Should countries accept BTC as means of payment?

[Vx1]

I can't imagine if every country in the world bought Bitcoin for reserves, the price of Bitcoin would definitely skyrocket. But if you look at the development of Bitcoin from the beginning until now, there are still many debates that maybe that won't happen. There will definitely be countries that support Bitcoin, and vice versa.

[JISAN]

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?

Bitcoin is a legal currency in many countries, but a company or a business has to think about many things before accepting payments in Bitcoin, because Bitcoin is a volatile currency. Therefore, when a business accepts Bitcoin as payment from a customer, if they hold that Bitcoin for a long time, they will lose if the price of Bitcoin decreases, and they will gain if the price increases. However, stable coins are much more important for running a business and for proper accounting. And for this reason, although Bitcoin is legal currency in many countries, not all companies are usually seen accepting Bitcoin as payment.

[yhiaali3]

I believe that if all countries owned a strategic reserve of Bitcoin, it would be very good for Bitcoin. This would increase confidence in Bitcoin and lead to its global spread.

However, we must, of course, differentiate between using Bitcoin as a reserve and using it as a means of everyday payment. Using Bitcoin as a reserve has become a requirement for most governments, especially the United States, but using Bitcoin as a means of payment is currently impractical due to numerous problems.

[PX-Z]

...Using Bitcoin as a reserve has become a requirement for most governments, especially the United States, but using Bitcoin as a means of payment is currently impractical due to numerous problems.

Using Bitcoin as a payment method has both advantages and disadvantages, and whether it is "impractical" depends on the context. One of the disadvantages is slow confirmation, and high tx fees while advantages are its censorship-resistant which anyone can use it and can send without limit unlike traditional bank transfer where there is a maximum limit.

So if where talking it as means if daily payment for smaller or bigger stores i guess it's not worth it, especially if fees are higher than the actual amount so it should only be considered as an option for payment and cash should be primarily use.

[dave_strider]

I believe that if all countries owned a strategic reserve of Bitcoin, it would be very good for Bitcoin. This would increase confidence in Bitcoin and lead to its global spread.

However, we must, of course, differentiate between using Bitcoin as a reserve and using it as a means of everyday payment. Using Bitcoin as a reserve has become a requirement for most governments, especially the United States, but using Bitcoin as a means of payment is currently impractical due to numerous problems.

Time marches on - and so is the adoption of BTC.

And the earlier other countries will hop on, the earlier we will go to the next stage in the evolution of BTC

[Roseline492]

I can't imagine if every country in the world bought Bitcoin for reserves, the price of Bitcoin would definitely skyrocket. But if you look at the development of Bitcoin from the beginning until now, there are still many debates that maybe that won't happen. There will definitely be countries that support Bitcoin, and vice versa.

Though if all the countries will do as the United States of America in using Bitcoin the way they are doing then Bitcoin price will be good as flying because is not a small impact it will make to Bitcoin and those who has already bought will be on a very profiting room, that's why even if so many countries has not think about Bitcoin reserve, who knows if their decision will change in the future because if people that hate Bitcoin are now competing for Bitcoin investment then anything is possible in the future of acceptance of Bitcoin reserve.

[bayu7adi]

Two samples are not enough... even the US has not provided real results for the reserve fund using Bitcoin... we know that El Salvador is indeed a fairly large country, but its economic ranking cannot be strong data for other countries to start adopting Bitcoin (maybe)... yes, I know, you really want Bitcoin to be adopted by all countries in the world and start making a profit from the price increase... but behind all that there are still many obstacles that must be overcome... yes, the attitude of each government is different, making it difficult to realize... so in my opinion it is very unlikely that BTC will become a currency that is legalized by all governments in the world....

[DaNNy001]

I can't imagine if every country in the world bought Bitcoin for reserves, the price of Bitcoin would definitely skyrocket. But if you look at the development of Bitcoin from the beginning until now, there are still many debates that maybe that won't happen. There will definitely be countries that support Bitcoin, and vice versa.

It'd actually quite normal for Bitcoin not be accepted by everyone or every country, I mean that's basically what life itself is about as there are definitely going to be haters of something good, no matter how efficient or good that project may turn out to be because that's human nature. Bitcoin is already stamping it's ground in the world of financial and only the few or multitude that know it's value will benefit and one of the many is El Salvador and I believe with time coming maybe many may follow in the steps.

[rachael9385]

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?

Every country having a Bitcoin reserve funds is not a bad idea but it is not just about having the reserve funds for Bitcoin investment, will the government have a long term perspective towards Bitcoin investment in the future. Bitcoin investment is not a get rich quick scheme, like you said about El Salvador, it takes them years to achieve their goals. So the point is if the government have decided to invest in Bitcoin with their reserve funds, can they be patient for long term investment?

[dkbit98]

Using Bitcoin as a payment method has both advantages and disadvantages, and whether it is "impractical" depends on the context. One of the disadvantages is slow confirmation, and high tx fees while advantages are its censorship-resistant which anyone can use it and can send without limit unlike traditional bank transfer where there is a maximum limit.

Banks are also very slow and they usually don't work at weekends and during the night.
This is especially important if you want to send money abroad to other countries, not to mentioned you could be asked many questions and explanations why you are sending or receiving money.
Problem is that regulators are trying to make bitcoin work in similar way  with centralized services and exchanges

[UNIVERSE]

I can't imagine if every country in the world bought Bitcoin for reserves, the price of Bitcoin would definitely skyrocket. But if you look at the development of Bitcoin from the beginning until now, there are still many debates that maybe that won't happen. There will definitely be countries that support Bitcoin, and vice versa.

Sure, if there are many countries which already decide to have Bitcoin reserves, it will trigger the price of Bitcoin to increase very significantly. Since US have decided to have crypto reserves, I think it is not impossible that most countries in the world to have their Bitcoin reserves. Bitcoin has developed much now, its adoption is getting bigger. I'm quite optimistic with Bitcoin future, it will be more expensive in the future.

[PX-Z]

Problem is that regulators are trying to make bitcoin work in similar way  with centralized services and exchanges

It's becoming a trend now, and it's only getting worse. The so called "mainstream adoption" of Bitcoin heavily depends on regulatory actions and government decisions. As regulations tighten or evolve, it directly impact how Bitcoin is perceived, used, and integrated.

[Baofeng]

Problem is that regulators are trying to make bitcoin work in similar way  with centralized services and exchanges

It's becoming a trend now, and it's only getting worse. The so called "mainstream adoption" of Bitcoin heavily depends on regulatory actions and government decisions. As regulations tighten or evolve, it directly impact how Bitcoin is perceived, used, and integrated.

I do agree, everything boils down on regulations, if countries are going to tighten their regulations then obviously we might not get into that mainstream adoption that we wanted to.

So I guess still this is going to be the trend, but hopefully, many countries who are still in the grey area, will accept crypto so that everyone should enjoy it and it really serves a lot of purpose to us not just means of payment, but obviously as a investment instrument.

[pawel7777]

Similar to what others said, I'm not a big fan of Bitcoin becoming a legal tender, meaning merchants being forced to accept bitcoins even if they don't want to. In some jurisdictions this wouldn't be much of an issue, i.e. where legal tender only exists in relation to settlements of debt, so when there's no debt involved, merchants are free to accept/not-accept any type of payments - but I'd still prefer Bitcoin to be 100% voluntary and not forced on anyone.

I don't oppose the concept of countries/states having strategic Bitcoin reserve. I think that's reasonable if it's not out of proportions.

[Faisal2202]

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?

Where did you learn that they paid off all their debts, because recently they changed their BTC policy just to get more loans from the IMF and they stopped buying 1 BTC everyday? The point is they did not pay all of their debt just because of BTC, but I do agree that their economy is growing because they adopted BTC! No, they were doing many other things too.

Covid made things a lot worse for all of us. Speaking of BTC in our country reserves, it would be a good thing for all of us, I mean, they are reserving gold, US dollars, and other assets to diversify their investments so in hard times they won't get affected by one, so why not reserve BTC too.