Hello #BSV'ers,
There's someone deeply intrigued by the potential of Bitcoin SV (BSV) as a tool for economic sovereignty, particularly in the context of developing nations and is looking for perspectives on how BSV could be pragmatically adopted in such a scenario. Here was his/her questions (I edited it a bit to remove specific names of countries, as this is a public discussion. Also, I plan to use the knowledge gathered here to help a wider number of countries, I do not want to get us bogged down to one specific country):
I’ve been deeply intrigued by the potential of Bitcoin SV (BSV) as a tool for economic sovereignty, particularly in the context of African nations [...] actively decoupling from colonial-era financial systems.
Key Questions and Considerations:
1. State-Driven Adoption:
- If a country's leadership were to declare BSV as a preferred medium of exchange, how might this transition unfold in practice?
- For instance:
- Would the government mandate its use for domestic trade, and how would they onboard citizens (e.g., distributing BSV to the poor or incentivizing conversion from existing currencies)?
- How could Teranode’s scalability (e.g., high throughput, low fees) facilitate this at a national level?
2. Monetary Anchoring:
- A critical challenge is *pricing*: BSV is currently dollar-denominated in exchanges, but for a sovereign adoption, would it be feasible to peg BSV to a commodity like gold (which we can assume that government controls)?
- Could a gold-backed BSV system create a more stable unit of account, or are there alternative models (e.g., a basket of commodities)?
- How might this avoid recreating dependencies on external fiat systems (e.g., the USD)?
3. Infrastructure and Education:
- Beyond policy, what technical and educational frameworks would be needed to ensure smooth adoption?
- For example, how could BSV’s immutable ledger and micro-transaction capabilities be leveraged for transparent resource tracking (e.g., gold exports)?
- Are there existing projects or case studies (e.g., El Salvador’s Bitcoin adoption) that a country could learn from, or improve upon?
I recognize that my questions may oversimplify some complexities, but I’m eager to understand how BSV’s design—particularly its focus on unbounded scaling and regulatory compliance—could address these real-world challenges. Your insights would be invaluable in bridging the gap between theory and implementation.
People who have knowledge, understanding or experiences in the problems of young, small developing nations, governments, national money and finance, feel free to drop your thoughts, opinions, suggestions, and share your experiences, here or via DM, or email me at http://BSVSearch.com/contact. Also those working in Teranode, would be welcome if they can put in a word how Teranode can help in this challenge.
If you've no experience in this matter, it's okay, many of us don't. Just put on your thinking, and problem-solving hat on, and post your thoughts, suggestions, opinions, insights, etc, even if it's just for fun doing a role-play.
Thanks,
Marquez