Bitcoin and the economy

[TravelMug]

El Salvador adopted bitcoin and yesterday there were news saying that Turkey is on the brink of adopting Bitcoin as well. Some say the news were fake but I am not sure about that. Turkey is exactly the country that would adopt crypto.

Didn't Turkey put a ban on crypto currencies or was it just mining?

If I remember it right, the gov banned the businesses from accepting crypto. They didn't ban mining, they didn't ban ownership or trading. I believe that happened because it would make it a mess to calculate the taxes. The accountants/businesses may try some shady tricks to avoid paying their taxes and that's a big no no.

Same with the Russian news as of late, they wanted to ban that involves bitcoin. In any case, developing countries such as El Salvador should really adopt bitcoin. I mean the effects could be huge for their economy, what if they invest their wealth and then wait for the bull run, for sure they are going to profit from it. And their people using bitcoin to buy things could also make the bitcoin economy flourish. So it's really a win-win and could really be just a matter of time before another developing countries adopt bitcoin legally.

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[ultrloa]

El Salvador adopted bitcoin and yesterday there were news saying that Turkey is on the brink of adopting Bitcoin as well. Some say the news were fake but I am not sure about that. Turkey is exactly the country that would adopt crypto.

Didn't Turkey put a ban on crypto currencies or was it just mining?

If I remember it right, the gov banned the businesses from accepting crypto. They didn't ban mining, they didn't ban ownership or trading. I believe that happened because it would make it a mess to calculate the taxes. The accountants/businesses may try some shady tricks to avoid paying their taxes and that's a big no no.

Same with the Russian news as of late, they wanted to ban that involves bitcoin. In any case, developing countries such as El Salvador should really adopt bitcoin. I mean the effects could be huge for their economy, what if they invest their wealth and then wait for the bull run, for sure they are going to profit from it. And their people using bitcoin to buy things could also make the bitcoin economy flourish. So it's really a win-win and could really be just a matter of time before another developing countries adopt bitcoin legally.

That will be the case if majority of them hodl or have a patience to wait for something good to come with bitcoin, but unfortunately most of the citizens of El Salvador are newbies so maybe they will get panic once seeing the market condition today so hope their government guide them and educate that this is normal phenomenon on crypto industry.

[pinggoki]

We can't have the whole world embrace a new technology immediately but with time they would definitely be forced to join the train when the see they have no other options. The challenge we have with global Bitcoin adoption at the moment is the fear of the unknown as well as the fear that Bitcoin has come to devaluate their local economy but the truth is no matter how much the fight the technology one day a new government who understands the trend would definitely see into it's adoption

Exactly but sometimes, you need a little push so that you speed up the process which I think is the best thing because it's going to insure that you're technology is going to be used and that people will immediately enjoy the benefits of using it and you can get the profits much faster. I think that we need to speed up the adoption of bitcoin in many countries because I feel like the slower we get, the detractors will arrive first and plant the idea that bitcoin is bad before even trying.

[bitzizzix]

El Salvador adopted bitcoin and yesterday there were news saying that Turkey is on the brink of adopting Bitcoin as well. Some say the news were fake but I am not sure about that. Turkey is exactly the country that would adopt crypto.

Didn't Turkey put a ban on crypto currencies or was it just mining?

If I remember it right, the gov banned the businesses from accepting crypto. They didn't ban mining, they didn't ban ownership or trading. I believe that happened because it would make it a mess to calculate the taxes. The accountants/businesses may try some shady tricks to avoid paying their taxes and that's a big no no.

Same with the Russian news as of late, they wanted to ban that involves bitcoin. In any case, developing countries such as El Salvador should really adopt bitcoin. I mean the effects could be huge for their economy, what if they invest their wealth and then wait for the bull run, for sure they are going to profit from it. And their people using bitcoin to buy things could also make the bitcoin economy flourish. So it's really a win-win and could really be just a matter of time before another developing countries adopt bitcoin legally.

That will be the case if majority of them hodl or have a patience to wait for something good to come with bitcoin, but unfortunately most of the citizens of El Salvador are newbies so maybe they will get panic once seeing the market condition today so hope their government guide them and educate that this is normal phenomenon on crypto industry.

This is one of the things the government has to do because it is part of the nature of bitcoin with current and other unknown phenomena that make them worry or panic, so the government of El Salvador should educate its citizens about the whole phenomenon happening to bitcoin.

and requires a long process to be perfect because not everyone understands and understands bitcoin briefly for El Salvadorans but over time all citizens will get used to all the phenomena that occur in bitcoin and will also enjoy the benefits.

[xSkylarx]

El Salvador adopted bitcoin and yesterday there were news saying that Turkey is on the brink of adopting Bitcoin as well. Some say the news were fake but I am not sure about that. Turkey is exactly the country that would adopt crypto.

Didn't Turkey put a ban on crypto currencies or was it just mining?

If I remember it right, the gov banned the businesses from accepting crypto. They didn't ban mining, they didn't ban ownership or trading. I believe that happened because it would make it a mess to calculate the taxes. The accountants/businesses may try some shady tricks to avoid paying their taxes and that's a big no no.

Same with the Russian news as of late, they wanted to ban that involves bitcoin. In any case, developing countries such as El Salvador should really adopt bitcoin. I mean the effects could be huge for their economy, what if they invest their wealth and then wait for the bull run, for sure they are going to profit from it. And their people using bitcoin to buy things could also make the bitcoin economy flourish. So it's really a win-win and could really be just a matter of time before another developing countries adopt bitcoin legally.

That will be the case if majority of them hodl or have a patience to wait for something good to come with bitcoin, but unfortunately most of the citizens of El Salvador are newbies so maybe they will get panic once seeing the market condition today so hope their government guide them and educate that this is normal phenomenon on crypto industry.

I think they have an knowledge but lack of experience since it was new to them but not all , we could really say that newbies are going to panic sell but it will be overcome later on since they will learn from their mistakes. Not just el Salvador but all of the newbies in crypto. That is why knowledge is power and learn from your mistakes as it makes you stronger

[mia_houston]

Same with the Russian news as of late, they wanted to ban that involves bitcoin. In any case, developing countries such as El Salvador should really adopt bitcoin. I mean the effects could be huge for their economy, what if they invest their wealth and then wait for the bull run, for sure they are going to profit from it. And their people using bitcoin to buy things could also make the bitcoin economy flourish. So it's really a win-win and could really be just a matter of time before another developing countries adopt bitcoin legally.

I see if the country of el salvador wants to fully adopt bitcoin in their economy and even they have legalized bitcoin as a legal payment in the country, and even during a bad market like today, the president of el Salvador took a pretty bold step by investing $15 million to add to their portfolio of bitcoin holdings, according to several existing sources, currently el salvador has almost 1500 BTC as their state asset and this proves that el salvador has had a long plan and also great confidence in the prospect of a bright bitcoin future,  maybe the current downturn will make some of their citizens panic, but I don't think it will make them lose faith in bitcoin.

[Reid]

Taxes are where politicians get their money. So, they don't like something that will be kept hidden from them. That is Bitcoin. People do not need to declare it as their asset. It could just sit in one wallet and no one will ever know as long you don't sign it with your name in it. That is what they are scared about and because of that they don't even need to have a debate if it needs to be accepted or not. Obviously, it shouldn't be or they will lose everything and their corrupted ways. I am sure the central bank will back them up with that decision.

[KingsDen]

I do not understand why bitcoin is a two edged sword. Bitcoin is a revolutionary movement. One funny thing about it is that, as one country is banning it, another is setting plans to adopting it.
It has numerous enemies as well as huge friends. It is the friend of the people but an enemy to the government.
Yet, many people fighting Bitcoin now are still afraid of not joining it, because they might turn out to be the greatest loosers when Bitcoin is finally proven to be a successful.

[Silberman]

The whole world now needs to accept bitcoin.

I second this. One currency, one blockchain, one store of value. Insane profits. The central banks should get their shit together and start dumping their gold reserves because they ain't good. They just sit there! Why don't they buy bitcoin instead is beyond my understanding.

El Salvador adopted bitcoin and yesterday there were news saying that Turkey is on the brink of adopting Bitcoin as well. Some say the news were fake but I am not sure about that. Turkey is exactly the country that would adopt crypto.

Saludos to our friends in El Salvador.

Wasn’t the president of Turkey just a few days ago telling people that they should keep their national currency and that using any other currency was not something they should do? I agree with you that bitcoin is perfect for countries like Turkey which are going through such a huge crisis because of the mismanagement of the government, but that is precisely why it is difficult, as no government wants to lose control of their currency as that gives them huge power.

[Gozie51]

as no government wants to lose control of their currency as that gives them huge power.

This is the fight against bitcoin. The identity of every country is important for them and no government head wants to be known as the particular person who gave up there identify. The CBDC is introduced aa the digital aspect of cryptocurrency. We don't see any reason for that struggle between governments to ban btc as they only selfish to protect identify .

[naira]

as no government wants to lose control of their currency as that gives them huge power.

This is the fight against bitcoin. The identity of every country is important for them and no government head wants to be known as the particular person who gave up there identify. The CBDC is introduced aa the digital aspect of cryptocurrency. We don't see any reason for that struggle between governments to ban btc as they only selfish to protect identify .

The government and the CBDC are one and the same entity, born to fight Bitcoin. But we don't want our control and privacy to be in their hands. Any policies regarding restrictions and aspects that make control over the government always become a financial center that should be monitored regularly. Bitcoin cannot be resisted, but always strives to be silenced and not operate freely. Such a policy that often discredits Bitcoin as the only enemy of the bank. Any country that still doesn't want Bitcoin to exist is natural, but for users it has taken away their financial freedom.

[Gyfts]

El Salvador hardly bought any bitcoin at all, I think it might have been something in the tens of millions which has virtually no effect on the economy. No, it was not due to Bitcoin adoption that the debt/GDP ratio spiraled out of control. It was just due to COVID where the entire global economy tanked, and they have since not recovered. Nearly every country that began to limit their economy ran into uncontrollable debt problems, and they did not have the GDP to support such spending. Ironically enough, had BTC adoption occurred much earlier, they wouldn't have ran into an issue with the debt.

[Rengga Jati]

The adoption and acceptance of Bitcoin are still various in each country.
There are some that accept Bitcoin as a legal tender with their high Bitcoin adoption for their countries.
There are some countries that don't legalize Bitcoin as legal tender or currency, but they allow the use of Bitcoin as an asset or commodity which available for investment and trading with risks owned by the doers.
And there are also some countries that exactly ban Bitcoin and other cryptocurrencies.
Well, there are many opinions about the pros and cons of Bitcoin itself, both for the economy and other interests including politics.
I personally still believe that Bitcoin is something important in the economy and this will exactly have a chance to be a big part of the world economy. It may be still a matter of time, need more time to be able to adapt to many more countries. Moreover with the special benefits of Bitcoin itself.

[perfect999]

Exactly but sometimes, you need a little push so that you speed up the process which I think is the best thing because it's going to insure that you're technology is going to be used and that people will immediately enjoy the benefits of using it and you can get the profits much faster. I think that we need to speed up the adoption of bitcoin in many countries because I feel like the slower we get, the detractors will arrive first and plant the idea that bitcoin is bad before even trying.

Personally, I don’t think there is the need for every country in the world to adopt Bitcoin, it is still going to flourish whether they do it or not. To me, what really matters is that there are people who are making use of it.

Even in countries where it is illegal, as long as people have gotten to know what bitcoin is in that country, I believe that there are many people who would still continue making use of it even if it’s declared illegal. That’s the good thing about decentralization, nobody stops people from making use of bitcoin, not even the government. The government doesn’t know that you’re making use of bitcoin except that you make it known to them.

[Furious 7]

Exactly but sometimes, you need a little push so that you speed up the process which I think is the best thing because it's going to insure that you're technology is going to be used and that people will immediately enjoy the benefits of using it and you can get the profits much faster. I think that we need to speed up the adoption of bitcoin in many countries because I feel like the slower we get, the detractors will arrive first and plant the idea that bitcoin is bad before even trying.

Personally, I don’t think there is the need for every country in the world to adopt Bitcoin, it is still going to flourish whether they do it or not. To me, what really matters is that there are people who are making use of it.

Even in countries where it is illegal, as long as people have gotten to know what bitcoin is in that country, I believe that there are many people who would still continue making use of it even if it’s declared illegal. That’s the good thing about decentralization, nobody stops people from making use of bitcoin, not even the government. The government doesn’t know that you’re making use of bitcoin except that you make it known to them.

Actually I would probably be happier when I see a country recognize bitcoin, it doesn't matter if they adopt it or not but recognition is something different.
With this recognition, I feel that it will be more suitable for bitcoin, especially for its lovers in various countries, compared to the adoption of that country.
it's true that adoption is something that is quite good but of course there must be an acknowledgment of that first

[michellee]

Exactly but sometimes, you need a little push so that you speed up the process which I think is the best thing because it's going to insure that you're technology is going to be used and that people will immediately enjoy the benefits of using it and you can get the profits much faster. I think that we need to speed up the adoption of bitcoin in many countries because I feel like the slower we get, the detractors will arrive first and plant the idea that bitcoin is bad before even trying.

Personally, I don’t think there is the need for every country in the world to adopt Bitcoin, it is still going to flourish whether they do it or not. To me, what really matters is that there are people who are making use of it.

Even in countries where it is illegal, as long as people have gotten to know what bitcoin is in that country, I believe that there are many people who would still continue making use of it even if it’s declared illegal. That’s the good thing about decentralization, nobody stops people from making use of bitcoin, not even the government. The government doesn’t know that you’re making use of bitcoin except that you make it known to them.

I guess it will not be easy to speed up the process of adopting bitcoin in many countries as that will depend on each government approval. But I agree with the bold part that @perfect999 mentions that if many more people from many countries use bitcoin, the adoption process will continue and grow. It will reach the nation because it starts from the personal and then community and will become wider.

The government can state bitcoin is illegal for a while but they can not still hold that statement, especially if their citizen can benefit from bitcoin. And sooner or later, the government will realize that using bitcoin for their people and country can benefit too.

[Leviathan.007]

In my own idea, we can never see all the countries in the world accepting bitcoin and that's because of their situation, for some strong countries with stronger fiat currencies this would be really hard for them to accept such a thing because they always prefer to use their currency and even make other countries to use their currency, so they would stand against any other country including bitcoin. that's why I donat expect to see some strong countries are accepting bitcoin, however, everything is possible. On the other hand for countries like El Salvador with bad economic situations, bitcoin can be a chance to save them from the current situations so they did accept it.

[SquallLeonhart]

Before El Salvador make bitcoin a legal tender, see their dept relating it to GDP in the country from 2012 to 2020. Was there anything good?

See the reaction from many critics about El Salvador bitcoin adoption.

The question I want to ask is about the effect of bitcoin on economy in the countries that make it legal?

It’s not bad for any country to accept Bitcoin or even make it a legal tender. Those ones that have been saying that bitcoin is bad are doing it because they lack knowledge of what bitcoin is. Some have said that Bitcoin is being used to fund terrorism, but what proof do they have for that, when exactly was bitcoin ever used to fund terrorism that we know of? They can’t even say this and prove it at all. What they are saying is just an assumption. El Salvador adoption of Bitcoin as a legal tender is not bad, I believe that if they are able to make proper plans on how bitcoin would benefit them, it is going to work out for sure.

[Reid]

Japan made it legal but it doesn't affect much positively. The reason is Japan is already modernized when it comes to payment options so Bitcoin will just be another asset to them. I am not giving up on my dream though that someday Bitcoin will just be like a normal money to us. Or better.
But right now, all we could see are negative feedbacks because most investors are just thinking of it as an asset. First and what should not be forgotten is it is a currency, crypto. The expectation is for the price to be higher an not the value and this are the reasons why countries would not let it in. It became a gateway for tax evasion, money laundering and so on. 1 Bitcoin should be valued as 1 Bitcoin and not against any currency but I think we are far from that to happen.

[worldofcoins]

The government is supposed to be the most powerful entity in a country. It is not the people really. Neither is it true that the government is the people. One reason why governments are powerful is that they have the control over money. And the strength of their money is more or less the strength of the country. Such is the reason why a decentralized Bitcoin isn’t really attractive to them. And it probably goes to the extent that a government would rather stick to their falling fiat rather than embrace a digital currency which is neither theirs nor could be taken over.

However, I guess it is easier for a country that doesn’t have its own currency, or whose currency is held hostage by powerful economies, or whose currency is so weak it could easily be bullied by stronger currencies to embrace Bitcoin as a viable alternative currency.

I firmly believe that only those governments who want to support their people and look for their bright future will accept the bitcoins and promote them. Governments who don't want to look at their people and only want to eat their money by applying high taxes will never accept bitcoin and stop everyone from utilizing it. Everybody knows that bitcoin has many benefits, and we can quickly earn extra profit. However, these governments are blind and act like they don't know about anything related to cryptocurrencies. Bitcoin has a high potential to cover any economy. With the help of bitcoins, we can remove poverty from one nation, but they're blind.