Bitcoin Legality effect - page 5. | Bitcointalksearch.org

DabsPoorVersion

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Quote from: jarhed on October 16, 2019, 11:56:32 AM

Quote from: crossabdd on October 16, 2019, 07:28:27 AM

Quote from: Mandoy on October 16, 2019, 01:59:15 AM

If bitcoin become legal across the globe that will be the start of the bitcoin mainstreaming and bitcoin will be used as a legal tender. But even with the legalities bitcoin needs to overcome some big issues such as slow confirmation rate, areas without electricity and internet connection, poor people who cannot even buy computer or smartphones. So possibly it bitcoin is legalize the usage of bitcoin will still be limited in urban areas with people who can afford to purchase computer and smartphones. The problem will hit the extreme poor people and the people in far flung areas that has no access to electricity and internet connection.

it makes sense, would be a major problem about internet needs in areas that are not affordable. but I think in the future, all regions will be affordable for the internet. and there will be lots of atm for bitcoin. so they can use or without a card.

I agree with you Bitcoin ATMs can solve the problem with the popularization of cryptocurrencies around the world. Perhaps in a few years we will no longer recognize the cryptocurrency market.

As the technology evolves, even urban areas will be reached by this technology in the future. Bitcoin ATM can help, but it will also require its users to stay using physical money.
also, if bitcoin will be recognized as a currency around the globe, I bet that this wont be the primary currency that we will all be using. Money from different countries have different value, it will never be equal to any other country.

squatter

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Quote from: crossabdd on October 16, 2019, 12:50:43 AM

my mind always asks, if one day bitcoin gets legal regulation, and is recognized all over the world. will fiat currencies continue to work?

Why wouldn't they?

The sustainability of fiat currency has little to do with Bitcoin. They are orthogonal. Bitcoiners tend to lean towards the Austrian end of the economic philosophy spectrum -- most will tell you that fiat currencies are destined for collapse either way. I think they're probably right about that.

Furthermore, gold is still probably the leading candidate for underpinning a post-fiat monetary system, not Bitcoin.

jarhed

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Quote from: crossabdd on October 16, 2019, 07:28:27 AM

Quote from: Mandoy on October 16, 2019, 01:59:15 AM

If bitcoin become legal across the globe that will be the start of the bitcoin mainstreaming and bitcoin will be used as a legal tender. But even with the legalities bitcoin needs to overcome some big issues such as slow confirmation rate, areas without electricity and internet connection, poor people who cannot even buy computer or smartphones. So possibly it bitcoin is legalize the usage of bitcoin will still be limited in urban areas with people who can afford to purchase computer and smartphones. The problem will hit the extreme poor people and the people in far flung areas that has no access to electricity and internet connection.

it makes sense, would be a major problem about internet needs in areas that are not affordable. but I think in the future, all regions will be affordable for the internet. and there will be lots of atm for bitcoin. so they can use or without a card.

I agree with you Bitcoin ATMs can solve the problem with the popularization of cryptocurrencies around the world. Perhaps in a few years we will no longer recognize the cryptocurrency market.

crossabdd

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Quote from: Mandoy on October 16, 2019, 01:59:15 AM

If bitcoin become legal across the globe that will be the start of the bitcoin mainstreaming and bitcoin will be used as a legal tender. But even with the legalities bitcoin needs to overcome some big issues such as slow confirmation rate, areas without electricity and internet connection, poor people who cannot even buy computer or smartphones. So possibly it bitcoin is legalize the usage of bitcoin will still be limited in urban areas with people who can afford to purchase computer and smartphones. The problem will hit the extreme poor people and the people in far flung areas that has no access to electricity and internet connection.

it makes sense, would be a major problem about internet needs in areas that are not affordable. but I think in the future, all regions will be affordable for the internet. and there will be lots of atm for bitcoin. so they can use or without a card.

abel1337

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Quote from: crossabdd on October 16, 2019, 07:14:26 AM

Quote from: metallica101 on October 16, 2019, 01:39:50 AM

Quote from: crossabdd on October 16, 2019, 12:50:43 AM

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

I believe that the world might end up using a single, digital currency, but not as soon as in a decade or two. Maybe in 50 or so years, or maybe even longer than that. Is that currency going to be Bitcoin? Maybe, but not likely. If anything, Bitcoin will evolve into a store of value, and something else will become a currency for everyday use. However, to answer your question, I expect that crypto and fiat will coexist for a long time before fiat finally goes extinct. It will have to happen eventually, but the process will be slow. At first, cryptos will be something used by a rare few, even though it will be accepted by most merchants and services. Then, people will start using it more, and in the end, fiat will likely be a back-up currency, most likely existing only in bank accounts and spent via the credit cards. We are becoming more and more cashless with each passing year, and the change is inevitable. All that remains to see is how long it will take.

yes guys, i feel it too. every day the use of fiat money began to decrease, and switch to debit and credit cards. Fiat currency changes to the number display on the screen. so the possibility of paper money and coins will be destroyed in some future time. because all systems have entered the internet network.

I do have the feeling that paper money and coins won't be destroyed, Paper money does a large part on economy and it will be hard if paper money disappears. We know that if we want to have fewer hassle transactions in real life we do need fiat than credit card especially that not every store is accepting credit card or crypto. Imagine how would each government get rid of every fiat and coins in their own country. I believe that fiat will stay and It will be joined by cards, cryptocurrency and other payment methods available in the future.

crossabdd

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Quote from: metallica101 on October 16, 2019, 01:39:50 AM

Quote from: crossabdd on October 16, 2019, 12:50:43 AM

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

I believe that the world might end up using a single, digital currency, but not as soon as in a decade or two. Maybe in 50 or so years, or maybe even longer than that. Is that currency going to be Bitcoin? Maybe, but not likely. If anything, Bitcoin will evolve into a store of value, and something else will become a currency for everyday use. However, to answer your question, I expect that crypto and fiat will coexist for a long time before fiat finally goes extinct. It will have to happen eventually, but the process will be slow. At first, cryptos will be something used by a rare few, even though it will be accepted by most merchants and services. Then, people will start using it more, and in the end, fiat will likely be a back-up currency, most likely existing only in bank accounts and spent via the credit cards. We are becoming more and more cashless with each passing year, and the change is inevitable. All that remains to see is how long it will take.

yes guys, i feel it too. every day the use of fiat money began to decrease, and switch to debit and credit cards. Fiat currency changes to the number display on the screen. so the possibility of paper money and coins will be destroyed in some future time. because all systems have entered the internet network.

DabsPoorVersion

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Quote from: CLS63 on October 16, 2019, 06:20:21 AM

Quote from: crossabdd on October 16, 2019, 12:50:43 AM

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

I don't see too much future for fiat currencies in the long run. The world is evolving into a digital place. The future is on the digital currencies. I think we will see a big economic crisis in the future and that will speed up the process that fiat currencies lose their value.

Fiat will continue in a long run, it is indeed that the world is evolving into a digital place, but it doesnt mean that fiat will be replaced by cryptocurrency, we will still be needing fiat. without having a physical money, it is indeed be hassle free and convenient to anyone, but not every part of the world can adapt to the development of technology if this will happen even in fiat.

CLS63

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Quote from: crossabdd on October 16, 2019, 12:50:43 AM

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

I don't see too much future for fiat currencies in the long run. The world is evolving into a digital place. The future is on the digital currencies. I think we will see a big economic crisis in the future and that will speed up the process that fiat currencies lose their value.

GreenStox

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indeed legality is not very important in bitcoin because bitcoin has free price movements and no one can control bitcoin so that when there is legality bitcoin will automatically make the condition of bitcoin prices rise because demand will increase.

dimox

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Quote from: crossabdd on October 16, 2019, 12:50:43 AM

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

i agree. when the world make regulation about bitcoin and all of country agree about it, i think crypto wont have value. and maybe they have value from other coin like rank.
effect will be apply to country that have big user. and when there is no crypto user, i thing it wont give big effect to that country

Distraction

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Quote from: crossabdd on October 16, 2019, 12:50:43 AM

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

In my opinion, Bitcoin will be regulated by most countries one day in the future and fiat currencies will start to evolve into something different. I think the governments will start to create their digital fiat money.

haidil

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Quote from: Leah2614 on October 16, 2019, 04:32:37 AM

bitcoin is legalize the usage of bitcoin will still be limited in urban areas with people who can afford to purchase computer and smartphones. The problem will hit the extreme poor people and the people in far flung areas that has no access to electricity and internet connection.

I think for the future everyone will definitely follow the technology, because every day the technology is more extraordinary it only takes time. there will definitely be problems faced, that's the challenge.

darthmaul

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It depends that how will it be recognized. If it is recognized as a currency then I don't think people would use fiat but for that bitcoin should improve on it's speed and cost only high speed and less cost transactions would make btc practical.

Leah2614

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bitcoin is legalize the usage of bitcoin will still be limited in urban areas with people who can afford to purchase computer and smartphones. The problem will hit the extreme poor people and the people in far flung areas that has no access to electricity and internet connection.

DGCustomerFirst

airdnasxela

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If bitcoin will be legally accepted by different countries, it doesn't really mean fiat will no longer exist. Fiat os already a part of the economy and people are used to having fiat circulating around. It'll be hard for everyone to adopt this changes so it's reall hard to believe that they will remove fiat. If bitcoin achieve legality, I think the effects are on bitcoin itself. It'll have regulations that can limit and help us with regards to crypto.

anoufal

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Even if bitcoin is accepted all over the world, it does not mean that they will abandon fiat, you should understand this. Indeed, crypto can save the economies of many countries, especially not the rich.

watergold

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This is still a controversy that bitcoin must be recognized throughout the world, many countries that oppose the presence of bitcoin can even damage the country's economy because if bitcoin is used and attempted by the state then there is no income to the country or no tax due to the P2P bitcoin system and many also who want to use more Fiat money, Bitcoin is only for the community but spread all over the world and many people recognize it.

error08

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The best example is Japan after bitcoin legalized, it being used as means of payment just like fiat currency no more no less.
The reality is bitcoin not used by all of the citizens although it is decentralized, people can't use a currency which constantly fluctuates, the value of fiat currency has to be steady, but not Bitcoin.

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I think Bitcoin is gold. It 's been clear to me for a long time

ufaiz50

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Quote from: crossabdd on October 16, 2019, 12:50:43 AM

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

I don't think the government will legalize bitcoin as their main currency, FIAT is still valid because it is the starting point for economic progress in the country. If as you said that legalizing bitcoin makes currencies the same value, then what about the economic differences in all countries? in the economic factors of the country that cannot keep up with the economic progress of other countries, would not it be the disadvantaged side.

I thought about adopting digital technology. From the opinion of my friends who work in government, they are more interested in blockchain technology because they can make digital currencies with a stable coin concept like USDT with their local currency as investment assets. There are still many weaknesses in blockchain technology to oversee anyone who is included in the ledger. Because of anonymity and freedom of transactions, the government is hesitant to adopt this.

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