Bitcoin adoption because of difficulty faced by mankind

Mayson

New member
Well Bitcoin cryptocurrencies will help those people a lot who cannot access or difficult to access bank system. They can store their earning in crypto wallet, which is absolutely free of cost. A country need good bank access facilities and some remitances for good development.
Recently we heard a new that Latin american adopt bitcoin. This is a big boost for crypto market. According to geographical cryptocurrency report Latin America adopt bitcoin due to remitances need ( which is to be needed for development ) difficult in bank access. The local people of Latin America have some uneven income, for which they face some difficulties to open a bank account and to maintain the bank account. That's why they came to cryptocurrency and maximum use / deal with the stable coin only.

And another main reason according to me to come into the cryptocurrency is that.....
cryptocurrency is limited, there is no doubt the price will always like a moon. But in the case of fiat currencies , these can be printed at any time. just for an example Venezuela and Argentina. Some countries are like they distribute money like HELICOPTER MONEY . This is how fiat currencies devaluation.

So blockchain is future and it will help a lot to the Mankind. Always
 

Diego

Member
That's why they came to cryptocurrency and maximum use / deal with the stable coin only.
Do you mean Latin America is buying stable coins as USDT and USDC? If so then it would be interesting and make a case for stable coins proving they don't just mint tokens out of thin air and perhaps they are backed by assets. Although how exactly are they buying them? With inflating currencies? Who accepts Bolivar for example? If I was a merchant in Venezuela I would even accept Doge for payments instead of Bolivar.

And another main reason according to me to come into the cryptocurrency is that.....
cryptocurrency is limited
Bitcoin is limited and has a maximum supply of 21 million coins. Some altcoins are limited too but not all cryptocurrencies. Ethereum has no maximum cap for example. Stable coins do not have either.
 

Ivan

Member
That's why they came to cryptocurrency and maximum use / deal with the stable coin only.
Do you mean Latin America is buying stable coins as USDT and USDC? If so then it would be interesting and make a case for stable coins proving they don't just mint tokens out of thin air and perhaps they are backed by assets. Although how exactly are they buying them? With inflating currencies? Who accepts Bolivar for example? If I was a merchant in Venezuela I would even accept Doge for payments instead of Bolivar.
And another main reason according to me to come into the cryptocurrency is that.....
cryptocurrency is limited
Bitcoin is limited and has a maximum supply of 21 million coins. Some altcoins are limited too but not all cryptocurrencies. Ethereum has no maximum cap for example. Stable coins do not have either.
Supply limit and Cap is not an issue when it comes to adoption after all they can be sent in in mbtc. Its going to be a burden however it comes to tx fees. If remittances accepts stablecoins, it could be the preferred cryptocurrency to avoid loss cause by inflation.

But why not just create a digital currency just like China's digital yuan. The government still have the control and coins can be traced, it will solve things such as corruption which is rampant in Latin region.
 

Kingston

Member
It would be nice if you backed your statements with some links to research, because the idea that Bitcoin will get adopted by unbanked people isn't new, it's probably nearly as old as Bitcoin itself, and yet in all these years we haven't seen anything even close to that. Venezuela often got referred to as being big on Bitcoin, yet its Localbitcoins volume was always small, which means that there isn't much adoption. And with other countries there's even less volume.

Many of those unbanked people are so poor that they don't even have a phone or a computer, so using Bitcoin is not an option for them. And some are just so used to cash that they don't want to try digital methods.
 

Jair

Member
Supply limit and Cap is not an issue when it comes to adoption after all they can be sent in in mbtc. Its going to be a burden however it comes to tx fees. If remittances accepts stablecoins, it could be the preferred cryptocurrency to avoid loss cause by inflation.
Bitcoin was designed with a supply limit for inflation, and also has low denomination. But I think mass adoption would be much more applicable for better coins like ethereum, though the ethereum is not ideal when there are plenty of coins running under its network still it is better than bitcoin that can only handle 7 transaction per second. If bitcoin is accepted globally, imagine paying bitcoin and wait for 15mins to arrive before you can leave the store.

But why not just create a digital currency just like China's digital yuan. The government still have the control and coins can be traced, it will solve things such as corruption which is rampant in Latin region.
This is what they are trying to do right now, they are creating their own coins that is heavily regulated and is pegged for 1:1 in all currencies. More like a digital fiat running on blockchain. Blockchain is the real future, bitcoin only stands on it.
 

Maxwell

Member
It would be nice if you backed your statements with some links to research, because the idea that Bitcoin will get adopted by unbanked people isn't new, it's probably nearly as old as Bitcoin itself, and yet in all these years we haven't seen anything even close to that. Venezuela often got referred to as being big on Bitcoin, yet its Localbitcoins volume was always small, which means that there isn't much adoption. And with other countries there's even less volume.

Many of those unbanked people are so poor that they don't even have a phone or a computer, so using Bitcoin is not an option for them. And some are just so used to cash that they don't want to try digital methods.
there are several projects targeting to cater the unbanked people however, the reality is they can't reach out to these people because of hindrances like you mentioned, lack of computer gadgets or smartphone. and if i may add, lack of internet connection. so their concept of catering unbanked individuals actually ended up in paper. no actual implementation.
though some people who don't own bank account can really own bitcoin wallet, but the adoption in this group is not significant, in my opinion.
 

Stone

Member
cryptocurrency is limited, there is no doubt the price will always like a moon.
This will only happen if we will see an adoption, but speaking of moon, it will always not happen because adoption means slowly but steady increase of bitcoin and that will make bitcoin less volatile as more people are adopting for the purpose of using it as a payment system than holding it as an investment. If whales are investing in bitcoin and less people are adopting for its usage, then we will continue to see a high volatility as manipulation will probably happen anytime, so my vision was really a total adoption where there's a lot of platform that would make it easier for people to spend their bitcoin just like fiat digital currency.
 

Juan

Member
This will only happen if we will see an adoption, but speaking of moon, it will always not happen because adoption means slowly but steady increase of bitcoin and that will make bitcoin less volatile as more people are adopting for the purpose of using it as a payment system than holding it as an investment. If whales are investing in bitcoin and less people are adopting for its usage, then we will continue to see a high volatility as manipulation will probably happen anytime, so my vision was really a total adoption where there's a lot of platform that would make it easier for people to spend their bitcoin just like fiat digital currency.
However, it's impossible to change the business mind of whales. They surely remain treating bitcoin more of as a store of value rather than a medium of exchange. They will remain taking advantage of the current volatile nature of btc until lasts long (like we all used to). So yeah! I think everything will be the same unless we got even more adoptions because that's the key to make the price of the coin less volatile and placed it on the mainstream at the same time
Smiley
.
 

Kaiden

Member
Even prior to the pandemic, countries who's facing political trouble like Venezuela and Zimbabwe have turn to bitcoin in order to survived. But because of the recent pandemic and the looming financial crisis, it's more pronounce, not just Latin countries, but everyone who wanted to hedge their wealth is using bitcoin. Un-bank people obviously can used bitcoin, but there is a learning curve here and they should have at least technical incline so really 'become your own bank'. They should learn how to protect it, back up their seeds/mnemonic phrase/private keys, otherwise is not's going to be an effective method, as they might lose it to hackers and cyber criminals.
 

Ahmir

Member
Blockchain in the future for companies who needs whilst Bitcoin, for us who want to hold it and treat it as an investment and store of value.

Your descriptions about fiat are real. Those additional supply of fiat in the circulation will create inflation and it happens, it never stops. And for bitcoin, having a supply limit and halving, this makes it scarce.

Which makes the valuation even higher despite being volatile still, that character of bitcoin is recognized. The comparison of crypto wallet and the banks have similarities, you store crypto for free, you store or save in the bank for free. But the thing in the banks, because of inflation, it will decrease in value.
 

Giovanni

Member
Many of those unbanked people are so poor that they don't even have a phone or a computer, so using Bitcoin is not an option for them. And some are just so used to cash that they don't want to try digital methods.
Additionally, Bitcoin's learning curve is steep hence many people are quite hesitant to try it, not without some form of guidance from someone who has experienced it.
 

Jesus

Member
Many of those unbanked people are so poor that they don't even have a phone or a computer, so using Bitcoin is not an option for them. And some are just so used to cash that they don't want to try digital methods.
Additionally, Bitcoin's learning curve is steep hence many people are quite hesitant to try it, not without some form of guidance from someone who has experienced it.
If someone wants to learn then someone would want to help them thus a quick research will guide you through slowly in the process. It's almost the same as how you learned to deposit your money in the bank. Although the difference in Bitcoin is much more advanced or let just say you are the bank now and you need to learn how to hodl your own money in a single/multi wallet address.
 

Cole

Member
You will have a control with your own bitcoin because it is decentralized and doesn't interfered by any third party organizations. That's more likely my reason why I am storing some bitcoin in my wallet. Aside from it is also be consider as a store value that will give a bitcoin enthusiast a good returns when market price hike. But of course, it's advance technology characteristic has also a great influence and is one of the reason why I like to adopt bitcoin like others.

Let us not also forget that we are step by step unto the bitcoin adoption. Yes, there is some countries that are very open abiut bitcoin. But there are also countries that prohibits the use of it. And that pulled back the total adoption we are aiming.
 

Calvin

Member
Blockchain is indeed a future technology that must continue to be developed to help mankind's current recording needs. Much can be developed from blockchain technology and almost enter in all sectors. But for cryptocurrency of course it has a different nature. If you get into cryptocurrency because it is limited and the price is always like months, you will need to correct it again. Some cryptocurrencies are indeed good choices, but some of them also have a high risk, you should know about the risks you face in cryptocurrency. Fiat currency is a stable currency and its value will not change, while cryptocurrencies tend to be more volatile with a very high volume, of course the risk is also higher.

Each currency has its own advantages and disadvantages.
 

Ashton

Member
I highly doubt anyone faces difficulty using "banks". I mean sometimes the process is slow, but it is slow due to security reasons and other protocols. Of course if you are going to transfer 1 Million US dollar to a different country, the banks will have a good look at it. The receiving bank will want to know the source of the funds, and the sending bank will want to know if they transfer was done legitimately ( for this kind of transaction the bank must report to higher government financial authorities), so this takes few days instead of being instant. But with bitcoin using appropriate fee, the transaction can be almost instant.
People tend to avoid banks due to privacy reason. They don't like the banks and government spying on their financial matters. Also, one more reason people hates fiat is because you don't really "own" the money, you are just holding it and have been given permission by the government to spend it.
 
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