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

[Faisal2202]

What do you think could aid the adoption of Bitcoin?

I read your mentioned thread and it seemed that Guatemala has not announced or declared accepting BTC as legal tender because legalizing btc and legalizing as tender are two different things. No doubt el-Salvador made the bad decision of making BTC a legal tender at a time when BTC was at an all-time high or at least near it. I do not know on what basis they planned it but it was a failure until now. And as per your mentioned thread, Guatemala has not accepted it as legal tender but accepts it as security and assets on which people are allowed to make trading. So as far as I can conclude from this.
1. If we want to legalize it in a country first we have to start a campaign of voting (election) for whether they should accept BTC as legal tender or not. But the majority of people will not vote in favor of BTC.
2. To circumvent it, governments have to teach them the impact blockchain and BTC could make on their economy. Once they understood the importance then most people will vote in favor of selecting btc as a legal tender.
3. But, things become interesting here. You can check the stats by Statista which tells us how many countries own BTC and how much. And it's amazed to see that countries that accept it are not in the top 10. And they are not making much from BTC as legal tender. Their economy is facing but countries that did not make it legal tender and still using it for trading, holding, and for p2p transactions are earning and improving the economy by paying taxes, etc.

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[ethereumhunter]

Maybe if people think that bitcoin is an investment almost similar to other types of investment that can provide benefits, it can help the bitcoin adoption process. Or they could think that bitcoin provides another way to make fiat money trading cryptos like forex trading and others can also help bitcoin adoption because people will learn to trade fiat bitcoin pairs. And with more and more people using crypto trading, it can keep the adoption process moving and give people an opportunity to make money.

Maybe bitcoin cannot yet become legal tender for many countries because it still depends on the local government's decision. And, of course, the government doesn't want to see that they can't control bitcoin the way they control the circulation of fiat money. And maybe that's what hinders the use of bitcoin as a legal tender in one country.

[Kakmakr]

Let's look at the biggest motivator for it's success so far and then extrapolate from that to give you a good answer. What happened in the countries where Bitcoin adoption increased the most? Answer : The fiat currency in that country failed or it nearly collapsed under hyper inflation.

We can wait for more and more countries to go through the same crisis or we can educate people on the solution (Bitcoin) before that happens to them. Unfortunately people are only forced prior or during a crisis to take that step.... but we can educate them about the solution, before it happens. 

[hannahB4]

For bitcoin to be accepted globally I think bitcoin has to be a legal tender, investment means, and getting rich scheme, All these three qualities for bitcoin will help it to be globally adopted easily, especially by the masses.

[2girls]

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

You make a good point about the importance of seeing Bitcoin as a legal tender rather than just an investment or a get rich scheme. If people view Bitcoin primarily as a speculative asset, then they may not be motivated to use it as a currency for everyday transactions. However, if people start to see Bitcoin as a legitimate form of payment that can be used to buy goods and services, then adoption may increase.
To increase Bitcoin adoption, it's important to make it easier for people to buy and sell it through improved availability and ease of access to Bitcoin exchanges. Enhancing the user experience by simplifying the buying, selling, and using process can make it more appealing to a wider audience. Building a strong ecosystem of businesses that accept Bitcoin as a payment method can also encourage adoption.

[Uruhara]

I don't know why the OP seemed to have concluded that what El Salvador had done, which had legalized bitcoin as a legal tender, had failed. Even though for me it is the country of El Salvador itself that has succeeded in making all eyes from all over the world more familiar with bitcoin. so that the adoption of bitcoin becomes more and increases every day. and to me if any other country does the same move as El salvador then that would be a stronger driver to faster bitcoin adoption.

El Salvador's experiment has failed miserably because a year after the adoption no merchants are able to use a Wallet, no one has adopted Bitcoin as their first payment but worse still the state waller Chivo is centralized and satoshis disappear during transactions on LN .  Also, top-down adoption with propaganda hasn't worked much better than bottom-up adoption of Bitcoin Lake or Bitcoin Jungle.

what is trending is because the government of Elsalvador legalized bitcoin, but in it, some people are not ready to fully realize it. for me it is a natural thing, especially at the beginning of a change there are obstacles that must be fixed, especially for the elderly, of course it will be more difficult to socialize it considering that they have not fully followed the development of the digitalization era. it's just a matter of how the government deals with the problems that occur, until bitcoin can really be fully used by all its people, so that the economy can improve soon, as the government hopes

so true. a big step taken by president Nayib bukele in adopting bitcoin as legal tender in the country of El Salvador will certainly not be successful immediately and will not be immediately accepted by the people. all of that requires process and time. and even the adoption of bitcoin there did not interfere with the dollar payment instruments commonly used there. and please note that El salvador does not have its own currency. so bringing the legal payment alternative i.e. bitcoin to the country is also a bold move and quite a good one. although of course there will be many parties who are not happy with this. In fact, many news media only see the negative point of view and don't highlight the positive side too much.

and at least the bitcoin awareness education there is much more active and is being implemented. the point is they try with real work. not just with words without action. and I think the policy of legalizing bitcoin as a legal means of payment there does not interfere with the previous means of payment, namely the dollar. because still, the dollar is still very much needed there. because like the elderly it will certainly be easier to use dollars in everyday payments. Bitcoin is just an alternative.

and this is the latest news which is another real effort that El salvador is doing in helping bitcoin adoption.
https://cryptopotato.com/el-salvador-launches-bitcoin-lightning-dev-training-office/

[mendace]

El salvador does not have its own currency. so bringing the legal payment alternative i.e. bitcoin to the country is also a bold move and quite a good one.

But you're wrong El Salvador has its own currency "the Colon" but obviously it has a very low purchasing power and therefore the cash runs in US dollars.  So it is normal that the adoption of Bitcoin in the country is also uncomfortable for the USA.  As I have already said, a media campaign and a $20 drop in the Chivo wallet to hope that everyone starts using Bitcoin cannot work, education is needed and in a country like El Salvador where the majority is illiterate, one cannot expect the people to understands and consequently does not use it.  Cash is the main cause of tax evasion and illegal trafficking and in the country they are almost all unbanked it is normal that they will not use Bitcoin.  The only exception could be vs. money transfers which have very high transfer rates while LN, as we well know, costs nothing and is very fast.

[Uruhara]

El salvador does not have its own currency. so bringing the legal payment alternative i.e. bitcoin to the country is also a bold move and quite a good one.

But you're wrong El Salvador has its own currency "the Colon" but obviously it has a very low purchasing power and therefore the cash runs in US dollars.  So it is normal that the adoption of Bitcoin in the country is also uncomfortable for the USA.  As I have already said, a media campaign and a $20 drop in the Chivo wallet to hope that everyone starts using Bitcoin cannot work, education is needed and in a country like El Salvador where the majority is illiterate, one cannot expect the people to understands and consequently does not use it.  Cash is the main cause of tax evasion and illegal trafficking and in the country they are almost all unbanked it is normal that they will not use Bitcoin.  The only exception could be vs. money transfers which have very high transfer rates while LN, as we well know, costs nothing and is very fast.

Oh you're right. i missed it. it seems that El Salvador originally did have its own currency, namely the El Salvador Colón, but from what I read from Wikipedia¹ it turns out that the El Salvador Colón currency has not been made since 2001. and since then only US Dollars have been used. and from several article sources I read that colón has not been circulating since 2004 and is not used for any transactions². although it was mentioned that there were still several shops there that used to accept Colón and dollars for transactions at that shop.

and talk about the various limitations and obstacles experienced there to implement Bitcoin education there. then of course we have to understand that the process of adopting bitcoin in the community there will be slow. because of the various limitations that exist in the community there as you mentioned. then I think it's too early for us to call it a failure. because this is still running in a process that seems like it will take a lot of time.

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Reference :
1. https://id.m.wikipedia.org/wiki/El_Salvador
2. https://p2k.stekom.ac.id/ensiklopedia/El_Salvador & https://ilmugeografi.com/ilmu-sosial/negara-el-salvador

[mendace]

and talk about the various limitations and obstacles experienced there to implement Bitcoin education there. then of course we have to understand that the process of adopting bitcoin in the community there will be slow. because of the various limitations that exist in the community there as you mentioned. then I think it's too early for us to call it a failure. because this is still running in a process that seems like it will take a lot of time.

Unfortunately we can already speak of bankruptcy because after a year instead of having a greater adoption many traders have left their tablet with the wallet in the drawer and the Chivo wallet was a political campaign well exploited by Bukele.

[famososMuertos]

...was also pointed out that Bitcoin adoption in El Salvador failed because it was forced on the people...

Where Bitcoin has failed, nowhere, have individuals failed, the community has not been able to organize.

 We hope that it is "daddy," the government, that does everything, ah!  But when it happens they criticize and judge it, and the worst they condemn, saying that Bitcoin failed in El Salvador.

But it does not matter, because that adoption advances and does not necessarily need governments, no. Fortunaty, there are individuals want to take the lead in the battle.

[Z-tight]

For bitcoin to be accepted globally I think bitcoin has to be a legal tender, investment means, and getting rich scheme, All these three qualities for bitcoin will help it to be globally adopted easily, especially by the masses.

BTC can be used globally without it being a legal tender globally, every country in the world isn't going to make BTC a legal tender, especially the developed countries, but as long as they do not create a hostile enviroment for people using BTC in their country, then we do not need them to make it a legal tender. BTC is already legal in far more countries than it is illegal, so if people can use it the correct way by taking it off exchanges and more merchants continue accepting it, it is only a matter of time for global adoption.

BTC can be used as an investment means, but nobody should take it to be a get rich scheme, that is not one of its qualities and only people who do not know anything about BTC can think like that.

[serjent05]

Individual effort is the best thing that came in my mind to aid the global adoption of Bitcoin.  One good example is the Bitcoin Lake in Guatemala which is discussed in this thread.  Even though the government doesn't recognize Bitcoin as a legal tender and they opt to implement CBDC, locals of the said place started to promote Bitcoin.  They even mine bitcoin with used cooking oil as a source of energy to power up mining rigs.  Besides, I always believe that the collective power of individuals that is promoting Bitcoin is way stronger than a company that promotes Bitcoin alone.

[AmoreJaz]

Individual effort is the best thing that came in my mind to aid the global adoption of Bitcoin.  One good example is the Bitcoin Lake in Guatemala which is discussed in this thread.  Even though the government doesn't recognize Bitcoin as a legal tender and they opt to implement CBDC, locals of the said place started to promote Bitcoin.  They even mine bitcoin with used cooking oil as a source of energy to power up mining rigs.  Besides, I always believe that the collective power of individuals that is promoting Bitcoin is way stronger than a company that promotes Bitcoin alone.

as we can put it, we can start from ourselves and the people around us. but don't force it to anyone. if someone is willing to learn, then, give him assistance. because if you will shove it on them, they will likely blame you if something goes wrong with their funds or they will avoid you because they know you will be lecturing them about this market.
it is always best if the person is willing to learn about this market, because they will put effort also in learning more outside of your tutelage. you can aim one person at a time. i've seen here that some are giving a lecture at a large audience. imo, only few will be interested from such audience.

[pgbit]

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

To promote the adoption of Bitcoin, education on its decentralized nature and benefits beyond investment is crucial. Clear regulation can provide stability and security for investors and businesses. Incentivizing businesses to accept Bitcoin and developing infrastructure for easier buying, selling, and use are essential. Integration with traditional finance through partnerships can bridge the gap. Widespread adoption requires cooperation among stakeholders and won't happen overnight.

[wxa7115]

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

To promote the adoption of Bitcoin, education on its decentralized nature and benefits beyond investment is crucial. Clear regulation can provide stability and security for investors and businesses. Incentivizing businesses to accept Bitcoin and developing infrastructure for easier buying, selling, and use are essential. Integration with traditional finance through partnerships can bridge the gap. Widespread adoption requires cooperation among stakeholders and won't happen overnight.

All of those are good points but the majority of those points are in control of the governments and banks, and they do not want to encourage people to use bitcoin as it plays against them.

They do not want people to use a decentralized coin they cannot control, print and monitor as well, regulation is a mess so it is incredibly difficult to comply with the law, governments for many years have argued that bitcoin is an asset and not a currency in order to discourage people from using bitcoin as a currency, so as you can see there is almost no support at all when it comes to the points that could increase the adoption of bitcoin around the world.

[Victorybit1]

What will aid the adoption of bitcoin is Education; people lack the basic knowledge about bitcoin.

Merchant acceptance, security and government support will help bitcoin gain acceptance and legitimacy in the part where it's not legal.

[Inwestour]

All of those are good points but the majority of those points are in control of the governments and banks, and they do not want to encourage people to use bitcoin as it plays against them.

They do not want people to use a decentralized coin they cannot control, print and monitor as well, regulation is a mess so it is incredibly difficult to comply with the law, governments for many years have argued that bitcoin is an asset and not a currency in order to discourage people from using bitcoin as a currency, so as you can see there is almost no support at all when it comes to the points that could increase the adoption of bitcoin around the world.

We will come to this anyway, only it will be on the terms of the governments, you will see how soon we will see the widespread introduction of CBCD. And everything will continue in the same direction, governments will convince people that bitcoin is not a reliable coin, only CBCD can be trusted, because it is controlled by the government.

And the saddest thing is that most will believe it.

[soramon]

Increased awareness and education, improved user experience, increased merchant acceptance, regulatory clarity, and network scalability are all important factors in promoting global Bitcoin adoption. Increasing Bitcoin adoption will necessitate a combination of technological, educational, and regulatory advancements, as well as efforts to make Bitcoin more accessible, user-friendly, and legitimate.

[letteredhub]

What do you think could aid the adoption of Bitcoin?
Let's discuss please

Spreading the word about the digital currency and the benefits and financial control it offers to adopters , letting people know about it wherever necessary that such information needs to be made known is just another way to attract more adoptors, putting hopes on the government and waiting for them believing that their adoption is fast way to increase the usage of bitcoin is something that will take more decades than we expect as most of these government's ain't Interested in losing their centralized control of the financial system under them and so the best way is to go individual when when a great number in a particular society adopts bitcoin and make use of it wether secretly like the p2p systems that is one channel through which most countries that have bitcoin ban that's what the individuals in such countries uses for transaction and it will get to an extend where the adoption will be so large that the government will have no option than to succumb to pressure.

[Falconer]

The most important thing we hope to help with global adoption of bitcoin is its use case as a currency. The high interest of users to use bitcoin as a means of payment is what helps most when we expect bitcoin to be adopted. Of course it needs government support through regulation, but when bitcoin is known and used by the majority of the population regardless of its purpose, adoption is likely to be closer to success.

I don't expect governments to have to ask their entire population about adoption plans, but they just need to get data on how many bitcoin economic transactions are taking place in their country in a given time period. But anyway, I don't expect bitcoin to replace fiat even if bitcoin is adopted as a means of payment. Bitcoin is an alternative option that is expected to help many domestic and foreign transaction needs without restrictions.