Topic: Bitcoin being deemed an Illegal tender- What's the potential aftermath and uses? (Read 374 times)

it will increase money laundering, hacking, no body to make responsible for any problem this are the aftermath which can happen.

Yes it is already been sold and different fiat platforms are adopting it because believe it or not, blockchain technology has been around with us and we have to start accepting what it is coming with, a global coin with a global technology.

Cryptocurrency is threatened at one point or another by almost every country. However, bitcoin cannot be stopped, those who crack down will often meet greater public tastes for decentralized virtual money.

The worst possibility, if Bitcoin is considered as an illegal tender, it will only have the potential to form an illegal market.

People always should pay attention to the government. But to follow it, is another question. They should not be blind of what the government is doing. And in fact, not all governments oppose cryptocurrency. If someone has a good amount of bitcoins, he can move to a country that accepts it. But if he holds a small amount, then what is the point of complaining? You can do nothing about it unless you have many followers. And even if you have, many actions should be made. It is just a matter of time until that government unbans crypti because they will have seen how valuable and helpful crypto is.

it's only a matter of time, I think it will soon become legal everywhere, because it is a super-strong currency

For us who do love decentralized thing will really do such thing but we cant really deny the fact that we do still depend and make use of those centralized stuffs that is being part of our daily lives but when it comes to investment and into other things with money involve we do really like for not on being monitored or being traced up.As you suggested we dont really need centralized services into this matter.
We cant really remove negative impressions on which Government do have with bitcoin.Just deal with it.

those who forbid bitcoin there speculate that Bitcoin is considered an Illegal tender. because it is clear when bitcoin is banned in our country and we are still playing bitcoin for the future then it is considered as illegal because it is not recognized by the local country

Despite this detail, BTC can be sold in the numerous international exchanges.

The potential usage of bitcoin in the future is depending on acceptance. If it succeeds as a legal tender that will be very remarkable achievement for bitcoin. The effect is what we are already experiencing as market is not going on the bullish for a long time since after the ATH.

Technically, governments can do anything with centralized environments, so you can't just blindly assume that you are free from any barbary when making use of exchanges and whatnot. The only way to claim total freedom is when you have nothing to do with any centralized service within this ecosystem. I honestly don't think that we're very far away from the moment governments can shut you off completely from the mainstream infrastructure, which again points out how important it is to stock up as many Bitcoins as possible and have them stored offline online. We actually don't need any centralized services, so why use them anyway, aside from the convenience you think they offer you....

You pay a lot of attention to what the government thinks about cryptocurrencies. You shouldn't be interested. Governments will always oppose the use of cryptocurrencies. Do not expect mercy. A government ban can make it difficult for you to access Fiat. But they can not forbid you to earn and store coins for example on the stock exchange. When the situation changes you will have a lot of capital.

I think this illegality will be the idea of government because it is the government that would make a classification of legal tender and illegal tender. If it is supported by government then the shallow classification is legal tender. But with a very little time, the cryptos will become unresistable when it will be realised that the fight against crypto is vanity.

I would contribute on what legal tender is. Because as at today, not all things we use as a medium of exchange is a legal tender but the use of it does not make it illegal. People use post cards, people buy and sell recharge cards, they use same to settle debts, I can use my property as collateral, we have exchange goods for another goods but that does not make it a legal tender despite it being used as a medium of exchange.

Money itself being recognised as legal tender does not serve a one purpose as medium of exchange rather its just a bucket out of the pool on the purposes it can serve. The same goes for bitcoin and even countries that have not come up with regulations bitcoin has been serving several purposes and those that have come with regulations won't because of that makes it legal tender. The term legal tender goes deeper than a paper, coins, regulations but the identity that have come to define the existence of the jurisdiction and that is something nothing can compete with.

They actually do, sometimes. Take this somewhat recent, relevant case:

https://www.dezeen.com/2017/01/20/tesla-autopilot-reduced-car-crashes-40-per-cent-us-federal-investigation/

They seem to be working with companies for autopilot regulations.

That being said, I do agree that most things governments say about Bitcoin don't seem to be fact-based. What I don't agree with is that they're doing everything to destroy Bitcoin, unless they're actually passing crippling regulations for cryptocurrencies specifically. As I have said in a previous post, Bitcoin being illegal as tender is usually not specific to it, but is rather applicable to every single foreign currency, which makes such a move not anti-Bitcoin.

I disagree with you. Why would the government conduct research? They'll never do that. Their interests do not coincide with ordinary people. The main goal of the government is to take the maximum money from people and establish maximum control over transactions and costs. It helps to have power over all people. Bitcoin destroys this scheme. Therefore, the government will do everything to destroy bitcoin. Even if they claim to support cryptocurrencies.

Keep aside the general interview of our finance minister and an uneducated member of parliament. These are just their personal opinion. However, on February 1st, 2018, out Finance Minister Mr. Arun Jetley made an official statement on crypto currencies and he mentioned that "crypto currency is not a legal tender in India". It means you can't use crypto currency to purchase goods or services and also can't fulfill any debt using that. However, you must note a point here that, he didn't mention anything about crypto currency holding. So users can continue holding crypto currency as per their own will. What they are going to do with that crypto currency, it's the holder's problem. Government can't be blamed in any case. That is what our Finance Minister meant in his official statement during budget day.


We don't have a reason to worry if other countries take the similar approach. Because bitcoin and other cryptos were never created to be accepted by the governments. It was created with a vision of becoming a reliable p2p currency and we have diverted from that path long back. Today bitcoin is considered as an excellent investment asset. People are more comfortable to hold it for longer period of time instead of using it for general purchase. So I see no reason to worry as of now. Bitcoin exists because of the free market rule where the holder are the supreme decision makers. Till the time demand for crypto currency exists, we don't need to rely on any government.

Out of the countries that have deemed it illegal in transactions, none has to do with research or knowledge. They simply have laws in place that state that only their currency can be used in transactions.

They're not even discriminating against Bitcoin; they simply don't want people using anything else, including USD and others. Look at two of the most popular cases: Indonesia and Vietnam. People seem to think they're automatically specifically anti-Bitcoin/crypto for banning it for payments without bothering to do their research.

I usually prefer to be law abiding and yes I'm quite aware of the several purposes for Bitcoin existing today. I understand your argument about taxation on your Bitcoin holdings and earnings, but that's an age old debate and most people are hesitant to get involved into the matter. Usually people pay taxes, even if they don't want to so that they're not haunted by the Governments actions against them. There're are laws in most countries that impose 200% - 300% of the unpaid tax amount as a penalty and probably jail term. Where I live, Bitcoin gains on trading are considered taxable as capital gains (30%) if it exceeds some value or if it doesn't then it's taxable under the normal income tax bracket (could vary from 10-20%). We're forced to sadly pay taxes to stay out of this mess, and there's no transparency on where the money goes or gets utilized.

Also, Bitcoin can succeed if it helps with international remittances, and if it's for a fee cheaper than that of money remittances services like Western Union or Money Gram. Also Bitcoin allows people to carry amounts larger without having to worry about border control (at airports for example that set limits of how much cash you can carry). This is similar to carrying a credit or a debit card.

I would usually prefer an economy like Japan where Bitcoins are are legally accepted for payments, and there's some form of promotion by the Governments who formally approve of its usage.

It's been termed as an illegal tender is nothing short of lack of knowledge on the part of government and it's weak research Conducted towards discovering what it stands for. The aftermath and it's usage is super beneficial to its users and I tip it to be used as the only secured means of transaction. My question is can any good thing not have it good and bad? While the outcome of everything depends 9n the mindset of the users and what they intend to make out of it.

People are buying things, selling things and accepting payments in tons of countries where it's never been legal tender and never will be. Even Japan, the most legit of all, only clarifies it as a recognised payment method as far as I can tell. I wouldn't class that as legal tender.

The chances of it being explicitly forbidden as a payment method are nil outside of goatfucking shitholes and oppressive regimes. And it wouldn't stop P2P stuff anyway.