quote from: Abiky on June 25, 2021, 07:42:19 PM

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

I believe while other third world countries will likely follow in the El Salvadors step of adopting Bitcoin as a legal tender simply because of trying to break out of this financial burden of IMF/World Bank, it will be a bit more difficult for the more developed countries that you mentioned like the United States, The United Kingdom, and other powerful countries to adopt Bitcoin as a legal tender, this means they are losing their stand in terms of world economic power because if every country has adopted Bitcoin as a legal tender, who will play the Boss?

DarkDays

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Quote from: mk4 on June 25, 2021, 08:54:17 PM

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 agree with you on this, larger countries will find it more challenging to implement the changes needed to adopt BTC or any crypto for that matter than smaller countries. I also feel that people being more vocal about this change in these larger, more developed countries will also be a hindrance since their views are distorted by the media. So, all in all, there will be some time before we see countries like Japan or USA adopt crypto for good.

Obito

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Quote from: Wind_FURY on June 26, 2021, 02:42:32 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.

Wind_FURY

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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.

famososMuertos

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Actually, I do not think that in the short term any will be added in a formal way, for what it implies, but if countries are to be added to allow it more diffusion, in fact there are already several countries that allow transactions with bitcoin not as a formal currency, so the question is; which countries really need it as a currency.

Days ago I read this article that has its own selection:
https://www.cityam.com/more-countries-line-up-to-make-bitcoin-legal-tender-which-one-will-be-next/

Kemarit

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Quote from: Abiky on June 25, 2021, 07:42:19 PM

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.

Not really sure if Bitcoin will destroy Fiat though.

Quote from: Abiky on June 25, 2021, 07:42:19 PM

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 don't see these powerful countries adopting Bitcoin just like what third countries are doing or would do in the future. They are so powerful that they won't allow Bitcoin to be the global currency.

Quote from: Abiky on June 25, 2021, 07:42:19 PM

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

If El Salvador becomes successful then they why? But I'm seeing Central America or Africa nations who are under developed or third world countries will dig their hands and used as legal tender, but they should also be ready for the consequences from IMF or even WB.

mk4

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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).

Abiky

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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

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