Should countries accept BTC as means of payment?

[Philinfa]

Over the year so many countries are against BTC which is not a good thing, Bitcoin suppose to be go against every bank and government policy.

If we take a look at countries that has accept BTC like El Salvador president started purchasing BTC for about 4 years now and currently they're the first Bitcoin nation has paid all their debts and also growing the country economy, if other countries could do this it would be helpful for every country, good this Trump is thinking of having a BITCOIN reserve let's see how that plays for them and the crypto space.

Do you think every country should have a Bitcoin reserve?

[hugeblack]

Accepting Bitcoin as a legal tender may not give results and increases such as countries/companies allocating 5% of their profits to buy Bitcoin, so everyone using Bitcoin does not mean that its price will rise, but these companies considering Bitcoin a long-term investment is what will lead to a sharp increase in the price.

[target]

Not really but countries should accept BTC as investment option for the people to earn. Doesn't necessarily for payment in our daily purchases but can be an option for stores.

Because US government is already stockpiling BTC for their strategic reserves, it should also be good for countries to follow stockpiling BTC because this is where US is going. A number of countries already have BTC.

[|MINER|]

Over the year so many countries are against BTC which is not a good thing, Bitcoin suppose to be go against every bank and government policy.

If we take a look at countries that has accept BTC like El Salvador president started purchasing BTC for about 4 years now and currently they're the first Bitcoin nation has paid all their debts and also growing the country economy, if other countries could do this it would be helpful for every country, good this Trump is thinking of having a BITCOIN reserve let's see how that plays for them and the crypto space.

Do you think every country should have a Bitcoin reserve?

Here I will say currently most of the power full countries they just want to increasing their gold reserve because it is the precious things in this earth and it is limited and that's why in the future the value of gold is always increase.

Here I think for the same reason obviously most of the country should accept the Bitcoin as their reserve. Because Bitcoin is the Digital gold right now it has only 21million maximum supply so the demand will be always on the high. And in the future we will also see that the country who have more reserve in Bitcoin those will be more strong by economically.

[Charles-Tim]

Bitcoin suppose to be go against every bank and government policy.

Bitcoin is just an alternative and not a substitute.

If we take a look at countries that has accept BTC like El Salvador president started purchasing BTC for about 4 years now and currently they're the first Bitcoin nation has paid all their debts and also growing the country economy, if other countries could do this it would be helpful for every country, good this Trump is thinking of having a BITCOIN reserve let's see how that plays for them and the crypto space.

El Salvador borrowed $1.4 billion from IMF recently and on the agreement that the country will purchase bitcoin no more. This will take effect in April 2025.

Do you think every country should have a Bitcoin reserve?

Bitcoin as a national and state reserve is good if done wisely.

[Findingnemo]

Over the year so many countries are against BTC which is not a good thing, Bitcoin suppose to be go against every bank and government policy.

If we take a look at countries that has accept BTC like El Salvador president started purchasing BTC for about 4 years now and currently they're the first Bitcoin nation has paid all their debts and also growing the country economy, if other countries could do this it would be helpful for every country, good this Trump is thinking of having a BITCOIN reserve let's see how that plays for them and the crypto space.

Do you think every country should have a Bitcoin reserve?

Governments buying bitcoin.

Making it as legal tender

Accepting BTC as payment.

All those things are different from one another, we have countries where users are not encouraged to hold bitcoin but government is accumulating bitcoin.

Some countries in the past enabled BTC as mode of payment for tax reporting but not sure their current status.

[memehunter]

Your title and post content don't match. In the title, you mentioned BTC as a means of payment (as a legal tender within the country), but in the content, you talk about BTC as a central reserve for every country. While the latter is bound to happen, I am a little skeptical about BTC as a means of payment for masses. Bitcoin will be considered an asset class like gold and silver based on the massive holdings of whales and the amount of total BTC in existence.   

[36B]

Over the year so many countries are against BTC which is not a good thing, Bitcoin suppose to be go against every bank and government policy.

If we take a look at countries that has accept BTC like El Salvador president started purchasing BTC for about 4 years now and currently they're the first Bitcoin nation has paid all their debts and also growing the country economy, if other countries could do this it would be helpful for every country, good this Trump is thinking of having a BITCOIN reserve let's see how that plays for them and the crypto space.

Do you think every country should have a Bitcoin reserve?

Here I will say currently most of the power full countries they just want to increasing their gold reserve because it is the precious things in this earth and it is limited and that's why in the future the value of gold is always increase.

Here I think for the same reason obviously most of the country should accept the Bitcoin as their reserve. Because Bitcoin is the Digital gold right now it has only 21million maximum supply so the demand will be always on the high. And in the future we will also see that the country who have more reserve in Bitcoin those will be more strong by economically.

This is why I understand that the main countries accumulate gold, since it is scarce and has been considered as a valuable commodity that can store value for thousands of years. In comparison to Bitcoin, it shares the rarity and the desire to own something that can not be reproduced by mere pressing a button. Yet the fact is that gold has been a significant part of the financial system for many years, while bitcoin has not yet stable position in this sphere. While on the one hand, more and more people seek to obtain Bitcoin, not all the countries consider it as a reliable reserve currency. As more countries in the future adopt Bitcoin as an important asset then it can have great consequences for the global economy particularly for countries first adopters.

[target]

Over the year so many countries are against BTC which is not a good thing, Bitcoin suppose to be go against every bank and government policy.

If we take a look at countries that has accept BTC like El Salvador president started purchasing BTC for about 4 years now and currently they're the first Bitcoin nation has paid all their debts and also growing the country economy, if other countries could do this it would be helpful for every country, good this Trump is thinking of having a BITCOIN reserve let's see how that plays for them and the crypto space.

Do you think every country should have a Bitcoin reserve?

Here I will say currently most of the power full countries they just want to increasing their gold reserve because it is the precious things in this earth and it is limited and that's why in the future the value of gold is always increase.

Here I think for the same reason obviously most of the country should accept the Bitcoin as their reserve. Because Bitcoin is the Digital gold right now it has only 21million maximum supply so the demand will be always on the high. And in the future we will also see that the country who have more reserve in Bitcoin those will be more strong by economically.

This is why I understand that the main countries accumulate gold, since it is scarce and has been considered as a valuable commodity that can store value for thousands of years. In comparison to Bitcoin, it shares the rarity and the desire to own something that can not be reproduced by mere pressing a button. Yet the fact is that gold has been a significant part of the financial system for many years, while bitcoin has not yet stable position in this sphere. While on the one hand, more and more people seek to obtain Bitcoin, not all the countries consider it as a reliable reserve currency. As more countries in the future adopt Bitcoin as an important asset then it can have great consequences for the global economy particularly for countries first adopters.

The real BTC can't be reproduced but there are platforms that are actually trying to increase the number of BTC. They are the wBTC, rBTC and so forth. Somehow the number of BTC is becoming unlimited with the number of smart contract platforms that applied pegging and Defi. Despite this BTC still is valuable. They say US, HongKong and Germany are already up to create Bitcoin reserves.


But Gold is still one of the most valuable asset to keep and countries are still buying it like China who have been stacking for awhile.

[hugeblack]

Your title and post content don't match. In the title, you mentioned BTC as a means of payment (as a legal tender within the country), but in the content, you talk about BTC as a central reserve for every country. While the latter is bound to happen, I am a little skeptical about BTC as a means of payment for masses. Bitcoin will be considered an asset class like gold and silver based on the massive holdings of whales and the amount of total BTC in existence.   

I agree with you, there is a link between Bitcoin and it being against the banking system and it being a cheaper alternative and an investment opportunity.

The real BTC can't be reproduced but there are platforms that are actually trying to increase the number of BTC. They are the wBTC, rBTC and so forth. Somehow the number of BTC is becoming unlimited with the number of smart contract platforms that applied pegging and Defi. Despite this BTC still is valuable.

If they print more tokens than the amount of Bitcoin locked up, these are not wrapped tokens but altcoins, and their value will depreciate sharply compared to Bitcoin and have no impact. In fact, there are many risks associated with using these tokens, so it's best to avoid them.

[|MINER|]

This is why I understand that the main countries accumulate gold, since it is scarce and has been considered as a valuable commodity that can store value for thousands of years. In comparison to Bitcoin, it shares the rarity and the desire to own something that can not be reproduced by mere pressing a button. Yet the fact is that gold has been a significant part of the financial system for many years, while bitcoin has not yet stable position in this sphere. While on the one hand, more and more people seek to obtain Bitcoin, not all the countries consider it as a reliable reserve currency. As more countries in the future adopt Bitcoin as an important asset then it can have great consequences for the global economy particularly for countries first adopters.

In a word, if we want to say it, we have to say that the limited things in the world are precious to us. To put it in this perspective, there are only 21 million Bitcoins available for 8 billion people, and the human population is increasing further.
We may not realize now how important Bitcoin adoption is for a country, but we will see it 10 to 20 years from now.

[Philinfa]

Accepting Bitcoin as a way of payment would make a easy and fast transaction, but there would be some disadvantages cause not everyone are educated about blockchain technology in some region but overall could be helpful. Countries initiating Bitcoin reserve could be good for long-term let's just hope they don't give up on it during a bear market

[dkbit98]

I would not be against all countries accepting Bitcoin payments as optional payment.
El Salvador did experiment with limited acceptance of Bitcoin payment, but this didn't turn out in the best way.
First they used custodial wallet issued by government and I think that is not using Bitcoin mainnet but lightning network as default.