Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: bayu7adi on December 11, 2024, 01:13:41 AM
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
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Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
definitely profit is not the uncertain thing here but how will they be able to afford it the government is going to need to set aside a certain amount of their budget to put into buying bitcoin and most importantly they need to find an appropriate time to buy bitcoin to maximize their profits some countries need to adopt bitcoin earlier than most it will certainly benefit them if they are the ones to adopt bitcoin first among the other countries
as someone from a third world country i do hope that the government starts looking at bitcoin and finding opportunities for the country to benefit from it
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Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
Really depends on your definition of adoption. Converting all their reserves into Bitcoin without sufficient measures in case the bear market comes would be a stupid thing to do as a government. Even if your approval rating is high it can hit rock bottom easily if your society suffers because foreign investors don't feel safe trading on your market because your national capital decreased rapidly. Pretty sure your question would be different if we're in a bear market right now.
Bitcoin is not a magical solution to poverty and many other things. They certainly need to do more than demand their people to buy stuff with Bitcoin to escape from poverty. CMIIW.
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
Yes, i believe that you could express a best opinion in your post. So i am also agree with your best valuable comment. We also believe that when bitcoin supply in the worldwide, then i believe that every country will be best opportunity in cryptocurrency market. I also think that in this reason every country could be reach near best position. So if we want to aware for darkness people to invest or hold in cryptocurrency market, then i believe that they could enter the light world from bitcoin or others crypto.
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What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
There is no straight YES or NO to this answer because when we are talking on economic development the subject can be so complex and many countries find out that getting there - improving their people's economic standing - can be so hard and in many cases beyond reach. Even in countries with enough natural and human resources, it can be so difficult for the people to escape poverty most especially when the government has become the people's enemy instead of being there for them every step of the way.
Now, if these countries will invest in Bitcoin, there is no guarantee whatsoever that the people's economic life will improve at all...but then it can mean that the government will have more money to invest with the people if they choose to. While El Salvador is right now praised for its right decision to go all the way for Bitcoin, there were times when its president Nayib Bukele was heavily criticized for his Bitcoin decision...and he is right now vindicated but it does not mean that people in El Salvador are already in improved state as developments can really take time to take a root.
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
I think adopting Bitcoin by any country will always help them solve diverse financial and economic issues whether poor countries or the Rich countries. Bitcoin has shown this capacity and the potential to solve issues for everyone. it is obviously can be a big store of value if some of these countries will release this.
Elsalvado has show the way for as many countries that may adopt to Bitcoin, we all can see their progress so far, it has been excellent investments, no doubt about it.
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
Wow, amazing profitable earn by El Savador since make bitcoin become legal payment transaction in 2021, actually the profitable journey reach until 117% not easily because based on my knowledge invested when bitcoin price reaching $50k. Around several months later bitcoin dump drastically and drop under $20k but consistency of El Savador government keep investing during bitcoin have significant drop.
Any one know what the future decision taking by El Savador government keep holding their bitcoin assets although reach profitable earn more than 117% or they have sell few percent of their bitcoin assets after bitcoin success hit above $104k.
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
El Salvador Bitcoin investment didnt improve its economy. Government just made a few money, but it won't solve their problems.
Most problem related to poor countries isn't only the lack of money, but poor management of the money. Corruption, bad laws, bad incentives for the private companies, and so on....
Bitcoin won't help countries, but it can help individuals
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Bitcoin won't help countries, but it can help individuals
Let's say that I agree with that statement, but I would still add that there would be an exception if by any chance that country (or another in a similar situation) started investing in BTC when it was much cheaper than it is today. Those who started investing in BTC 5 years ago are not in the same financial situation as those who did so 10 years ago - that is probably very clear mathematics about which there are no doubts.
The problem (if we can even call it that) is that 8-10 years ago, almost none of today's big believers believed that BTC would succeed. Now imagine that a country like ES had a few hundred thousand BTC in its reserves that it bought at an average price of a few thousand $ - that would make a huge difference in that country's financial balance.
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
El Salvador is a pioneer in the wave of BTC adoption and currently BTC is only a legal tender in El Salvador, attracting investment and tourism flows. In other countries, BTC is only legal property and cannot be used in parallel with fiat.
I think BTC can be a solution to the inflation problem in many countries, but it cannot have a positive impact on the media for every country that adopts it. When the adoption of BTC becomes normal, the difference will no longer exist. I believe that the strategy of hoarding BTC is a better solution for governments to be proactive in the future.
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
Ever since the adoption of bitcoin as a legal tender in El-Salvador, things have continually change for better to the entire country, this is not because they were not faced with challenges at the cause of the adoption, but they are not moved and stuck down by some of these challenges, because they know what is in ahead for them after the whole storm is gone, bitcoin went dip and they went at loss then, but now its something we can reckon with and tell as a story because they are now profitable in every of their steps concerning bitcoin.
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It has to do a lot with the timing. Nayib Bukele is vindicated for his bold move since BTC pumped but will be scrutinized once again if crypto 'hibernates' during the winter. Poor countries must mean low reserves and those officials involved with the financials will have to be really smart when to enter because they don't have enough resources to spare. It's like having only one shot to make it right.
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
Actually, if you look at the current conditions, it certainly seems very profitable, we see how high the profits are from their investment in Bitcoin, especially since BTC was legalized as legal tender in their country. However, all decisions must have pros and cons. If we look at it now, everything must seem beautiful, but when the price of BTC is still falling, it seems quite difficult for some people to use it as an investment, and there may even be a lot of panic because of it.
Because BTC is volatile, it is grateful that El Salvador can go through this process which is certainly very complicated and not easy. And they are really ready for the mass adoption of Bitcoin, which will certainly affect many things. However, for all countries, I don't know, because not all countries are really that ready to accept BTC, especially countries that still lack insight and technology exploration, it will definitely take a lot of time. and especially if not ready with the various risks of the Bitcoin market, it might actually make it look bad in the eyes of some people. but once again, there is no policy that will always satisfy or suit all its citizens, there will definitely be pros and cons. so, it will also depend on each government how to ensure that its citizens will be ready and willing to accept Bitcoin, and how to prepare its citizens to be more technologically literate, and so on related to its Bitcoin assets.
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It is not certain and still needs to be researched, because of course the people of El Salvador will be different from people in other countries.
In the early days of bitcoin adoption, many pros and cons occurred.
In developing countries, people also already have a forward mindset and know what bitcoin and crypto are,
only the application is whether it can be legally adopted or not.
In developing countries in Asia, it may be more difficult, as the majority of people in Asia still do not understand what bitcoin is and its technology.
There is still a lot of research to be done to make a legitimate adoption.
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
1. Yes it is as long the government knows the risks of adopting Bitcoin.
2. Countries with slightly difficult economies is common and as long as they are willing to allocate a portion of investment into Bitcoin it is all good as no one really wanted to go all in especially you are risking the country's funds.
3. Depending on how much they invested into Bitcoin but we will expect profit and loss on this as we all know there is what we called cycle in this asset so yeah it all depends on the capital and gains.
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
For me, I think it's hard to say, as personally, I am yet to understand how bitcoin can affect the economy of a country generally.
If you talk about individuals adopting bitcoin and choosing it over fiat, which means that, they will have to be saving their money in bitcoin rather than choose fiat in banks, then it's easy to say that bitcoin will more likely turn their financial situations around for the better than fiat will do.
But when it comes to a country, I I really do not understand how bitcoin could change the economy of a country except the country will have to invest really a lot of money on it.
But anyways, the above is just my personal thought, a country will maybe go beyond just investing in bitcoin, they will likely have to also make bitcoin a legal tender for it to have effect in their economy.
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
Before they (El Salvador) adopted Bitcoin as a legal tender, they did findings and research on how it might impact them both negatively and positively. African countries can only find out how it can affect them if they do their findings and research.
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Before they (El Salvador) adopted Bitcoin as a legal tender, they did findings and research on how it might impact them both negatively and positively. African countries can only find out how it can affect them if they do their findings and research.
Most African countries have adopted bitcoin as legal currency transaction following what did by El Savador, but having difficult financial African country only make bitcoin as legal for transaction and not make any amount investment yet like El Savador.
Need stable financial for investing in bitcoin and El Savador success spent their fund for investing in bitcoin longer time, have been three years since first time investing at 2021 and first halving success pass well after bitcoin hitting above $104k.
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
The El Salvador government has not sold their BTC yet instead they are still are buying 1 BTC per day as they said. The overall economic assets are increasing and their growth is certain too. Many poor countries if have funds they must invest in BTC but not at the current price.
Buying high can make their economy worse and they might not save them from a default situation. Buying the dip is suggested. Every developing country should have BTC as their national reserve because in the long run it will improve their economy.
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What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
If directly referring to Africans then there would be changes as they are only willing to loot and even if there were profits they would still embezzled the money to their person gain and purposes. The condition with African leaders can never be over determined or estimated as they are not willing to make changes to develop their countries.
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Do you think it can improve the economy of poor countries too?
Where is the money going to come from?
Again and again, the difference between personal finances and a whole country's economic levels!
Bitcoins is a closed circle, if Salvador wants to sell their Bitcoisn someone must buy it, if poor countries start buying (with what money) they will need someone else to buy after them to ensure a profit, so why would countries like China buy in this only to be at the mercy of other countries and before that help some possible enemy to make money!
This is not about Joe trading with Mary, this is about global interests!
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Where is the money going to come from?
Again and again, the difference between personal finances and a whole country's economic levels!
Bitcoins is a closed circle, if Salvador wants to sell their Bitcoisn someone must buy it, if poor countries start buying (with what money) they will need someone else to buy after them to ensure a profit, so why would countries like China buy in this only to be at the mercy of other countries and before that help some possible enemy to make money!
This is not about Joe trading with Mary, this is about global interests!
Its important question, where is the money come from for investing in bitcoin? all countries have big problem due pandemic last four years ago and must recovery with economic condition.
I think for bigger country have good financial condition seems not problem investing in bitcoin for longer time, but how possibility with development country have difficult with financial where ability get capital for investing in bitcoin?
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Where is the money going to come from?
Again and again, the difference between personal finances and a whole country's economic levels!
Bitcoins is a closed circle, if Salvador wants to sell their Bitcoisn someone must buy it, if poor countries start buying (with what money) they will need someone else to buy after them to ensure a profit, so why would countries like China buy in this only to be at the mercy of other countries and before that help some possible enemy to make money!
This is not about Joe trading with Mary, this is about global interests!
Its important question, where is the money come from for investing in bitcoin? all countries have big problem due pandemic last four years ago and must recovery with economic condition.
I think for bigger country have good financial condition seems not problem investing in bitcoin for longer time, but how possibility with development country have difficult with financial where ability get capital for investing in bitcoin?
The understanding of what actually is valuable enough to justify a decision made within the context of the scarcity is as significant a factor in decision making as is the general understanding of scarcity. We can begin with some changes that will be obvious and then make transitions that are more incremental but that will ultimately promote a greater level of stability. In investment or innovation, we need to recognise that fundamental needs should be met so that progress does not turn into a load. Such a synergy allows us to direct a given amount of energy to the construction of new opportunities that would not undermine the current organisational well-being. It creates the scope for further advancement, as well as keeps the organisational base stable at the same time.
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
The El Salvador government has not sold their BTC yet instead they are still are buying 1 BTC per day as they said. The overall economic assets are increasing and their growth is certain too. Many poor countries if have funds they must invest in BTC but not at the current price.
Buying high can make their economy worse and they might not save them from a default situation. Buying the dip is suggested. Every developing country should have BTC as their national reserve because in the long run it will improve their economy.
El Salvador as a pioneer who allows bitcoin as a payment method in their country, and maybe now there is progress in their economy because I heard the government still supports bitcoin until now.
for us as investors who have limited funds can only buy with the DCA method. And wait for the price to drop to be able to buy bitcoin and altcoin.
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El Salvador as a pioneer who allows bitcoin as a payment method in their country, and maybe now there is progress in their economy because I heard the government still supports bitcoin until now.
for us as investors who have limited funds can only buy with the DCA method. And wait for the price to drop to be able to buy bitcoin and altcoin.
El Salvador would be making more profit if they have not invested in BTC in the last bull run at the price of $50k average. Governments don't invest in BTC in the dip they like to pick them from the high prices but still they are making profit and their economy is growing.
Other countries can certainly increase their economic index by adopting BTC and if they convert their most of the part of reserve into BTC the result will be better. Due to regulatory issues these countries will not take these steps and until there are people who fear to take such steps are in the system till then they can't benefit from BTC
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
The economy of a country works in certain ways that if you’re not an economist, you can not tell how well things like this can add up to the economy of a country. For the economy of a country to progress and see many people going to have a more sustainable live and leave the zone of poverty may not just be achievable only by profits but maybe by some other factors we are not familiar with. The economy of some African countries are in shambles and I don’t think even investing in bitcoin would be a nice idea for them now. Other things can be done in order to improve the economy of a country and not just by investing. Bitcoin is a volatile asset and how it is for an investor to invest what they are ready to risk into an investment is the same way a country should also do. So a country that is not financially and economically stable may not see bitcoin investment as the way out of an economy downfall they’re experiencing.
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
That is a good profit for them as I am aslo making more then them and like me many investors are making more profits than them why it worth, we all now as a country they hold too small amount of BTC I mean according to Wikipedia they hold around 1801 BTC in November 2022 which was really small amount for them as an individual can have more then this I won't mention MSTR here haha.
But still, countries can really grow if they invest in BTC but due to volatility, most of the countries won't, they will only invest by seeing USA because most of the developing countries follow USA or IMF.
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There is no straight YES or NO to this answer because when we are talking on economic development the subject can be so complex and many countries find out that getting there - improving their people's economic standing - can be so hard and in many cases beyond reach. Even in countries with enough natural and human resources, it can be so difficult for the people to escape poverty most especially when the government has become the people's enemy instead of being there for them every step of the way.
Now, if these countries will invest in Bitcoin, there is no guarantee whatsoever that the people's economic life will improve at all...but then it can mean that the government will have more money to invest with the people if they choose to. While El Salvador is right now praised for its right decision to go all the way for Bitcoin, there were times when its president Nayib Bukele was heavily criticized for his Bitcoin decision...and he is right now vindicated but it does not mean that people in El Salvador are already in improved state as developments can really take time to take a root.
For the government level, it is indeed beyond my control and capacity, and I am also sure that it is a complex matter... but seeing El Salvador which openly formalized the adoption of Bitcoin for the country, is that a wrong action??? I am also sure that Nayib Bukele has also gone through a period of complex thinking and has produced results that they believe in Bitcoin...
If I were the head of a country or maybe as president, maybe I would think again, because I also realize that BTC is not life or death... but for some countries in Africa that are already in dire straits, I think they need a formula to be able to rise towards a more advanced economy, right?
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
El Salvador uses Bitcoin as their country's local currency and holds their country's reserves in Bitcoin. So the economy of their country depends on the price of Bitcoin. Currently, El Salvador has become very economically strong due to the high price of Bitcoin. They have realized the future of Bitcoin which is why they have not only legalized Bitcoin but have started using Bitcoin as the local currency of their countries. So the higher the price of Bitcoin, the more developed the country will be.
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It has to do a lot with the timing. Nayib Bukele is vindicated for his bold move since BTC pumped but will be scrutinized once again if crypto 'hibernates' during the winter. Poor countries must mean low reserves and those officials involved with the financials will have to be really smart when to enter because they don't have enough resources to spare. It's like having only one shot to make it right.
Humans will always come to praise when things are better but will they come back again to mock you when things changes, especially when things turns bad. It is certainly an up or down criticism in life. For example, the El Salvador president, was heavily criticized when he adopted Bitcoin, but today, those who were critical about his decision at that time are now ashamed.
Honestly, I think that Nayib Bukele should be commended, having seen the potential of Bitcoin, 'Took The Bull by Horn', adopted Bitcoin, and today, he has been vindicated.
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Before they (El Salvador) adopted Bitcoin as a legal tender, they did findings and research on how it might impact them both negatively and positively. African countries can only find out how it can affect them if they do their findings and research.
Of course. El Salvador wouldn't dare to make Bitcoin as a legal tender if they didn't make a research firstly. They must already do a series of research for a long time before they make the decision. I'm very sure El Salvador has many professional people who know well Bitcoin. It is the same as other countries in Africa, they won't dare to legalize it carelessly. However, they also have advanced mind for the future, so they want to take all the risks of legalizing and investing Bitcoin.
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Before they (El Salvador) adopted Bitcoin as a legal tender, they did findings and research on how it might impact them both negatively and positively. African countries can only find out how it can affect them if they do their findings and research.
Of course. El Salvador wouldn't dare to make Bitcoin as a legal tender if they didn't make a research firstly. They must already do a series of research for a long time before they make the decision. I'm very sure El Salvador has many professional people who know well Bitcoin. It is the same as other countries in Africa, they won't dare to legalize it carelessly. However, they also have advanced mind for the future, so they want to take all the risks of legalizing and investing Bitcoin.
And at first, many of its citizens were also against this decision. But fortunately, many of the government officials were indeed crypto enthusiasts and this was quite a success. Although there was still debate and pros and cons when making the decision, fortunately many parties also supported this. So it happened, El Salvador as the first country to adopt Bitcoin as legal tender. At that time, this was a very different step and now, its value has really increased fantastically.
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
I think adopting Bitcoin by any country will always help them solve diverse financial and economic issues whether poor countries or the Rich countries. Bitcoin has shown this capacity and the potential to solve issues for everyone. it is obviously can be a big store of value if some of these countries will release this.
Elsalvado has show the way for as many countries that may adopt to Bitcoin, we all can see their progress so far, it has been excellent investments, no doubt about it.
Yes, you are right, I think because if Bitcoin is legalized in different countries of the world, it will have a lot of economic impact and the country can reach the point of development. El Salvador has shown a new path by accepting Bitcoin as a legal currency. The country is trying to reduce the cost of international currency transfers and increase foreign remittances through Bitcoin. Although this is a high-risk step, it can see positive changes in the country's domestic economy. On the other hand, there are also many challenges for countries taking such steps, such as technological infrastructure, public awareness, and integration with global financial markets.
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On the other hand, there are also many challenges for countries taking such steps, such as technological infrastructure, public awareness, and integration with global financial markets.
I forgot to think about this... this is a particular difficulty for poor countries because the infrastructure is not yet adequate to truly adopt Bitcoin as a daily payment currency... and holding assets with a high level of volatility is also quite risky for them... the country still needs security to be able to maintain its economy....
I rethink the topic I made, that it is quite difficult to implement for countries with less stable economic conditions... it takes thorough preparation for the government to adopt Bitcoin, and I think Bitcoin is not a simple solution as I thought.
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I rethink the topic I made, that it is quite difficult to implement for countries with less stable economic conditions... it takes thorough preparation for the government to adopt Bitcoin, and I think Bitcoin is not a simple solution as I thought.
It is necessary to do a lot of research because each country has its own economic problems and of course it is not easy to be fully adopted.
Like in our country Indonesia, Bitcoin or crypto assets only get commodity regulation and should not be fully adopted as a payment system because they are still thinking about the risks and unpreparedness of people to use crypto.
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
Before they (El Salvador) adopted Bitcoin as a legal tender, they did findings and research on how it might impact them both negatively and positively. African countries can only find out how it can affect them if they do their findings and research.
I think El Salvador is guide for all countries. Bitcoin being most important part of world economy, So who will understand it and who will legalized it quickly they will benefited there has no doubt. El Salvador understand it and they did it. I strongly believe others country will understand and they will localised bitcoin. And then Bitcoin will be more established.
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But fortunately, many of the government officials were indeed crypto enthusiasts and this was quite a success. Although there was still debate and pros and cons when making the decision, fortunately many parties also supported this. So it happened, El Salvador as the first country to adopt Bitcoin as legal tender. At that time, this was a very different step and now, its value has really increased fantastically.
You're right. There are already many government officials showing their interest in Bitcoin. This probably brings positive impacts on the regulation of crypto in the country. They may be more friendly with Bitcoin, and even they may follow El Salvador to utilize the potential of crypto coins. I am very sure there are many countries to follow El Salvador because this country has been very successful in their crypto businesses.
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
Why not, this is a freedom thing, you can invest and hold as much as you can afford, there is no one to query you on that, once you're not making use of a custodial exchange in holding for this, things weren't that easy for them as well the time they eventually started new, but it was something worth it now, country like central African Republic as made it a legal tender but there is no much to talk about that ever since then.
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After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,
Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?
Why not, this is a freedom thing, you can invest and hold as much as you can afford, there is no one to query you on that, once you're not making use of a custodial exchange in holding for this, things weren't that easy for them as well the time they eventually started new, but it was something worth it now, country like central African Republic as made it a legal tender but there is no much to talk about that ever since then.
This freedom is one of the cryptocurrency’s features, ensuring we control our investments without the need for a mediator. The ability to store and manage assets digitally as well as its relations to owning funds are illuminated in the fact that this technology gives great opportunities to people who want to build their financial future more independently. Even though the use of plastics in different countries including the Central African Republic is still relatively low, this stage cannot be overemphasised. Of course, anybody realises that all these steps make a way towards further acceptance are steps towards a greater change. We are in a position to continue to properly and carefully use this technology for being participants in such a positive transformation.
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country like central African Republic as made it a legal tender but there is no much to talk about that ever since then.
Because the law was repelled before it had any effects:
https://www.centralbanking.com/central-banks/currency/digital-currencies/7956294/car-to-drop-crypto-as-legal-tender
Either way it was a stupid move, a country with 7% internet penetration was going for a digital currency, it was just ridiculous, not to mention than a tx even now with cheap fees is still 1% of the minimum wage.