Bitcoin as a cross-border trade transactions!

[laijsica]

Bitcoin was created for person-to-person transactions, recently EL Salvador legalized Bitcoin through legal tender and began holding large holdings, and they are trying to explore it with the country's core economy. In one of my thread I tried to talk about how much Bitcoin can play a leading role for a country's economy.

Russia was placed under extensive sanctions by the United States in 2022 after its invasion of Ukraine, which continued to damage its economy and the invasion is still ongoing. Russia is taking a number of steps to recoup its financial losses as a result of the prolonged war. Earlier this month, the country's President Vladimir Putin was persuasive to sign a bill that proposed the use of cryptocurrency for the country's cross-border trade transactions. If Russia were to introduce Bitcoin as their medium of trade, what impact could it have across the world?

News Link: https://invezz.com/news/2024/08/27/russia-to-start-cryptocurrency-trials-for-cross-border-payments/

I think this move will significantly increase the value of Bitcoin globally as Russia is one of the most powerful countries in the world and they will continue to grow militarily and economically and pose a threat to NATO countries. If they accept Bitcoin by enabling cross-border trade transactions, it can be of great help to their economy.

[Odogwu-Blockchain]

Movie this topic to the politics section mate.

[Kelward]

Di essence wey Satoshi Nakamoto, take create Bitcoin na for p2p transactions wey be say no restrictions and third parties fit to interfere for di transactions. So if Russia, want to capitalize on di decentralization of Bitcoin and cryptocurrency to bypass di sanctions wey dem de face, dat na step in di right direction for dem. A cryptocurrency like Bitcoin de give di holders privacy and freedom to carry out transactions wey borders and centralized authorities no go fit to interfere, so make oda countries de learn from Russia. A country like El Salvador, don show say aside say make any country de use Bitcoin for border trades dem also fit to hodl am. Bitcoin na currency wey no de discriminate and na store of value for individuals, institutions and any government wey hodl am.

[Jaycoinz]

Di essence wey Satoshi Nakamoto, take create Bitcoin na for p2p transactions wey be say no restrictions and third parties fit to interfere for di transactions. So if Russia, want to capitalize on di decentralization of Bitcoin and cryptocurrency to bypass di sanctions wey dem de face, dat na step in di right direction for dem. A cryptocurrency like Bitcoin de give di holders privacy and freedom to carry out transactions wey borders and centralized authorities no go fit to interfere, so make oda countries de learn from Russia. A country like El Salvador, don show say aside say make any country de use Bitcoin for border trades dem also fit to hodl am. Bitcoin na currency wey no de discriminate and na store of value for individuals, institutions and any government wey hodl am.

Well this one continue to prove everyday say Bitcoin always get stay and upper hand for the massive use by even the countries wey dey restrict am now, me I just believe say na time na just go tell how e go work out perfectly. El Salvador na the first and I believe more will get one or two affiliation with Bitcoin and e no too far again. Bitcoin has continue to bypass the security breach wey the government been get over the common citizens in terms of transaction control and privacy concerns and plus the additional benefits of its volatile nature makes an ideal currency for any person or even organization.

[Marvelockg]

This is part of the things trump saw and said that if Bitcoin is going to be the next big thing, it's better the United state steps into the picture fast enough and become the key player. The need for a country like Russia to device means of coming out of the regulatory tendencies of the United state and her allies will certainly prompt them to consider using Bitcoin as the main source of carrying out thier international transactions and trading which will also attract other major countries to key into Bitcoin.

What will likely happen is that after either Russia or the United States gets hugely involved in Bitcoin, it's going to be an asset that most big nations will be eying and in the long run it will certainly have an obvious effect in the price  of Bitcoin and make it more deficult for the average man to lay hold of Bitcoin at the time.

[CryptoHeadlineNews]

Bitcoin was created for person-to-person transactions, recently EL Salvador legalized Bitcoin through legal tender and began holding large holdings, and they are trying to explore it with the country's core economy.

I think I'm not okay with the word "recently" been used in the concept above, because it's literally been 3 years since El Salvador legalize Bitcoin as legal tender, so it's no longer recently, so I will be glad you correct it. However, Bitcoin is an asset of long term value, so by virtue that they were able to accumulate over 400 BTC back then in 2021 worth approximately $21million, I'm sure by now with the value of Bitcoin been at $62,000 per BTC, that same 400 Bitcoin would have worth over $24million by today (i.e 400 x $62,000 = $24.8million). Far better than if the money was kept in fiat currency, as they just made a profit of over $3.8million in just 3yrs investment.

Movie this topic to the politics section mate.

This is not a political topic, so it's currently on it's right board, as it is co-centered around Bitcoin.

[Odohu]

Bitcoin was created for person-to-person transactions, recently EL Salvador legalized Bitcoin through legal tender and began holding large holdings, and they are trying to explore it with the country's core economy. In one of my thread I tried to talk about how much Bitcoin can play a leading role for a country's economy.

Russia was placed under extensive sanctions by the United States in 2022 after its invasion of Ukraine, which continued to damage its economy and the invasion is still ongoing. Russia is taking a number of steps to recoup its financial losses as a result of the prolonged war. Earlier this month, the country's President Vladimir Putin was persuasive to sign a bill that proposed the use of cryptocurrency for the country's cross-border trade transactions. If Russia were to introduce Bitcoin as their medium of trade, what impact could it have across the world?

News Link: https://invezz.com/news/2024/08/27/russia-to-start-cryptocurrency-trials-for-cross-border-payments/

I think this move will significantly increase the value of Bitcoin globally as Russia is one of the most powerful countries in the world and they will continue to grow militarily and economically and pose a threat to NATO countries. If they accept Bitcoin by enabling cross-border trade transactions, it can be of great help to their economy.

The truth is if Russia adopt Bitcoin for their international payments,  it wil still be a very big problem if not for them but for others doing business with them because the west still have huge influence in many infrastructures including exchanges so there could be issues on the end of the receievers. Then we could see things like "Russian Bitcoin" which could be flagged and sanctions heaped on anyone who have them. However, this will make mixers become very important for those who are not ready to be involved in the problem between Russia and the West.

If Russia actually goes this route, it will help Bitcoin in general because the demand will increase and with time they will find a way to completely avoid the influence of the West.

[laijsica]

What will likely happen is that after either Russia or the United States gets hugely involved in Bitcoin, it's going to be an asset that most big nations will be eying and in the long run it will certainly have an obvious effect in the price  of Bitcoin and make it more deficult for the average man to lay hold of Bitcoin at the time.

I think it is the call of time because Russia can choose any method to cover their trade deficit and Bitcoin is the most valuable cryptocurrency and they are likely to use it for intra trade transactions. The U.S. is blocking them in every sector, which is tempting Russia to take alternative measures, although how effective it is with Bitcoin's price volatility may be moot.

The truth is if Russia adopt Bitcoin for their international payments,  it wil still be a very big if not for them but for others doing business with them because the west still have huge influence in many infrastructure including exchanges so there could be issues on the end of the receievers. Then we could see things like "Russian Bitcoin" which could be flagged and sanctions heaped on anyone who has them. However, this will make mixers become very important for those who are not ready to be involved in the problem between Russia and the West.

If Russia actually goes this route, it will help Bitcoin in general because the demand will increase and with time they will find a way to completely avoid the influence of the West.

Showing Bitcoin separately for Russia can be a bit confusing as it is seen on the same valuation basis for all countries and its demand is increasing day by day. Although if the regulatory body thinks they can do it, I am not in favor of it because if Russia increases its use of Bitcoin, its value will increase massively and could give huge profits to investors who are holding. If Bitcoin can be used for commercial transactions on a wider scale, it can be a plus for a country.

[Zigabel]

Bitcoin was created for person-to-person transactions, recently EL Salvador legalized Bitcoin through legal tender and began holding large holdings, and they are trying to explore it with the country's core economy. In one of my thread I tried to talk about how much Bitcoin can play a leading role for a country's economy.

Russia was placed under extensive sanctions by the United States in 2022 after its invasion of Ukraine, which continued to damage its economy and the invasion is still ongoing. Russia is taking a number of steps to recoup its financial losses as a result of the prolonged war. Earlier this month, the country's President Vladimir Putin was persuasive to sign a bill that proposed the use of cryptocurrency for the country's cross-border trade transactions. If Russia were to introduce Bitcoin as their medium of trade, what impact could it have across the world?

News Link: https://invezz.com/news/2024/08/27/russia-to-start-cryptocurrency-trials-for-cross-border-payments/

I think this move will significantly increase the value of Bitcoin globally as Russia is one of the most powerful countries in the world and they will continue to grow militarily and economically and pose a threat to NATO countries. If they accept Bitcoin by enabling cross-border trade transactions, it can be of great help to their economy.

Its not a thing to dispute about the possible influence of Russia accepting bitcoin as an official means of transaction to the value and price of Bitcoin, Russia happens to be one of the biggest country in the world and their economy has got a significant role it plays in the world economy so the incorporate of bitcoin into their economy ta this time will have a really huge influence on the price of bitcoin and its volatility.
For Russia this will also have a boost on their economy as more persons who were not able to transact them due to the crypto restrictions will now be able to freely transact with them at almost any time and get them to adding that to their economic position. other countries who are Russian allies would join in to use bitcoin just as Russia has decided to permit it so its really goin to be a huge boost to bitcoin.