Can you use crypto just like fiat currency to buy products and services in your home country? Can you make purchases with crypto in the stores in your country? Can you pay with crypto in hotels and restaurants? Well, in my home country, Crypto is yet to be legally accepted, therefore, it is not possible to use crypto to pay for products and services.
Can You Buy Products and Services With Crypto in Your Country?
- Thread starter nomad
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Though it's an open knowledge where crypto currency is already an acceptable currency, it's acceptability as the. medium of exchange in most financial transactions is not done yet. Only online wallets are using it. What's done is converting crypto into fiat.
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You did not answer my question. I was asking if you can actually use crypto in your country to buy products and services like a fiat currency. Can you buy clothes with crypto, can you pay with crypto in hotels?
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- #5
It does not look like you actually answered the question in your first reply, you do not specifically mention your country's position in this regard. Thanks for coming up with a proper answer in your next reply. It adds value to the discussion.
Well only country I do no think that one can openly buy goods and services with the use of crypto currency but it is not impossible as there are top stores whose owners accept crypto but secretly as it is ban for open use in the country
Technically in my country cryptocurrency is not a legal tender however there are exceptions and the government is open for new opportunities.We do have about two Fintech companies that are offering crypto services namely yellowcard and valr and a tone of other individuals and entities.You can have a Binance account in My country as well.This has prompted a lot of other service and products providers though selective to accept cryptocurrency payments.
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In my country cryptocurrencies are treated as commodities like stocks, gold, foreign exchange etc. so it can't be used as a medium of exchange, so we as crypto holders have to sell it first on crypto exchanges to get local money, but I can also use it to buy webhosting and domains with crypto, especially on webhosting services that aren't from my country.
Cryptocurrency remains banned in my country and cannot be used for any legal transaction. Add that to the general conservative outlook of the people, crypto transactions being mainstream is still on a long call.
OK, sis. But why do many Nigerians choose to withdraw from RIF in crypto instead of using PayPal, in fact Paypal will immediately transfer to a bank account without having to sell it first like crypto.
They banned crypto transactions in mainstream economy. That is to say you cannot use crypto to buy goods and services as a legal tender in my country. But they have no control of online based transactions, that a why people are still using crypto in my country.
There are no regulations against or for crypto in my country. Therefore many people still use it freely. Businesses are even starting to use it as a payment method. I have seen a restaurant which allows crypto payments.
Never! Cryptocurrency remain banned and can not be used to trade in the country. The way to to use crypto is through online where government can't exercise control.
In my country we don't buy any staff with any crypto coins amd that is because most of to society have less knowledge about cryptocurecny and how it works, they don't accpet payment with crypto coins, i hope slme day my cryptocurrency will be well known in my country.
There are some selected restaurants and stores that accept cryptocurrency payments in my country,these are not even in the Central business district and are mostly just private premises,I will try to actually use one so that i can verify it myself.
