Bitcoin Forum

This is getting serious, Europe and USA are left behind!  ;D

https://twitter.com/DocumentingBTC/status/1402655617462980613

Wheals are now pumping btc everywhere good news are coming. I think bear is tired now bull start the next really.

Tonga is officially known as Kingdom of Tonga. So it is a monarchy. That means, one person rules this archipelago of one hundred thousand inhabitants. So it is comparatively easier for such countries to adopt cryptocurrencies. Because such decisions don't need to be passed through parliament. So I don't think such kind of adoption will step up the bitcoin mass adoption. It's just some liquidity flowing into the market without much impact.

But at least one more name will be added to list of crypto friendly nations.

'adopting bitcoin'
vs
'allowing bitcoin as a remittance vehicle'

are two different things
if its just used for remittance. then most people dont care if its a western union database or bitcoin. all they see is fiat at both ends.

true adoption is the ability to buy produce/pay bills using a different currency

These countries aren't that big in the global economic scene so I can see why they want to adopt bitcoin and I can also understand why US and EU don't want to dip their toes yet, they want to see how far and where can all this go.

Its one step, Being recognize as a legal tender even for a small country is a big thing for bitcoin. But until we see bitcoin being used as way to pay for goods and services in real life scenario, its still way far behind towards adoption.

Talks about buying BTC and adopting Bitcoin as legal tender on the level of national legislation are two very different events. That being said, I hope that interest to Bitcoin indeed rises in the eyes of the governments of various countries.
Regarding the US and EU comment, I believe that cryptos are already legal there, but they are treated as property or something similar and are thus subject to taxation.
Then again, it's no wonder that developing countries are more motivated to introduce favorable crypto regulations since they want to boost their economies somehow. As for developed countries, they already have strong economies and are thus assessing the potential risks  and benefits when choosing their approach to the crypto industry.

I agree that Tonga will eventually adopt Bitcoin as a legal tender. why not? they are quite easy to control where the population is not as much as other countries. they could enforce the rules if the government was not in big debt to the central bank. Moreover, there is a crypto community there, it will clearly simplify policy.

If a small country can take their place to adopt and use bitcoin and it can grow, that will attract the attention from the other country, especially for a big country. Then, the big country will consider accepting and adopt bitcoin too before it is too late. Once that can happen, bitcoin will not stop growing, and more people will follow to use bitcoin. But maybe we should give bitcoin more time and wait for that because it is not easy for the government allows their people to use bitcoin.

Not really sure about the left behind part. It's not like other countries never use bitcoin. In fact, the market is probably more mature and the infrastructure to support the network is far greater than those small countries. Well, it's good news if more and more people use and adopt crypto/bitcoin anyway.

As long as these countries allow bitcoin on their country, that's already a good news.

This is the kind of news that we want to have instead of those countries banning bitcoin/cryptocurrencies as a whole. But this is a different news, the country of Tonga will buy bitcoin with their reserves? just wow!

I believe that underdeveloped nations should actually adopt Bitcoin and blockchain technology in masses. This will provide the citizens of these nations to also earn at the same level as that of developed nations in certain activities while having lower expenses in their home countries. This will help these people to generate wealth and expenses on education, infrastructure development and other necessities.

Also, on a separate note, most of the colonists in the last century should take up the responsibility to restore and create resources for their respective colonies that they looted during the colonial era.

It seems like we will continue to see some underdeveloped countries adopting Bitcoin. Countries like these started seeing Bitcoin as a way out as their economy is in a bad condition. I hope that they can reach their goals.

Would be nice but notice that Tonga has a population of 100k. Now, compare that with El Salvador with a population of 6 million... 60 times more population.

there is big money behind Bitcoin and there is freedom there too...

Small countries are trying to steal the world's attention right now, their country will definitely skyrocket, their goal in choosing Bitcoin is definitely not only to improve their country's economy but also to promote their country to the world. good move for tonga.

Does it even matter how many people they have, if they are countries that most people don't even know how to find on a world map? It's a drop of water in the ocean, no matter how important it is - although you could say that every journey starts with the smallest step.

What many forget is that any decision can be revoked, and El Salvador has already found itself under pressure from financial vultures who will do everything possible to make this experiment of theirs fail. The only question is how much they want it and how much influence they have on the president - that is, do they know some dirty secret they can blackmail him with - or will the US send its democracy promoters (special forces) to knock on his door in the middle of the night.

Not so fast though, on the contrary, it should be the other way around. If big nations are going to support bitcoin, then we might see it grow and adoption around the corner. But if it just a small country like Tonga, I doubt that it will attract, except many if Tonga chooses to be like a digital hub then maybe it has a change to be recognized and followed by other nation, specially neighboring countries.

While this good news is welcoming to all, it seems that only Bitcoin has been gaining a bit while the altcoins are on a free fall (recently BTC falls as well to $35k). I believe this will be just a short term downfall because of the weekend sale, so whether if it’s gonna be promising or not, there’s a good chance that the price may go up again a bit within the consolidation range.

I think Tonga's intention was to try different things and see the potential carried by bitcoin.  Tonga's Government allows it and make it legal since they see a lot of benefits from it, that can help to establish and develop more their country. They are brave enough to face the consequence of bitcoin, the Volatility in price and the external factors that can change it s value. it was a a big step for their country to accept bitcoin at the first place.

They are much aware on what are the risk and there were lots of discussions happened before they do end up this kind of decision which is really very unusual for a country to do so knowing that Crypto or simple Bitcoin is something that cant really be just easily adoption fully because of some properties or characteristics of it
but they did really took out that risk and make out some considerations instead and they are trying  out despite out of those criticisms got by bitcoin.
Any news of adoption is always be a good news and we would be seeing similar news as we go ahead.

hopefully the country of tonga can follow the country of el salvador which has legalized bitcoin, hopefully with more and more countries that legalize bitcoin, bitcoin can be more widely known by its users, and bitcoin can have a positive impact on its users, so that developing countries can follow in the footsteps of countries that have legalize bitcoin. .

Yeah right! Left behind where?  ;D

So Salvador has legalized bitcoin, does that makes them somehow ahead of everything? No!
The most important part has to come, the population has to adopt it and use it and get rid of fiat for them to be really ahead of everyone else, and to date, the only way they could do that, is well, by embracing solutions offered by guess who..US based companies!


It's Salvador, there are no politicians there who don't have an entire mansion, not just a closet full of skeletons.
Besides, he was a friend of Trump, mimicking a lot of his decisions (https://www.reuters.com/article/us-health-coronavirus-elsalvador-idUSKBN2330C4) so that's enough for the new democrat rule in the US to portray him as the enemy of the human race  ;)

I agree to this. Until the time comes that it is used on a day to day basis to pay for services or buy products from businesses or people, we cannot truly say that this is adoption. But still though, it is also a positive thing since it familiarizes people to bitcoin and to this indistry as a whole so I think it is also safe to say that in a way this is also adoption since it's still getting used outside of this industry? Im not sure. But what I'm really sure of though is that we need anything that would give publicity for bitcoin and this is one of it.

Publicity for bitcoin is really needed at this time if you just want to introduce bitcoin. Actual adoption may still not be fully implemented. Transactions using Bitcoin and ending with FIAT are very common nowadays. Although not fully adopted, at least Bitcoin has an important role for economic growth today.

The countries of El Salvador, Iran and then Tonga may be aware of the advantages of bitcoin and then legalizing bitcoin is the choice they have to take to advance their country's economy. Developed countries or other developing countries may follow later.
Bitcoin or cryptocurrency is becoming a revolutionary means of payment with technology that will continue to be developed.

We have El Salvador on board but we’re yet to see another nation officially declare bitcoin as legal tender. It’ll come but let’s hold off from celebrating too much right now.

Moving forward indeed, come rain come shine btc will always emerged as winner, one step at a time, some people will say this are only small countries with economic instability but who knows what will happen in near future, few years back nobody ever thought PayPal and other giant companies will accept but it happens,  same way gradually other bigger countries will start accepting btc and we will get to the promise land  ;D

You think that Bitcoin needs publicity, anyone who is aware of the financial market will be aware of the cryptocurrency market and you do not need any further publicity and transaction using bitcoin with fiat is common from the initial days and in this forum itself you will find many deals in the early days.

The advantage some countries like Iran is going to get is they could overcome the restrictions imposed upon them by some countries and they could take advantage of Bitcoin and overcome these restrictions imposed on them.

I may be wrong, but as someone who looks at it from the other side of the world, it seems to me that all presidents in Central and South America are a bit like Trump. But it must be acknowledged that Bukele has the courage to make this move, especially if it will put him in an even more unfavorable situation when it comes to the new US administration.

On the other hand, perhaps the US has nothing against this experiment - it is still better to learn from the examples of others than to make mistakes that can negatively affect people and the whole economy. By that I mean all the risks that can be associated with Bitcoin, in addition to high volatility, anyone who pays using cryptocurrency should know the basics - otherwise there will be a lot of unpleasant surprises.