Should countries accept BTC as means of payment?

[debra]

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.

I agree that each country has their own right to have Bitcoin as payment tool or not. They also can avoid having Bitcoin reserve for now because of some considerations. I think it is normal, the government can't make a decision instantly. True, we can't force the government to adopt is as Bitcoin reserve or payment tool. I am sure the government will have it if they are already sure to adopt it. The government doesn't want to make their citizens to use something with high risks.

[taufik123]

I agree that each country has their own right to have Bitcoin as payment tool or not. They also can avoid having Bitcoin reserve for now because of some considerations. I think it is normal, the government can't make a decision instantly. True, we can't force the government to adopt is as Bitcoin reserve or payment tool. I am sure the government will have it if they are already sure to adopt it. The government doesn't want to make their citizens to use something with high risks.

Crypto is very complex and there are still many problems to think about.
Every country does have its own decisions or rules, but when a country is not pro with cyrpto or tries to stay away from it, then such things will only hinder it from moving forward.

Crypto is indeed high risk and this makes the government more selective because it is aware of the dangers.

[TomPluz]

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.

Bitcoin and many other coins in the crypto market are categorized as very volatile assets and this feature alone is a big hindrance for many people and establishments to directly accept Bitcoin for payment purposes. Now, what I know is that there are third-party providers servicing the needs of these people by accepting Bitcoin in their behalf and then immediately convert Bitcoin into stablecoin. Certainly, it would be good if more and more firms and people will be accepting and using Bitcoin for payments but the reality on the ground is not yet so encouraging hence Bitcoin has become one of the most-known speculative assets where people and even big organizations are just HODLING Bitcoin for the long-term in the hope that its price would dramatically rise as time goes by. And I am wondering: is that bad at all?

[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.

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

Employees will still have $ amount stated in their work agreement, but employer will make convert on a salary day. Same as we get signature rewards. That promotion «budget-signature campaign rewards» scheme works somehow after all.

Lets take on El Salvador example. From the last information I have seen, people still use USD in most cases, while BTC payment is still an option than a real payment. If countries accept BTC as a payment, it will make a hype during first months, people will try such payment, but remain later with national currency, while BTC will be only an alternative or even worse, asset that they only hold. Even if paid in BTC, they will hold most, but convert only necessary amount for payment in momentum.

[densuj]

Should every country have a Bitcoin reserve? Not necessarily. It could empower smaller nations with weak currencies, but volatility and infrastructure gaps pose risks. Wealthier nations might benefit from diversification but risk destabilizing markets. Bitcoins anti establishment roots clash with centralized adoption, potentially undermining its purpose. A balanced approach partial reserves with robust education and infrastructure might work, but universal adoption ignores diverse economic realities

[|MINER|]

Should every country have a Bitcoin reserve? Not necessarily. It could empower smaller nations with weak currencies, but volatility and infrastructure gaps pose risks. Wealthier nations might benefit from diversification but risk destabilizing markets. Bitcoins anti establishment roots clash with centralized adoption, potentially undermining its purpose. A balanced approach partial reserves with robust education and infrastructure might work, but universal adoption ignores diverse economic realities

If a country cannot afford the funds to invest in Bitcoin, then I think a Bitcoin reserve is not really necessary for that country.
But I think that if a country adopts Bitcoin as its reserve according to the right strategy and reserves Bitcoin according to their affordability, then I think it will be very effective for the future of those countries.
And we don't need to know rocket science to understand this because the maximum supply of bitcoin is 21 million and out of that, a few million are locked for life, which means that many people don't remember their wallet recovery key or have lost it.

So as the days go by, its value will increase even more due to the increasing demand.

[DavetJack]

Do you think every country should have a Bitcoin reserve?

I think it is very difficult to accept Bitcoin or other cryptocurrencies as a legal medium for exchanging money in every country. Because there are many important arguments on both its good and bad sides which are good to follow. However, for each country, international transactions or very easily, we can spread BTC and make transactions much faster and at a much lower cost or it helps in this. And in countries where the value of the local currency is not stable, we can choose the cryptocurrency BTC or BTC can work as an alternative there. Therefore, in short, to accept BTC as a means of transaction or payment, first each country should analyze or review the matter well according to their economic, technical and social context, which is good for us and which is bad.

[MRY]

I think it is very difficult to accept Bitcoin or other cryptocurrencies as a legal medium for exchanging money in every country. Because there are many important arguments on both its good and bad sides which are good to follow. However, for each country, international transactions or very easily, we can spread BTC and make transactions much faster and at a much lower cost or it helps in this. And in countries where the value of the local currency is not stable, we can choose the cryptocurrency BTC or BTC can work as an alternative there. Therefore, in short, to accept BTC as a means of transaction or payment, first each country should analyze or review the matter well according to their economic, technical and social context, which is good for us and which is bad.

If you look at it from the stability side, of course many countries are reluctant because the price of Bitcoin still changes even in some time. I believe there is another side that you should consider also. when local currency exchange rate is really bad then people must have an option, so that your savings don’t go down the drain. That is why it seems that BTC could at least be a new breath as a reserve value. In my view, if the government intends to open up crypto opportunities it shouldn’t implement it widely, instead, it must first lay down proper and effective legislation as well as proper support system. It is not about changing the country’s currency but offering an air solution in cases where the current one fails to support the people of the country. The opportunities do not always come to light, thus they should be pursued with caution as well as being well-planned.

[Asiska02]

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 is not about thinking that all countries should have a bitcoin reserve, it is about their necessity of having one and how it can influence their choice and further affect the economy of the country. Even if many countries want to take the same direction as the US president, not all of them will have the means to be able to create one and maintain it. It is a good move but I doubt all countries can easily create one and work towards making it a sustainable reserve for the country and the serve its purpose for a long time as it should. Countries like El Salvador that has embraced bitcoin and have a stash of it now are very luck and they will see the benefit of the decision they’ve taken earlier on this course soon.

[JunaidAzizi]

You have to understand that Bitcoin was not designed to gain approval from the states, in fact, it was made to break the financial system and free people from slavery. We know all the states want to control money, and that's why they are opposing BTC. However, this stance is politically similar to the Trump BTC reserves that help in their political stability. Only nothing can happen, but one thing is that this kind of stance can force the conversation about BTC adoption. The states will become more profitable if they acquire it, as proven by El Salvador; they are now independent from IMF and World Bank slavery, and all their debts are cleared. So every state has to adopt Bitcoin to come out of the IMF trap and control their inflation.

[Rengga Jati]

I think it is very difficult to accept Bitcoin or other cryptocurrencies as a legal medium for exchanging money in every country. Because there are many important arguments on both its good and bad sides which are good to follow. However, for each country, international transactions or very easily, we can spread BTC and make transactions much faster and at a much lower cost or it helps in this.

Indeed, I also think it won't be that easy. Because this concerns a very important regulation for the country, namely their official currency.

Usually, each country already has their own currency, which is still regulated by law. And if you have to use Bitcoin as one of them, then you have to change various things and maybe it's complicated, and there is no control from the government for this, that's why there are many countries that still haven't implemented Bitcoin as a currency.

This will be different when we talk about Bitcoin as a commodity asset, for investment or for digital trading. Some countries may have legalized it or allowed it. So, every country must have its own considerations about whether to legalize or prohibit the use of Bitcoin.

[Aanuoluwatofunmi]

As we continue to have an increasing adoption rate all over the world, so are some countries taking advantage on bitcoin as their reserve currency all shows about a progressive trend towards getting there where we expected of it, we can just give it more time to be more grater than this, very soon, we are going to discover the way bitcoin acceptance will go, even in countries we least expected could adopt bitcoin.

[doc]

As we continue to have an increasing adoption rate all over the world, so are some countries taking advantage on bitcoin as their reserve currency all shows about a progressive trend towards getting there where we expected of it, we can just give it more time to be more grater than this, very soon, we are going to discover the way bitcoin acceptance will go, even in countries we least expected could adopt bitcoin.

yeah right now we read news that many countries are starting to adopt bitcoin and make bitcoin as a reserve fund. of course this is a positive trend, and if many countries make large purchases for reserve funds and hold bitcoin of course the price of bitcoin will be more expensive in the future.

[JunaidAzizi]

Every country, now or later, will believe in Bitcoin and will use it as a means of payment. The quicker they acquire it, the faster they will grow, and vice versa. Take the example of El Salvador, they are now debt free, and they don't have a slave financial system. In fact, everyone is living a good life there. So, if the states adopt it, then they will be free from debt and loans from international bodies, and the interest they are paying will be utilized for their people's benefits. So, it's a good initiative if the government considers it for adoption.