What approach do you expect from the Government if your Country adopt bitcoin?

[_BlackStar]

Starting from a topic started by Ratimov: Why has bitcoin adoption failed in El Salvador? so my inspiration to start this thread suddenly appeared where right now i really am would like to know what you think and expect if your country decides to adopt bitcoin as a legal tender.

We all know that El Salvador boldly announced to the world that they adopted bitcoin as a currency as well as legal tender. Many of us agree that this is an expected development, but in the end we can learn from the country ^{[El Salvador]} that to achieve successful adoption, the country and its government must also have a good approach and take the right steps. It is clear that this approach will have an impact on the success of the adoption, but so far El Salvador has failed with the adoption because their approach is not as perfect as expected based on the research.

Well, if El Salvador is considered to have failed with its bitcoin adoption so far ^{[perhaps they have never failed 100%]} then what do you expect if one day your country also decides to adopt bitcoin as a currency and legal tender especially regarding the approach and steps your government should take?

[1713505772]

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[ranochigo]

It is important to understand what Bitcoin is and what is the point of Bitcoin. At this point in time, El Salvador is treating Bitcoin as nothing more than a quick get-rich scheme by publicizing what they're doing with it at every single opportunity that they get. Obviously, most people aren't buying it and rightfully so. Bitcoin shouldn't be treated as a precious asset for hodling and not for spending.

I think the whole point of mass adoption is obviously not just about the government recognizing Bitcoin as a legal tender and for their own reserves. It is important to encourage businesses to adopt it as an alternative payment and adopt sustainable practices over the long term. It cannot be a distraction from the issues that the country is facing. Adopting Bitcoin while fulfilling an alternative agenda is just a farce in general.

[fiulpro]

Well for the starters, I need to introduce it slowly, which means there wouldn't be sudden changes that people cannot comprehend at the same time I do expect them to not take loans on end for it because the banks are not going to blame their indecisive nature they are going to blame the bitcoins.
One thing is clear that they need to educate people calmly over it since it's not a very easy thing to understand for people who are old and quite young. The bitcoin atms should charge adequately which means they shouldn't overcharge as compared to the wallets that we use and at the same time they don't have to be distributed just around the center, it would be wise if they were around the whole country and easily accessible.

[Jawhead999]

Honestly I don't think the legalization of Bitcoin as legal tender in El Salvador is failed, because it's the first country and not all people will accept Bitcoin. It will cause a problem especially for old people or retirements, but AFAIK El Salvador doesn't force anyone to receive their paycheck with Bitcoin, they're free to choose to receive fiat or Bitcoin. I feel the protesters have such personal hate against Bitcoin itself.

Reducing Bitcoin Transactions in El Salvador based on this thread, Bitcoin usage in El Salvador are around 20% which is quite high IMO.

If my country will accept Bitcoin as legal tender, I wouldn't use Bitcoin as daily payment since it has better purpose for store of value, so there's not much change for me.

[ranochigo]

Honestly I don't think the legalization of Bitcoin as legal tender in El Salvador is failed, because it's the first country and not all people will accept Bitcoin. It will cause a problem especially for old people or retirements, but AFAIK El Salvador doesn't force anyone to receive their paycheck with Bitcoin, they're free to choose to receive fiat or Bitcoin. I feel the protesters have such personal hate against Bitcoin itself.

You have to consider what El Salvador is as a country and what they're doing with Bitcoin. El Salvador is a developing country, rampant with poverty (coincidentally as high as that of the adoption rates as you've mentioned). What Bukele has done is essentially gambled with the country's money, which for a country that is so reliant on development aid, is quite a poorly calculated choice to say the least. The country's reserve is especially important because they are essentially the country's worth.

There is nothing wrong with accepting Bitcoin, and there are bound to be people unhappy with this. However, if you see large-scaled protests for something as insignificant as this, something is wrong. Purchasing Bitcoin while doing nothing to address the country's pertinent issues and just tweets about Bitcoin seems quite counter-productive, don't you think?

[sheenshane]

IMO, the approach might be failed but the adoption was been helped by Bitcoin that have given awareness to the people.
It might be expected that there's always a regulation in every country under each jurisdiction, though they have their own wallet called "Chivo" but due to awareness and being knowledgeable, people can still use non-custodial wallets for storing their Bitcoin.

Maybe our government still studying Bitcoin adoption but fortunately, they recognized it as an alternative way of payment or alternative to our local currency.  If one day it will happen that they will announce Bitcoin legal tender, IMO, I'm expecting that they will also create their own wallet the same as El Salvador did.  

[BlackHatCoiner]

what do you expect if one day your country also decides to adopt bitcoin as a currency and legal tender especially regarding the approach and steps your government should take?

I don't care what will my government decide, unless that incentivizes the merchants. I'm fine by my real life transactions. What I want is to be able to pay with bitcoin online, in more stores. If that's going to happen with a legal tender law, then so be it.

El Salvador is a developing country, rampant with poverty (coincidentally as high as that of the adoption rates as you've mentioned). What Bukele has done is essentially gambled with the country's money, which for a country that is so reliant on development aid, is quite a poorly calculated choice to say the least. The country's reserve is especially important because they are essentially the country's worth.

I agree with this. Bukele should not prioritize bitcoin, but generally speaking, it isn't necessarily bad for a country to make investments. It depends on their needs, expenses and the size of the investment.

[ranochigo]

I agree with this. Bukele should not prioritize bitcoin, but generally speaking, it isn't necessarily bad for a country to make investments. It depends on their needs, expenses and the size of the investment.

Countries do make investments, through their sovereign holdings. My point here is not about Bitcoin as a bad investment, it can be a good investment. However, if you notice for any funds that the government holds, they are accountable for it and generally they do have a certain risk allocation to the percentage of funds that they're willing to risk.

I don't think that any governments should be refraining from Bitcoin as an investment but having such a high asset allocation into a risky investment vehicle (such as that of crypto) is not indicative of good governance.

[skarais]

Perhaps it is not surprising why in the end El Salvador was judged to have failed with bitcoin adoption so far because in my opinion they are not completely focused on adoption but may be divided on private and group interests in government. From the very beginning the pros and cons about adoption are the reason why we can think that there is a problem they have to solve regarding adoption and maybe now it is starting to come to the surface after there is research on their adoption success.

If my country adopts bitcoin, I'm grateful because it's a great start to something different about the financial system. I don't want my country on behalf of anyone to invest heavily in bitcoin if at the same time they neglect other things like infrastructure development, job creation and economic improvement of the country in various sectors. They have to do something different from El Salvador although I hope in the future there will be special wallets promoted by countries like Chivo in El Salvador if adoption does happen.

[amishmanish]

Since a country has a heterogenous population and different people have different age and different education levels. The first thing I will expect from my country if it adopts bitcoin is that government will educate the population for the bitcoin. Its value, its investment and its uses. I also expect my government to put requisite infrastructure in place for transaction of bitcoin

[TheNineClub]

Starting from a topic started by Ratimov: Why has bitcoin adoption failed in El Salvador? so my inspiration to start this thread suddenly appeared where right now i really am would like to know what you think and expect if your country decides to adopt bitcoin as a legal tender.

We all know that El Salvador boldly announced to the world that they adopted bitcoin as a currency as well as legal tender. Many of us agree that this is an expected development, but in the end we can learn from the country ^{[El Salvador]} that to achieve successful adoption, the country and its government must also have a good approach and take the right steps. It is clear that this approach will have an impact on the success of the adoption, but so far El Salvador has failed with the adoption because their approach is not as perfect as expected based on the research.

Well, if El Salvador is considered to have failed with its bitcoin adoption so far ^{[perhaps they have never failed 100%]} then what do you expect if one day your country also decides to adopt bitcoin as a currency and legal tender especially regarding the approach and steps your government should take?

So I am not gonna way in on personally my country, but I would say that what makes adoption have more of a chance to succeede is how few interventions it has to have on it's economy before it. What I am going at is that if a country has a lot of economic distress, social priblems and huge wealth gaps (poor countrys in general / developing countrys) will likely fail with the adoption because it will not cure the underlying issues. The better the economy of a country, themore chance it has of making it happen.

[Finestream]

Starting from a topic started by Ratimov: Why has bitcoin adoption failed in El Salvador? so my inspiration to start this thread suddenly appeared where right now i really am would like to know what you think and expect if your country decides to adopt bitcoin as a legal tender.

We all know that El Salvador boldly announced to the world that they adopted bitcoin as a currency as well as legal tender. Many of us agree that this is an expected development, but in the end we can learn from the country ^{[El Salvador]} that to achieve successful adoption, the country and its government must also have a good approach and take the right steps. It is clear that this approach will have an impact on the success of the adoption, but so far El Salvador has failed with the adoption because their approach is not as perfect as expected based on the research.

Well, if El Salvador is considered to have failed with its bitcoin adoption so far ^{[perhaps they have never failed 100%]} then what do you expect if one day your country also decides to adopt bitcoin as a currency and legal tender especially regarding the approach and steps your government should take?

If my country will start to accept bitcoin and make it a legal tender, then they should create educational moves that will provide good education for all the people about bitcoin, its advantages and disadvantages, its proper usage, prior to making it as a legal tender. And of course, its not only the country's leaders who will decide on it, but the whole government should be given consideration too. I guess this is one thing that El Salvador has not been given priority, the permission of the people because they are only after of the revenue and profits that they can make, not on the underlying risk that they have to take especially when majority of the people do not approve it.

[carlfebz2]

If my country will start to accept bitcoin and make it a legal tender, then they should create educational moves that will provide good education for all the people about bitcoin, its advantages and disadvantages, its proper usage, prior to making it as a legal tender. And of course, its not only the country's leaders who will decide on it, but the whole government should be given consideration too. I guess this is one thing that El Salvador has not been given priority, the permission of the people because they are only after of the revenue and profits that they can make, not on the underlying risk that they have to take especially when majority of the people do not approve it.

They do really lack on educating their citizens and thats not a surprise on why they do really have those opposition and they should have listened at least on what are those complaints.Explaining overall not only

focusing on investment or revenue matter will surely open up their eyes at least and accept on what its like not on the time that the market is really on deep reds or bearish.

They havent failed though but they do lack on giving out some education into their vicinity in related on different aspects.

[blockman]

It should start a mania in our country if that happens to be declared as a legal tender. The hype is for real if it's happening in our country just like what has happened with the Axie craze. So, just like what other thinks about bitcoin, it would probably be the same taboo that it's a quick rich investment asset that everyone would be in. But it's better to educate the underlying technology and economics that it has. Well, so far our country has became open to digital transactions and assets and it's about to be regulated since a lot of attention has been made for the past years.

[Prince Malik]

There is no point in accepting bitcoin and making a ridiculous fee of 30% like what happened in India, i prefer to keep buying and selling bitcoin in p2p than paying 30% tax for my transactions lol, if they want to accept bitcoin they must do it properly

[cabron]

Not regulating cryptocurrency will probably better until its widespread adoption happen in the local level where even the street vendors are accepting BTC. I think its just how it should be so that innovations will not be suppressed and then when perhaps more wallets for digital payments will compete, that's the time government will try to regulate.

Its a bit too early to see government are already trying to get taxes from Axie gamers who are cashing out SPL. Whenever they try this, all others who are trying to develop games are now thinking of not releasing on other countries.

[tranthidung]

Adoption must be increased by engagement from many components within one society

• Governments: legal tender, adoption booster at national scale
• Commercial business: it takes time for traditional commercial companies/ corporations to build up their infrastructures and switch from completely fiat-based payment systems to crypto-based systems. They must to build up infrastructures for hybrid phase first. Bigger adoption for crypto will come later and it requires time.
• Individually adoption: it can be a very first adoption, even before governmental or commercial ones but eventually it will play a role as ending point of massive adoption

What is lack of in El Salvador is individual adoption and commercial adoption. It is interesting to see how local citizens and companies there will increase it with time.

[Fundamentals Of]

It cannot be successful without first paving the way for its adoption not just as a currency but a legal tender. Declaring Bitcoin as a legal tender shouldn't come as a surprise to the people. We all know that Bitcoin is not that well known and well understood to everybody. So before getting them involved with it, everybody should be made familiar with it. So I expect my government to spend a good deal of time and effort for Bitcoin education and awareness to the whole country before the final declaration is made and the law implemented.

This is not going to be a quick process. The information dissemination and awareness campaign will have different approaches depending on the audience. For example the business sector will be lectured separately from the ordinary citizens. On the side of the government there will also be a different focus especially in relation to taxation and economy.

[dansus021]

like you said that in my opinion elsavador not 100% of success adopting bitcoin.  but this still become breakthrough.

just opinion that government no need adopt and using as currency in a country. they only need bitcoin or other form of it to be available to trade and not banning it this might the first step

second they start taxing the crypto trader and exchange so the country itself can earn money from it

and third they start using crypto tech to run whetever using as CBDC like china did or using other form of crypto to settle the transaction like VISA did or using other for vote the government put medical or anything

this might not smooth but still make sense

[Haunebu]

You are making a mistake by thinking that world governments actually listen to their people. Most of them don't due to their own ulterior motives which is what leads to all the rallies, protests etc around the world.

Same applies to BTC adoption obviously. If my government were to suddenly announce that they were adopting BTC, I would have low expectations for various reasons.

I don't think they would focus on educating people about BTC and would most probably follow in El Salvador's footsteps. However, this decision would improve BTC adoption which is the silver lining.