Bitcoin Forum

The relationship of every human being with the economic system of a country is continuous and acts as a driving force. Through individual efforts, the recognition of his work at every stage is definitely through the overall welfare of the country. Recognition of good deeds of people can reward him in various ways and even take nobel.

I would like to quote a man named "Nayib Bukele" who is the President of "El Salvador". We see from his personal history that he was a businessman and has been serving as president since 2019. He adopted Bitcoin as legal tender within 2 years of coming to power. This is certainly the first case in the world that the first recognition of Bitcoin as a cryptocurrency. But we also know the historical price history of Bitcoin before that, how high it has been in just 15 years. BTC can act as a hedge in favor of a country's development which can contribute to controlling inflation in that country. Citizens of every country can use BTC to protect their wealth in times of financial distress and inflation. Many developing countries lack access to traditional banking services, but bitcoin provides an unprecedented way for everyone worldwide to participate in the economy without a bank account.

I am saying that many countries will continue to recognize bitcoin in the future as a result of individual efforts and concerted efforts. As a result of individual efforts, it is accepted as legal tender in "El Salvador". This is possible because of the efforts of "Nayib Bukele". So many may emerge in the future in an effort to have bitcoin accepted as legal tender by many more countries. I also know that it is capped at 21 million coins and 18.7 million of them have already been mined.

What do you think the overall situation could be if more countries recognize Bitcoin?

The Human Right Foundation (https://cryptoslate.com/human-rights-foundation-launces-finney-freedom-prize-to-reward-contributions-to-bitcoin-for-110-years/) last month launched the Finney Freedom Prize,  it is an award designed in Hal Finney’s memory to celebrate global achievements in the area of Bitcoin and human rights. Hal Finney is the first to receive this award posthumously. There are nominations for other individuals who have contributed positively to the growth of Bitcoin. If we wait for countries to do this, it will never happen so organizations, CSOs, NGOs, NPOs focused on Bitcoin and cryptocurrencies are taking up the initiative.

Isn't it obvious that the effect is that we might see adoption of Bitcoin increasing if a country will recognized it just like what El Salvador has done. Although there are a lot of Bitcoin friendly countries already or at least in the grey area wherein it is not illegally to have Bitcoin and there are no taxes yet.

But in any case though, Bitcoin will continue to thrive, regardless if there are big countries that are going to support it and make it legal.

We have survived the last 10 years, and so it will go and sustained it run in the next 10 years with our without countries recognizing it.

My prediction is that more nations might invest in Bitcoin for profit making but not many will make it a legal tender like El Salvador. It is on record that some countries are holding Bitcoins because they intend to make a profit from them in the future. However, not many nations will want to make Bitcoin legal because it will make them lose control of the financial system of the nation. It is also important to note that Bitcoin can serve as a hedge against inflation only if it can be kept for a long time since its price also fluctuates. We have also taken note that only BItcoin cannot protect a nation from inflation. Other economic solutions must be put in place to curb national inflation.

If more nations adopt Bitcoin it will increase awareness and adoption. Bitcoin's use as a currency will also increase because more businesses might begin to adopt it as currency for the payment of goods and services. Bitcoin might also be used as a means of payment in international trade. This might also lead to an increase in the value of the coin.

If more countries recognized bitcoin then it would be much easier for a lot of investors to participate in crypto related activities. We will then see individual economic growth which will lead to a global economic growth as well.

I have to say though that it will be best if we can solve the issue of scalability in order to achieve what we are all hoping to achieve in the future.

One aspect of it is for the government to be interested in adopting bitcoin as a legal tender, another aspect of it is in seeing people going for bitcoin irrespective of the government decision towards it, which i think the second aspect is what is happening currently with the world as at today while the first instance is what is happening in El-Salvador and the president whereby they have the right leader who is so interested in the affairs of the people and bitcoin adoption in other to help them achieve their financial goals.

The economy of a country will not be saved from inflation simply because the country adopted Bitcoin as a legal tender. If the nation adds bitcoins to its reserves it will gain from the appreciation of the asset, but if the country does not export goods or services or attract investors and tourists, the economy will be disposed to inflation.

Even if businesses choose to pay workers in Bitcoin, it will be adjusted with changes in inflation.

- Jay -

There likely won't be any notable shifts in adoption.  Similar to what occurred in El Salvador, there may be resistance from certain people due to their distrust in it as a currency.  This could potentially steer people towards stablecoins and altcoins like Monero.  However, I doubt people would conduct Bitcoin transactions in its current form.  They would probably be directed to create a wallet account, such as Chivo, which lacks self-custody.

Interesting statistics from El Salvador:  https://www.statista.com/topics/8401/bitcoin-in-el-salvador.

I love Bitcoin, but I see that Nayib Bukele’s decision was hasty, and if I were a citizen of El Salvador, I would not have voted for him in the upcoming elections. Bitcoin is still in the process of growth, and the most suitable place for it is the sovereign fund of countries, and it gives citizens the opportunity to either buy Bitcoin directly or through shares in the sovereign fund, and from Through the value of the sovereign fund, the state can borrow or start investment projects and prosper.

I am not against Bitcoin but just a general thought if majority of countries recognise Bitcoin then wouldn't there be more tug of war to claim more control and manipulate by holding the majority of it by some government institutions? I think Bitcoin is good as it is at the movement and we don't want countries to recognise t as currency but as an alternative to the fiat. There is a thin line between recognition and trying to control which I am afraid may happen if they hold huge chunk but they will never be able to control completely.

Acceptance can bring both positive and negative, we all know that countries are not getting along on this same planet at least for now conflicts will continue. And accepting bitcoin can bring a huge amount of attention and awareness to how it works and the applications it brings to life. But the truth is that things are perfect, it's just the way we use them that creates opposition/support, like last year people tried to label money laundering activities through bitcoin. In fact, the fiat system is something they don't talk about much and especially the ethical issues in using it.

So no matter how things turn out, it is a journey that we may or may not know along with bitcoin's development, but from a personal perspective, I still really support this special  with bitcoin.

Even with been unrecognized by some countries,more countries still gets to recognize it.Even with the ongoing setbacks and difficulties in the crypto space, there will be more people adoptions,recognitions and legalizations keeps occurring.
So no matter how things in the crypto space gets,efforts from individuals and overall/high ranked and notable individuals can possibly make positive results just to support bitcoin.

Bitcoin will keep experiencing growths irrespective of economical challenges,inappropriate predictions and unexpected inflation affairs.

You are 100% right about btc being a hedge against inflation but the main concerns should not to use it as long-term asset or to save your funds value for the long term in times of financial distress or inflation but as it can serve that purpose so we should definitely use it. You are right about BTC availability but to some extent only as many developing countries still face trouble in buying and selling BTC for fiat. For example, where it's banned, not legalized, banks are not safe places. But still, people come up with alternative ways to get their hands on BTC.
More countries will recognize BTC means more adoption and more demand while the supply is lesser due to scarcity and till 2140, everyone is going to be in profit as fee won't be that high till then at least that's what I think. Overall that would be a great thing, I have seen many people are making efforts individually at bigger level as there are many influencers in Pakistan struggling to make it legal, and I have seen many efforts by Nigerians as well. I am not saying other's don't make efforts I just wrote what I watched.

This question can be answered personally even without asking anyone, IMO.  By knowing the law of supply and demand and how citizen reacts on any item recognized by the government.  It is obvious that when an item, company, stocks, or any other stuff is recognized by the government, a massive adoption or massive interestest will be poured in on that stuff.  And with the nature of Bitcoin having a fixed amount of total supply, there is no other way for the market of Bitcoin to surge in the long run.

 

I wonder how can the conflict of countries affect Bitcoin negatively when it is recognized by both conflicting country.  Positive x positive will yield a positive effect regardless this two country is on war with each other, this both country will bring demand to the Bitcoin market which can increase Bitcoin value.

El Salvador is one country that have taken the leads  in bitcoin adoption and legalisation and with their high interest in bitcoin investment the country have been able to put in a large amount of the national reserve into bitcoin and this move have set the past for the country in terms of the ability to profit from bitcoin on the long term bases.

Many countries have hard one form of regulations and the other but still we need to identify that many countries still plays the anti bitcoin role instead adoption, so for sure bitcoin will be pushed more based on individuals rather than government.

El Salvador government put more effort on BTC to be the first government that made BTC legal tender in their country, and it has brought so many developments to El Salvador country.

The huge amount of BTC the El Salvador government bought from the market when the price was low and hodl for a long period of time to test the bull run, and it was massive for the government to accumulate money in the government account.

Those that tested positive things from BTC investment, they will do everything possible to ensure they continue to spread the goodnews about BTC, because there are some people who don't know the reality of BTC and how people can use it to remove delays from their transactions and use it improve their business by introducing BTC as a payment.

Yes, that's true, but for Inflation to be totally eliminated, Bitcoin is not the only tool for it, as though Bitcoin helps individual's fund not to depreciate with inflation, but it can not safe the entire country from been hit by inflation if basic measures aren't been put in place, such as control over wages, inflow and outflow of funds and increase in productivity.

According to the current update on coinmarketcap, we are meant to understand that the current amount of Bitcoin in circulation is not 18,7million BTC, but rather 19.6million BTC, which means we have got over 1.4million BTC to be mined in the next 116yrs. (i.e til 2140). Check the image below.

https://www.talkimg.com/images/2024/05/12/1n5Wm.jpeg


Though there is a chance that some countries may accept Bitcoin, but the probability of them all accepting Bitcoin is 0%, reason been that government always wants to be in full control, and fiat gives them that control over it's citizens fund, which can not be possible with Bitcoin due to it's decentralized nature.

I really want to see more countries recognize Bitcoin. I want to see the parliament of these countries pass a bill to accept Bitcoin as part of their legal tender. We all know the advantages of this but is this going to happen? I don't think so because we have leaders who are so narrow minded and scared that Bitcoin would be more preferred over there Fiat so they chose to remain in their old ways rather than a new way innovative solution  to boost economic growth.

Lightning will solve the issue of scalability but it is going to occur gradually.

Lightning can solve scalability but it is not a free solution. Decentralization is the price you pay. It costs serious money to open channels and most people won't even bother with it because it is not as simple as owning private keys. Lightning brings complexity and centralization to solve scalability. It used to look like a cool idea to me too but I rather prefer to use alts where I own my private keys lately because it is much convenient this way. There a few well established altcoins out there that are as well-known as btc itself. I can't be optimistic for LN's future somehow.

Well, I wouldn't say that individual efforts don't have any influence, but it has to be noted that Nayib Bukele's efforts mattered because he was at a position where he could make a decision that made a difference, and not every individual would have the same influence or power to do something as influential as this. However, there is no doubt that every individual should do their best to support a movement that they think is beneficial for them and the whole world and Bitcoin is one of those things.

An increase in the adoption of Bitcoin and making it a legal tender around the world by different countries would make it bigger and more significant because it will have more recognition, and since the demand will increase if that happens, the value of Bitcoin will increase as well over time.

Well, you can consider my country one of those countries that are still neutral while making policies against or in favor of Bitcoin as still in our economic crisis the government considers a neutral stance is the best option, anyway, I don't think so until or unless a country completely restricts the Bitcoin, there will be an issue for the community because to access Bitcoin you don't need the government channels.

This is just one more in a series of topics that in some way glorify the figure and work of a man who allegedly did a big thing because he made Bitcoin "legal tender" in his country. This may seem like a big deal to a distant observer, but the fact is that the whole system is centralized (government Chivo wallets), and that Bitcoin, apart from the initial $30 to everyone who takes over the official wallet, has not achieved much in that country. In addition, everyone forgets that the US dollar is also legal tender in that country and that it is still the preferred method of payment in more than 80% of cases.

There are countries in the world where Bitcoin has a completely legal status without being legal tender, which only says that the whole story with El Salvador has convinced a lot of people that it is heaven on earth where everything can be paid with BTC, but the reality is actually much different.

In addition, we currently have 19.7 million BTC in circulation, and I don't know where you people are looking at the data when I have already seen many times that you reduce the actual number by 1 million BTC ???

Op is saying that BTC can contribute to managing inflation in El Salvador, but it's important to point out that El Salvador's legal tender (aside from Bitcoin) is the USD, so unlike many other countries, hyperinflation of fiat isn't exactly a problem there, since the USD is very stable.
Adoption of Bitcoin was a bold decision, but it's still unclear how useful it was. It seems that actual Bitcoin usage in El Salvador isn't that high, with many people just using the official wallet at the beginning just to get the state-provided financial bonus. Economic impact is also unclear for now. I'm not saying it was a bad decision, but it didn't lead to any economic miracles either.

Of course, we all hope that more countries in the world will recognize Bitcoin as an official currency, like El Salvador. This would be the greatest victory achieved by Bitcoin in its history, but this requires the presence of men who believe in Bitcoin, its future, and its positive impact on the country’s economy, such as Nayib Bukele.

But on the other hand, if many countries officially adopt Bitcoin as a method of payment, this will have a very negative impact on the Bitcoin network, which will not be able to accommodate this large amount of daily transactions, which will lead to congestion, high fees, and delayed transactions. Therefore, we need to actually develop the network before thinking about Global adoption.

So OP is implying the president of El Salvador contributed more for the recognition of bitcoin than others?

The country gained more popularity due to bitcoin not the other way around in my opinion so let's not just hinder the potential of bitcoin into the hands of people who is holding the power that is actually against the idea of Satoshi and decentralization.

Bitcoin will stay whether government make it as legal tender or not, end of the story.

in some years back many countries refuse to embrace Bitcoin but today many countries has embraced Bitcoin it is due to the circulation and speculation of Bitcoin around the wold.. so what I'm trying to say now is that we should be trying for nothing that cryptocurrency is celebration fiat currency, so based on that we have to know that both cryptocurrency and the Fiat currency the work together but people especially government officials recognize Bitcoin but before 2040 I think that Bitcoin will be a legal tender for most of the countries that they youths in braces Bitcoin

You want to say that Bitcoin will be legal tender all over the world - and do you know what that even means? Do you really think that big and powerful countries like China, the US, the EU or the UK would accept Bitcoin in a way that equates it with their national currencies? I don't know what kind of fantasy you people live in, but the majority of people who own BTC don't use it as a currency anyway, so the question arises, why would countries start using it in such a way?

El Salvador is a country that at one point had to give up its national currency and start using the US dollar, and Bitcoin is just a continuation of that experiment.

I have never lived in El Salvador and I can't be the person who will judge them but from what I have heard about this country and what I know about it, I think that elections don't matter in countries like El Salvador. I mean, it's a small country, with small population, crime rate is one of the highest, corruption rate is one of the highest. So, I think that in such a country, elections are rigged, they aren't fair, so it doesn't matter whether you vote for Bukele or not. But on the other hand, Bukele is a good choice for El Salvador because he is young, progressive, did many things to lower the crime rate and lit a fire of hope among El Salvador citizens. The integration and popularization of Bitcoin is one of the best thing that he did for El Salvador. Simply, it was just a great marketing for that country and worth every penny. It's also one of the best way to attract young generation, those who know Bitcoin and are Bitcoin enthusiasts. Probably, there is no other better way for a country like El Salvador.