Should countries accept BTC as means of payment?

[tequilla_sunset]

It is precisely this alternative role that may make governments and banks feel threatened... we can see that Bitcoin has many differences compared to FIAT, and who doesn't feel challenged, seeing the development of Bitcoin and other cryptocurrencies become very rapid like this...
Yes, although Bitcoin does not aim to overthrow banks, banks feel that there is a threat coming when Bitcoin and cryptocurrencies grow... don't you think so?

They just don't welcome changes warmly.

If they thought it is a threat, they would do all they see fit to control the network themselves. And the funds they possess are far more than what an ordinary man can count.

[kai]

I think it could be an option for a country to make Bitcoin a reserve asset.
Logically, getting Bitcoin is very difficult and maybe some of them are by Mining and Mining also requires expensive equipment.

In our country in Indonesia, we have never heard of our government implementing Bitcoin as a reserve asset but for cryptocurrency trading taxes it does exist.
Maybe not for now but someday there will be a Bitcoin reserve asset and this is just my guess for Indonesia.

[tequilla_sunset]

I think it could be an option for a country to make Bitcoin a reserve asset.
Logically, getting Bitcoin is very difficult and maybe some of them are by Mining and Mining also requires expensive equipment.

In our country in Indonesia, we have never heard of our government implementing Bitcoin as a reserve asset but for cryptocurrency trading taxes it does exist.
Maybe not for now but someday there will be a Bitcoin reserve asset and this is just my guess for Indonesia.

Bitcoin is not ready to be used as a currency - as a store of value, for reserves - yeah, it's alright to take that role.

I do hope your country will adopt BTC earlier than we expect.

[bayu7adi]

Bitcoin is not ready to be used as a currency - as a store of value, for reserves - yeah, it's alright to take that role.

I do hope your country will adopt BTC earlier than we expect.

Why should it be earlier in terms of Bitcoin adoption? It's not even about which country adopts bitcoin first, it takes some calculations that calculate all the possibilities in its adoption... I think all countries are still monitoring the development of Bitcoin and cryptocurrency to be truly accepted... at least they also need samples so they can develop the cryptocurrency field for their respective countries....

Making it a currency is indeed impossible, but making BTC a hedge asset is very possible... so there is still a possibility for BTC to play a role in government in the future... even though it is not an alternative currency, it can be an alternative stock investment...

[snowpega]

I think it could be an option for a country to make Bitcoin a reserve asset.
Logically, getting Bitcoin is very difficult and maybe some of them are by Mining and Mining also requires expensive equipment.

In our country in Indonesia, we have never heard of our government implementing Bitcoin as a reserve asset but for cryptocurrency trading taxes it does exist.
Maybe not for now but someday there will be a Bitcoin reserve asset and this is just my guess for Indonesia.

Meaning that in your country cryptocurrency has not yet been declared a legal asset, right? As you are saying, you have heard of it but not yet confirmed. For full confirmation, you need to see an official bill that may have passed in your country's assembly by your government. In our country, the government has passed that bill and made it totally legal tender, and I was reading the news headline yesterday that Pakistan has appointed the Binance X-CEO as a strategic crypto advisor.

And as a means of payment, Russia, China, and some other countries are already using Bitcoin for their trades, which also bolsters its popularity in the global market. What do you think of it?

[Mpamaegbu]

Accepting Bitcoin as a legal tender may not give results and increases such as countries/companies allocating 5% of their profits to buy Bitcoin...

Buying and selling of Bitcoin is the mechanism that has kept its value considerably this high that we've seen it. It's not hodling it like it would be when nations buy for long term investment. I believe taking 5% out as suggested to put on Bitcoin periodically won't be a bad idea. If anything, it will help boost the confidence level of those who have the habit on tracing onchain transactions that activities are going on. That will help encourage more trading activities in that regards on that project, whether it's Bitcoin or any other cryptos. Mass acceptance of Bitcoin as a legal tender will give it more weight than the periodic percentile of buying and hodling of it.

[Stuart]

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?

As the nature of Bitcoin and crypto currencies are decentralized, which is not supposed to be part of the government policy, centralization had to play in to fill that gap, giving the government a chance to be into the crypto space, which doesn't really affect anything much. It is a good thing for countries to take Bitcoin as reserve, which could help in the growth and development of the country's financial economic strength, though, with the fluctuating price movement of Bitcoin and crypto currencies, I don't think it is good for it to be used as legal tender, but as a store of value.

Most countries have still not accepted the legal use of Bitcoin, and which is still a setback to mass adoption of Bitcoin. Only developed and recognized countries around the world that knows the financial benefits that can be acquired from Bitcoin reserve that has lifted the ban against Bitcoin and made it a legal tender for its citizens.

It is a right thing that countries should take Bitcoin for reserve, and other top promising coins for the long run, cause the future is very bright for all digital currencies that will exist.

[Hisbullah]

Bitcoin is not ready to be used as a currency - as a store of value, for reserves - yeah, it's alright to take that role.

I do hope your country will adopt BTC earlier than we expect.

Why should it be earlier in terms of Bitcoin adoption? It's not even about which country adopts bitcoin first, it takes some calculations that calculate all the possibilities in its adoption... I think all countries are still monitoring the development of Bitcoin and cryptocurrency to be truly accepted... at least they also need samples so they can develop the cryptocurrency field for their respective countries....

Making it a currency is indeed impossible, but making BTC a hedge asset is very possible... so there is still a possibility for BTC to play a role in government in the future... even though it is not an alternative currency, it can be an alternative stock investment...

I agree with you, bitcoin can hedge our assets, this is what makes big investors hold bitcoin for the long term. Whoever owns bitcoin earlier will get higher profits.
although bitcoin is currently owned by many people, I am still sure there are early investors who still hold bitcoin that they bought at a low price in the past.

[Flydove]

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,

El Salvador are still dependent on the imf, they still run to them for loans and the imf gives them conditions before grating them loans. Nothing much has changed for their economy as well. I don't see why every country should have a BTC reserve, what i hope for is for BTC to be used as a means of payment in every country and widely adopted.

Very true. If El Salvador who took the lead in holding bitcoin as a national asset still do not have a vibrant economy, then my guess is, it may not be a step in the right direction. The Government of El Salvador went as far as offering incentives of $30 each to its citizens all in a bid to get them to accept the use of bitcoin but only a fraction did subscribe to its use. it perhaps can serve other vibrant purposes in a nation but not national reserve particularly not at this point in time.

[Legion]

Bitcoin is not ready to be used as a currency - as a store of value, for reserves - yeah, it's alright to take that role.

I do hope your country will adopt BTC earlier than we expect.

Why should it be earlier in terms of Bitcoin adoption? It's not even about which country adopts bitcoin first, it takes some calculations that calculate all the possibilities in its adoption... I think all countries are still monitoring the development of Bitcoin and cryptocurrency to be truly accepted... at least they also need samples so they can develop the cryptocurrency field for their respective countries....

Making it a currency is indeed impossible, but making BTC a hedge asset is very possible... so there is still a possibility for BTC to play a role in government in the future... even though it is not an alternative currency, it can be an alternative stock investment...

I agree with you, bitcoin can hedge our assets, this is what makes big investors hold bitcoin for the long term. Whoever owns bitcoin earlier will get higher profits.
although bitcoin is currently owned by many people, I am still sure there are early investors who still hold bitcoin that they bought at a low price in the past.

Bitcoin is a perfect example of the impact of an innovation in the handling of our monetary affairs. Large institutional investors have decided to invest in Bitcoins due to its scarcity and its role of preserving the value of the investors’ money. As it can be seen, those people who invested in Bitcoins earlier are counting great gains, which is connected with the fact that the price of Bitcoin was significantly lower some time ago. This is in spite of the fact that each day, more individuals and companies are effectively becoming Bitcoin owners, there are those who initially invested in the asset and still hold them with high expectations of good returns. It has been evidenced from the sensitiveness of Bitcoin to various market conditions and its ability to survive stresses that the decision to hold the foreign currency was not hasty.

[Mr. Magkaisa]

          -     It depends on the leader of a country, if the president or prime minister doesn't care about blockchain technology, obviously bitcoin adoption as a mode of payment will not happen in their territories. This is when their minds are closed to this matter.

Especially if the leaders of each country have different priorities, but if a country or government of the country is open, it will not be difficult to accept or implement it in their country for sure.

[legend45]

          -     It depends on the leader of a country, if the president or prime minister doesn't care about blockchain technology, obviously bitcoin adoption as a mode of payment will not happen in their territories. This is when their minds are closed to this matter.

Especially if the leaders of each country have different priorities, but if a country or government of the country is open, it will not be difficult to accept or implement it in their country for sure.

thats right it all depends on the country's leader in seeing crypto especially bitcoin, if they don't support bitcoin of course bitcoin will not be well received in the country.
Maybe they don't have a good understanding of crypto, but each country has its own considerations. and currently I see many governments of a country that have accepted crypto. even though they have not allowed it for payment methods

[kai]

I think it could be an option for a country to make Bitcoin a reserve asset.
Logically, getting Bitcoin is very difficult and maybe some of them are by Mining and Mining also requires expensive equipment.

In our country in Indonesia, we have never heard of our government implementing Bitcoin as a reserve asset but for cryptocurrency trading taxes it does exist.
Maybe not for now but someday there will be a Bitcoin reserve asset and this is just my guess for Indonesia.

Bitcoin is not ready to be used as a currency - as a store of value, for reserves - yeah, it's alright to take that role.
I do hope your country will adopt BTC earlier than we expect.

Our country does not want to be hurried to adopt Bitcoin as a reserve fund because it has to go through various rules in our country regarding the digital financial system.

I think it could be an option for a country to make Bitcoin a reserve asset.
Logically, getting Bitcoin is very difficult and maybe some of them are by Mining and Mining also requires expensive equipment.

In our country in Indonesia, we have never heard of our government implementing Bitcoin as a reserve asset but for cryptocurrency trading taxes it does exist.
Maybe not for now but someday there will be a Bitcoin reserve asset and this is just my guess for Indonesia.

....
In our country, the government has passed that bill and made it totally legal tender, and I was reading the news headline yesterday that Pakistan has appointed the Binance X-CEO as a strategic crypto advisor.

That means your country in Pakistan is very confident in Bitcoin to make a reserve fund and I think your country Pakistan is very brave to take risks to Bitcoin which is used as a reserve fund. Amazing!

And as a means of payment, Russia, China, and some other countries are already using Bitcoin for their trades, which also bolsters its popularity in the global market. What do you think of it?

If it is true that the Russian and Chinese countries use Bitcoin as a means of payment, then it is definitely very appreciated. Russia and China have become pioneers in all businesses, especially in this cryptocurrency business.

[omori]

I think it could be an option for a country to make Bitcoin a reserve asset.
Logically, getting Bitcoin is very difficult and maybe some of them are by Mining and Mining also requires expensive equipment.

In our country in Indonesia, we have never heard of our government implementing Bitcoin as a reserve asset but for cryptocurrency trading taxes it does exist.
Maybe not for now but someday there will be a Bitcoin reserve asset and this is just my guess for Indonesia.

Bitcoin is not ready to be used as a currency - as a store of value, for reserves - yeah, it's alright to take that role.
I do hope your country will adopt BTC earlier than we expect.

Our country does not want to be hurried to adopt Bitcoin as a reserve fund because it has to go through various rules in our country regarding the digital financial system.

As everywhere, I believe, some just want to make it happen faster than others, and some legal systems are truly a mess.

As it was said, I hope it will happen eventually.

[MUGNIA]

Do you think every country should have a Bitcoin reserve?

Yes, it can or can't, in my opinion it depends on the level of readiness of the country that will use BTC as their financial reserve, although I am not an economic expert, but if you look at the unstable price of bitcoin, then for poor countries I don't think it will have an impact
and for payment instruments I don't think it is necessary where btc is only an alternative, not the main one, where fiat is better than bitcoin if it is for payment because fiat is the typical currency of each country

because the price of bitcoin is still fluctuating, it seems that bitcoin is not yet suitable to be a means of payment. but bitcoin is already suitable as an investment and possibly as a strategic reserve fund.
I agree that every country accepts bitcoin as an investment, because with the increasing popularity of bitcoin it can become a payment method in the future.

Yes, certain payment methods such as online shopping do not apply to payments on the spot or face to face because this will damage the circulation of money in my opinion.