Topic: Bitcoin Legality effect - page 3. (Read 812 times)
in my country Indonesian bitcoin has been recognized by the government and is very welcomed by crypto fans especially bitcoin, if the legalization of bitcoin in that country even if used as a transaction tool is good news for bitcoin itself apart from increasing bitcoin prices so people know what bitcoin is and the benefits.
Fiat will always going to work and I think it will never cease to exist but I don't know in the future, though. Bitcoin wouldn't work without fiat these days because most of the economy in the country are depending on fiat. What would be the crypto do in the economy Bitcoin is not a stable coin in the first place?
Trying to make it as a global currency is impossible IMO since every country has a different leader with different vision that they want to accomplish.
That's true. If someday the legality of bitcoin is recognized globally, it does not mean that cryptocurrency will replace fiat. Fiat is one form of economic sovereignty of a country, where the government has full rights in regulating it in order to maintain economic stability in the country. While cryptocurrency, especially bitcoin cannot be controlled by anyone, the government may be involved only in the imposition of taxes related to all transactions and activities of its people with bitcoin. Besides that, not everyone is able to understand cryptocurrency, its technology, and how to use it, which is fairly complicated for ordinary people.Trying to make it as a global currency is impossible IMO since every country has a different leader with different vision that they want to accomplish.
yes it is . crypto is currently spread globally but look at other payment methods . whether offline or online kinds of payment methods , they are still there alive and useable . the existence of cryptos did not affect them but itll only improve them i guess because whenever there is a new system , companies are trying to collab with them . so that itll make it more easier to cash in or cash out on both payment methods .
Fiat will always going to work and I think it will never cease to exist but I don't know in the future, though. Bitcoin wouldn't work without fiat these days because most of the economy in the country are depending on fiat. What would be the crypto do in the economy Bitcoin is not a stable coin in the first place?
Trying to make it as a global currency is impossible IMO since every country has a different leader with different vision that they want to accomplish.
That's true. If someday the legality of bitcoin is recognized globally, it does not mean that cryptocurrency will replace fiat. Fiat is one form of economic sovereignty of a country, where the government has full rights in regulating it in order to maintain economic stability in the country. While cryptocurrency, especially bitcoin cannot be controlled by anyone, the government may be involved only in the imposition of taxes related to all transactions and activities of its people with bitcoin. Besides that, not everyone is able to understand cryptocurrency, its technology, and how to use it, which is fairly complicated for ordinary people. Trying to make it as a global currency is impossible IMO since every country has a different leader with different vision that they want to accomplish.
my mind always asks, if one day bitcoin gets legal regulation, and is recognized all over the world. will fiat currencies continue to work? which country will be saved by the economy? and which countries are negatively affected? Or not effect in country. because in my opinion. when the legality of bitcoin is recognized throughout the world. There will be no currency difference. all values are the same. or will become commodity items such as gold etc. Give me your opinion
Specifications cannot be done until things happens and this recognition may bring another dimension for crypt currency worldwide .What capture my attention is the word “There will be no Currency difference “ what does it mean? Is that about all crypto coins and fiat will be the same?if that’s what you are pointing then I will disagree,what will happen to Bitcoin as number 1 ranked coin if they will have same value with ethereum and Ripple?nope there’s no sucking like this that’s one thing I am sure of
my mind always asks, if one day bitcoin gets legal regulation, and is recognized all over the world. will fiat currencies continue to work? which country will be saved by the economy? and which countries are negatively affected? Or not effect in country. because in my opinion. when the legality of bitcoin is recognized throughout the world. There will be no currency difference. all values are the same. or will become commodity items such as gold etc. Give me your opinion
The governments might legalize bitcoin and it can be used as legal tender or legal currency but it cannot be replaced by local currency of the country as fiat is physical store of value which can be exchanged for anything without the use of any internet transaction.There will be many people who would adopt btc but still people will prefer to hold fiat with them as its easy to use and without any complications.And there can be negative and positive effect like boosting of depressed economies or increasing illicit use of funds.Anything can happen who knows. 
my mind always asks, if one day bitcoin gets legal regulation, and is recognized all over the world. will fiat currencies continue to work? which country will be saved by the economy? and which countries are negatively affected? Or not effect in country. because in my opinion. when the legality of bitcoin is recognized throughout the world. There will be no currency difference. all values are the same. or will become commodity items such as gold etc. Give me your opinion
When bitcoin finally achieve adoption and legality around the world, fiat will still remain. Even if bitcoin got legally accepted, it doesn't necessarily mean that all fiat will stop working. Bitcoin will work as an alternative currency but not as a main currency. There would still be currency difference since crypto will just work as an alternative currency just like how bitcoin works now with countries who ain't banning bitcoin. 
The demand will increase that's why its supply will be limited, it is not something to be afraid, but it will be the reason for its price to increase or even maximize its price over the time. Its use will also be expanded where everyone can be able to use it in many ways.
The use of Bitcoin I think will only be used by those who understand about the world of Cryptocurrency not for other ordinary people are still very low in their knowledge of Bitcoin. If later Bitcoin is legalized, new Bitcoin users will increase.
If all countries legalize bitcoin will benefit those who use it because of the limited supply of bitcoin, it will make bitcoin more expensive.
but for whatever reason bitcoin will not be able to replace fiat currency completely and both will be used for transaction tools, because not everyone can use bitcoin because of the limitations of the internet network which is very important to be able to access using bitcoin especially in remote areas and limited public thinking power in its ability to use technological tools and not everyone is supported by technological tools and at least smart phones to be able to use them, and there are many other reasons and for whatever reason fiat money will still be used and as a symbol of the country's currency.
The demand will increase that's why its supply will be limited, it is not something to be afraid, but it will be the reason for its price to increase or even maximize its price over the time. Its use will also be expanded where everyone can be able to use it in many ways. but for whatever reason bitcoin will not be able to replace fiat currency completely and both will be used for transaction tools, because not everyone can use bitcoin because of the limitations of the internet network which is very important to be able to access using bitcoin especially in remote areas and limited public thinking power in its ability to use technological tools and not everyone is supported by technological tools and at least smart phones to be able to use them, and there are many other reasons and for whatever reason fiat money will still be used and as a symbol of the country's currency.
If all countries legalize bitcoin will benefit those who use it because of the limited supply of bitcoin, it will make bitcoin more expensive.
but for whatever reason bitcoin will not be able to replace fiat currency completely and both will be used for transaction tools, because not everyone can use bitcoin because of the limitations of the internet network which is very important to be able to access using bitcoin especially in remote areas and limited public thinking power in its ability to use technological tools and not everyone is supported by technological tools and at least smart phones to be able to use them, and there are many other reasons and for whatever reason fiat money will still be used and as a symbol of the country's currency.
but for whatever reason bitcoin will not be able to replace fiat currency completely and both will be used for transaction tools, because not everyone can use bitcoin because of the limitations of the internet network which is very important to be able to access using bitcoin especially in remote areas and limited public thinking power in its ability to use technological tools and not everyone is supported by technological tools and at least smart phones to be able to use them, and there are many other reasons and for whatever reason fiat money will still be used and as a symbol of the country's currency.
I think if bitcoin becomes a legality digital currency, then it will put pressure on the fiat currency or government economy, people are automatically very many people today who want to trade with bitcoin and they also really want to invest with bitcoin because they know that bitcoin is good for investing in large amounts, and I'm sure if bitcoin has been formalized as a valid digital currency then the price of bitcoin will be higher because there are more of them interested in bitcoin.
Fiat will always going to work and I think it will never cease to exist but I don't know in the future, though. Bitcoin wouldn't work without fiat these days because most of the economy in the country are depending on fiat. What would be the crypto do in the economy Bitcoin is not a stable coin in the first place?
Trying to make it as a global currency is impossible IMO since every country has a different leader with different vision that they want to accomplish.
There is nothing complicated, countries always want to keep the economy related factors to be in control. This is where bitcoin doesn't get the legality, through this countries will try to break its decentralized power which is the one that makes bitcoin to be unique from the traditional currencies. At few countries have given it the legality which is truly a big thing. As everything is getting to be part of digital growth, maybe someday we'll get every single country have a consideration on bitcoin to make it legal. Trying to make it as a global currency is impossible IMO since every country has a different leader with different vision that they want to accomplish.
Fiat will always going to work and I think it will never cease to exist but I don't know in the future, though. Bitcoin wouldn't work without fiat these days because most of the economy in the country are depending on fiat. What would be the crypto do in the economy Bitcoin is not a stable coin in the first place?
Trying to make it as a global currency is impossible IMO since every country has a different leader with different vision that they want to accomplish.
Trying to make it as a global currency is impossible IMO since every country has a different leader with different vision that they want to accomplish.
my personal opinion if bitcoin is recognized and becomes legal throughout the world, I think bitcoin will become a tool of world trade transactions used by various countries in the world. for example in the case of export and import, maybe every country will use bitcoin as the value of the import-export trade. or maybe bitcoin will later be the basis of the value of fiat currencies like bitcoin today which is the basis of the value of all cryptocurrency. but please note, all this is just my personal opinion
Well, If cryptocurrency will become legal all over the world, I think fiat currency will still exist. They won't throw or replace it easily because of bitcoin is very volatile compared to fiat that has a fixed supply. Also, they can think that fiat is still useful since it has a more stable value compare to bitcoin and it's more convenient for daily use. Maybe in the long run bitcoin might be able to replace fiat currency but it might take a long time before that happens even if it's already legal.
my mind always asks, if one day bitcoin gets legal regulation, and is recognized all over the world. will fiat currencies continue to work? which country will be saved by the economy? and which countries are negatively affected? Or not effect in country. because in my opinion. when the legality of bitcoin is recognized throughout the world. There will be no currency difference. all values are the same. or will become commodity items such as gold etc. Give me your opinion
It's already recognized all of the world, and it's been subject to a bunch of regulations. A lot of companies are able to accept and real with bitcoin in the current state.The problem is adoption - not that legal issues. We just don't have enough people who want or are interested in accepting crypto-currencies as a payment method.
People don't like change. Using fiat is much easier and habit for them, which is why BTC might only ever be a secondary currency and it'll likely never replace the top coin.
I don't think it will be a second currency I just think it will be one choice of many. Personal preference. It will be very exciting to see cryptocurrencies one the same payment options or logo outside stores.
It will then be widespread.
Already you can use bitcoin at many places alongside paypal. However, paypal is an option much more often then bitcoin even though bitcoin has a larger cap then Paypal. I would like to see more bitcoin payment options and not just Paypal. Sometimes even crypto-related things accept only PayPal and it is crazy.
it is possible that bitcoin will become a global currency. but I think it will take a long time. because now there are still many countries that reject bitcoin and there are still many people who don't understand bitcoin. and I think fiat money will remain until later. because fiat money has been used a long time. and in my opinion there will be positive and negative impacts for the countries of the world. and in the future bitcoin will be a good store of value, an investment tool and also a payment tool.
This doesn’t make any sense. For one, bitcoin is a deflationary currency with a fixed supply. Sure enough governments can’t really do much using it for fixing their economies and would still need something that does the job pretty well which is fiat. They can go as to dividing whatever bitcoin reserves they have in their arsenals to the tiniest bit but that’s about it, and it would still be dependent on the current valuation of bitcoin for them to make things work.
Government keep aware with legal bitcoin as transaction payment because bitcoin price can't control by any one else, government do not fault if make bitcoin legal many people invest and price down will be government because very wrong with their legal for bitcoin as transaction, if bitcoin can be stable price maybe government want to adopt bitcoin as transaction payment. 
We don't know what would be the effect as even if bitcoin will be accepted worldwide but if fiat is still the most powerful bitcoin will still be limited and users will have to follow the rules created by the government, we might be using a standard rules for that and it will be the centralized government that will regulate us.
maybe if one day a certain country will decide to dump their fiat and will use crypto instead, it might bring some positive result to their dying economy.
maybe if one day a certain country will decide to dump their fiat and will use crypto instead, it might bring some positive result to their dying economy.
Similar to how the things work now, Bitcoin will obviously have different purchasing power in various countries. Most probably in Africa you will be able to buy a Villa with the BTC you can buy a car in US or Europe for example. Bitcoin is flexible enough as it has up to 8 subdecimals and I'm sure they could be extended if needed through consensus. But I don't think that will be needed in the near future 
Bitcoin is legal in many countries at the moment, but it requires adoption. When BTC will be used more often than fiat currencies, that's when major economic changes will happen.
Bitcoin is legal in many countries at the moment, but it requires adoption. When BTC will be used more often than fiat currencies, that's when major economic changes will happen.
if cryptocurrencies are legalized throughout the world, fiat currencies will be extinct replaced with cryptocurrencies in a simpler form without having to require a blockchain network in each transaction. the state is actually disadvantaged if the cryptocurrency is legalized because they cannot print money as they wish. and the citizen get benefits because the money value not affected by inflation.
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