Will other countries adopt Bitcoin as legal tender after El Salvador's recent mo

[Abiky]

El Salvador became the first country in the world to adopt Bitcoin as legal tender. In a time where Fiat currencies are devaluing because of inflation, this is a pretty smart move. It's no secret that cryptocurrencies are becoming extremely popular in third-world countries. If this keeps up, Bitcoin may be able to destroy Fiat in its entirety.

Now, it's only a matter of time before other countries follow suit in adopting Bitcoin as legal tender. It's yet the time where a developed country hasn't adopted Bitcoin as legal tender. The United States, The United Kingdom, and other powerful countries still rely on Fiat. Imagine what will happen if they decide to abandon Fiat in favor of Bitcoin. It would decentralize the global economy.

Do you think other countries will follow El Salvador's decision of adopting Bitcoin as legal tender? If not, why? Your input will be greatly appreciated. Thanks

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[mk4]

My amateur economic opinion is that don't expect the bigger first world countries to be adopting Bitcoin as legal tender any time soon. Chances are, the smaller countries(e.g. El Salvador) will be going first simply because they have far less to lose. While the bigger first world countries like the US will be watching these countries very closely, taking a look if adopting Bitcoin as legal tender would do them more good or more harm (e.g. less control over money vs probably more economic activity).

[Kemarit]

El Salvador became the first country in the world to adopt Bitcoin as legal tender. In a time where Fiat currencies are devaluing because of inflation, this is a pretty smart move. It's no secret that cryptocurrencies are becoming extremely popular in third-world countries. If this keeps up, Bitcoin may be able to destroy Fiat in its entirety.

Not really sure if Bitcoin will destroy Fiat though.

Now, it's only a matter of time before other countries follow suit in adopting Bitcoin as legal tender. It's yet the time where a developed country hasn't adopted Bitcoin as legal tender. The United States, The United Kingdom, and other powerful countries still rely on Fiat. Imagine what will happen if they decide to abandon Fiat in favor of Bitcoin. It would decentralize the global economy.

I don't see these powerful countries adopting Bitcoin just like what third countries are doing or would do in the future. They are so powerful that they won't allow Bitcoin to be the global currency.

Do you think other countries will follow El Salvador's decision of adopting Bitcoin as legal tender? If not, why? Your input will be greatly appreciated. Thanks

If El Salvador becomes successful then they why? But I'm seeing Central America or Africa nations who are under developed or third world countries will dig their hands and used as legal tender, but they should also be ready for the consequences from IMF or even WB.

[famososMuertos]

Actually, I do not think that in the short term any will be added in a formal way, for what it implies, but if countries are to be added to allow it more diffusion, in fact there are already several countries that allow transactions with bitcoin not as a formal currency, so the question is; which countries really need it as a currency.

Days ago I read this article that has its own selection:
 https://www.cityam.com/more-countries-line-up-to-make-bitcoin-legal-tender-which-one-will-be-next/

[Wind_FURY]

OP, we don’t know, but if some other country is incetivized to adopt Bitcoin as legal tender, then maybe they will. BUT, does Bitcoin actually need to become officially “legal tender” to be used as a currency? I believe it was working, and chugging along before El Salvador joined the bandwagon.

[Obito]

OP, we don’t know, but if some other country is incetivized to adopt Bitcoin as legal tender, then maybe they will. BUT, does Bitcoin actually need to become officially “legal tender” to be used as a currency? I believe it was working, and chugging along before El Salvador joined the bandwagon.

Maybe the officiation of being a legal tender adds some legitimacy to the status of bitcoin as a currency and an asset. This bandwagon would probably get much bigger if El Salvador can pull off all the things that they are announcing to the world.

[DarkDays]

My amateur economic opinion is that don't expect the bigger first world countries to be adopting Bitcoin as legal tender any time soon. Chances are, the smaller countries(e.g. El Salvador) will be going first simply because they have far less to lose. While the bigger first world countries like the US will be watching these countries very closely, taking a look if adopting Bitcoin as legal tender would do them more good or more harm (e.g. less control over money vs probably more economic activity).

I agree with you on this, larger countries will find it more challenging to implement the changes needed to adopt BTC or any crypto for that matter than smaller countries. I also feel that people being more vocal about this change in these larger, more developed countries will also be a hindrance since their views are distorted by the media. So, all in all, there will be some time before we see countries like Japan or USA adopt crypto for good.

[KaliLinux]

El Salvador became the first country in the world to adopt Bitcoin as legal tender. In a time where Fiat currencies are devaluing because of inflation, this is a pretty smart move. It's no secret that cryptocurrencies are becoming extremely popular in third-world countries. If this keeps up, Bitcoin may be able to destroy Fiat in its entirety.

Now, it's only a matter of time before other countries follow suit in adopting Bitcoin as legal tender. It's yet the time where a developed country hasn't adopted Bitcoin as legal tender. The United States, The United Kingdom, and other powerful countries still rely on Fiat. Imagine what will happen if they decide to abandon Fiat in favor of Bitcoin. It would decentralize the global economy.

Do you think other countries will follow El Salvador's decision of adopting Bitcoin as legal tender? If not, why? Your input will be greatly appreciated. Thanks

I believe while other third world countries will likely follow in the El Salvadors step of adopting Bitcoin as a legal tender simply because of trying to break out of this financial burden of IMF/World Bank, it will be a bit more difficult for the more developed countries that you mentioned like the United States, The United Kingdom, and other powerful countries to adopt Bitcoin as a legal tender, this means they are losing their stand in terms of world economic power because if every country has adopted Bitcoin as a legal tender, who will play the Boss?

[Lorence.xD]

My amateur economic opinion is that don't expect the bigger first world countries to be adopting Bitcoin as legal tender any time soon. Chances are, the smaller countries(e.g. El Salvador) will be going first simply because they have far less to lose. While the bigger first world countries like the US will be watching these countries very closely, taking a look if adopting Bitcoin as legal tender would do them more good or more harm (e.g. less control over money vs probably more economic activity).

I think it's not an amateur opinion, that sounds like what 1st world countries will do, I mean they won't simply acknowledge the fact that a 3rd world country is better than them. Maybe if the results in El Salvador is a resounding success, maybe they might consider.

[hitsnorth]

It's a slow process but i'm sure the other will do the same or something like this. It's inevitable in a long term i guess.

[Kakmakr]

I think your statement is not entirely true, because Japan was actually the first country that accepted Bitcoin as a "Currency" and even if some other countries does not accept it as a legal tender, people still buy and sell Bitcoin without their permission. Examples of countries where this is happening is Zimbabwe / Yugoslavia / Venezuela / Hungary ...where they are struggling with hyperinflation.

Most of these people are forced to do this, because they need to protect their wealth against a failing Fiat currency. So yes... other countries will also do this, because more and more countries are struggling economically and hyperinflation is becoming more common now. 

[hatshepsut93]

It would be wise for other countries to wait a bit and see how it goes. Maybe it's still too early to adopt Bitcoin as legal tender, because of problems like fees and volatility, as it would make people develop negative first impressions if they will be forced to deal with it. I wouldn't expect more legal tender adoption in the next months.

[Lucius]

The United States, The United Kingdom, and other powerful countries still rely on Fiat. Imagine what will happen if they decide to abandon Fiat in favor of Bitcoin. It would decentralize the global economy.

I have to admit that you made me laugh with this, because flying donkeys and goats will appear in the sky sooner than the US or the UK will accept any other currency as a legal tender. Consider that the UK has been in the EU for as long as 47 years, without ever giving up its national currency in favor of the euro, and that US politics is defending the US dollar by all possible means, no matter who is in power there.

A world in which there will be one and decentralized currency is still very far in the future, and maybe then it will not be needed or will not be as important as today. Despite the fact that I support Bitcoin, I still believe that every country should have its own currency, because it is part of national identity and sovereignty.

[Wind_FURY]

OP, we don’t know, but if some other country is incetivized to adopt Bitcoin as legal tender, then maybe they will. BUT, does Bitcoin actually need to become officially “legal tender” to be used as a currency? I believe it was working, and chugging along before El Salvador joined the bandwagon.

Maybe the officiation of being a legal tender adds some legitimacy to the status of bitcoin as a currency and an asset. This bandwagon would probably get much bigger if El Salvador can pull off all the things that they are announcing to the world.

“Legitimacy”? Does Bitcoin really need “legitimacy”. It’s artificial, created and signed by a cabal into law. Bitcoin is an open, permissionless system. It doesn’t need “legitimacy” to be used. Anyone is welcome to use it. Bitcoin will work just as fine without El Salvador’s Legal Tender law.

[livingfree]

It is not needed for a country to adopt bitcoin as a legal tender just to be labeled that they've adopted bitcoin. There were many countries that have been friendly to crypto, Malta, Japan just to name a new.

They don't really have to declare it as a legal tender, they just have to allow their citizens use it and won't impose a crypto ban.

[molsewid]

It is not needed for a country to adopt bitcoin as a legal tender just to be labeled that they've adopted bitcoin. There were many countries that have been friendly to crypto, Malta, Japan just to name a new.

They don't really have to declare it as a legal tender, they just have to allow their citizens use it and won't impose a crypto ban.

This kind of justification is what we have here in our country, the government doesn't announced a legal adoption of bitcoin as a currency but people and some other establishments are already using it, accepting it as a mode payment, many of us here in our country are preferring of putting an investment in cryptocurrency. I guess at this time the government officials of every nation were still thinking, observing the possible effect of adopting cryptocurrency before they going to announced the legal used. But in any sense bitcoin and crypto don't need to be announce as legal tender because people already knows the worth of bitcoin and without the permission of government people will still going to use and invest in bitcoin.

[Nunoluck]

I think more countries will accept bitcoin as payment method. However cryptocurrency community is a big community, I think our community have big chance to dominating online transaction which means that our community is a big market. Beside big opportunity to earn profit from trading, there are many opportunities for investors and businessman to build new companies and new industries. I think the potential is very big.

[ropyu1978]

I think other developed countries currently don't want to make bitcoin a legal tender, as small countries, such as El Salvador, do, on the grounds that their developed economies are still strong, and their fiat currency can still compete with other developed countries. other countries, developed countries still make bitcoin as their asset, for now developed countries don't see that, but what will happen in front of us we don't know yet..

[bitterguy28]

Our country is slowly coming into this because the stand is not in negative side,
there has been some issue that the government agencies are giving warning to the people to choose which coin to invest an always check to Central banks about the legitimacy of the projects conducted.
so basically ? yes other countries will follow what El Salvador does.

[Renampun]

surely other countries will follow El Salvador, if El Salvador manages to improve its economy by adopting Bitcoin...

Bitcoin cannot be stopped, countries that have been dependent on fiat will definitely try to find other alternatives to help their countries get out of financial problems. El Salvador is a pioneer in this regard and it is only a matter of time till many countries will follow El Salvador.