My Dreams of a Bitcoin Circular Economy in my Country

[Davidvictorson]

I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of  day in my country where I can earn in bitcoin and spend in bitcoin. I dream of the day where, even though I need to keep my bitcoin secure in a cold storage, I can still have say $100 worth of BTC in a hot wallet that I spend to buy goods and services from people who accept bitcoin. The idea will be to spend from this hot wallet for purchases while promptly replacing it. That is, after spending the $100, I simply buy another $100 worth of Bitcoin to refill the hot wallet. I remain optimistic that my dream will eventually come true in my country. In the meantime, I would be happy to hear the experiences of bitcoiners who are already living my dream bitcoin circular economy in their country. What is it like for you?

[Vincom]

I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of  day in my country where I can earn in bitcoin and spend in bitcoin. I dream of the day where, even though I need to keep my bitcoin secure in a cold storage, I can still have say $100 worth of BTC in a hot wallet that I spend to buy goods and services from people who accept bitcoin. The idea will be to spend from this hot wallet for purchases while promptly replacing it. That is, after spending the $100, I simply buy another $100 worth of Bitcoin to refill the hot wallet. I remain optimistic that my dream will eventually come true in my country. In the meantime, I would be happy to hear the experiences of bitcoiners who are already living my dream bitcoin circular economy in their country. What is it like for you?

The ability to spend BTC in the economy has been confirmed by El Salvador, where people have been able to use the Lightning Network to make micro-payments easily, quickly, and at a very low cost. The only remaining issue is the legality and acceptance of BTC in your country's economy. I hope you have a government that is friendly to BTC and crypto, and it would be better if they are willing to accept BTC in the financial system as a means of payment.

In my country, crypto are only considered commodities, we can trade and own crypto but are not allowed to use crypto as a substitute for fiat in payments. That is the way for the government to protect the role of fiat in the economy. Using BTC in payments would be the quickest and easiest way for us to get a fast ticket to jail 

[SatoPrincess]

That day is not so far away. There are businesses and services that accept bitcoin as payment in Nigeria although the ratio is not as high as those that accept fiat as payment. The challenges of business accepting bitcoin as payment is the high fees for bitcoin transaction. I doubt many will want to use bitcoins to pay for groceries with the current fees. The lesser the fee, the longer the confirmation time. You would have to wait at the store for your transaction to get at least three confirmations on the blockchain.

[Furious 7]

Everything has regulations and indeed we cannot force it when a country still has not made regulations and recognizes bitcoin as a payment option other than fiat so in this case all we have to do is wait and hope because even if every country welcomes bitcoin like the country I currently live in but makes regulations where treating bitcoin as one of the legal means of payment means they have to boldly say that they will adopt bitcoin for their country and this decision is still very passive and cannot be done without further consideration unless their government is very confident in bitcoin as El Savador is currently doing.

Whatever the truth is as long as the country does not close access to bitcoin development I think it is already a very good thing and does not rule out future adoption.

[Zaguru12]

That day is not so far away. There are businesses and services that accept bitcoin as payment in Nigeria although the ratio is not as high as those that accept fiat as payment. The challenges of business accepting bitcoin as payment is the high fees for bitcoin transaction. I doubt many will want to use bitcoins to pay for groceries with the current fees. The lesser the fee, the longer the confirmation time. You would have to wait at the store for your transaction to get at least three confirmations on the blockchain.

When the incumbent government took over i was very optimistic about this and also thought it will be a thing of few months before people can openly use bitcoin or accept bitcoin as a means of payment but right now it seems those days are getting further far away due to the restrictions we are seeing on cryptocurrency. The problem now is shops or business owners will definitely be wary of using bitcoin as a payment because of fear of been picked up by the government due to the recent saga of financial market vs the government over naira/dollar manipulation.

Aside that I have to agree with you that using bitcoin for transactions of smaller amounts isn’t viable at the moment because of the transaction fee which isn’t only caused now by the inscriptions alone but due to large volume of bitcoin transactions taking place on the network due to the upcoming halving/bull run

[serjent05]

@OP Every Bitcoin enthusiast dreams of such a situation where they can freely use Bitcoin as mode of payment, accept as salary and merchants everywhere that accept BTC not only you.  But there are lots of hurdles for such a situation to happen.  First is the availability of merchants locally to accept Bitcoin.  Second is the confirmation time of the Bitcoin transaction, and the unregular Bitcoin fee where sometimes spike when the network is congested.

Bitcoin transaction confirmation time can be neglected online but P2p will waste lots of time for buyers and sellers when is used in local market, unless they are using the same centralized services the dilemma of this action is that we need a third-party authorization to make this thing happen.

That day is not so far away. There are businesses and services that accept bitcoin as payment in Nigeria although the ratio is not as high as those that accept fiat as payment. The challenges of business accepting bitcoin as payment is the high fees for bitcoin transaction. I doubt many will want to use bitcoins to pay for groceries with the current fees. The lesser the fee, the longer the confirmation time. You would have to wait at the store for your transaction to get at least three confirmations on the blockchain.

High fees can be solved by using a centralized service.  Transferring funds within the same platform is often free, for example, the fund transfer within the Binance platform has no fee.  That is if one won't mind using third-party centralized services.

[Rruchi man]

I dream of  day in my country where I can earn in bitcoin and spend in bitcoin.

That day may come sooner than we expect because there may be some things that may happen that will facilitate and hasten massive acceptance and increase adoption.

In your country @OP bitcoins are very popular and getting more popular, adoption for use in commercial transactions will not take as much time as it would in a country where even the citizens do not yet know about bitcoins.

[hatshepsut93]

There's way too many reasons why this dream will remain a dream. Governments and banks will simply not allow it to happen and they have a lot of tools at their disposal to stop widespread adoption. But they don't even do that right now because of another biggest obstacle in Bitcoin adoption - people themselves don't want it. Bitcoin is too complex and too risky for them and offers no big advantages from the point of view of average citizen. They are fine with their bank handling their funds, and they are fine with inflation because either they don't have a lot of money in savings or because they invest their money.

The most realistic adoption that can happen is that there will be simply more places that accept Bitcoin and you would be able to make a large share of your typical spendings with Bitcoin if you choose so.

[btc78]

Well bitcoin is still not very much accepted in my country.

Yes we are making use of fiat money in digital wallets but crypto seems to be still a foreign concept to others. It would still take a long time for bitcoin to be accepted or used in my country mainly because of how many users actually use its services for transactions.

[Ayers]

Bitcoin's fees and transaction speeds remain a major stumbling block for retail investors, so let's not talk about using bitcoin as a popular payment method for everyday expenses. When someone is asked about their dream, they often say they want to use bitcoin as a currency to pay everyday bills. But my question is, how many people will do that if the government actually accepts bitcoin as currency? People who earn less than $500 per month and have families behind that need to be taken care of. Do they have the courage to spend $2-5 in fees per transaction just to buy a kilo of bananas or a loaf of bread? Also, everyone expects bitcoin to increase in price even higher, will people be willing to spend bitcoin or will they keep trying to accumulate more because its value is increasing every day?

We all have the desire to turn bitcoin into currency, but when it becomes a reality, I really want to know how many people will use bitcoin as a means of payment when bitcoin prices are still volatile and delivery fees are high still high  .

[Don Pedro Dinero]

As long as bitcoin coexists with fiat currencies, which will continue to happen for at least the next 100 years I believe, it makes no sense to consider spending only on bitcoin. Besides, you live in Nigeria, don't you? You prefer to spend bitcoin and not spend the local currency junk? To be able to do what you are proposing, a huge change is needed, which I doubt will happen, which is that people abandon local currencies, and currencies like the dollar if they are used even if it is not local currency, to transact only with bitcoin.

[Solosanz]

Your country need to make banks accept Bitcoin, then accept Bitcoin as legal tender, and last, accept lightning network. I don't think it will gonna happen in soon, probably in the next generations.

We all have the desire to turn bitcoin into currency, but when it becomes a reality, I really want to know how many people will use bitcoin as a means of payment when bitcoin prices are still volatile and delivery fees are high still high  .

Because it's just a bunch of bullshit, if they really want to use Bitcoin as a legal tender, why they didn't move to El Salvador?

You would have to wait at the store for your transaction to get at least three confirmations on the blockchain.

It don't have to be three confirmations, you won't spend more than $1K for groceries, so it's only need one confirmations.

[Bananington]

As far as I know, the U.S has laws that permit the use and acceptance of Bitcoin and some cryptocurrencies too.
There are even Bitcoin ATM machines in use and it works. Although, Bitcoin just like all other cryptos is taxed and regulated, it can be bought and exchanged at will.

It depends actually on the country region you are from. They may get around the idea soon or not unless the exchange agrees to be regulated for now and that's how such a dream of yours can become reality.
Hold on to your dream as much as you do your coins and things might just turn out as you hope.

[blckhawk]

It's a slow process and the best thing that anyone can do in this situation is to just wait it out, it's a good thing that you didn't pursue the promotion of bitcoin in your country, I think that it's going to paint a target on you if you ever do that and I don't think that it's a good idea to have that especially if there's other ways that you can disseminate information to deliver the same thing that you plan to do. I don't believe that we're going to wait any longer about this kind of dream though, once bitcoin grows even bigger, I'm sure that we're going to more and more countries that will have the consideration to adopt bitcoin as a part of their economy, only a matter of time for some and real soon for others, we just have to be ready when this kind of thing happens, that's the only way that we can be benefiting from this if it ever happens.

[Husires]

Bitcoin circular economy is a description of why your life depends 100% on Bitcoin? This is not possible in the near future. Bitcoin needs to be stable to be accepted for the purchase of goods, commodities, and products with an annual increase rate of about 10%. In order for these conditions to be met, I assume that the price of Bitcoin must be in the range of $400,000 to $600,000.
Forecasting in your country is a matter of time. If Bitcoin is legalized and the potential for gains is higher than the risks, you will inevitably find that Bitcoin has become accepted in all stores in your country.

[kentrolla]

To be practical it's still far away as there are lot of challenges because you will not be able to use Bitcoin as a replacement for fiat for daily usage due to adoption rate and also any business won't risk volatility and people need to understand Bitcoin was not built for this purpose but rather as an alternative to P2P transfers. How can one use it for daily use when the transaction charges are so high? It's illogical

[oktana]

It’s not just about your country, bitcoin hasn’t really grown to be averagely accepted as a currency. But it is getting there. We hope to someday get to that point where we can see a fair number of businesses accepting Bitcoin. But make no mistake because Bitcoin will never be able to replace fiat. Fiat is engraved in the brain of humans. People want to be able to have a hold of their money too.

[Marvell1]

It’s not just about your country, bitcoin hasn’t really grown to be averagely accepted as a currency. But it is getting there. We hope to someday get to that point where we can see a fair number of businesses accepting Bitcoin. But make no mistake because Bitcoin will never be able to replace fiat. Fiat is engraved in the brain of humans. People want to be able to have a hold of their money too.

What do you rely on to see that bitcoin is on its way to becoming a currency? Because as I know, most of us just like to invest in it to make profits, there are very few people who want to use it as currency because of its volatility. Additionally, approval of bitcoin ETFs means it has been recognized as an asset by the government and we can trade and buy & sell. And it is impossible to have an asset that is both a commodity and a circulating currency.

I'm not pessimistic, but looking at what's going on, I see that bitcoin's path to becoming a currency is gradually closing as the world comes to know it as an investment.

[kryptqnick]

In my country, some places accept Bitcoin, but it's not common. What's way more common is donations in Bitcoin, and I did a few of those. In one case, I got a hoodie in exchange for my donation, so I technically bought something directly with Bitcoin. Perhaps I also used it for something like online hosting subscription, but I'm not sure.
If more people in your country start feeling like you, op, the demand will create the supply. Bitcoin is inconvenient for some purchases but can work well for significant online purchases. Good luck!

[tranthidung]

I really want to promote the bitcoin circular economy but I can't. I dream of  day in my country where I can earn in bitcoin and spend in bitcoin.

A circular economy is more complicated than just earning and spending with a same thing, in this example, Bitcoin.

A circular economy must be sustainable that is why you can see many GameFi project fails even gamers and their investors can buy NFTs, items in game with token and can earn token to sell it later. However, by bad tokenomics design, their token will lose purchasing power with time, in game and on cryptocurrency market.

Bitcoin is different than those GameFi token, Proof of Work, limited supply and when you have a strong and big community that support and accept Bitcoin, you have a Bitcoin circular economy.