What do you Think might aid the global adoption of Bitcoin?

[CryptoBuds]

It is too early to judge El Salvador's experience of adopting Bitcoin as a failure, as the experiment is still in its infancy, and Bitcoin is still in its infancy.

In general, new inventions take a long time for people to accept, adopt, and get used to using them, and introduce them to the many features that greatly improve their lives.

Even if bitcoin is still in its infancy, and El Salvador accepted it as a legal tender just two years ago, it cannot be called a failure. Just like we have been holding bitcoins for 2 years and still have not made a profit, it cannot be said that our investment has failed.

If we compare the history of fiat and bitcoin or other traditional assets, it is clear that bitcoin is a kid compared to old men. We should not rush, it takes time for people to gradually know and accept bitcoin.

The first and most important factor for bitcoin to get global adoption is for people to look at bitcoin as a currency, not as an investment. When people start looking at bitcoin as a safe, easy, and decentralized way of peer-to-peer payment and stop looking at the rise and fall of the price, then we are ready for global adoption.

I doubt this possibility because, in my opinion, 90-95% of people enter the market for profit and not because of bitcoin's superior technology. Even if we are talking about bitcoin price per day, how can someone treat bitcoin as a currency while we are not?

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[touseefahmad1999]

Increased awareness and education: Bitcoin is still a relatively new concept for many people, and there is a need for greater awareness and education about its benefits and risks. As more people become aware of the advantages of Bitcoin, such as its ability to facilitate fast and low-cost cross-border transactions, its adoption is likely to increase.

Greater regulatory clarity: Many countries are still grappling with how to regulate cryptocurrencies like Bitcoin, and there is a need for greater regulatory clarity to provide a framework for businesses and individuals to use Bitcoin without fear of legal repercussions. Clear and consistent regulations can also help to build trust in the cryptocurrency and encourage more widespread adoption.

Improvements in technology: The Bitcoin network is still in its early stages and there is room for improvement in terms of scalability, security, and ease of use. As technology continues to advance and new solutions are developed to address these challenges, Bitcoin is likely to become more user-friendly and accessible to a wider audience.

Support from major institutions: The support of major institutions, such as banks, financial institutions, and governments, can help to legitimize Bitcoin and increase its adoption. As more institutions begin to integrate Bitcoin into their operations, it is likely that more people will become comfortable using the cryptocurrency.

Stable prices and less volatility: Bitcoin is known for its high volatility, which can deter many people from using it as a medium of exchange or store of value. If the price of Bitcoin becomes more stable and less volatile, it could help to increase its adoption by making it a more reliable and predictable asset

[xzy887]

The first and most important factor for bitcoin to get global adoption is for people to look at bitcoin as a currency, not as an investment. When people start looking at bitcoin as a safe, easy, and decentralized way of peer-to-peer payment and stop looking at the rise and fall of the price, then we are ready for global adoption.

Of course it's important. But most of us use Bitcoin as an investment. There are some people who invest in Bitcoin without knowing well about it and do corruption through Bitcoin, make illegal transactions through Bitcoin. Because of which the government can't know anything and can't stop it, which leads to the collapse of Bitcoin. If we use bitcoin as a currency and securely transact bitcoin it will be ready for global adoption.

[inthelongrun]

I disagree that bitcoin adoption in El Salvador failed. It's been legalized only for more than a year. And it's not like fiat money in El Salvador is discontinued and bitcoin is the replacement. Fiat money is still there in El Salvador so bitcoin is legalized but more like an option. It is still growing and we are in a bear market so what do we expect for a currency that is so volatile? Give it time bro before calling the bitcoin adoption in El Salvador a failure. Its economy is not doing well in the first place so that also means doubts when it comes to global investments. But generally, El Salvador did a good job of accepting bitcoin as a legal tender and soon it will reap its benefits. The country just needs to stabilize its economy a bit and upgrade its transportation, security, and internet speed in order for investors and even ordinary people to start investing and traveling to El Salvador.

[Obari]

I think if the mindset of seeing Bitcoin as a legal tender rather than an investment or a get rich scheme will go a long way to aid the global adoption of Bitcoin.

legal tender, which means it is generally accepted as payment for business as well. But,  OP, even if Bitcoin is seen as a means of investment, that doesn't mean it will decrease the rate of adoption. The adoption of Bitcoin will increase over time as people keep talking about it. The government of a country has to make crypto legal in their country before citizens think of accepting it for payment.

You're right mate but don't you think one of the major reasons why government find it difficult to legalize the use of Bitcoin is the wrong concept been translated to them ?
I mean from the first adapters of Bitcoin?
Most of the government of some countries are scared of adapting Bitcoin because of the fear of fustrating the lives of their citizens as a result of the high volatility involved with Bitcoin and cryptocurrency in general.

~snip~

Don't you also think that if Bitcoin is accepted as a legal tender, it seems means it will definitely gain more publicity at least in that country?
If it gets accepted as a legal tender, i personally think it will draw the attention of the more to Bitcoin and it will be easier to get more Marchants and hence increasing the acceptance?
Legalization is the first step to crypto acceptance.

[Outhue]

El Salvador did it wrong if they are forcing Bitcoin adoption on people, they have to give them some reasons why Bitcoin is good for making payment, they need lectures about Bitcoin not force, there are many old people in the country, how will they even understand what Bitcoin is all about? Some old people are tough to lecture about something new, to them Bitcoin will be so complicated, especially the part that Bitcoin is highly volatile.

[TheUltraElite]

Suppose there is a well known convenience store in the locality and they start giving out special discounts to people spending crypto there. The interest in the public will rise about this "new" thing. They will get the impetus from themselves to know about it and then try to aquire it.

Compared to this method, force feeding a person with the idea of crypto and making them use it has less compliance.

Thus my point is that the adoption of crypto does not necessarily need governmenta but th people's acceptance and use. Do that and the government will be forced to allow crypto.

[vv181]

Most of the government of some countries are scared of adapting Bitcoin because of the fear of fustrating the lives of their citizens as a result of the high volatility involved with Bitcoin and cryptocurrency in general.

The general idea that governments tend to reject bitcoin is because of a lack of control. Bitcoin is beyond their control, which is they implement mandatory AML and KYC policies, they are also pushing around regulation in regard to any aspect of bitcoin, like mining usage, etc.

If it gets accepted as a legal tender, i personally think it will draw the attention of the more to Bitcoin and it will be easier to get more Marchants and hence increasing the acceptance?
Legalization is the first step to crypto acceptance.

Regulation clarity will surely encourage businesses to offer bitcoin payment. But that doesn't mean acceptance is strictly required if only because of legalization causes. Bitcoin acceptance within a community will pressure a government or regulator to act on it, whether it will result in legalization or prohibition.

[Synchronice]

For the past few days now, I've read and also written on some threads talking about how difficult it is for countries to adopt crypto and in one of the threads Here It was also pointed out that Bitcoin adoption in El Salvador failed because it was forced on the people.
On the other hand, I think if the mindset of seeing Bitcoin as a legal tender rather than an investment or a get rich scheme will go a long way to aid the global adoption of Bitcoin.
What do you think could aid the adoption of Bitcoin?
Let's discuss please

Why do you think that El Salvador failed in bitcoin adoption? I think it's doing pretty well: What Bitcoin adoption is ACTUALLY like in El Salvador.
It's not good to force business to accept payments, actually, business shouldn't be pushed to accept any type of payment because it will attract more customers and logically it should be their priority to do so.
But it's clear that Bukele build its economy on bitcoin and cryptocurrencies, it can turn their country into crypto hub and very successful place if he takes care of criminals and improves education of people.

[Bananington]

What do you think could aid the adoption of Bitcoin?

There are some major countries in the world that have a very strong influence on other countries that depend on them for something or have close mutually benefiting relationship. The top influential countries in the world are United States, China, United Kingdom, France, Germany, Russia, Japan, Italy, UAE and Isreal, that ismentioning the top ten according to report, you can see the whole list here. If these countries begin to accept and use bitcoins, It will have a strong effect on other countries where they have their influence, and that can then lead to global adoption.

[posi]

El Salvador did it wrong if they are forcing Bitcoin adoption on people, they have to give them some reasons why Bitcoin is good for making payment, they need lectures about Bitcoin not force, there are many old people in the country, how will they even understand what Bitcoin is all about? Some old people are tough to lecture about something new, to them Bitcoin will be so complicated, especially the part that Bitcoin is highly volatile.

I don't think the El Salvador government is forcing their people, they are still using USD besides bitcoin, which means people still have a choice. While El Salvador hasn't made any major gains since accepting bitcoin as a legal tender, it wouldn't be right to rush to the conclusion that they've failed. Bitcoin is a digital currency, so it will be harder to use than fiat, so they need a lot of time to apply it perfectly. I still believe they will succeed in universally adopting bitcoin for everyone in the future.

[Dr.Osh]

I think one of the main goals of bitcoin is to serve as a means of payment. However, this is also one of the reasons why bitcoin is difficult to accept in some countries. that's because bitcoin can suppress the use of fiat. this is because bitcoin has many benefits compared to fiat. however, the government tries to reject bitcoin as legal tender because it sees the negative side or risks such as its very volatile price, and so on. Moreover, due to the purely decentralized bitcoin system, it makes it very difficult for the government to take taxes from it. So, I think bitcoin's journey to being accepted as a payment alternative is still quite a long way off. However, I see that many businesses are currently accepting bitcoin as a payment alternative, this is specifically for bitcoin users, and the risk is borne by the business owner. sooner or later, people will get used to it and accept it.

[PeopleEquity]

There are several factors that could aid the global adoption of Bitcoin. Education is key, as many people are still unfamiliar with how Bitcoin works and its potential benefits. Governments and businesses could provide educational resources to their citizens and customers to increase awareness and understanding of Bitcoin.

Another important factor is regulation, as clear and fair regulations can provide a supportive environment for Bitcoin adoption. It's important for governments to strike a balance between consumer protection and innovation, so that Bitcoin can grow in a safe and stable manner.

In addition, making Bitcoin more accessible and user-friendly would encourage adoption. This could include developing easier-to-use wallets and exchanges, as well as creating more opportunities for people to earn and use Bitcoin in their everyday lives.

Overall, a combination of education, regulation, and accessibility can help drive global adoption of Bitcoin as a legitimate and inclusive fashion.

[yhiaali3]

I doubt this possibility because, in my opinion, 90-95% of people enter the market for profit and not because of bitcoin's superior technology. Even if we are talking about bitcoin price per day, how can someone treat bitcoin as a currency while we are not?

Yes, as you mentioned "90-95% of people enter the market for profit and not because of bitcoin's superior technology" so this is why we will never get stability in the price of bitcoin, what I mean in my words is that adoption needs price stability while people keep speculating in bitcoin Which makes the price not stable at all.
In other words, we need the Bitcoin price to stabilize first in order to get adoption, because a financial system cannot be based on an unstable currency.

[Questat]

Nothing I see to help global adoption that is the government will support crypto and acknowledge that it was another form of currency that can be accepted as a mode of payment. So people who would see this will eventually change their minds and would have the confidence that they are safe from using this as no authorities to stop them from using and accepting Bitcoin. Thus, in this situation, we can encourage people to become a part of crypto and willingness to accept the changes.

[Luzin]

Nothing I see to help global adoption that is the government will support crypto and acknowledge that it was another form of currency that can be accepted as a mode of payment. So people who would see this will eventually change their minds and would have the confidence that they are safe from using this as no authorities to stop them from using and accepting Bitcoin. Thus, in this situation, we can encourage people to become a part of crypto and willingness to accept the changes.

Nowadays with the fear of decentralized systems making global governments will not accept crypto. They can't control and that's the main culprit. So not injecting dead crypto is already a huge advantage. Like the government I have tried to take taxes from trade transactions. That gives the state finances quite a lot.
So I quite agree with you, adding users I think is enough to add a community of users. The more users will benefit from the growth of crypto. So don't think about crypto for global adoption anytime soon because all goes against the government's financial system.

[Nrcewker]

Bitcoins cannot be globally adopted by the government. People can still adopt it unofficially. But the government would not make Bitcoins legal at any cost. The reason is very simple. Bitcoins are decentralized, that is, they cannot be controlled by any governing body; hence, the government cannot keep track of Bitcoin transactions, etc., and hence they won’t adopt it. I mean, are we facing any problems? No right?  We are able to do P2P trades. So without worrying about this, I would ask you to move on with this topic.

[Zlantann]

For the past few days now, I've read and also written on some threads talking about how difficult it is for countries to adopt crypto and in one of the threads Here It was also pointed out that Bitcoin adoption in El Salvador failed because it was forced on the people.
On the other hand, I think if the mindset of seeing Bitcoin as a legal tender rather than an investment or a get rich scheme will go a long way to aid the global adoption of Bitcoin.
What do you think could aid the adoption of Bitcoin?
Let's discuss please

Firstly you cannot certainly say that Bitcoin failed or is failing in El Salvador. It is too early to evaluate the performance of Bitcoin in El Salvador and there should be a yardstick for evaluation. And this evaluation should be based on the different sector of the country. The drop in the price of Bitcoin affected the country's Bitcoin investment but the country is a long-term investor and the future is unpredictable. We can not also deny that the friendly bitcoin policy increased investment in tourism and other investment.

The spread of basic education in some developing countries will increase Bitcoin awarenesses and adoption because a large chunk of the population of some third world nations are illiterates. Providing basic facilities like electricity and internet connections will also help Bitcoin adoption. Favorable or unfavorable government policies has a very huge impact on Bitcoin adoption in any country.

[isaac_clarke22]

~

This is really true. People think that adoption would be coming from becoming the legalization of Bitcoin or crypto in general. Legalization might even hurt the true nature of decentralization of Bitcoin since surely govt ain't just sitting around looking at their people not paying taxes from their income and surely regulations will take place.

P2P trading has been like an old school practice already in trading/exchanging crypto with other people, and surely that alone is enough for at least "global adoption" of Bitcoin.

[Sexylizzy2813]

The government have a big roll to play on the adoption of Bitcoin but in some cases where they use it as a means of corruption is worrisome. If everything is plain, Bitcoin can provide significant benefits by increasing financial services and  by overcoming social trust in some developed countries.
In some third world countries there are people who consider Bitcoin as a means to support the economic growth, by so doing poverty rate may decrease drastically.here