Government-Imposed Bitcoin Adoption Is Clashing With Community Efforts On The...
A recent visit to El Salvador shows that heavy-handed government efforts are clashing with Bitcoin’s self-sovereign and community-focused ethos.Embracing Bitcoin is a bold move and a great chance for countries like El Salvador, but the end doesn’t justify the means. Bitcoiners are being played for President Nayib Bukele’s power fantasies of a new Bitcoin City, whose original plans were downloaded from the internet. Bitcoin is non-political, therefore Bitcoiners shouldn’t get too close to politics. Educational communities like Bitcoin Beach and Bitcoin City SV are far more likely to achieve....
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For the mainstream adoption of Bitcoin, the important players are users within the community. However, collaboration with the government is important as well. The potential users of Bitcoin who have the most to gain are people in countries whose financial institutions are broken or corrupt and whose currencies are extremely volatile. This includes almost all of Latin America, Africa, Asia, Eastern European countries such as Ukraine, Russia and Greece. Despite increased awareness about the cryptocurrency in 2016, there is a lot of ground to cover when it comes to the formal adoption and....
Governmental Bitcoin adoption seemed so far away just a year ago. Today, all eyes are on the US Senate and the infrastructure draft bill. Opinions vary. Lobbying efforts abound. Two competing amendments try to fix its troublesome wording. Could this controversy be signaling a plan for some kind of formal Bitcoin adoption in the future? […]
There are multiple factors responsible for the slow, and sometimes even stagnant growth of Bitcoin adoption around the world. Consumers are not being incentivized to use Bitcoin over traditional means, merchants are not properly educated on why Bitcoin is so important, and Bitcoin regulation is on everybody’s mind. But the biggest problem in all of this....
Bitcoin recorded its largest single-day pump in a year as the Russian ruble tanked 20% in its value against the dollar amidst worldwide economic sanctions imposed in the country after their attack on Ukraine. Sanctions Pump Bitcoin The most influential countries in the world have imposed penalties on Russia aiming for its economic collapse to stop Putin’s efforts to invade Ukraine. However, it is not only politicians who are threatened by penalties but common citizens. State Duma deputy from the Communist Party Nikolai Arefiev commented to a local news portal that savings of Russians....
Bitcoin Taxable as Property. Welcome to slavery Bitcoin, according to the IRS notice of March 25th you are now property. As property and on the basis of capital gains Bitcoin becomes taxable. The actual amount paid in taxes does not represent a threat to the continued adoption of Bitcoin. We all knew taxes would be required at some point. What does represent a threat to Bitcoin adoption is the reporting requirements that will be imposed as a result of the decision. We see the real power of government is not in what its ostensible purpose is, to collect reasonable taxes, but in its....