Should countries accept BTC as means of payment?

[Jating]

Do you think every country should have a Bitcoin reserve?

It depends on the government itself, just like in El Salvador as you have said, but what if Bukele is no longer the sitting President? And now that Trump has somewhat magnified it, then we hear some countries already thinking about doing the same. But the thing with Trump is that they are not going to purchase Bitcoin or any other crypto for their reserves. So it countries think that it's good for them then why not? But for sure, majority won't do it because of the nature of crypto, it's very volatile. Maybe they will just have like a couple of millions to just to test and see how it goes for them in the future. But if we say that it will be the standard, I doubt that it will happen.

[bitbit97]

I always want to ask people, who say that they want countries to accept BTC as payment, why exactly do they want it. BTC as a payment is not the same as cryptocurrencies being legal in country. I wonder what people will do when they can pay in bitcoin anywhere. I dont think that a lot of people will use that opportunity. Because it does not make sense. People claim all the time that they are holders, how cool it is to hold because BTC price grows with time. And all of sudden they change vector of thinking and start spending BTC? But minute ago they told that BTC will cost $200k or a million dollars, and they would never sell BTC for a low price.

[dkbit98]

but i'm still considering Bukele did the right thing. if he can convince the people to buy more BTC through the funds from the national government budget i guess it will be an strategic reserves.

Bukele didn't convince anyone to do anything, and regular people didnt spend their own money for this
He is more like dictator in his country and he spent budget money for purchasing Bitcoin, but than he signed a new deal with IMF and that slowed down BTC purchase.
El Slavador now have 6089 BTC worth around $528,000,000 and this can be tracked:
https://treasuries.bitbo.io/el-salvador/

This is small amount compared to USA, China and other countries:
https://treasuries.bitbo.io/countries/

[densus88]

I always want to ask people, who say that they want countries to accept BTC as payment, why exactly do they want it. BTC as a payment is not the same as cryptocurrencies being legal in country. I wonder what people will do when they can pay in bitcoin anywhere. I dont think that a lot of people will use that opportunity. Because it does not make sense. People claim all the time that they are holders, how cool it is to hold because BTC price grows with time. And all of sudden they change vector of thinking and start spending BTC? But minute ago they told that BTC will cost $200k or a million dollars, and they would never sell BTC for a low price.

The volatility of crypto oni sometimes makes people wonder whether bitcoin can be used as a payment method, because the price can change at any time.
I also think like you, bitcoin is better used as an investment because we get profit from bitcoin faster. But anything can happen in the future, if bitcoin is more popular and owned by many people, the price of bitcoin will likely be more stable and can be used as a payment method.

[enwi]

I always want to ask people, who say that they want countries to accept BTC as payment, why exactly do they want it. BTC as a payment is not the same as cryptocurrencies being legal in country. I wonder what people will do when they can pay in bitcoin anywhere. I dont think that a lot of people will use that opportunity. Because it does not make sense. People claim all the time that they are holders, how cool it is to hold because BTC price grows with time. And all of sudden they change vector of thinking and start spending BTC? But minute ago they told that BTC will cost $200k or a million dollars, and they would never sell BTC for a low price.

The volatility of crypto oni sometimes makes people wonder whether bitcoin can be used as a payment method, because the price can change at any time.
I also think like you, bitcoin is better used as an investment because we get profit from bitcoin faster. But anything can happen in the future, if bitcoin is more popular and owned by many people, the price of bitcoin will likely be more stable and can be used as a payment method.

If volatility is the reason why BTC cannot be used as means of payment then fiat currencies which also experience inflation should also not be accepted. Moreover, there is an increasing tendency of institutions adopting BTC and the market proves that there is no decline in demand as much as price swings. That is why many people can view BTC as a high-value asset, not only as a tool for transactions. If someone still carries the mentality that BTC can still only be used after it is truly stable, then that person will not get it that technology changes with time, and the usage of the BTC is not really by the price but by its use in many more fields.

[Zed0X]

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[Zed0X]

I can imagine Government agencies accepting bitcoin but transaction is done through payment gateways that will automatically convert BTC into fiat or stable coin. It's like the companies are paying their taxes using BTC but Government receives them in the form of fiat. No difference.

[joniboini]

I can imagine Government agencies accepting bitcoin but transaction is done through payment gateways that will automatically convert BTC into fiat or stable coin. It's like the companies are paying their taxes using BTC but Government receives them in the form of fiat. No difference.

They don't necessarily need to have a custom gateway for that. I believe most payment processors (including open source ones), allow merchants to add a plugin that automatically converts their crypto into fiat as of now, CMIIW. If a government legalizes crypto payments, I think they'll just hold the crypto because it implies decreased volatility. I can still see him selling once a week or so though.

[Baofeng]

I can imagine Government agencies accepting bitcoin but transaction is done through payment gateways that will automatically convert BTC into fiat or stable coin. It's like the companies are paying their taxes using BTC but Government receives them in the form of fiat. No difference.

They don't necessarily need to have a custom gateway for that. I believe most payment processors (including open source ones), allow merchants to add a plugin that automatically converts their crypto into fiat as of now, CMIIW. If a government legalizes crypto payments, I think they'll just hold the crypto because it implies decreased volatility. I can still see him selling once a week or so though.

Yes, but I do think that government will not used those payment processors, instead developed their own or at least have their own wallet just like what El Salvador did.

But it's good of government are going to accept BTC, I mean there are more benefits to it and obviously, the adoption that we are looking for. And it makes BTC very reliable to many specially those who are against it.

[Azharul]

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?

Yes, Actually I think that if all countries can reserve bitcoin it will be very helpful for them. Because we know that many countries could be reserve bitcoin for there future asset. So I believe that when cryptocurrency market go up bull market, then those countries could be remove poverty soon. But when we want to invest or reserve bitcoin, we should trying to understand in cryptocurrency market, because we know that cryptocurrency market is always depending on up and down. So in this situation crypto knowledge is very important for earn best profit from cryptocurrency market.

[Philinfa]

Mass adoption for cryptocurrencies across countries would be very good for the market, that's what every crypto community wants but a lot will be educated about it getting rid of blockchain illiteracy

[0t3p0t]

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

This. But seems the IMF is choking every country who get loans from them though they have rules and policies to follow I am just wondering why they do that? Is it because there is a high risk that Bitcoin will crash and El Salvador will not be able to pay that loan? Or is there a hidden agenda IMF is trying to make it  happen or in control of?

[Aanuoluwatofunmi]

Accepting of bitcoin for use is what should be a global phenomenon whereby all countries are going to see beyond just an ordinary digital currency or crypto, but the demands from what the people want and the reason behind why everyone has always been more committed to it use, i don't know why some are still inconclusive about their decision on accepting bitcoin as a legitimate digital currency for making payments.

[Rubel007]

Accepting of bitcoin for use is what should be a global phenomenon whereby all countries are going to see beyond just an ordinary digital currency or crypto, but the demands from what the people want and the reason behind why everyone has always been more committed to it use, i don't know why some are still inconclusive about their decision on accepting bitcoin as a legitimate digital currency for making payments.

Until governments legalize Bitcoin, it will not be possible to accept Bitcoin as a global currency. Certainly, if Bitcoin is made a global currency, then the benefits that the world will get are not available in conventional currencies. If it can be considered as a payment method worldwide, then Bitcoin is the most suitable platform there. However, the positive side is that although Bitcoin is not considered a fast payment method, in the future we will definitely see it at that level. It takes time for this. Many governments opposed Bitcoin but they are gradually moving towards that position. In the future, Bitcoin will definitely be known as a means of global payment.

[MrSpasybo]

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?

The questions in the topic are different from the topic title. I think I want to answer both questions because they're both interesting and open up many valuable discussions.

We'll talk about El Salvador, the first country in the world to adopt BTC. People have the right to use BTC in payments, and the government also mines and accumulates BTC itself. The results show they've been quite successful with this BTC strategy.

However, the truth is that people aren't yet in the habit of using BTC for payments. The value that BTC brings isn't the convenience of transactions and cash flow, but marketing for tourism and investment services in El Salvador. The crypto community is more interested in the El Salvador government action of buying 1 BTC per week than in the state of BTC usage in the economy.

I support governments strategically accumulating and reserving BTC so as not to be left behind in this financial wave. Using BTC for payments can be considered and requires a long process to assess its impact on fiat and the entire economy. Stablecoins may be a better choice for payments, as people are already used to pricing everything in fiat.