Topic: Bitcoin Legality effect - page 6. (Read 812 times)

First off, it will never happen that all countries all over the world will recognized and regulate Bitcoin. That is already dreaming a very impossible dream. Tell that to China, Russia, India and the likes and we will b getting a good laugh. I am not saying there is no possibility that the minds of the leaders of these countries will not be changing but suffice to say that for now and in the near future that is not going to happen. However, let's assume that all will, I don't think fiat has to stop working. In Japan, Bitcoin is recognized and regualted but we still see yen very much alive. I don't understand why do we have to make Bitcoin a killer of other currencies when in fact here in the world of cryptocurrencies Bitcoin has so many competitors and they are doing just fine (well, except for shitcoins!).  Can we not dream of making Bitcoin and other existing currencies co-exist peacefully with each other?




There is really no point in making Bitcoin the "salvador del mundo" or savior of the world's economy. I don't think Bitcoin is designed for that, in the first place. This is like putting a very heavy expectation and obligation on the part of Bitcoin and then years from now we will just be frustrated and disappointed why Bitcoin has not been the messiah we are looking for.



Obviously, if there will only be one global currency left which is Bitcoin then all values will be the same. Whether Bitcoin can become like a commodity or not, it does not matter at all. In my opinion, Bitcoin can be acting like a currency (medium of doing business) or a commodity (like gold, store of value) depending on how a person is using it and both can be perfectly fine with me...the only big problem is if a person has no Bitcoin at all then he failed to participate in the greatest revolution in human's financial/banking history happening right before our own faces and fingertips.

Do you think everyone will be using crypto-currencies over fiat when it gets recognized? If so, you could make the argument that it would become popular.

The problem with Bitcoin and crypto-currencies isn't just legality, and getting it approved. We see quite a lot of transactions with bitcoin, and it hasn't been fully approved. The problem lies within people, and then wanting to keep using fiat currencies instead.

If Bitcoin becomes a legal , can make effect the price of bitcoin will be very expensive because of limited stock and lots of demand. Online Marketplace will open payments via bitcoin, like amazon, ebay, alibaba, etc. Make it easy to send money internationally, open many job vacancies, and will have many ICO projects that sprung up.

But it will not erase fiat. Because fiat is the main currency of every country, bitcoin is only an alternative payment. Because there are conditions where payments can only be made by Fiat, for example areas that have not been covered by the internet network,  for shopping at traditional places that do not allow transactions with bitcoin, payment of employee salaries, etc. Because bitcoin prices are not stable.

It will be full regulated but fiat will remain for sure, and will be more useful compared to bitcoin as a money.
Bitcoin is just an online currency while majority of the transactions are still done with paper money, in the event bitcoin will gain massive adoption, I think that time we will be able to see a standard regulation the government will use so it will not be hard for them to implement the rules.

Legalization is important, it is the secret to achieve a massive adoption. 

I think when that time comes, fiat would still exist. But it would exist not in paper, but in digital payments. Bitcoin would be, at first, a speculative investment that day traders would be on to. If bitcoin would be more stable, it could replace existing payment methods even on small enterprises. However, that's unlikely to happen since bitcoin is, and should remain decentralized.

Therefore, digital fiat would still be the main payment method. Bitcoin would be popular for day traders and some investors.

But why would you rely on regulations so much? Why it's so important for you, that some political body will give you special permission to use bitcoin? You and everybody else, can use it, even when stupid politician says otherwise.
Adoption should be voluntary, intentional and performed knowingly. We already have some nonsense accusations against bitcoin being a psy-op of the new world order, government "help" will only discourage suspicious people from trusting it.
I'm a proponent of natural, long lasting processes, evolution of our legal tenders seems like a lot better approach than revolution to me. Besides slow and gradual adoption will neither save nor doom nobody, it will only change and move the positions of financial independence in general direction of ordinary folks, they just have to see this for their own first, special permissions can only corrupt the entire idea. Don't be a supporter of the subversion of bitcoins.  

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.

I think if Bitcoin is recognized throughout the world, then Fiat will continue to exist, because every country has its own currency, it is difficult to replace it. For positive and negative impacts there will definitely be. that's just my 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.

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.

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