New Real Proof Bitcoin Should Be used As Main Money System

[worldtraveller321]

Now let me be honest at first. Yes I am a supporter of cryptocurrency. Having used various cryptos for trading and holding etc . I even had my own crypto video channel for a while.

I would like to say there are alway 2 sides to every story. Even more sides in technical terms. One has to look at all possibilities.

Now with countries like El Salvador making BTC a legal tender. This type of scenario could easily make or break Bitcoin.

In one aspect, This whole concept that I Know was pushed through could fall through. It can take some time to see the results to any decision. Sometimes a few years it takes to see any results. However the adoption of Bitcoin could see many things happen.  Some good and some bad. There is lots of opposition from other entities with El Salvador legalized Bitcoin. This could be many things in swing to prevent something positive from happening. In which if any thing bad happens. The media would be first to say that Bitcoin was the cause of that specific negative. Which then people around the world who may not understand Bitcoin will get more of the idea that Bitcoin is bad and that all should stay away.
Which in turn would make Bitcoin seen as something to stay away from. Which would hold that reputation for a long long time.
Even there is opposition from the citizens in that country as well. Do not see Bitcoin as fair game. This could create a major conflict even another civil war could break out.
Those are some of the risks that are at stake here. Bitcoin and other cryptocurrency could be forever put in the bad light on this.
This is just one thing that one must consider on all of this even if you are 100% pro Bitcoin

Now of course there are positives to this as well. El Salvador could become the top economic leader in the world. However maybe the adoption of Bitcoin was only in the interest of the leader of this country only. To make himself and his associates very wealthy.
We have no idea how this will play out. Or the real intentions of that specific government plan to do. We have to realize that El Salvador has always been a centre of volatility . Their past governments have been very volatile. There is no true proof that all of a sudden they are all 100% for the people.
\More less your just moving from one money system to another. The concept of a power hungry governments that over control everything stays the way it is. More less the money is just now under a different name.  You go from one money system to another.

Again I am only just trying to get people thinking. I am not trying to stir people away from Bitcoin at all . After all  I am a supporter. But one has to look at all sides of one story.

I know many of you are going to shake your heads at what I said here.  Again this is not meant to be a attack at all. Just to have one focused viewpoint. More less a case to “look before your leap”
Thanks for reading this out. I know it is a longer post. Now let’s hear your thoughts.

[Upgrade00]

Now with countries like El Salvador making BTC a legal tender. This type of scenario could easily make or break Bitcoin.

No, this situation would not have so much of an impact as to make or break bitcoin. Bitcoin is a product with utility, people use it as a currency, investment, store of value etc. These people who use it would all have varying  opinions about it,
• As a currency, Mr. Bob who tried to accept it as a means of paying for his coffee service did not do his research well and accepted an unconfirmed transaction, while Mr. Jerry did his full research and took all precautions to prevent losses,
• As an investment, Mr. Bob heard that you can 10× your money in no time and through his life savings in, while Mr. Jerry did his research, understanding the volatility in the market and how the value is affected by demand and supply and how to invest only amounts you can afford to lose.

In these different scenarios one party would likely have a bad experience with bitcoin while the other would have a significantly improved one, this does not affect the utility of bitcoin.

[DooMAD]

The fact remains that adoption can't be centrally planned.  And even if it could be, I'd argue it shouldn't.  So, in essence, it doesn't really matter if people spend time worrying about positive or negative outcomes with what different countries do, or don't do. 

"Let the chips fall where they may" would be the appropriate idiom.

All we can do is strive to make the network as robust as possible and see what unfolds.  Bitcoin is all about not asking for permission, so if other people want to oppose it, that's their prerogative.  But they aren't in any position to stop us.  And the door is always wide open for anyone who wants to join us. 

[CaVO32]

Now with countries like El Salvador making BTC a legal tender. This type of scenario could easily make or break Bitcoin.

No, this situation would not have so much of an impact as to make or break bitcoin. Bitcoin is a product with utility, people use it as a currency, investment, store of value etc. These people who use it would all have varying  opinions about it,
• As a currency, Mr. Bob who tried to accept it as a means of paying for his coffee service did not do his research well and accepted an unconfirmed transaction, while Mr. Jerry did his full research and took all precautions to prevent losses,
• As an investment, Mr. Bob heard that you can 10× your money in no time and through his life savings in, while Mr. Jerry did his research, understanding the volatility in the market and how the value is affected by demand and supply and how to invest only amounts you can afford to lose.

In these different scenarios one party would likely have a bad experience with bitcoin while the other would have a significantly improved one, this does not affect the utility of bitcoin.

The situations you presented are simple yet a clear differentiation on how people will utilize this crypto market to their own advantage. And also, El Salvador's move regarding making bitcoin as legal tender would not be a major reason for the possible make or break of bitcoin. Bitcoin is encompassing the global market where no one can actually dictate and manipulate the market. This is the beauty of bitcoin as a decentralized system. No government can impose the future of bitcoin because the scope is global.

But, whatever happen to El Salvador, if it is positive when it comes to economic impact, will be an inspiration for other countries to follow their path towards crypto market. If not, they can always go back to their traditional financial system.

[PrivacyG]

I do not care anymore about the oppression coming from governments toward Bitcoin.  I heard someone say once, when a big country hates Bitcoin, this turns into big opportunities for a small country.  There will never be hatred everywhere towards Cryptocurrencies and since BIG numbers are in the markets, larger countries like the United States will not feel happy missing out on gains.

About Bitcoin's image getting tainted by what governments say, let them be.  Humans are so easy to manipulate nowadays it is useless to worry about it.  Most of them are close and short minded.  Anyway, I would rather have Bitcoin not accepted by the majority and only used in a small community like it was one decade ago than have the majority only purchase it for profits and leave it every dip.

I do not care what is El Salvador's objective by legalizing Cryptocurrencies.  So far, this choice has done a lot of good to our community.  Corruption is everywhere but in some governments it is only better hidden.  As long as Bitcoin stays alive and the government supports us, I take that as a win.  Better than crackdowns coming from thieveticians.

-
Regards,
PrivacyG

[Coyster]

There is lots of opposition from other entities with El Salvador legalized Bitcoin. This could be many things in swing to prevent something positive from happening. In which if any thing bad happens. The media would be first to say that Bitcoin was the cause of that specific negative. Which then people around the world who may not understand Bitcoin will get more of the idea that Bitcoin is bad and that all should stay away.

What could possibly go wrong that has not been experienced with fiat before, in this case it is even much better cause Bitcoin is decentralized and without any government directly controlling it, thus most of the present and unforseen issues would stem from the folly of its users and not the network per se. Again, talking about the media, they have always highlighted Bitcoin as being negative, trying to dissuade people from the network, it is really nothing new, and if something goes wrong or not in this case the media will still spill negativity, so do not worry about that, we're all used to it now.

Now of course there are positives to this as well. El Salvador could become the top economic leader in the world. However maybe the adoption of Bitcoin was only in the interest of the leader of this country only. To make himself and his associates very wealthy.

I'm afraid El Salvador can't be an economic power house just cause they made Bitcoin a legal tender. And the president of El Salvador Nayib Bukele can't have such intentions, cause if he wants to enrich himself, mind you that is it pretty easier to embezzle money through fiat than with Bitcoin, so he will basically just do that with their fiat currency. Having said all that, this is a country that has openly embraced the Bitcoin idealogy, just eliminate all the "what if's" you have in your mind and show support for them.

[serjent05]

Now of course there are positives to this as well. El Salvador could become the top economic leader in the world.

Every country has the potential to become one of the top economic leaders of the world and to be one of them is not simple as adopting Bitcoin only.  It is more complex than what we think.  Besides, EL Salvador don't have full control of Bitcoin to enable them to reap the most reward, they also have to do an overhaul of their financial system which I think will encounter resistance from their financial institutions.  More or less your next statement suits the situation.  

However maybe the adoption of Bitcoin was only in the interest of the leader of this country only. To make himself and his associates very wealthy.

[Jawhead999]

Each people will have different mind and you can't force someone to change his mind.

1. There are some people who understand Bitcoin and how privacy is really his concern, he will use Bitcoin in particular steps to avoid being tracked or untraceable.
2. There are some people who understand Bitcoin and doesn't care anything with privacy, they submit KYC to any unknown sites and share his profit in social media.
3. There are some people who understand Bitcoin and care with his privacy but not 100%, he only submit KYC to top and reputable sites.

You shouldn't really care with those people who have different opinions with you, just focus what you believe. Debating this discussion has no end to be honest.

[pooya87]

If you look at the history you'd realize that people have already been blaming bitcoin for "negative" things and that hasn't changed anything apart from some brainwashed idiots who immediately believe what the media dictates. For example the most recent nonsense has been the "environmental damage" of bitcoin! As you can see bitcoin is still continuing strongly and the adoption is growing regardless of all the FUD.

[DapanasFruit]

I fully agree that in anything there is always that other side of the story...or we can say there is always the other side of the coin. Now, with the adoption and legalization as a legal tender by El Salvador, it opened up many new possibilities for Bitcoin. With the recent pressure from IMF for El Salvador to get away from Bitcoin, some fear that there can be many bad economic repercussions for the country but so far all the threats are just works and no concrete actions yet as El Salvador is adamant on its stand to work with Bitcoin especially that they can now feel some big positive impact on its tourism and if Bitcoin City can be operational am sure there will more economic benefits too. We have nothing to worry on the El Salvador and those small countries that can be following the same path legalizing Bitcoin.

[Chato1977]

Now let me be honest at first. Yes I am a supporter of cryptocurrency. Having used various cryptos for trading and holding etc . I even had my own crypto video channel for a while.

good to hear of all your dedications for crypto specially Bitcoin .

I would like to say there are alway 2 sides to every story. Even more sides in technical terms. One has to look at all possibilities.

if you are investors or at least wanting to gain Money , then you will always look at all possibilities lol.

that is the reality of market and profiteering as we all wanted to gain and hates to Lose.

Now with countries like El Salvador making BTC a legal tender. This type of scenario could easily make or break Bitcoin.

How would an adoption of bitcoin will Break Bitcoin ? mind explaining this to all of us?

[aoluain]

Now with countries like El Salvador making BTC a legal tender. This type of scenario could easily make or break Bitcoin.

El Salvador is the only country which has made legal tender and there are no
confirmed countries following them yet. The scenario which El Salvador has
created for themselves wont make or break Bitcoin but it could potentially make
or break El Salvador.

If you look at the history you'd realize that people have already been blaming bitcoin for "negative" things and that hasn't changed anything apart from some brainwashed idiots who immediately believe what the media dictates. For example the most recent nonsense has been the "environmental damage" of bitcoin! As you can see bitcoin is still continuing strongly and the adoption is growing regardless of all the FUD.

Thats right! the absolute nonsense, FUD and lies to build negativity towards Bitcoin
through the years has been massive...and still here it is through all that ploughing
ahead and surviving for whom ever wants to access it.

Recent examples, El Salvador ^obviously, situations like Afghanistan
and Ukraine/Russia and the protests in Canada.

[Lucius]

Now of course there are positives to this as well. El Salvador could become the top economic leader in the world. However maybe the adoption of Bitcoin was only in the interest of the leader of this country only. To make himself and his associates very wealthy.

I think you have gone too far with this statement, because Bitcoin cannot correct decades of bad policies in any country, including El Salvador. You need to know that El Salvador gave up its national currency 20 years ago, and that is a sign that something has really gone wrong.

The current president and his party have decided to give Bitcoin a chance, just as they gave the US dollar a chance 20 years ago - and I don't think they have anything to lose because of that decision. Of course, people talk about everything, including the fact that Bukele does it for his personal benefit, but you must know that some people initially said the same thing about Satoshi Nakamoto.

Bitcoin was never actually created as a complete replacement for the existing financial system, but as an alternative that allows anyone to bypass that system if they wish. Yet people are still skeptical of such an idea, and old habits are very difficult to replace with new ones no matter how good they are.

[teosanru]

The first argument really doesn't suit well, there is always criticism and opposition whenever any new change kicks in, but it's the merit that change offers that mutes all the critics and ensures the change remains and spreads. If bitcoin is actually beneficial for any economy it will show it's results and people even who oppose it will somehow settle themselves with it, but if it doesn't show any good results you may see it declining in usage for sure. False blames definitely won't last for long. Talking about the second point, obviously, EL Salvador President isn't a god that he is doing this for his tech devotees, he does have his own interests in mind while doing this, he does want the rich to come into the country. But how we should perceive it is by seeing it as an opportunity because it's nothing bad in it for us.

[davis196]

1.The decision of El Salvador making Bitcoin a legal tender has been discussed a gazillion times on the forum.
Why do you wanna start this discussion again?You don't add anything new to the discussion.
2.Nobody is forcing anyone in El Salvador to use Bitcoin only.People in El Salvador can still use US dollars.
They have options.Having the opportunity to choose between multiple options  is a great thing.
3.Haters gonna hate Bitcoin at all times.They will never stop with their hate.Why do you even bother with their opinions about Bitcoin?A hater cannot be turned into a believer.