Bitcoin Forum

With every passing day, we have been seeing more and more institutions and governments becoming forthcoming on the crypto scene. So, what do you think, which countries will take the adoption on a national scale and why?

Just to start with, you can check the below link,

https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

It will give you a fair idea about the legal status if bitcoin worldwide. While few countries have come forward to create detailed regulatory framework for crypto usage, majority of them are still lacking a formal framework. So it is very difficult to say which country will join the bandwagon next!

I personally think a series of African countries will soon join the race of cryptocurrency by making it legal because it will benefit their economy directly and indirectly. Developed countries will take some time here!

I don't think that any country will adopt it on a national level any time soon.

Why? There are few obstacles:

- fee on every transaction (LN is a solution)
- MAX number of transactions per block + slow blocks. IN every given country, you have millions to billions of transactions daily. (LN is a solution)
- trans-border trades
- VAT, import, and other taxes (without fluctuating rates)
- 1001 more problems on a national scale

Very useful link, i was not expecting the legal country to be this much, i was expecting to see the majority of the countries to have btc trading as an illegal act, this definitely tells that crypto is gaining ground unlike before, soon enough the acceptance will increase.  

I could see that there are many countries now that made the legality of cryptocurrency possible within their borders, compared before. Given the case, however, I still find it hard to even guess which country would be fully adopting cryptocurrency. Aside from it being legal to a country, there many things to consider such as tax, trade system, fees, transaction framework and most of all the willingness and interest of the people to embrace it.

This isn't gonna happen in the short or within years. As per my understanding about the market African countries are in need of cryptocurrency than the Western world. From this I expect the national level adoption to happen with any of the African Country. For trade needs right now itself African countries have started to make use of bitcoin. Maybe if the government supports it, there is more chance of adoption.

Good answer but I would like to nominate not a country but a continent, and it will be Africa, the adoption there is so fast and the rate of inflation in some countries like what happened to Zimbabwe and the crime rate relating to stealing fiat from other people there are a good indicator that a cashless transactions are the best course of action, it is also worth mentioning that technology is widely embraced in this continent. If their governments were to do an economic experiments on national scale, I think that it will work out there unlike in Western countries like US were regressive minds are plaguing the country and progressive people are shunned, Asian countries are rife in corruption so it will be difficult to do a clean experiment there without some official lining their pockets, the closest will be the Middle Eastern Countries.

What do you mean with national scale? As its official currency or to be accepted in that country? If it is the second one, there are already countries who did such thing but if it is the first condition, that would be hard. Cryptocurrencies in general could be accepted as a currency but it will more likely co-exist with fiat currencies as medium of payment given that decentralization and regulation plays a huge role if it is concerning the main medium in every transaction. So I guess this would be blurry at this moment. Quite of a problem is, there are still countries not adopting this technology

Well, the chances of Bitcoin being adopted as a legitimate currency within another country can only happen when that country is already Technologically Advanced which means at least 90% of its population has access to Smart Equipment and Internet. India has this love for Technology but it is still not enough for them to launch this kind of adoption. On the other hand, Japan's advancement is remarkable and their economic status is not that bad so I guess Japan might be one of those countries that can launch an adoption to Cryptocurrencies and not just Bitcoin. 

a few years ago I read about "Bitcoinization". this term refers to a condition when the primary exchange medium (national currency, etc) taken over by Bitcoin. CMIIW.
Argentina, Venezuela, was reported to do it (or in a plan to do it) a few years ago. Mostly countries with high inflation rates.

you can read about bitcoinization and hyperbicoinization here:
https://nakamotoinstitute.org/mempool/hyperbitcoinization/
https://bitcoinmagazine.com/hyperbitcoinization/

On a national scale means using Bitcoin just like fiat on full scale, or Bitcoin being used just the way fiat will be used in that country, that is to say, the government is giving Bitcoin some sort of powers they won't be able to control. What I do know is that, no government or country will give Bitcoin that decentralization power on full scale, because if they can't control it, then they can't adopt it on a national scale. From time immemorial, government like power, they likes controling everything especially in their country, so bringing in Bitcoin will limit a lot from them and they won't want that, therefore the reason why Bitcoin adoption on a national scale will hardly or will not be possible. But what I also do know and believe is that, gradually, Bitcoin will crypt in such that, there will be more platforms that will accept bitcoin for payment of goods and services which is of course already happening, but yet these platforms or businesses will still in one way or the other, be under the regulation set out by the government.

There have been countries that have became friendly to crypto already. Just like Malta.
Countries Are Using Malta To Expand Their Cryptocurrency Business (https://www.escapeartist.com/blog/countries-using-malta-expand-cryptocurrency-business)

There was a country i read that have already accepted bitcoin to pay for parking fees....


Could be Singapore or....
lemme go check again

Adopting bitcoin can mean different things for different people, some people think of this as bitcoin replacing the fiat currency of the country but I personally I see it as bitcoin being accepted as legal tender and being accepted in the country alongside fiat currencies.

I think a good candidate for this is Venezuela, Venezuela has been facing economic problems for years and even its government seems to be using cryptocurrencies to avoid sanctions, so it is possible that in the future bitcoin could be made legal tender there during the next decade.

Yes, I think Venezuela has good crypto adoption already.
As I've read before on this link - https://www.coindesk.com/venezuela-pizza-hut-bitcoin-dash
They even are accepting dash, XPT, aside from btc as form of payment.
So maybe, they have a lot more shops or merchants that are now accepting crypto.
And we have the same opinion about adoption on a national level, I see it as being accepted as another legal tender not a competitor of their fiat.

At this point of time I don't think anh country will accept Bitcoin at national level or encourage their citizens to use Bitcoin like any other digital payment method. Unlike other inventions or technology if Bitcoin is used at national level then t would be from developing nations or breakaway states instead of developed nations. If Bitcoin is used at national level there are merits and demerits of the usage as well which needs to be worked upon.

You mean countries like Japan and Australia who really adopt bitcoin in 2017?

Perhaps Nigeria in Africa, or Germany in Europe or other friendly crypto countries in Asia like Singapore perhaps. However, some countries know are hoping on the bandwagon, like creating their CBDC (Central bank digital currency). So it's really hard to imagine now adopting bitcoin in a national level because it will compete with their own crypto projects (although very much centralised).

I think that the countries that will take the adoption on a national scale may be the countries that suffer from economic problems and sanctions imposed on them by the United States such as Venezuela and Iran, Bitcoin will help these countries get rid of the sanctions imposed on them and they are already using that at the present time, but Crypto has not been implemented It is officially accepted yet.

Good for Malta that they embracing the adoption of cryptocurrency. Malta is a perfect experiment for cryptocurrency adoption in economy because of its size, if Malta becomes successful, many countries will soon follow their steps. My guess would be countries that have a far more embrace to new technology will have the higher chance for them to adopt cryptocurrency.

In my opinion, if a country recognizes bitcoin nationally, that country will face some economic problems.However, if developed countries nationally recognize bitcoin, there will not be much economic problems.Through bitcoin recognition many countries will develop and one country can cooperate with other countries.

We are all looking forward to Bitcoin gaining such adoption, but I don’t know if that’s really going to happen in any country, because if you say gaining adoption on a national level, that means it’s going to be adopted as the currency of that country which is not possible. The much they can do is what they have done at this time which is making it legal and nothing much. They can only just allow their citizens to be making use of it if they want to, and not using it replace their currencies. At this time most of them are already talking about their own central bank digital currencies.

Yesterday I read in google news feed that India is likely to introduce their own cryptocurrency and will plan for laws to regulate usage of cryptos in their country. I am not sure about the possibilities for a country to introduce their own coin but they may impose laws against crypto buying and selling.

It is necessary to put your question more specifically. What do you have under the national adoption of bitcoin? If you mean simply the legalization of bitcoin by states, then the overwhelming majority of countries will legalize it, that is, they will determine its legal status, and also legislate the order and conditions for its circulation in society. However, no state will ever actively support bitcoin, let alone secure the status of a national currency for it.

I think in  the first wave of national scale of BTC adoption will be the tiny and small countries like ^{Pontinha (https://futurism.com/19659)}. The second will be African countries. Why? Because their economics will fail accommodate full   financial services offered by  banking system. Big and prosperous countries will hardly adopt bitcoin on national level. Why? Because their coexistence don't depend on BTC.  

Though his question is a bit vague and wasn't specific, but I guess what he's trying to point out is which country probably have the most Bitcoin adoption as a result of institutions and government's influence towards the individual investors. Though it could also mean involving the government's decision and views towards Bitcoin. And If he means Bitcoin or other crypto as a part of the national currency, then I can say we're still far from it.

That is the way I see it, the optimal thing to happen is that in fact bitcoin becomes the most dominant form of money and fiat currencies disappear as people lose all trust in them, but we need to be honest with ourselves governments are never going to do this and people are going to fall over and over on their traps and listen to the promises of corrupt politicians.

So the best outcome we can realistically expect is that bitcoin is accepted alongside fiat currencies and we can use it in our everyday lives, and while we still have a long road ahead I think we will get to that point during the next decades.

Most of them who adopt crypto early are gonna be those developed countries like for example japan where they have no problem of taxing people who uses cryptocurrencies. Third world countries or such gonna be very late in adoption because there's too much problem need to be resolved first.
When it comes to country adopting crypto it's just depends on how much beneficial cryptocurrency for the country and how welcoming the country to technology, I expect less from country that hasn't sorted out their bureaucracy (corruption, etc) before adopting crypto

I'm Canadian ,and sold my BTC a few weeks ago. I couldn't believe no major Canadian bank will allow their clients to transfer funds to or from crypto exchanges . 
Yeah they have mentioned their own crypto  currency ,and block chain, but sure as heck not Bit Coin.
But as dumbfounding as this seems , I phoned TD, BOM, CIBC, SB  ,and RBC, all refused to let me  send my own money ,that would be ( in 2 cases I had an account ) from my own saved money to a crypto exchange . I had a heck of a time cashing out my measely $2,200 CND ( that's about $1,475 in US ,so niot a big amount ) .                           

Bitcoin are likely to be safe and it will take some time for the reversal process to play out and for citizens of the more forward thinking nations to pass up the attractiveness of bitcoin in the interest of a national cryptocurrency with a number of nations that have already recognized bitcoin as a legal tender, including Japan.

Bitcoin is not only a virtual currency, but also an investment that has lined many of its pockets with gold. It is unlikely that national cryptocurrencies will offer buyers a similar opportunity as the centralized nature acts quite similar to a paper tender where the value is likely to be controlled by the central banks concerned.

I think Japan is at the forefront because it recognizes Bitcoin as legal tender. And there are also countries which have very favorable progressive income taxes for Bitcoin (I think Singapore is one of them), so that's pretty good. Ukraine might also get into the list of leaders because it's interested in boosting economy and attracting investors, so there've been various project laws (unfortunately, they all didn't become the law) trying to regulate the area. And let's not forget Africa with many countries making an effort to adopt cryptos and blockchain, so I think it's realistic that we'll see some African countries at the forefront as well.

 cryptocurrency ecosystem in country.

Of all the countries that you listed, I am looking more forward to Argentina because by far on the list they are the biggest country to adopt bitcoin, it's not that I do not appreciate the value that the other 4 countries are contributing but the big factor in adoption in my opinion is the quantity, meaning that to truly test the feasibility of adoption, we have to try if it can work with more people on a country.

Its truly helpful to see a list of countries that really accepts Cryptocurrencies as it is and really utilizes it to the fullest. I would also like to add that even though a country is not that technologically advanced, they can try and adopt it on a national level as long as there will be guidelines on how they can use it properly and how would it boost their economic status.

It is hard to make a prediction in the current hot time when covid-19 is attacking different regions around the world. Governments only want to approve the new vaccines as soon as they should just to make sure the economy will be once again stable. Mass adoption, therefore, is still pretty far a dream. But does it really matter? I deeply love that bitcoin continues to stay underground instead of being a part of society. The reason is that not many people care about what the governments are doing to control our lives and our data while others fight for freedom and decentralization. They don't deserve to use bitcoin or any source of cryptocurrency and actually, they do not really care about them. So I believe it is good to let them enjoy the centralization. Bitcoin is for adventures like us

Hmm, that does not seem to be permanent solution for this problem.  LN is alternative tbh, it's not solution. A solution would be changing of bitcoin's way of transacting. May be increasing rewards for miners and reducing the fees! However, opposite is happening after each bitcoin halving.


But not all the users are crypto users. Billions of transaction is vague concept at this stage.  :D
*LN is just alternative, not a solution.

Bitcoin holds diplomat passport, it's already going borderless.


I don't really understand with what you are comparing the bitcoin here? I mean we are talking about a currency use here. If you want to pay for the product you will pay with product cost inclusive of VAT, taxes etc. It won't matter if it's bitcoin or USD.  :-\


If we created something we can surely overcome the problems for the same.

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Well, considering the current rate of growth, USA seems to be ahead of every other country. They have the roots spread out through "Institutional Investors". It means over the period of time they will have more and more crypto enthusiasts.

That could be true but to some sort, I think that being a little updated in technology is a big help for a country that tries to adopt a revolutionary technology because in my opinion it defeats the purpose of adopting technology when in the first place your country doesn't have an advancement in technology. The good thing about bitcoin and cryptocurrency is that even a low level technology is enough for a government to process their adoption towards bitcoin, the only problem with that is they will have a hard time making it into real thing because I assume that low level tech countries are having economic problems so dire that they have a hard time investing into upgrading their equipments.

Singapore and Switzerland are the two countries that may adopt bitcoin on a national scale. Singapore has pretty good and clear regulations regarding crypto and blockchain. Besides that, Singapore is also a country that is very advanced in its financial sector, this makes Singapore very relevant for crypto and blockchain to develop.

Then the crypto valley in Switzerland is probably the most crypto friendly jurisdiction in the world. Many big startups and projects are now based on Zug such as Ethereum, Cardano and many more. This indicates that Switzerland has the capability to develop in the crypto and blockchain sector.

Maybe other countries like Malta have almost the same potential as Singapore and Switzerland, but for now, if we talk about mass adoption on a full scale with economies and proper regulations, I think Singapore and Switzerland are the two places that have this capability.

According to the 2020 Global Crypto Adoption Index compiled by blockchain data analytics firm Chainalysis, Ukraine, Russia, China, South Africa, Nigeria, Kenya, and the USA are at the top of cryptocurrency adoption. If we consider the financial hardships during the current Covid epidemic, in the next list, we can see countries that need safe-haven reserve assets such as Bitcoin.

i think, with the increase in price of bitcoin after some intervals, it will keep gaining attention of not only institutes but also many low and middle class people as well.

Totally agree but in addition, not only top tier countries but also third world countries are also acknowledging it very well.

Yes, Malta is totally crypto friendly countries, when Chinese government banned my crypto exchanges to do work so after that many one them shifted to Malta. One of them is binance.

This is really interesting data, for anyone that has been in top of this market it was easy to know that China and the US were going to be on the top of that list but I find it very interesting that three countries in Africa are at the top the list as well, this is great, for a long time people have been guessing that the richer countries will have faster adoption but it seems that countries which are not as well developed will still adopt cryptocurrencies relatively quickly.

However I'm surprised to not see Japan in that list so it will be interesting to know what's happening there, since just a few years ago it seemed as if they were going to be the leaders when it came to adoption.