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Author Topic: US Congress Meeting On Bitcoin Adoption  (Read 173 times)
bittraffic
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May 06, 2023, 09:28:10 PM
 #21


SEC was mandated to reply to coinbase about the regulation in 10 days and I think they will really have to come up with a final decision about coins being security or not. Bitcoin adoption is here. We are on the edge.

The fud about Bitcoin mining affecting the environment is really insane. How come the researcher is just so dumb to publish all those for the readers who are paying for the subscription to read such erroneous information.


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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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May 06, 2023, 11:27:16 PM
Merited by The Sceptical Chymist (4)
 #22

On the same note, a Mexican Senator named Indira and Samson Mow are also taking a session to give more light on the beed for bitcoin adoption and thus time not only to every Mexican alone but to circulate allover the world in their own view. https://twitter.com/BitcoinMagazine/status/1650950891900485632?t=-engdzcw2frJNQ_uNWL5ew&s=19 it is believed that we can rise more countries and nations to join El-Savador and Central African Republic from bitcoin adoption.

Personally don't think Mexico will be next in line to adopt Bitcoin in a manner like El Salvador or Central African Republic, only because in the past few years their currency has been relatively strong. I could be wrong, as it might be to do with reducing dependency on the US dollar (that I assume they have), but otherwise I'd expect nation-based adoption to come from countries with higher or even hyper inflation.

This line of thought would make a lot of sense, but when I think about it I wonder whether a country that is already fighting hyper inflation is even in the position to pull off a currency transition. I think a shift or an additional introduction of a cryptocurrency on a nation-wide basis isn't a trivial thing to do if a government is really serious about it. You don't want the country to run into chaos even beyond the hyper inflation itself. They would need reliable, useable infrastructure for it and a least level of technical literary such that people would be supporting the transition/introduction. They often buy dollars and that makes sense because they still relate the dollar to a strong economy (and I am not saying that is the case, but for a lot of people not familiar with some of the hard facts it probably is).

I might be wrong but I believe that we are still a few iterations of software/infrastructure away from getting Bitcoin into the hands of the many. It is not that easy as countries that have the infrastructure may think (or get lobbied enough by the banks) it is better to not use Bitcoin whereas those who think they could need Bitcoin probably lack some of the infrastructure. One problem I see would be in-store price adjustments during times of high Bitcoin volatility. It would be problematic if it isn't somehow automated and people would perhaps slow down or accelerate spending depending on the information they have available and the ability to process that information individually.

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May 10, 2023, 08:47:10 AM
 #23

Indonesia setting up for more on bitcoin mining, could this be a step closer to bitcoin adoption as legal tender, this was a chat they had together with Samson Mow on discussion concerning the bitcoin conference in Miami, many other official representative shows interest as well for bitcoin adoption. https://twitter.com/TheBitcoinConf/status/1656024718053449769?t=dVlg_kKVj76T60NW_ktcoA&s=19 we hope to see more countries before the end of this year taking more drastic steps in making bitcoin their official currency as a legal tender in pursuit after El-Savador and Central African Republic.
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