Bitcoin Forum

I was wondering about this. many people want to encourage crypto adoption in their country. but whether when adoption happens they will use it. or they are more comfortable using FIAT.

an example is a country has fully adopted crypto and they released their own stablecoin. they also legalize some other big crypto coins like bitcoin, ethereum, and some stablecoins like USDT or DAI. and you become one of the citizens of that country. which one will you use for daily transactions. stablecoins issued by your country's central bank, or mainstream crypto coins like bitcoin. or privately released stablecoins such as tether. or keep using cash because you are used to it. and give the reason why you chose that coin.

 

As time goes on I think many countries will introducing their own central bank digital currencies (CBDCs). If they are pegged 1:1 to the fiat of the country, then the benefit of utilising the digital asset will be in taking advantage of DeFi protocols for lending and borrowing services among other use cases. This is currently where traditional banks offer an incredibly unappealing value proposition compared to crypto protocols. Even now, there are non-government issued stablecoins, mapped to fiat where you can generate up to 20% APY on some platforms, while banks are offering less than 1%. I think legacy finance is on track for a rude awakening.

Stable coin and bitcoin have different purpose and im sure that people will be using both of coins in their daily life. People are using bitcoin to trade and they will be taking profit through stable coin which can keep their profit will not be affected by the volatility.

That depends on the various things. Remember that when you're using tether based on the scalable network, the transaction fees will be so cheap. It can be said that if people will always still use tether instead of cash caused by thether adopted globally by various exchange site but your question was so weird.

Of course the tokens issued by our country. Why ? Of course this is highly recommended by the government, and also the transaction fees will be very low compared to BTC or other altcoins.

If they released an official stablecoin and it is much more convenient to use than mainstream crypto like Bitcoin, it's pretty obvious that people would use the stablecoin. Especially when we are talking about fees and transaction speed. Stablecoin can have those advantage.

It depends on what you're trying to buy. Overseas transaction might require BTC regardless of where you live, since merchants won't like to launch support for fiat from some country where their user base is just a hundred or so. I doubt any VPN or other privacy tools also like to use fiat. It will coexist just like today.

I think it depends on what they need but for now some people including me it's much comfort when using Fiat for daily needs but for some digital transactions i prefer Crypto and beside that it's have some scalability problem and compex things comparing to Fiat where you just can get the cash and buy everything so it's still a long journey for crypto.
There already some example out there like China or Turk with upcoming CBDC, Digital lyra or yuan beside that as you can see ecuador with bitcoin as an legal tender but still need some time to see the full efect of crypto especially bitcoin.

It's kind of hard to encourage the adoption of crypto if no one fully understands it. It's hard to follow if they have no idea what it is. The tendency of layman is that they could get scammed with having that lack of knowledge. That scares me the most when it comes to having the opportunity of people being involved in crypto.

As for the country's development and release of their stablecoin, I think it's best to be the banks there who would facilitate. It would act as "fiat" through digital means, but its background is with blockchain technology or with what stable coins use.

Better opt for inflation prevention.

I don't like being regulated by central and state banks in my country, that's why I choose to use BTC as one of my top choices, even though fiat or USDT is weighted. remind. is currency. Stablecoin money but if regulated by the state bank, I will still choose to use BTC or ETH because it makes me feel great and own my own coin without being controlled by anyone ..You can follow the same news all the CBDC banks they always want to create their own stablecoin.

Depends, maybe there are situations that really calls for CBCD to be used then I will used it.

But bitcoin and others have their own purpose, I mean it's borderless, so maybe that's the time that you need to used it, whether you want to send or received it from someone, like love ones across the globe.

The good thing is that you have options now, and it's up to you which one fits you better, CBCD or crypto or fiat.

Investing in cryptocurrencies is a very correct decision. Even despite their high volatility, they bring profit much more than, for example, deposits in the banking system. And of course, the fact that thanks to cryptocurrencies you can feel independent and calmly speaks about their excellent prospects and ever-growing popularity.

all depends on the goal. if it's about domestic transactions, I'll use government-issued crypto. but if i want to do transactions between countries, coins like bitcoin will be my choice. when adoption has become a reality. I don't need FIAT anymore, because cashless makes me more comfortable. for stablecoins like tether, it doesn't seem necessary anymore because it's better to use coins released by my country's central bank.

You need to understand the basics first, if a government legalized the decentralized cryptos then they will not implement another thing called their own cryptocurrency aka CBDC. Basically the central banks tokens are here to fight with the decentralized cryptos and just wanted to ensure there will be no freedom to use our own money.

Findingnemo already said what I was thinking. Just take a look at China and India or other countries that are banning or trying to restrict the use of crypto.

There is also zero point in issuing a CBDC while allowing privately owned and centralized stable coins like USDT. It's like allowing a foreign currency used freely in your own country.

Of course I will choose cryptocurrencies because the national currency in my country is collapsing and suffers from inflation and many other problems. It loses its value daily. As for the cryptocurrencies that I will choose, there are two things to pay attention to:
1- Daily transactions such as shopping or paying bills and others, such things need stable coin and small fees when transferring, so I will choose Tether USDT for daily transactions.
2 - For safety, long-term investment and maintaining the value of my financial assets, I will use Bitcoin because it is a store of value and also a successful long-term investment. It is like gold.

El Salvador has just become the first country to officially adopt Krypto's currency as a legitimate payment tool, and several other Latin American leaders have indicated that they will follow. This is a significant change for Bitcoin's reputation on the world stage.
Supported by technology called blockchain or digital books, Bitcoin holders enjoy a quick and safe way to make payments or receive funds. And El Salvador clearly has the need to receive funds quickly.

Whatever is preferred by most merchants then that's the crypto that I'll be keeping for purchases and won't spend bitcoin most of the time. I'll just hold bitcoin as my asset.
And this is likely for the other people too that are living on that country that has became a crypto friendly country. Having their own stable coin isn't really like the one that we're used to, it's just like going to be digital transactions in the form of their own made crypto.

I honestly don't see that even as a fight. As long as price stability is pegged it's just too centralized, and anything too decentralized doesn't have a fighting change against Fiat money as they are not designed for same use cases. Inlfation in fiat money is acting like a buffer to the whole country stable. While cryptocurrencies are not designed to befenefit a one country. Also the scarcity could influence our economic behaviour how we currently are spending money.

If cryptocurrency is accepted as legal tender in my country, then I will only welcome it. Your own cryptocurrency can be used quite successfully in your country. It will be very convenient. And for all external payments, you can use our favorite bitcoin.

The basic answer you need to give is whether you are willing to spend a transaction fee for each and every minor transaction if you are advocating cryptocurrency adoption. You cannot expect everyone to invest in cryptocurrency and start using it to trade for day to day transactions. For businesses they can accept cryptocurrency and they can give the option to the end user.

I think cryptocurrencies are in a development period now, there are still many things to be fixed before people have faith and confidence using them in daily life. However, If I live in a friendly crypto country or even the one that has already legalized it, I think I'll try to familiarize myself using cryptocurrencies in my daily life because I believe that cryptocurrency is the future. IMHO as an adopter, we still have another option too to use Fiat when it's needed, so it's actually flexible for me. It depends on the needs.

I firmly believe that in the future countries will release their own crypto coins. A very good step taken by Elsavador to legalize bitcoin, this can be an example for other countries to carry out the same steps as those applied in Elsavador..
Big countries like the United States have accepted crypto miners.

depending on the situation ,when the government releases a centralized coin and it's better than the existing coins why I hesitate to use it but back to the goal ,for payments within the country or for abroad and back again regarding fees and tax regulations ,I saw various situations and from the smallest point of view ,the government launched a centralized altcoin that have a purpose hold down user or for the welfare of user ,as a small society I have to think about other thing

Development is definitely acceptable, most of them are not even there, they are at "research" level if you ask me. A lot of nations will have their own stablecoins in the future, it is not really in the development stage for 90% of the nations in the world but I am 100% sure that they are making some research on the subject. If they realize that they could do it in a secure way, without hurting the economy and make a profit on it? They will do it.

I heard my own nation was looking into the possibility of it, CBDC is definitely exactly this. If my nation has their own stablecoin then I am sure that other nations will start to look into it as well. I have to accept that my nation is filled with crypto loving people and that is why it is easier for my nation to do something like this, because we have a lot of crypto traders that will use it, if your nation doesn't have too many crypto users then it may not happen there, but any nation with high crypto trader numbers will definitely eventually do it.

Those "people" you stated is already within a specific niche of the cryptocurrencies community--since they want the adoption--, it will be absurd when the time already comes but they didn't use it in their daily life. They are favouring the adoption so I believe they will be all in into crypto.

If we talk about a broader subject, the mainstream, I believe they will use whatever is more convenient for them. Cryptocurrencies still need a major development in terms of scalability and ease of use for the regular Joe user.

For daily use, I would choose stablecoins issued by my country of course. Less likely to fluctuate and cheaper fee for small amount of transactions like buying a burger, get a haircut,... Crypto like bitcoin or now ethereum has gone from being daily use to more as an investment so I don't think anyone would use it for daily use purposes.

If my country has adopted crypto and issued stablecoins then I will use stablecoins for daily transactions. I still hold bitcoin to invest in the long term. I don't want to reduce or spend my bitcoin to buy necessities of life, I prefer to hold it because bitcoin can provide greater profits in the future.

But it is still government issued digital money, which in m opinion is the worst of version of any digital money we can have. They can check every single step you do, know about every single item you buy, where you buy and when you buy, how much you spend or day and any behavior that can be deducted from your consumer behavior. I am not so sure if that is really a good version of digital money. They definitely won't make it anonymous.

If a country create its stable coin it will be something like digital state currency. Personally I don't believe in any digital state currencies. They will still be under the control of the government. The main feature of digital money is decentralisation and uncontrollability from authorities, but digital euros, rubles, yuan will be under regulation, so it is the same as just non-cash money but on blockchain instead of  your bank account. 

I think i will prefer to choose stablecoins thats released by the country, i’m sure this will be more frequently used in the country and more acceptable than the other option, and simply because it will become more convenient to use. I was also considering that if stable coin that issued by country will be fully backed by regulators and it's issued by following guidance that already created by regulators.
The stablecoins released by the country will have every of its coin backed up by the country fiat money and thats normal because such stablecoin usually created to help strengthen the country fiat money and keeping up with technology. It also will have better support by the country because its released by the country itself, it would be strange if it isn’t more supported. That stable coin will have a very strong fundamental and it can also be controlled by authority. I can't deny that if it will not be so transparent like stable coin issued by 3rd party like tether but it's a bit better.

Of course, people will use it and make it like the traditional stable coins where they will gonna convert their BTC and other altcoins to it. so it will remain at the same price when it was in its ATH. It's helpful to have a stable coin with us and what more if it comes from a country where you could convert it easily to their local currency. That would be great for us and will be convenient for the others who don't have any technical knowledge on using exchanges.

Pretty tough question for me to be honest. So far i still see cryptos only as an investment asset or as an ecosystem that privides a lot of functionality and possibilities for developers to create Apps on top on like Games for example. If my country would introduce an official crypto stable coin that is pegged to my national currency then i am not really sure if that would change anything? It would probably mean that you have to transfer the "real" currency, for example Euros, to get the equivalent amount of crypto-Euros on your wallet. So i don't really see the benefit for having a crypto euro then. What would make a different is, if the normal euro would completely disagree, but i don't think that will ever happen.

Will probably use Bitcoin for International transfers/transactions, as store of value and sometimes for paying for things esp things that are more valuable/important than Bitcoin. I could use fiat/stablecoin more for buying, not sure I will use it alot as store of value due to inflation.

Even if a country issues its own stablecoin, this does not mean at all that they accept another cryptocurrency into circulation. Such an example is China, where the People's Bank of China issues a digital yuan, and at the same time the government prohibits bitcoin. There will be no choice in this country, where soon all calculations will switch to the digital yuan.

Yeah, I expected in the near future Bitcoin will be adopted in many big countries but this time has not come yet i think. Because most of the people have no good concept about Crypto. Right, for the government of Elsavador legalized crypto definitely it was big move to strong fundamentally in crypto space.

But the effect is also not too big for Bitcoin if there aren't several countries that implement the same thing as Elsavador, because if there are several big countries who want to do this to Bitcoin, the development of Bitcoin will be much greater than it already is.

I think that will be a problem in that country because as long as they can fully support crypto while they have their own crypto, both crypto and their stable coin can work together and that will boost the crypto popularity among the people.
People can feel more comfortable using fiat while they can have the investment from crypto and can buy directly from their stable coin.
Maybe that can happen in the future but of course, the government needs to research before they can create their own stable coin.

It really depends on existing developments, maybe at this time we can say we will use BTC or stablecoins more, but rapid changes will greatly affect our decision, if there will be more transactions can use stablecoins why not use them or vice versa.

You are right, it is a very good way to protect BTC, however from the news I have seen, those people in "El Salvador" who own Bitcoin and who use the "Chivo" Wallet have additional benefits, as they do not have any associated fee. to the transfers, purchases or sales that are made, as long as they use the "goat" wallet but if they do so to other wallets or other addresses, there if they are charged the corresponding fee, but clearly it is a good option for the sale of many products and get paid in BTC, because not only would BTC move, it would also be generating more fractions of BTC for people, it seems to me that this formula is very good and is beneficial for those who take advantage of technology.

Focus to answer the question, i think i will still use fiat as daily transaction. I believe although government on a stage which is they launched their own crypto, in my country not all people can reach it. Because for now even digital fiat, there are people who still not use it and use physical money, and i am who mostly doing transaction in traditional way, still prefer physical fiat for transaction.

If you transact it is better to use a stable cryptocurrency and do not have large fluctuation movements. It will be the duty of the state to think about it if it wants to replace fiat with crypto. But you are right, it is better to use other cryptocurrencies than bitcoin or even ethereum because if you experience an increase so as not to feel disappointed.

Its a very good idea but in this case my answer is that a people use those coin which available in market and use all the world so people trust those stable coins and easily to trust .
And that is not easy people use and trust any new coin a community said its stable but people trust only a old coin .