Is cryptocurrency the future of finance in your country?

[Sim_card]

Fiat will still be the primary means for most countries, because the people might be too adamant to accept crypto fully, due to lack of knowledge and trust that they don't have for bitcoin. Apart from bitcoin, I don't think that any other cryptocurrency will be able to serve as the future of finance. This is because they might not survive till then, bitcoin can only be an alternative because it is not from the government, and they will not be able to control it.

[Zed0X]

~ But based on the current status of cryptocurrency regulation here in my country I can say that we still need time and more support from the masses, merchants and local businesses for crypto to be a more future proof in terms of finance.

It's not just about regulation. Low support from local merchants is also due to crypto's volatility. Yes, there are already businesses that accepts major coins but I'm willing to bet that most of what they receive are quickly converted to stable coins or fiats. Since they cannot use BTC or ETH to purchase goods/items for resupply, they will be forced to convert into something that's widely acceptable by most vendors.

[0t3p0t]

~ But based on the current status of cryptocurrency regulation here in my country I can say that we still need time and more support from the masses, merchants and local businesses for crypto to be a more future proof in terms of finance.

It's not just about regulation. Low support from local merchants is also due to crypto's volatility. Yes, there are already businesses that accepts major coins but I'm willing to bet that most of what they receive are quickly converted to stable coins or fiats. Since they cannot use BTC or ETH to purchase goods/items for resupply, they will be forced to convert into something that's widely acceptable by most vendors.

Yeah exactly. Local wallets used by most merchants automatically convert Bitcoin into our local fiat currency that is why it is what they prefer as it is safe from volatility. I also observed that these local businesses see it a tricky payment system as well since it maybe be new to them and their crews the reason why I see slight decline on support of Bitcoin payment. Foreigners are the regular costumers of these shops but yeah bull run is coming so maybe that is also one of the reason why hodlers don't bother using their Bitcoins as payment.

[joniboini]

I also observed that these local businesses see it a tricky payment system as well since it maybe be new to them and their crews the reason why I see slight decline on support of Bitcoin payment. Foreigners are the regular costumers of these shops but yeah bull run is coming so maybe that is also one of the reason why hodlers don't bother using their Bitcoins as payment.

I honestly don't see it as a problem. I don't think a holder would regularly spend their holdings to pay monthly bills to begin with. I don't know if it is because I never considered BTC suitable for day-to-day payment or because I regularly use BTC to pay for stuff online. If anything, I think the latter growth is quite good. More and more services that I regularly use have started accepting BTC as a payment method recently, with Lightning also available to some extent. I'm sure this will happen regularly in the future, as long as the network is strong and people know more about crypto.

[0t3p0t]

I also observed that these local businesses see it a tricky payment system as well since it maybe be new to them and their crews the reason why I see slight decline on support of Bitcoin payment. Foreigners are the regular costumers of these shops but yeah bull run is coming so maybe that is also one of the reason why hodlers don't bother using their Bitcoins as payment.

I honestly don't see it as a problem. I don't think a holder would regularly spend their holdings to pay monthly bills to begin with. I don't know if it is because I never considered BTC suitable for day-to-day payment or because I regularly use BTC to pay for stuff online. If anything, I think the latter growth is quite good. More and more services that I regularly use have started accepting BTC as a payment method recently, with Lightning also available to some extent. I'm sure this will happen regularly in the future, as long as the network is strong and people know more about crypto.

Well yeah they are using Lightning Network as well I mean the local businesses themselves. And hopefully soon we can see locally that numbers of merchants will have a significant level of increase nationwide. More people will see Bitcoin in these businesses will result in more people who will get curious about it and that is how mass adoption will begin.

[yohananaomi]

Fiat will still be the primary means for most countries, because the people might be too adamant to accept crypto fully, due to lack of knowledge and trust that they don't have for bitcoin. Apart from bitcoin, I don't think that any other cryptocurrency will be able to serve as the future of finance. This is because they might not survive till then, bitcoin can only be an alternative because it is not from the government, and they will not be able to control it.

However, fiat will remain the main guide in almost all countries, because absorption is still very much done and cannot be ignored because traditional markets will always use fiat for every transaction, and it is impossible to replace it at any time, as long as there is no modernization taking place, but it seems impossible to change it because this is already a trend that cannot be separated from any development.

You are right that the crypto which is very good is Bitcoin and can be used, but the problem is that there is no ability whatsoever to control it because it moves freely, apart from there being regulations from the government to make those rules.

[0t3p0t]

Fiat will still be the primary means for most countries, because the people might be too adamant to accept crypto fully, due to lack of knowledge and trust that they don't have for bitcoin. Apart from bitcoin, I don't think that any other cryptocurrency will be able to serve as the future of finance. This is because they might not survive till then, bitcoin can only be an alternative because it is not from the government, and they will not be able to control it.

However, fiat will remain the main guide in almost all countries, because absorption is still very much done and cannot be ignored because traditional markets will always use fiat for every transaction, and it is impossible to replace it at any time, as long as there is no modernization taking place, but it seems impossible to change it because this is already a trend that cannot be separated from any development.

You are right that the crypto which is very good is Bitcoin and can be used, but the problem is that there is no ability whatsoever to control it because it moves freely, apart from there being regulations from the government to make those rules.

Yeah and fiat is what the people are familiar of and majority or even all of us are using it for our daily transactions even today and what is interesting is that they are operating electronically nowadays and to be honest people are used to it more than crypto especially here in my country. Crypto on the otherhand is treated to be more of an investment rather than just a payment system so I think these two systems will work alongside each other perfectly in a specific country.

[Mr. Allcrypto]

Crypto currency has been used internationally and locally to transact. In my country, cryptocurrency has been accepted by the government and I think it will the future of finance, because most platforms and companies pay in cryptocurrency, and it promote the use of cryptocurrency within the country.

[DrBeer]

Observing what is happening on the cryptocurrency market and global changes associated with the perception of cryptocurrencies (at least Bitcoin), I get the following picture:
- Bitcoin will not replace the fiat system. There are a huge number of reasons for this, and the first of them is the very concept of the structure of the state and the financial system of the state.
- Bitcoin can claim the status of a mechanism for assessing the value of major assets, such as gold, and the world economy as a whole. For this, Bitcoin has a lot of advantages - limited emission, inability to influence/manipulate (if accepted as a mechanism for assessing the global economy), good acceptance in the world.

[R100K-Martin-Lunger]

US crypto? Bullish here, OP. Adoption's skyrocketing, but regulations are still being hammered out. Feels like it could be a game-changer, but some folks worry it's a bubble. Either way, it's a hot topic.
Plus, now there are these helpful AI tools to maintain your crypto portfolio and help with analysis and strategy. The possibilities are endless and it’s surely exciting times! I’d also recommend you DYOR.

[Zed0X]

~ but some folks worry it's a bubble.

These folks must have came out from the cave recently or just woke up from a long slumber. Bitcoin is a bubble, along with bitcoin is not backed up by anything, is already an ancient criticism. People have been saying that even before El Salvador made BTC their legal tender and before Michael Saylor.

[yohananaomi]

Fiat will still be the primary means for most countries, because the people might be too adamant to accept crypto fully, due to lack of knowledge and trust that they don't have for bitcoin. Apart from bitcoin, I don't think that any other cryptocurrency will be able to serve as the future of finance. This is because they might not survive till then, bitcoin can only be an alternative because it is not from the government, and they will not be able to control it.

However, fiat will remain the main guide in almost all countries, because absorption is still very much done and cannot be ignored because traditional markets will always use fiat for every transaction, and it is impossible to replace it at any time, as long as there is no modernization taking place, but it seems impossible to change it because this is already a trend that cannot be separated from any development.

You are right that the crypto which is very good is Bitcoin and can be used, but the problem is that there is no ability whatsoever to control it because it moves freely, apart from there being regulations from the government to make those rules.

Yeah and fiat is what the people are familiar of and majority or even all of us are using it for our daily transactions even today and what is interesting is that they are operating electronically nowadays and to be honest people are used to it more than crypto especially here in my country. Crypto on the otherhand is treated to be more of an investment rather than just a payment system so I think these two systems will work alongside each other perfectly in a specific country.

We cannot avoid the fact that technological advances have penetrated and greatly influenced almost all sectors. But it will also be difficult for us to avoid the use of fiat, which has become a culture and has long been known and used as a transaction tool, and it is clearly not easy to change it. You are right in saying that even now there have been changes to electronic transactions, but they are not and are not yet familiar with applying to crypto, which may not be as simple as fiat at the moment.
Agree, that people are actually implementing crypto as an investment and not yet fully using it as a transaction tool, even though there are several countries that have implemented it, there are still many more that have not implemented it. But one day they will need each other and there will be an implementation, even though it still takes time for that.

[joniboini]

Agree, that people are actually implementing crypto as an investment and not yet fully using it as a transaction tool, even though there are several countries that have implemented it, there are still many more that have not implemented it. But one day they will need each other and there will be an implementation, even though it still takes time for that.[/size]

I believe the volatile nature is why people would not use crypto as the primary means of payment. I've seen some business run their payment processor that accepts BTC or some specific coins only, but they allocate the majority of those earnings quickly to fiat. As bullish as they were with crypto, I don't see them viewing crypto as the primary means of payment anytime soon. At best, they will switch to stablecoins or something similar since it is practical for them. I'm fine with it, at the end of the day they will help circulate the supply and balance the market indirectly so that the value of using crypto is not lost. It is also convenient for me since I can pay for many digital services easily, even though most of them are overseas payments.

[0t3p0t]

Agree, that people are actually implementing crypto as an investment and not yet fully using it as a transaction tool, even though there are several countries that have implemented it, there are still many more that have not implemented it. But one day they will need each other and there will be an implementation, even though it still takes time for that.[/size]

I believe the volatile nature is why people would not use crypto as the primary means of payment. I've seen some business run their payment processor that accepts BTC or some specific coins only, but they allocate the majority of those earnings quickly to fiat. As bullish as they were with crypto, I don't see them viewing crypto as the primary means of payment anytime soon. At best, they will switch to stablecoins or something similar since it is practical for them. I'm fine with it, at the end of the day they will help circulate the supply and balance the market indirectly so that the value of using crypto is not lost. It is also convenient for me since I can pay for many digital services easily, even though most of them are overseas payments.

Yeah exactly. Here in my country especially in Bitcoin Island they are using such kind of Lightning Network supported wallet that automatically converts Bitcoin into the local fiat currency which for me quiet good for a business as it cannot be affected by volatity. The only problem of this is that most holders don't prefer to pay for Bitcoin given that most of us treat Bitcoin as an investment rather than  being a form of payment

[yohananaomi]

Yeah exactly. Here in my country especially in Bitcoin Island they are using such kind of Lightning Network supported wallet that automatically converts Bitcoin into the local fiat currency which for me quiet good for a business as it cannot be affected by volatity. The only problem of this is that most holders don't prefer to pay for Bitcoin given that most of us treat Bitcoin as an investment rather than  being a form of payment

If there are such facilities in your country, it will certainly be very helpful, just like ATMs in general.
Because the aim is to be able to exchange it directly for money, which is a legal means of payment.
Each country will certainly implement it differently, but as long as there are no difficulties in exchanging it, it is something worth appreciating.
I also think, like you, that Bitcoin is mostly only used as an investment tool for those who have been holding it.