Every country has different policies about money. When Salvador decided to make Bitcoin legal tender, there were a lot of countries that disagreed. The political decisions of the Salvadoran parliament are the sovereignty of a country. Though all countries in the world reject the Salvador decision, the policy is applied. It is protected by the law.
There are only a few countries that have legalized bitcoin as a currency. It is one reason the price of bitcoin is still volatile. Some countries treat bitcoin as an asset. Every citizen has the right to have, save, and earn bitcoin, but they are not allowed to use it as a payment system.
The bigger the community, the stronger the influence of a cryptocurrency on a political decision.Bitcoin is one of the biggest community coins in the world.
The community is independent from states' financial policies. In the end, the community is able to force big countries to create policies that comply with bitcoin. Bitcoin is a peer-to-peer network. The network cannot be controlled by any state. Miners with hash power are the policymakers in the Bitcoin network. Everyone who can push the miners to change the network's protocol can change bitcoin. In fact, no single entity can change the network.
Hardfork is a way to change the network. It is a group of miners who disagree with the current protocol. They decide to change the protocol, but some miners keep using the old network protocol. Finally, the network is split and a new coin is born. Bitcoin Cash is an example of hardfork.
Bitcoin and other cryptocurrencies will influence sociopolitical decisions on money when their influence grows stronger. The growth of the users indicates that the crypto currency is accepted by the public.
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https://twitter.com/luisinmejia/status/1667877315014021126
- luisinmejia
Recently, most countries still treat bitcoin and crypto as assets. Assets are not currencies. The price of assets will still be highly volatile. To make a cryptocurrency accepted as a currency, a growing and developing community is needed.