Should countries accept BTC as means of payment?

[target]

El Salvador is indeed a pioneer who dares to adopt bitcoin first and allows bitcoin for payment methods. El Salvador has already bought bitcoin as a reserve fund. This is what makes El Salvador have a higher advantage than other countries. And Trump has taken the right step by supporting bitcoin, because bitcoin has been predicted to have a bright future. Countries that have not supported bitcoin will be left behind, we'll just have to wait and see.

There are some decisions made by governments which may act as landmark decision, changing peoples perspective towards digital commodities. In this particular case, one can observe how a government promise can predict and design something that is hitherto considered to be fictional. It cannot be downplayed that such audacity brings about new prospects regarding technology and economic models. What was once considered as a process for a niche community has now emerged onto the global stage with more people coming up with the argument. In some cases if there is at one political leader who makes statement, the vibration made may cause others to observe or follow suit. While some people are still sceptical, others are making the changes that indicate that something has to shift in a way that cannot be masked any longer.

Its only going to be needed for the countries to adopt BTC when they realized their financial infrastructure is not as stable as they thought. Russia and China realized it a long time ago that's why they already are looking for ways to move away from USD.

And now that USD is becoming vulnerable due to this tariff war, I think countries will also be seeing themselves finding a safer assets to hold. But by that time, I think the price will already be higher than now.

[bhadz]

As a holder, I want them to adopt and legalized Bitcoin as an asset and as payment. It's an advantage for us because that will shoot the price up. And they are also going to have an idea that many people now are into Bitcoin. I am seeing merchants accepting BTC as payment but most of us don't want to spend it even if it's declared as a legal way of paying their products.

[taufik123]

In my opinion, Bitcoin usage may well open the door for countries which are trapped into an unfair and complex financial environment. El Salvador has proved that those kinds of assets can open new prospect not only for the innovations but also for the future of the economy. It is not creating a new system to utilise instead of the old one, but offering a transparent system. If you fast forward and try to analyse these effects, it can be seen that this particular technology is penetrating the lives of people without necessarily passing through institutions. This is because trust is gaining its popularity not because of arm twisting but due to the delivered value.

El Salvador did start it all and the Bitcoin adoption that was carried out had a huge impact on economic life in El Salvador and it is a real example that Bitcoin adoption is really successful and provides more benefits even beyond the expectations of all of us.

Which was initially the adoption of bitcoin in and received a lot of rejection from some groups, now the adoption of bitcoin provides tremendous advantages to build el Salvador. The value provided by bitcoin is truly a revolutionary advance and makes a small country the attention of the big countries around it.

[Legion]

In my opinion, Bitcoin usage may well open the door for countries which are trapped into an unfair and complex financial environment. El Salvador has proved that those kinds of assets can open new prospect not only for the innovations but also for the future of the economy. It is not creating a new system to utilise instead of the old one, but offering a transparent system. If you fast forward and try to analyse these effects, it can be seen that this particular technology is penetrating the lives of people without necessarily passing through institutions. This is because trust is gaining its popularity not because of arm twisting but due to the delivered value.

El Salvador did start it all and the Bitcoin adoption that was carried out had a huge impact on economic life in El Salvador and it is a real example that Bitcoin adoption is really successful and provides more benefits even beyond the expectations of all of us.

Which was initially the adoption of bitcoin in and received a lot of rejection from some groups, now the adoption of bitcoin provides tremendous advantages to build el Salvador. The value provided by bitcoin is truly a revolutionary advance and makes a small country the attention of the big countries around it.

The decision to make Bitcoin as an official currency in an El Salvador received criticism from many people, but many such a decision has proved to be useful for the country. What this was true showcased that innovation in the field of technology especially in the financial sector can be viable not only in large but also in small countries. The acceptance of Bitcoin has also influenced changes in other aspects to some respects and the focus on this has drawn attention on the global stage thus offering more opportunities for the growth. For instance, this success is an excellent example of what usually happens when one dares to change something and shift from the status quo.

[snowpega]

In Indonesia in our country Cryptocurrency is legal if used as a digital asset as a commodity trade only.
But cryptocurrency will be illegal if used as a payment tool in the real world such as buying food, drinks, clothes, motorcycles, cars using cryptocurrency.

That is why Tax and Cryptocurrency trading rules in Indonesia are quite tight so as not to violate the sovereignty created by the government.
In Indonesia also has a lot of local markets that have a lot of trade pairs and marketcas are quite high, namely the Indodax market. Please check here for the reference --> https://coinmarketcap.com/exchanges/indodax/

Well, mate, I have opened the shared source link, so I have a little question for you related to that: The source you shared is an Indonesian exchange, right? So can Indonesian people perform P2P on these exchanges to convert digital assets into fiat money? Well, I think this is great to track the Indonesian resident activity easily with the help of its own exchange and can impose taxes accordingly.

Other than that, are there other exchanges like Binance, OKX, KuCoin, and Gate.IO legal there? Or are these exchanges not providing their services there?

[dkbit98]

I think Bitcoin payments should be available in all countries, but only optional and not mandatory and not forced by anyone.
If someone wants to pay with Bitcoin they should have the freedom to do it, and governments can even make profit with this with charging small additional fee.

[zagreus]

I think Bitcoin payments should be available in all countries, but only optional and not mandatory and not forced by anyone.
If someone wants to pay with Bitcoin they should have the freedom to do it, and governments can even make profit with this with charging small additional fee.

Agreed! Both parties would win in such a case.

[Aanuoluwatofunmi]

If two countries can accept bitcoin as a legal tender, then there is nothing stopping others in doing so, we are not taking permission to adopt bitcoin as a legal tender, everyone has the right to choose as when and how they can make use of their internal decision in what they want regarding bitcoin, but if there is any country not willy to adopt the use of bitcoin, then they should allow their citizens to make use of bitcoin for their own good.

[densus88]

If two countries can accept bitcoin as a legal tender, then there is nothing stopping others in doing so, we are not taking permission to adopt bitcoin as a legal tender, everyone has the right to choose as when and how they can make use of their internal decision in what they want regarding bitcoin, but if there is any country not willy to adopt the use of bitcoin, then they should allow their citizens to make use of bitcoin for their own good.

I agree that the government should allow its citizens to invest in bitcoin, because the popularity of bitcoin is currently high and several countries have made bitcoin a reserve fund. The government must think ahead. because the advancement of crypto technology will be needed in the future.
when it is interesting to see if two countries can make transactions using bitcoin, maybe it will happen in the future.

[Mia Chloe]

I agree that the government should allow its citizens to invest in bitcoin, because the popularity of bitcoin is currently high and several countries have made bitcoin a reserve fund. The government must think ahead. because the advancement of crypto technology will be needed in the future.

Actually nobody stops you from investing in bitcoin. The reason I insist on this is because you will find out that even countries that yet haven't accepted bitcoin as a legal tender, you still tend to have a couple of bitcoin holders there regardless.

The only major difference is when it comes to spending those bitcoins because in a country where it is accepted as a legal tender the freedom to spend is better than that in a country where it isn't accepted.

[Hisbullah]

I agree that the government should allow its citizens to invest in bitcoin, because the popularity of bitcoin is currently high and several countries have made bitcoin a reserve fund. The government must think ahead. because the advancement of crypto technology will be needed in the future.

Actually nobody stops you from investing in bitcoin. The reason I insist on this is because you will find out that even countries that yet haven't accepted bitcoin as a legal tender, you still tend to have a couple of bitcoin holders there regardless.

The only major difference is when it comes to spending those bitcoins because in a country where it is accepted as a legal tender the freedom to spend is better than that in a country where it isn't accepted.

Actually, I also want my country to be able to accept bitcoin as a legal tender, but unfortunately the government only allows bitcoin for investment. Maybe the government is just reviewing and considering whether the fluctuating bitcoin can be used as a legal tender or not. Let's just wait and see what the government will do in the next few years.

[Mr. Magkaisa]

As a holder, I want them to adopt and legalized Bitcoin as an asset and as payment. It's an advantage for us because that will shoot the price up. And they are also going to have an idea that many people now are into Bitcoin. I am seeing merchants accepting BTC as payment but most of us don't want to spend it even if it's declared as a legal way of paying their products.

        -      All of us crypto enthusiasts here probably want the government we have to adopt bitcoin as a mode of payment so that the community can become familiar with this digital currency. Because if something like this happens, it will be a great success for our crypto enthusiasts.

I only know of two countries that have made Bitcoin legal tender and these are El Salvador and Central Africa if I am not mistaken in this matter.

[kulkhan]

Accepting Bitcoin as a legal tender may not give results and increases such as countries/companies allocating 5% of their profits to buy Bitcoin, so everyone using Bitcoin does not mean that its price will rise, but these companies considering Bitcoin a long-term investment is what will lead to a sharp increase in the price.

We know many countries are accepting Bitcoin as legal currency and as payment. And that is very positive for Bitcoin and total cryptocurrency. Now a days Bitcoin is very popular. We know El Salvador getting Bitcoin as legal and National payment method.

I think it is very positive and for it Bitcoin's price increasing gradually. We know few months ago Bitcoin price was only $30k to $40k and now Bitcoin price is near about $85k. So i think when more country it will accept then it’s price will increase more and more.

[alltalk]

We know many countries are accepting Bitcoin as legal currency and as payment. And that is very positive for Bitcoin and total cryptocurrency. Now a days Bitcoin is very popular. We know El Salvador getting Bitcoin as legal and National payment method.

There are already 2 countries which accepted Bitcoin as legal tender. And there are some countries which legalized Bitcoin as payment tool if we take a look the information on wikipedia. Sure, it is positive thing, it will make Bitcoin to be more popular and people will be more familiar in using Bitcoin for any purposes.

https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory

I think it is very positive and for it Bitcoin's price increasing gradually. We know few months ago Bitcoin price was only $30k to $40k and now Bitcoin price is near about $85k. So i think when more country it will accept then it’s price will increase more and more.

Bitcoin has a certain way on growing its price. We know the term of "4 years cycle", it divides into bearish and bullish period. The price increases and declines mostly depend on these matters. However, sometimes Bitcoin can increase suddenly because of the influence of news/issues. Yes, there should be more countries to legalize Bitcoin and they probably have the intention to make it as their funding reserves as well.

[vegasus]

I agree that the government should allow its citizens to invest in bitcoin, because the popularity of bitcoin is currently high and several countries have made bitcoin a reserve fund. The government must think ahead. because the advancement of crypto technology will be needed in the future.

Actually nobody stops you from investing in bitcoin. The reason I insist on this is because you will find out that even countries that yet haven't accepted bitcoin as a legal tender, you still tend to have a couple of bitcoin holders there regardless.

The only major difference is when it comes to spending those bitcoins because in a country where it is accepted as a legal tender the freedom to spend is better than that in a country where it isn't accepted.

Yes, there are many ways for citizens to invest in Bitcoin without it being legal or not. Moreover, it is done online, so that citizens can do it more easily and freely. However, if it is legalized or allowed to invest and trade crypto, then it will make various things related to crypto easier. For example, if there is legality, the country will allow local exchanges to make it easier for its citizens to transact, will expand the forum for the community to relate to crypto, and also several regulations that benefit crypto activists.