Bitcoin Forum

As of late countries seem to be doing one of two things, either regulating crypto and making it less accessible like india or they're making it more easily accessible by adding special measures for crypto like tax waivers for people who earn crypto or spend in crypto. This surely will get more people involved in the industry and lead to a much wider adoption of crypto.
Recently "Singapore’s Inland Revenue Authority (https://www.iras.gov.sg/irasHome/default.aspx) (IRAS) recently put forward a proposal to waive sales tax on goods or services paid for in cryptocurrency or similar digital assets. The proposal intends to help spur development within the local blockchain and cryptocurrency industry.

Existing tax laws have historically resulted in Singaporean residents being excluded from initial coin offerings (ICO’s) launched in the country. Singapore’s goods and services tax (GST) means residents wanting to get involved in ICO’s have to pay seven percent tax on their purchases. The cryptocurrency industry may have been around for over ten years, but as far as daily use cases go, it’s still in its infancy. For the industry to break into the mainstream, favorable policies need to be enacted to ensure everyday citizens can use digital assets constructively.

Overbearing taxes and strict regulation only serve to drive users away from adopting digital assets as a means of payment. The development of logical and clearly defined regulation is supported by innovative blockchain firms like Coinpayments (https://www.coinpayments.net/), a payment gateway service that works hard to help enable retailers around the world to accept cryptocurrency payments. It recently formed a partnership with crypto directory startup Cryptwerk  (https://cryptwerk.com/)to provide a single resource that allows users to spend their crypto in 182 countries around the world."

Countries contributing in this manner should certainly contribute towards global adoption of cryptocurrencies

-source https://www.the-blockchain.com/2019/08/06/singapore-considers-tax-waiver-on-cryptocurrency-purchases-an-example-for-other-countries/

Relatively speaking: I would assume yes. There are most likely more people accepting bitcoin this year then people that were accepting bitcoin last year, so if that's the metric we're going off of then we're good, yes.

But if we're going off the amount of merchant volume on the platform: I would think this number is pretty low. Because while there are many merchants accepting crypto, most people would just rather just a credit card with the protections and rewards, a debit card, etc -- instead of using crypto which incurs them a fee on their side.

Merchants really should attempt to give the customer some incentive to using crypto -- because they could save a good deal of money on transactions due to having a lower processing fee through a company like bitpay. But that's not the case. People don't like fees and passing them onto the customer isn't going to work.

I would say that it becomes more mainstream but yet not more accepted.
People try to understand more what cryptocurrencies are and what value can bring to our lives. However, I haven't noticed any company starting to accept cryptocurrencies as a way of payment. It seems like the environment is stagnant in terms of adoption.

I can see lot of regulations on the crypto exchanges which is literally means that more people using crypto services so governments are trying to make profits from their such service but they will allow to be a legal payment? I guess they won't because it will ruin their national currency.

Very true, it's becoming more well known and used, but not exactly accepted. We still have to go through companies like wirex in order to use our crypto

Yes, crypto is becoming more and more accepted in the world every day.
Recent example id from my country, Croatia.
Croatian post office just started crypto exchange, for now as pilot project in one city, Zadar.
More info: https://bitcointalk.org/index.php?topic=5168879.0 (https://bitcointalk.org/index.php?topic=5168879.0)

I think yes, there are more store now open to accept crypto, but its not a significant improvement for btc, but at least the growth is not stagnant, now the acceptance is rely on the government, if the government agree to adopt I think the acceptance will be really fast

I think no reason why government shouldn't agree to adopt crypto.
More money and transactions means more taxes and more taxes means more more for them :)

I think governments will only have an interest and have more funds if she can taxe bitcoin! If bitcoin is not taxable then we should expect governments to lose interest in it and instead of adoption, she will keep fighting it. When governments use bitcoin as a store of value that is when we would see it going into the mainstream and it really values come out.

It sort of, especially in Asia outside China and India. Though it's mostly more about regulating and taxing it. I think that's a good start for crypto.

Most still seem to see it as investment though, people tend to just buy and hold them rather than actually using them for transactions and when they do, it's usually through exchanges that convert them to fiat first before processing the transaction.

what do you mean with accepted the cryptos sold by the current clan of cryptocurrency marketeers like doggecoin etc.

regards

To be honest, I don't think so. When I see people around me, barely anyone mentions crypto or thinking about accepting. That might be just my experience, I would like to be wrong in this case.

The only reason for bitcoin and crypto not being used at the payment methods because the government does not want bitcoin to be used as a currency. In most of the places the status of crypto is illegal or not known, so merchants will not risk themselves to introduce bitcoin in their business and shops.

Still 95% of people in this world not aware of what is crypto that is why we are not getting any experience about cryptos from the next door but when we compare the growth in the last five years surely we are heading to something better.

Some Countries are too slow to accepting Crypto into their mainstream commerce because they fear it would destroy their economy and takeaway their tax revenues. They also fear it will encourage and makes money laundering far too easier. Most third world countries simply don't understand the technology behind Crypto nor how to put together meaningful regulatory frameworks. So they simply ignore Cryptocurrency or even try to make it illegal.

The USA is also reluctant to accept it into the mainstream transactions because the FED and Government fears it would render USD ineffective. Take for instance Trump recent tweets about Facebook's Libra where he clearly stated he has never been a fan of Cryptocurrency.

While Crypto is here to stay, adopting it into the mainstream transaction frameworks has been quite slow and doesn't seem to change anytime soon.

I don't know if I would go this far.

I think that a good deal of people in the world do know about Crypto -- they don't know how it works, but they do know that it is present due to the massive gains that happened prior to them investing.

Though no, I don't truly think that Crypto is becoming more accepted. I think that the story every couple months about one new person accepting Crypto isn't anything to be proud of, due to the fact that for every one person that hits the shitty news site of CCN for accepting Crypto -- there are probably 10x the people leaving due to it just not being worth the time, as there is no additional revenue stream present when you accept Crypto --> Obviously this isn't the case for all sectors, as some in particular (think about gambling, and illegal activities) don't have anyone else to go to for this sort of business).

Adoption is slower now but we are heading in the right direction. Even though the price may have fallen, more and more people are getting into cryptocurrency.

Demographics usually counts a lot when it comes to Bitcoins being more accepted, People between the age range of 50 upwards are not what I will say to be inclined to invest and use bitcoins because and I mean no offence, they are not technologically aware like most of us.

But at the end of the day adoption isn't about price, or at least it shouldn't be. It should be about getting more and more people into accepting Cryptocurrencies, lowering merchant fees, and lowering fees incurred from sending Crypto -- as there's no way that someone could use BTC for a cup of coffee (or some item of this low value) if fees are congested. But people don't want to use altcoins as well, as theirs no easy on ramps to these coins -- as you're just going to have to buy BTC, then buy your alt coin of choice.

For most consumers, using Venmo to them is the same as Bitcoin -- but for Bitcoin they're having to manage a lot more, and pay a large amount more in fees (if using a debit card, of course) Obviously we know this isn't the same, due to the amount of control they have on Venmo over their funds (practically none)

World is moving toward one currency solution to become more global in reality.

Yes! Did you see the recent Rakuten announcement in Japan? https://finance.yahoo.com/news/e-commerce-giant-rakuten-publicly-062807593.html 

Binance is expanding to the US. Plus all these coins trying to compete with Libra. It's going to get interesting for sure.

Acceptance probably for those who understand how the system works and how they can find opportunities to earned, crypto mostly being used as  an assets for investment and not for everyday use, even there's already adoptions that keeps popping from time to time, there's still things that needs to
be consider before it can really attract end users and not just investors who deals with trading and investing but users that  will use it with it's solely purposes.

if we look at it from a global perspective then it is indeed becoming more accepted.Especially in Asia with the adoption in every day use cases where people don't have a choice but to opt in

I have seen lots of guys are joining and investing their money in different crypto projects. In this way the number of users are increasing.

Crypto is becoming more accepted only in several countries. In others there are or no changes or crypto bans

If more countries accepted the cryptos then remaining also will accept them if there is no choice for them to survive.

As technology is overcoming human day by day. Crypto came many years back but now it is in trending in some countries. It is making its way of success day by day. In some of the countries it is banned and in some it is still working. But it is commonly used when any person/company need to send money to individual who worked from them from some other  country. They pay him through Bitcoin.

Yeah, you are right enough. But most of the countries allow crypto currency. It will increase gradually I hope.

Yeah, you are right enough dude. When the people will start knowing the good opportunities of using bitcoin then the users will increase a lot and within a short period of time. There is another way why so many people like payment on Bitcoin or other coins. Because they can easily convert their coins in different currencies using crypto exchange (https://exchange.all-stocks.net/exchange) websites.

Tax bitcoin? What do you really mean and how can Bitcoin be taxed by the government. I think if am not mistaking tax Bitcoin business related and income via bitcoin and if that is what you meant then you should know that it is already happening in some developed country of the world and is high time other developing countries join so the they can benefit by way of increasing there revenue and am sure that will create more awareness and adoption of bitcoin.

This will happen but it will take some time. Because people yet aren't much aware of using Bitcoin or other currencies.

Without question. Many industries are slowly wrapping their heads around the advantages of crypto and how it can be best utilised in their favour.

Certainly Crypto is becoming more interesting to the global business entrepreneurs, and therefore more accepted.
People who know how Crypto works are even propagating how good it is to learn more about it, therefore making it more accepted.

Yeah, obviously. In this way the number of users will increase definitely.

It's been 10 years in since Satoshi Nakamoto first gave us Bitcoin, and most governments are still trying to learn how to deal with it. By nature, government will have a very huge impact on adoption. By force of law, "fiat" as defined literally means, "because we say so". How much is a US dollar? A US dollar is worth so and so, because the US government says so - coupled with other market forces. So "acceptance" becomes a matter of "force of law". This is debatable of course, but absent this "force" factor, "adoption/acceptance" becomes an optional matter. By default most people will generally opt for the currency that is considered as "legal tender" for various legal and trading purposes.

Do you have any example for that?
I can agree that people are more aware of Bitcoin and Cryptocurrencies however I don't see them being more involved.
Especially, businesses are afraid to integrate them as a way of payment due to their high volatility.

Yes, it is becoming more accepted. Some organisations like AT&T accept bitcoin payment. This is expected as bitcoin offers lightening fast transaction, very low fees and it is decentralized.

In Asia (specifically the Philippines), although the usage of cryptocurrencies have been steadily growing over the past years, the BSP (Central Bank) has issued several notices and warned the citizens about the risks of utilizing cryptocurrencies. They are actually acknowledging its reputation but it would take some time before accepting it as an alternative payment.

Although there are already merchants accepting bitcoin compared before, there still remains some doubt with regards its overall usage and implementation to the general public. People have created a stigma towards anything that is online and that significantly causes cryptocurrencies to be used my some.

   Definitely there is more talking about Bitcoin now then ever before. This list is a really long list, and there is many good
things to read in this article, I advice people to check them out. I would like to quote the sentence from the end of this
article, it`s in in a spirit of this topic I believe:
-"Undoubtedly, smaller banks will soon follow the path of pioneers and, who knows, maybe in some ten years,
every transaction made on Earth will be processed by blockchains."
   We all agree that crypto-currencies are the future, they are becoming more accepted, and full adoption is not so far
from here.

In fact, in Croatia, the tax service has already defined a way to tax the profits from crypto trade.
Of course, we have to pay taxes when we exchange crypto to fiat, not before.
If we can prove that we have kept crypto for at least 2 years in our wallet, we do not pay any taxes  ;D ;D ;D