Should countries accept BTC as means of payment?

[ajiz138]

Well that's it, although bitcoin may not be fully used as desired, but when the government or a country recognizes the existence of bitcoin by legalizing it as an asset, that's good enough.

Moreover, we also achieved this in a long time and keep in mind that we also got a lot of rejections and even worse things. But bitcoin has managed to convince many people until now.

Being recognized by the government is a great achievement for bitcoin because at the beginning of bitcoin's launch we saw a lot of rejection and negative news attacking bitcoin.
and now the US and several major countries support bitcoin, this will affect other countries to immediately support bitcoin. We'll just see in the next few years.

Yes, we can see now where big countries that previously even rejected bitcoin are now slowly starting to show their interest in bitcoin.

Although we never know what the reason is for them, because individuals and governments usually have different views. We as individuals might say honestly that we are here looking for profit and others, but if the country or government usually has other things that are their goals.

[jeraldskie11]

It depends on a country's policy to make bitcoin a means of payment or not. While we know that not everyone will agree with it and most in my opinion will reject it.

However, when a country or government is present and makes bitcoin only allowed to be used as a commodity asset, I think that is also good enough. Although of course we will be happier when bitcoin is legalized as a means of payment.

You are right to say that the issue of the legalisation of using of bitcoins is vested upon the policy decision of a particular country. While it is crucial to note that transformation of monetary systems is usually resisted, especially in the uptake of new technologies. That is why when a government decides to regulate only Bitcoin as an asset it can be considered to be safe as it observes the impacts. Still once people are able to utilise this asset for speculation or for holding value then it is used in the normalisation process. What is found is that although legalisation of payment mode is not still in great prominence in developing nations currently, gradual recognition is sufficient to help it gain ground.

Well that's it, although bitcoin may not be fully used as desired, but when the government or a country recognizes the existence of bitcoin by legalizing it as an asset, that's good enough.

Moreover, we also achieved this in a long time and keep in mind that we also got a lot of rejections and even worse things. But bitcoin has managed to convince many people until now.

It feels good to see stores accepting BTC payments in our area, especially if it is made legal in our country. But we know that the government doesn't like Bitcoin because it will be difficult for them to trace the wallet owners, but they are doing something to identify it in other ways so maybe in the future they will make it legal in our country especially if they see its benefits.

I believe that it is great now that the thing which we once used to tag as a fad in the industry is now beginning to be used for actual practise in things such as everyday transactions around us. However, you are also correct that we are still discussing it because as far as the government is concerned there are still holes that are considered too weak to be controlled and scrutinised. However, as for me the best judge would be time. The more businesses and citizens directly see the advantages of these digital assets, the larger the practise will increase the discussion space. Well I do not think that the government is incompetent to approve them they are only waiting for the right time when they will feel that the implementation of these instruments will not pose a threat to the public. For now, the only thing one has to do is continue using these digital assets healthily and try to gain as much knowledge about them as possible so that one will not be driven by emotions when encountering such issues.

Yeah, the right time will come for everything. Another thing I would consider is why some countries will have difficulty accepting Bitcoin as legal because its value is very volatile, which is there is a real risk that the price of Bitcoin may drop. But if we think about it carefully, Bitcoin is not as volatile as before. The price of Bitcoin now is okay because it is stable so we don't receive much negativity from the government about Bitcoin but what if it is a bearish market, where all the prices in the market will really fall? I think we should consider that.

[yohananaomi]

Well that's it, although bitcoin may not be fully used as desired, but when the government or a country recognizes the existence of bitcoin by legalizing it as an asset, that's good enough.

Moreover, we also achieved this in a long time and keep in mind that we also got a lot of rejections and even worse things. But bitcoin has managed to convince many people until now.

Being recognized by the government is a great achievement for bitcoin because at the beginning of bitcoin's launch we saw a lot of rejection and negative news attacking bitcoin.
and now the US and several major countries support bitcoin, this will affect other countries to immediately support bitcoin. We'll just see in the next few years.

Yes, we can see now where big countries that previously even rejected bitcoin are now slowly starting to show their interest in bitcoin.

Although we never know what the reason is for them, because individuals and governments usually have different views. We as individuals might say honestly that we are here looking for profit and others, but if the country or government usually has other things that are their goals.

Yes, more and more country who previously refused are now willing to accept bitcoin because they have felt that there are many benefits compared to others, so it is natural that they are starting to look to accept it.
Every policy does depend on each country and all because it is thought out well so that it does not harm them later.
But after developing well, it can be seen that there are benefits for the government and society itself.

[UNIVERSE]

Yes, more and more country who previously refused are now willing to accept bitcoin because they have felt that there are many benefits compared to others, so it is natural that they are starting to look to accept it.
Every policy does depend on each country and all because it is thought out well so that it does not harm them later.
But after developing well, it can be seen that there are benefits for the government and society itself.

They may refuse it in the past because there were still many bad rumors or negative issues on Bitcoin. Now, they already know well Bitcoin and Bitcoin is very popular. Even, El Salvador makes it as a legal tender and USA makes it as their main crypto asset. So, there is no reason that those countries to refuse Bitcoin anymore. The policy in a country can change, it is normal that they accept Bitcoin nowadays.

[yohananaomi]

Yes, more and more country who previously refused are now willing to accept bitcoin because they have felt that there are many benefits compared to others, so it is natural that they are starting to look to accept it.
Every policy does depend on each country and all because it is thought out well so that it does not harm them later.
But after developing well, it can be seen that there are benefits for the government and society itself.

They may refuse it in the past because there were still many bad rumors or negative issues on Bitcoin. Now, they already know well Bitcoin and Bitcoin is very popular. Even, El Salvador makes it as a legal tender and USA makes it as their main crypto asset. So, there is no reason that those countries to refuse Bitcoin anymore. The policy in a country can change, it is normal that they accept Bitcoin nowadays.

At first, it was like you said, because many were not sure and there was still a lot of news that did not support and many bad issues about bitcoin.
But over time, it has started to develop and many have recognized it because the positive impacts obtained are more than negative.
Many countries have recognized and made bitcoin a legal tender because it is very profitable, so they recognize it, but there are still countries that reject it and that is a different policy, and it is natural that one day they will also recognize it.

[gunhell16]

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?

It depends on the leader of a country whether they are open to the opportunity here in bticoin or blockchain technology, because if their minds are closed, no matter how beautiful and potential there is in bitcoin or cryptocurrency, they will not see it for sure.

Therefore, that can happen in all countries but all of that depends on the president or prime minister who leads all countries around the world.

[BazinyAmg]

I strongly believe if countries can adopt the use of Bitcoin as means of payment, it would go a long way in helping in the reduction of of transactions cost, and also proving financial services for undeserved population and by accepting bitcoin as a medium of exchange it can give countries a competitive advantage in global economy and help cub corruption since bitcoin works on blockchain and it's decentralized.

[Bobcrypto]

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?

Here I will say currently most of the power full countries they just want to increasing their gold reserve because it is the precious things in this earth and it is limited and that's why in the future the value of gold is always increase.

Here I think for the same reason obviously most of the country should accept the Bitcoin as their reserve. Because Bitcoin is the Digital gold right now it has only 21million maximum supply so the demand will be always on the high. And in the future we will also see that the country who have more reserve in Bitcoin those will be more strong by economically.

Actually, most of the countries in the world will always like to increase their Gold reserves not necessarily because Gold is limited, that is, the numbers, but because Gold is a scarce commodity, It is a natural previous metals tradable on the commodity market.

Gold is not limited but very scarce, and there are regions in the world where gold may be yet undiscovered, in other words, there are countries that has huge deposit or reserve of Gold that has not being mine.
Bitcoin is regarded as a digital gold with a limited supply of 21million of which about 19.82 million has been fully mined, making it a scarce digital currency. As it stands, Bitcoin, if fully mined, will be more scarce than the physical Gold in my opinion.

[|MINER|]

Actually, most of the countries in the world will always like to increase their Gold reserves not necessarily because Gold is limited, that is, the numbers, but because Gold is a scarce commodity, It is a natural previous metals tradable on the commodity market.

Gold is not limited but very scarce, and there are regions in the world where gold may be yet undiscovered, in other words, there are countries that has huge deposit or reserve of Gold that has not being mine.
Bitcoin is regarded as a digital gold with a limited supply of 21million of which about 19.82 million has been fully mined, making it a scarce digital currency. As it stands, Bitcoin, if fully mined, will be more scarce than the physical Gold in my opinion.

If we think a little more deeply, gold is a natural mineral resource and we all know that natural resources are obviously and obviously limited.
As such, we must accept that gold is limited, which many of us currently call rare.
And if you think about it a little more, the more limited the things in the world are, the more expensive they are. Similarly, no matter how much we talk or explain, in the end we have to agree with this saying that seeing gold as limited, people have started keeping it in their reserves since ancient times.

In this case, Bitcoin is also limited. Is this what we are saying because we can see a certain maximum supply of Bitcoin with our eyes, but we cannot see it in the case of gold. But I don't know if you know that this maximum supply of Bitcoin is based on the algorithm in which the Bitcoin mining process runs, and it will probably take another 150 years for this maximum supply to be completely mined. In this sense, we should call Bitcoin a scarce digital product.

[UNIVERSE]

At first, it was like you said, because many were not sure and there was still a lot of news that did not support and many bad issues about bitcoin.
But over time, it has started to develop and many have recognized it because the positive impacts obtained are more than negative.
Many countries have recognized and made bitcoin a legal tender because it is very profitable, so they recognize it, but there are still countries that reject it and that is a different policy, and it is natural that one day they will also recognize it.

In the past, we have too many negative issues about Bitcoin. It was the reason why many countries didn't support and accept Bitcoin. Nowadays, Bitcoin has proven as great digital investment and digital currency. So, many countries have accepted Bitcoin and they even invest in Bitcoin now. China and US become 2 top countries who hold many Bitcoins now.

[bitbit97]

BTC acceptance is somehow a double edged sword. While part of people wish it to happen, others dont support idea of receiving salary in BTC, because they are afraid of exchange rate fluctuations. Isnt it look wrong, that they dont want to receive payment in BTC, but want to pay in BTC. Something is wrong with that. In addition, do really people pay in BTC so often, or they trade and hold mostly? I am only afraid, that if payments become available, such option will become not demanded.

[bitterguy28]

BTC acceptance is somehow a double edged sword. While part of people wish it to happen, others dont support idea of receiving salary in BTC, because they are afraid of exchange rate fluctuations.

i do not think it’s the employees that are against receiving bitcoin because no matter the rate of bitcoin, the employers need to give the exact amount of salary so they are the ones worried that if bitcoin is too high they are gonna be giving more than the salary to their employees

Isnt it look wrong, that they dont want to receive payment in BTC, but want to pay in BTC. Something is wrong with that. In addition, do really people pay in BTC so often, or they trade and hold mostly? I am only afraid, that if payments become available, such option will become not demanded.

yes people do pay with bitcoin though i think most people still use it for profit

[Bryancrypto]

Yup , it's an opportunity for financial inclusion and especially in under banked region's,
However there's still challenges
1. volatility
2. Regularity gaps
3. Infrastructure

[Blaze]

BTC acceptance is somehow a double edged sword. While part of people wish it to happen, others dont support idea of receiving salary in BTC, because they are afraid of exchange rate fluctuations. Isnt it look wrong, that they dont want to receive payment in BTC, but want to pay in BTC. Something is wrong with that. In addition, do really people pay in BTC so often, or they trade and hold mostly? I am only afraid, that if payments become available, such option will become not demanded.

From the way adopting bitcoin it’s used in the day to day transactions, one is able to appreciate the difference between hypothesis and mechanism. Although, everyone would like to accept payments in BTC, the uncertainty of the chain’s price is a reason for concern. If BTC is considered high or low then people will not trust it anymore as a form of payment method. That is why many people prefer to invest in BTC or simply buy it to remain patient in the hope that the rate will grow. Therefore, though there is a chance to implement a BTC-based payment system, its use in day-to-day practises could be much more restricted than it is now.

[tabas]

It is for them to decide if they need to have a Bitcoin reserve or they're going to adopt Bitcoin as means of payment. We're all free to do whatever we want and so as the governments. There is no need in forcing them to adopt such just because we're on it and we're holders of it. If they see the good out of it then it only means that they're no longer blind following Bitcoin. But, they're starting to adopt it because they're understanding the importance of not being left behind of this store of value.