The use of Bitcoin as a local currency!

[Kimonoe]

In my opinion, accepting BTC into use as a payment currency is a pretty good thing, and we are living in a time when BTC technology is the foundation of money technology in this respect. development of all of us, for the benefit of long-term storage with no security problems only you can use it, no tax and you are completely free of your own finances.

Countries that accept Bitcoin as a currency are great. But I'm sure they will collect taxes, which is what has to happen. The government can't accept a currency that it can't control and does not get any benefit from bitcoin.

it is certain, taxes are a source of state revenue so that the government seems to always look for a tax field to get state income and later use it for the welfare of the community. Even though it's not legal yet, we are actually already burdened with taxes, which is when it's time to convert to a bank account

[Ararbermas]

Everyone on the forum knows what Bitcoin is. We already know that many countries have removed this currency from the ban. I mean, will all the nations of the world use Bitcoin as a currency?How important will it be? It will not go to the good side to the bad side?I want to know the opinion-

not all country are crypto friendly mate.. And we all knows that many people nowadays are still using bitcoin in other ways wherein against the law, reason why some countries keep banning this kind of asset even it has a big advantage than real fiats, and the common problem is when it comes the activities such mining..
Yes there are some adoption in other countries and they really turn bitcoin as a legal tender. But its limited only and there's a boundary how people can use it in public..  But expect soon when there's a bad activities again when it comes to it. for sure those country that accept bitcoin will decide to ban it as well without hesitation.

[DOH!]

Everyone on the forum knows what Bitcoin is. We already know that many countries have removed this currency from the ban. I mean, will all the nations of the world use Bitcoin as a currency?How important will it be? It will not go to the good side to the bad side?I want to know the opinion-

Bitcoin right now? Not really. Imagine if all countries in the world made bitcoin a legal tender. This means people will starting investing and using it as a currency. This in turn will cause network congestion. And when that happens, you what's going to happen next. I am sure you have seen it. Absurd/insane transaction fee and very long waiting period for just one network confirmation. We need something better to overcome the current issue. If no solution is found, bitcoin can't be used as a regular day to day currency.

Assuming the Taproot activation in November reduces the consumption of transaction gas fees significantly, does bitcoin have a scalable solution for usage and even if bitcoin lightning increases the likelihood  significant in terms of transaction performance.  The big problem is that bitcoin's volatility indicators have yet to set a standard for being a local currency, not to mention it's still a matter of strict legitimacy.  This is a real struggle like El Savaldo did.

Bitcoin is the only pressure on the government, whether they will agree to let bitcoin become the sovereign network for traditional fiat.  Lol, we definitely need a scaling solution and framework - the government knows it but they don't really do it.  Sometimes I don't expect bitcoin legalization to replace local fiat.

How much time will it take to solve the perception of the poor, who do not have smartphones, PCs, laptops for daily payment activities, although

[isaac_clarke22]

~

Maybe for the part of Gen-Zs and Millenials, but the older gen that are governing the world right now would not be able to catch up with the current technology we have today. I highly doubt that literally "all nations" would use Bitcoin actually. There are just too many political issues that other country encounters, and to be specific in one example, corruption.

For sure some government even see cryptocurrency as a medium of money laundering that is why they implement KYC verification when using custodial wallets, I am pretty sure that everyone wouldn't like to do KYC in every transaction they made.

[iTradeChips]

In my opinion, I don't think Bitcoin can be accepted by the many majority of countries anytime soon. There are many roadblocks that needs to be passed before this can be adopted by many countries. I think it is not even a priority of the majority of countries for them to prioritize making Bitcoin a legal tender in their country as they see one thing that can be a hindrance to overall control and that is the decentralized nature of Bitcoin. Whereas many people want to adopt Bitcoin, governments around the world are not that enthusiastic on that.                                                                                                                                               

[Bitstar_coin]

Assuming the Taproot activation in November reduces the consumption of transaction gas fees significantly, does bitcoin have a scalable solution for usage and even if bitcoin lightning increases the likelihood  significant in terms of transaction performance.  The big problem is that bitcoin's volatility indicators have yet to set a standard for being a local currency, not to mention it's still a matter of strict legitimacy.  This is a real struggle like El Savaldo did.

Bitcoin is the only pressure on the government, whether they will agree to let bitcoin become the sovereign network for traditional fiat.  Lol, we definitely need a scaling solution and framework - the government knows it but they don't really do it.  Sometimes I don't expect bitcoin legalization to replace local fiat.

How much time will it take to solve the perception of the poor, who do not have smartphones, PCs, laptops for daily payment activities, although

The government probably sees it as too much unnecessary work to do and would rather stick to the old traditional way of payment system, perhaps the issue of scalability needs to be address first then other things will follow, the workload will be massive if btc where to be use as local currency, once this has been handled properly the rest minor issue like changing perception of the poor will be easy to handle, once you have a working system it won't take long for people to start adjusting to the new system.

[imstillthebest]

I mean, will all the nations of the world use Bitcoin as a currency?

there is a chance for this because countries are unbanning btc . they finaly figured out that btc is not bad but it can do good to thier economy

How important will it be? It will not go to the good side to the bad side?I want to know the opinion-

its important that all countries will adopt btc because this can make the btc price grow bigger and maybe more stable but what important is will now be easy to spend our btc or its use will now be widened than before .
 cant think of any bad effects if btc a country adopts a btc

[JerryKin]

It is really good to see Bitcoin in different manners of use. As a local currency inclusive. This uniqueness comes with the whole package. What I do not agree with is saying Bitcoin would be the general form of exchange between all countries, I doubt this would happen because I believe no country would want to build it's entire economy on an uncertain platform as Bitcoin.
Bitcoin is already far beyond this age, what I believe should happen in the future is that we adopt it and maximize it to its full potential

[Qirtov]

Bitcoin in some countries is still prohibited if it is used as a means of transacting goods/services. But this does not rule out the possibility for you to make it an investment tool. Many people have made bitcoin an online investment venue during this pandemic like this. This cryptocurrency can be done anywhere, as long as it is important that your signal supports it, apart from filling your spare time at home, investing in cryptocurrency can also generate income.

[ChiBitCTy]

Everyone on the forum knows what Bitcoin is. We already know that many countries have removed this currency from the ban. I mean, will all the nations of the world use Bitcoin as a currency?How important will it be? It will not go to the good side to the bad side?I want to know the opinion-

If anyone says that they know for sure what is going to happen with bitcoins future, they are completely full of you know what. Personally I don't think that bitcoin will likely ever replace the the dollar, or whatever your currency your country has.  I think that eventually there will be some sort of merging between the two, but this is likely to take some time to say the least.

[Tigerheart3026]

bitcoin is not approved currency in many countries. El Salvador government a few months ago declared it legal currency. But all of nation or all of the government have not adopt it still now, so that difficult to think it will get recognition as a local currency at overnight. 

[layoutph]

Before making btc as a national currency, everyone must be oriented what are the pros and cons. Just try to imagine if someone bought a Bitcoin during ATH and it crash. I think Bitcoin needs to be in 500K so volatility is not that high.

[TelolettOm]

It is not about good or not using Bitcoin as a local currency. However, it is about legal or not.
There are some countries that don't legalize Bitcoin if used as a currency. they may be only legal as a digital asset, not for a curreny. As in Indonesia. We cannot use it for currency. It is illegal

[ivankoh]

I think it is impossible to turn bitcoin into local currency.  Even if a country that was first legalized in history like El Salvado would not have reduced bitcoin's volatility because bitcoin is now on track to become a store of value as a rare asset without a trace it will becomes the core speculation.  It goes against the basic rule of a currency used in a certain country and not everyone wants to use bitcoin for day-to-day activities.
The government has enough grounds and reasons to intervene
They clearly know it

[iTradeChips]

Well, I try to think of anything that can be used as a currency in the many coins that were created and Bitcoin is really a good way to exchange value. For one Bitcoin is already very valuable that you can sell any precious object and pay it in Bitcoins. The only problems that I see would be the pricing issue. Many pricing problems are risen as to how people, mainly entrepreneurs will be able to fairly price their goods and services in Bitcoin. For me it is still problematic. Knowing that what you priced right now might go up in value a few hours later.

[MKings]

Because of consensus, we believe in Bitcoin. So the value of Bitcoin is getting higher and higher.
Bitcoin is decentralized, and some countries will worry about not being able to control Bitcoin. Ban Bitcoin without believing in Bitcoin. This is the loss of their countries.
It is true that Bitcoin has volatility, and we cannot control its volatility very small. All of us alone cannot change the price of Bitcoin, and cannot change the development of Bitcoin.
Most people still choose to invest in Bitcoin and will not use Bitcoin to pay. No one wants to buy something with 10 dollars today and it will be worth 5 dollars tomorrow.
Therefore, it will take time for Bitcoin to be a global local payment method.

[Kittygalore]

This is also possible locally, in small towns where crypto is not prohibited. And it may well become popular, there have already been alternative currencies in history.

The only problem is that it's probably illegal since an abrupt replacement of currency for transactions might not sound good for the national government since their currency should be the one used since it needs to be circulated.

[swiftbits]

I doubt that the majority will accept it. If so, it will still be limited in so many ways; not everyone can afford to adopt the technological change, the usage will still be limited. Also, Some government wants to control, but Bitcoin architecture is protected against change. Probably one of the reasons it could be rejected.

[Zedpastin]

The only countries which I see using Bitcoin as a local currency would be under developed countries but these countries cannot afford the fees included when sending Bitcoin and it would be cheaper to use cash or fiat. I do not think Bitcoin is a good use case for local populations.

[Hasan986]

No it can't be. Bitcoin is only online currency. No one can claim it as their own. It is used all over the world in the same way. The one who owns it is e. It cannot control just one country.