Individual efforts and the progress of BTC

[Hamza2424]

What do you think the overall situation could be if more countries recognize Bitcoin?

Isn't it obvious that the effect is that we might see adoption of Bitcoin increasing if a country will recognized it just like what El Salvador has done. Although there are a lot of Bitcoin friendly countries already or at least in the grey area wherein it is not illegally to have Bitcoin and there are no taxes yet.

Well, you can consider my country one of those countries that are still neutral while making policies against or in favor of Bitcoin as still in our economic crisis the government considers a neutral stance is the best option, anyway, I don't think so until or unless a country completely restricts the Bitcoin, there will be an issue for the community because to access Bitcoin you don't need the government channels.

[Lucius]

~snip~
I am saying that many countries will continue to recognize bitcoin in the future as a result of individual efforts and concerted efforts. As a result of individual efforts, it is accepted as legal tender in "El Salvador". This is possible because of the efforts of "Nayib Bukele". So many may emerge in the future in an effort to have bitcoin accepted as legal tender by many more countries. I also know that it is capped at 21 million coins and 18.7 million of them have already been mined.
What do you think the overall situation could be if more countries recognize Bitcoin?

This is just one more in a series of topics that in some way glorify the figure and work of a man who allegedly did a big thing because he made Bitcoin "legal tender" in his country. This may seem like a big deal to a distant observer, but the fact is that the whole system is centralized (government Chivo wallets), and that Bitcoin, apart from the initial $30 to everyone who takes over the official wallet, has not achieved much in that country. In addition, everyone forgets that the US dollar is also legal tender in that country and that it is still the preferred method of payment in more than 80% of cases.

There are countries in the world where Bitcoin has a completely legal status without being legal tender, which only says that the whole story with El Salvador has convinced a lot of people that it is heaven on earth where everything can be paid with BTC, but the reality is actually much different.

In addition, we currently have 19.7 million BTC in circulation, and I don't know where you people are looking at the data when I have already seen many times that you reduce the actual number by 1 million BTC

[kryptqnick]

Op is saying that BTC can contribute to managing inflation in El Salvador, but it's important to point out that El Salvador's legal tender (aside from Bitcoin) is the USD, so unlike many other countries, hyperinflation of fiat isn't exactly a problem there, since the USD is very stable.
Adoption of Bitcoin was a bold decision, but it's still unclear how useful it was. It seems that actual Bitcoin usage in El Salvador isn't that high, with many people just using the official wallet at the beginning just to get the state-provided financial bonus. Economic impact is also unclear for now. I'm not saying it was a bad decision, but it didn't lead to any economic miracles either.

[yhiaali3]

Of course, we all hope that more countries in the world will recognize Bitcoin as an official currency, like El Salvador. This would be the greatest victory achieved by Bitcoin in its history, but this requires the presence of men who believe in Bitcoin, its future, and its positive impact on the country’s economy, such as Nayib Bukele.

But on the other hand, if many countries officially adopt Bitcoin as a method of payment, this will have a very negative impact on the Bitcoin network, which will not be able to accommodate this large amount of daily transactions, which will lead to congestion, high fees, and delayed transactions. Therefore, we need to actually develop the network before thinking about Global adoption.

[jrrsparkles]

So OP is implying the president of El Salvador contributed more for the recognition of bitcoin than others?

The country gained more popularity due to bitcoin not the other way around in my opinion so let's not just hinder the potential of bitcoin into the hands of people who is holding the power that is actually against the idea of Satoshi and decentralization.

Bitcoin will stay whether government make it as legal tender or not, end of the story.

[GeorgeJohn]

I am saying that many countries will continue to recognize bitcoin in the future as a result of individual efforts and concerted efforts. As a result of individual efforts, it is accepted as legal tender in "El Salvador". This is possible because of the efforts of "Nayib Bukele". So many may emerge in the future in an effort to have bitcoin accepted as legal tender by many more countries. I also know that it is capped at 21 million coins and 18.7 million of them have already been mined.

What do you think the overall situation could be if more countries recognize Bitcoin?

in some years back many countries refuse to embrace Bitcoin but today many countries has embraced Bitcoin it is due to the circulation and speculation of Bitcoin around the wold.. so what I'm trying to say now is that we should be trying for nothing that cryptocurrency is celebration fiat currency, so based on that we have to know that both cryptocurrency and the Fiat currency the work together but people especially government officials recognize Bitcoin but before 2040 I think that Bitcoin will be a legal tender for most of the countries that they youths in braces Bitcoin

[Lucius]

~snip~
...so based on that we have to know that both cryptocurrency and the Fiat currency the work together but people especially government officials recognize Bitcoin but before 2040 I think that Bitcoin will be a legal tender for most of the countries that they youths in braces Bitcoin

You want to say that Bitcoin will be legal tender all over the world - and do you know what that even means? Do you really think that big and powerful countries like China, the US, the EU or the UK would accept Bitcoin in a way that equates it with their national currencies? I don't know what kind of fantasy you people live in, but the majority of people who own BTC don't use it as a currency anyway, so the question arises, why would countries start using it in such a way?

El Salvador is a country that at one point had to give up its national currency and start using the US dollar, and Bitcoin is just a continuation of that experiment.

[Synchronice]

I love Bitcoin, but I see that Nayib Bukele’s decision was hasty, and if I were a citizen of El Salvador, I would not have voted for him in the upcoming elections. Bitcoin is still in the process of growth, and the most suitable place for it is the sovereign fund of countries, and it gives citizens the opportunity to either buy Bitcoin directly or through shares in the sovereign fund, and from Through the value of the sovereign fund, the state can borrow or start investment projects and prosper.

I have never lived in El Salvador and I can't be the person who will judge them but from what I have heard about this country and what I know about it, I think that elections don't matter in countries like El Salvador. I mean, it's a small country, with small population, crime rate is one of the highest, corruption rate is one of the highest. So, I think that in such a country, elections are rigged, they aren't fair, so it doesn't matter whether you vote for Bukele or not. But on the other hand, Bukele is a good choice for El Salvador because he is young, progressive, did many things to lower the crime rate and lit a fire of hope among El Salvador citizens. The integration and popularization of Bitcoin is one of the best thing that he did for El Salvador. Simply, it was just a great marketing for that country and worth every penny. It's also one of the best way to attract young generation, those who know Bitcoin and are Bitcoin enthusiasts. Probably, there is no other better way for a country like El Salvador.