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

[Vaskiy]

Maybe in the long term we can expect more countries to adopt Bitcoin into their economic structure. Right now El Salvador had taken a big step forward and the same has influenced small countries. Based on the development El Salvador attain over the falling years we can expect more countries adopt bitcoin.

[CryptoStar19]

El Salvador was in a better position to do this as compared with nearly any other country: they don't have their own currency and have been relying on USD. I think we are going to see this play out and depending on how that goes, we might see more countries doing the same thing. But this is going to take some time and there will major hurdles to overcome as forcing an entire country to use bitcoin the way El Salvador is going for it (anyone accepting money has to also accept bitcoin as it stands at the moment) is not going to be easy nor achieved quickly.

[randegibran]

we might expect so, what el Salvador took is a firm and bold step. While other countries do not legalize bitcoin, but in these countries adopt the digital currency. This is a very good step, with the existence of countries that have adopted this digital currency. recognize bitcoin currency, and other countries will start to slightly consider adopting the same thing in their country

[yazher]

Depends on who will be the one who runs that country. if ever a man with having enough knowledge on what the cryptocurrencies can do, he will take advantage of it and use the opportunity to give his people some option of investment but of course, that would be some trouble if somethings might go wrong. however, promoting this industry has been a hard battle for those people who wanted it to become an official currency of the world. More adoptions are most likely will occur after they will witness the good result of those countries who adopt Bitcoin earlier.

[NicNacCoin]

I know so far after accepting legalizing bitcoin in EI Salvador, some countries are thinking Bitcoin legitimacy in their country. Brazil, Poland, venuzuella, and hangerry.... Are ready to permit Bitcoin as their transactions systems in all spheres in life.

[Abiky]

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. 

That's good to know. The more countries adopt Bitcoin as legal tender, the higher its demand will be. It makes sense for third-world countries to adopt Bitcoin as legal tender since their own currencies are dying because of hyperinflation. For developed countries like the US and the UK, that's another story. It's very unlikely Bitcoin will replace Fiat on developed countries, since governments see no need to make the switch. The US Dollar is still powerful even with Bitcoin in play. What could happen is that developed countries back their currencies to the value of 1 Bitcoin. If they did it with Gold, they can do it with Bitcoin.

Let's see what happens with Bitcoin after the next halving. I'm sure adoption will grow even higher as more countries join the game. Whatever happens, Bitcoin won't be going anywhere thanks to its decentralized and open source nature. Just my opinion

[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.

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.

Everyone prefers to hold bitcoin and other cryptocurrencies as an investment and no one can stop us from doing that.

But the support of the government that haven't been recognized is that when they don't impose a ban and shows their support through allowing the circulation of cryptocurrencies in their jurisdiction.

Yet, some people are still demanding such as what happened in El Salvador. It's not all about being a legal tender as the main basis that a country shows support for crypto adoption.

[accounting 181293]

for other poor countries it is possible, but for big countries like America, China and countries in Europe they will not do it. legalizing bitcoin as a means of payment is a difficult thing to accept. they fear the rate of money laundering will increase, because bitcoin is essentially decentralized. they may prefer to make their own version of digital money using blockchain. they want to have control so that there are no financial problems in their country.

[Sithara007]

for other poor countries it is possible, but for big countries like America, China and countries in Europe they will not do it. legalizing bitcoin as a means of payment is a difficult thing to accept. they fear the rate of money laundering will increase, because bitcoin is essentially decentralized. they may prefer to make their own version of digital money using blockchain. they want to have control so that there are no financial problems in their country.

These are just excuses being meted out to support the fiat currency. I don't think that Bitcoin has any such characteristic which makes it attractive to money laundering. The prime choice to launder money is physical cash. None of the other mediums even come close. In case of Bitcoin, each and every transaction is recorded in the Blockchain and these records can't be deleted under any circumstance. This makes it very easy for the authorities to track down the flow of funds. There are anonymous cryptos such as Monero, but they have limited liquidity and can't be used for money laundering on a large scale.

[Kong Hey Pakboy]

for other poor countries it is possible, but for big countries like America, China and countries in Europe they will not do it. legalizing bitcoin as a means of payment is a difficult thing to accept. they fear the rate of money laundering will increase, because bitcoin is essentially decentralized. they may prefer to make their own version of digital money using blockchain. they want to have control so that there are no financial problems in their country.

The problem with that though is that poor countries doesn't have enough funds or infrastructure to support or sustain the adoption for a long-term which is problematic because that means that a lot of their projects that was funded by the taxes of the people will only be put into waste because it didn't last.

[peter0425]

for other poor countries it is possible, but for big countries like America, China and countries in Europe they will not do it. legalizing bitcoin as a means of payment is a difficult thing to accept. they fear the rate of money laundering will increase, because bitcoin is essentially decentralized. they may prefer to make their own version of digital money using blockchain. they want to have control so that there are no financial problems in their country.

The problem with that though is that poor countries doesn't have enough funds or infrastructure to support or sustain the adoption for a long-term which is problematic because that means that a lot of their projects that was funded by the taxes of the people will only be put into waste because it didn't last.

But El Salvador is actually much poorer than some 3rd world countries they even have the worst economy now but yet they adopted cryptocurrency specifically bitcoin.

I know so far after accepting legalizing bitcoin in EI Salvador, some countries are thinking Bitcoin legitimacy in their country. Brazil, Poland, venuzuella, and hangerry.... Are ready to permit Bitcoin as their transactions systems in all spheres in life.

We can't really trust the interest in countries until the law of the country support it. Paraguay was close to it few days ago but a different news is in the media, although, the world Bank has given smaller countries the opportunity to adopt it but it looks more like an experiment with them.

experimental will never help a country having Loans from central banks because that will only ruin their economy more in the future if the experiment did now work.

[clint25n]

it can be said that what elsavador did was very accurate by legalizing crypto currency in their country, maybe we can breathe a little easier with what the country is doing, with recognition from other countries this will have a very big impact positive.when other countries do not want to adopt the currency, hopefully this is the first step that will be followed by other countries in the world, because with many governments prohibiting the circulation of bitcoin in their respective countries it could be later they will be willing to accept bitcoin as legal tender

[CoolerSid]

I am more than sure that Venezuela with this economic model should clearly use the crypt together with the fiat currency

[Ararbermas]

Bitcoin is the most promising crypto in the space so why it can't convince people to join wherein how it works and how it can guarantee profits despite of the situation..*buy low and sell high" is the common way why most enthusiast  followed the trend.  So there's no way people will not follow el Salvador, once they saw bitcoin is making improvements because of them....

[Sled]

Bitcoin is the most promising crypto in the space so why it can't convince people to join wherein how it works and how it can guarantee profits despite of the situation..*buy low and sell high" is the common way why most enthusiast  followed the trend.  So there's no way people will not follow el Salvador, once they saw bitcoin is making improvements because of them....

the best example of this is within our family. I know for sure that not all of your family member thinks that Bitcoin is another form of currency but somewhat they think it was just a scam thing. Well, that it was hard to convince those few numbers, how much more for about a million individuals? The huge adoption had to come when we eliminate the doubts and look forward to the best, and to see how useful it was in a new era.

It can be just a form of investment today but for sure, it become a currency accepted globally in the future.

[avikz]

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

Looks difficult for other countries to adopt crypto the way El-Salvador adopted cryptocurrency. This country has a population of only 6 million so it is quite easy for its President to carry out such reforms. But for bigger countries, it might not be as easy as El-Salvador. But some smaller countries like Malta, Curacao or Vanuatu etc may consider the same, but bigger countries will have to go through a lot of changes for the to aopt cryptos. Remember, legalizing and adoption are not the same thing!

[perfect999]

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.

Probably some more countries who are also facing the unstable economic conditions might be studying about adopting bitcoins by leaving off their fiats. I have read at least 10+ countries are making use of USD as their local tender and I'm sure such countries are next candidates to become the successors of El Salvador.

I'm just praying to God that the economic growth of El Salvador will be sustaining in coming years so that other countries will be following it to adopt bitcoins as legal tender. But I'm not seeing any reasons for its economy to be getting worsen from the current state just because of adopting bitcoins so definitely more countries will copy.

[bryant.coleman]

Looks difficult for other countries to adopt crypto the way El-Salvador adopted cryptocurrency. This country has a population of only 6 million so it is quite easy for its President to carry out such reforms. But for bigger countries, it might not be as easy as El-Salvador. But some smaller countries like Malta, Curacao or Vanuatu etc may consider the same, but bigger countries will have to go through a lot of changes for the to aopt cryptos. Remember, legalizing and adoption are not the same thing!

I don't think that population plays any role here. El Salvador was able to give the status of legal tender to Bitcoin, because it doesn't have a national currency. For the last two decades, they are using USD as the national currency. That is not the case with the countries you have listed out (such as Malta, Curacao or Vanuatu). If they make Bitcoin the legal tender, then Bitcoin will be competing against the national currencies. And for the government, this is not going to be a very viable situation. It will ultimately result in the devaluation of the national currency.

[marilynmanson21]

it is possible to legalize bitcoin but who knows when, if bitcoin can beat fiat, one thing is impossible because fiat is a legal tender in every country and cannot be replaced because fiat in every country is different

[Lucius]

Examples of countries where this is happening is Zimbabwe / Yugoslavia / Venezuela / Hungary ...where they are struggling with hyperinflation.

Yugoslavia has not existed for 30 years, and you claim that they are doing something with Bitcoin there? Furthermore, what kind of hyperinflation are you talking about when it comes to Hungary?

The US Dollar is still powerful even with Bitcoin in play. What could happen is that developed countries back their currencies to the value of 1 Bitcoin. If they did it with Gold, they can do it with Bitcoin.

You still dream about things that are practically incompatible, because gold has been there for thousands of years and has nothing to do with Bitcoin - it is essentially a threat to the current system, not a solution the way you imagine it.