First thing i will do if Bitcoin become legal tender globally - page 2.

xSkylarx

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Quote from: Ojima-ojo on January 31, 2023, 06:14:01 PM

Quote from: suzanne5223 on January 31, 2023, 03:08:59 PM

Quote from: Finestream on January 30, 2023, 05:29:36 PM

Bitcoin, regardless if it’s globally accepted as a legal tender or not, we can always use bitcoin as a currency but only to those limited stores who accept bitcoin payment.

I believe you said this because you're not from the geographical region where the government publicly places a ban on Bitcoin and any crypto-related transaction because from such region no store publicly accepts Bitcoin as payment unless you're close the person and the transaction will be executed behind the door.

suzanne5223 may be Finestream is referring to online stores, but aside from that.

It is utterly impossible to use bitcoin for payment in physical shops, this is because, in most countries SEC does not recognize Bitcoin as legal tender and any physical shop that accept bitcoin will be seen as illegal and can have the operating license withdrawn for accepting Bitcoin.

There are also countries that the SEC doesn't care about at all; mostly, only the SEC will be taking part if there is a company or ponzi scheme that is trending in a country, and that is where they post notices about it. Also, they can't just put Bitcoin on their notice, as it is a token. As long as Bitcoin isn't declared illegal in the country, or even if they haven't announced it as legal, it is okay to use it as a payment method or transact on it.

nullama

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Quote from: jeraldskie11 on February 01, 2023, 10:33:21 PM

~snip~
If Bitcoin is globally accepted, my first thing to do is to accept Bitcoin payment in my businesses because it's a great opportunity for me. And if I have a job, I would rather choose Bitcoin as salary because I know that it is volatile and I know the Bitcoin's price will increase gradually. People might take volatility as disadvantage in Bitcoin but for me, I will take this as an advantage.

You can start accepting Bitcoin for your business right now though.

There's nothing stopping you to choose Bitcoin instead of any other payment processors using Visa, MarsterCard, etc.

jeraldskie11

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Quote from: Ojima-ojo on January 21, 2023, 12:35:31 PM

WHAT IS THE FIRST THING YOU WILL DO IF BITCOIN BECOMES GLOBALLY ACCEPTED JUST LIKE THE INTERNET?

If Bitcoin is globally accepted, my first thing to do is to accept Bitcoin payment in my businesses because it's a great opportunity for me. And if I have a job, I would rather choose Bitcoin as salary because I know that it is volatile and I know the Bitcoin's price will increase gradually. People might take volatility as disadvantage in Bitcoin but for me, I will take this as an advantage.

Strongkored

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Quote from: Ojima-ojo on January 21, 2023, 12:35:31 PM

WHAT IS THE FIRST THING YOU WILL DO IF BITCOIN BECOMES GLOBALLY ACCEPTED JUST LIKE THE INTERNET?

If this happens hopefully not in the near future so I can prepare myself by having a lot of Bitcoin because when this really happens it will boost the price of Bitcoin and provide benefits for its holders, and what I do is accept Bitcoin as payment from my business openly because you no longer need to worry about legal certainty

Quote from: Ojima-ojo on January 21, 2023, 12:35:31 PM

For me I will open my Bitcoin mining farm that will be public with a website and registered under the law for clients that will want third-party services that will align with global best practices of cryptography and digital asset management.

The question is whether if global accepted occurs it will make mining operators more profitable? Because currently, one of the obstacles for mining operators is high costs, which reduces their profits.

Global tender or also global acceptance will be difficult to happen, one might even say impossible because the government always considers Bitcoin as a competitor of their Fiat and as usual people will try to get rid of and beat their competitors.

franky1

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a retailer does not need to decline accepting bitcoin simply because its no legal tender. they are just not pushed to accept it by default due to it not being legal tender

and for the opposite..
if its not formally banned a business can choose to accept it. if its banned they cannot accept it.

in short there is a middle ground where countries just dont care and have not declared either way. a business can choose whatever way the business wants

Ojima-ojo

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Quote from: suzanne5223 on January 31, 2023, 03:08:59 PM

Quote from: Finestream on January 30, 2023, 05:29:36 PM

Bitcoin, regardless if it’s globally accepted as a legal tender or not, we can always use bitcoin as a currency but only to those limited stores who accept bitcoin payment.

I believe you said this because you're not from the geographical region where the government publicly places a ban on Bitcoin and any crypto-related transaction because from such region no store publicly accepts Bitcoin as payment unless you're close the person and the transaction will be executed behind the door.

suzanne5223 may be Finestream is referring to online stores, but aside from that.

It is utterly impossible to use bitcoin for payment in physical shops, this is because, in most countries SEC does not recognize Bitcoin as legal tender and any physical shop that accept bitcoin will be seen as illegal and can have the operating license withdrawn for accepting Bitcoin.

suzanne5223

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Quote from: Finestream on January 30, 2023, 05:29:36 PM

Bitcoin, regardless if it’s globally accepted as a legal tender or not, we can always use bitcoin as a currency but only to those limited stores who accept bitcoin payment.

I believe you said this because you're not from the geographical region where the government publicly places a ban on Bitcoin and any crypto-related transaction because from such region there's no store that publicly accepts Bitcoin as payment unless you're close the person and the transaction will be executed behind the door.

Quote from: Finestream on January 30, 2023, 05:29:36 PM

Otherwise, fiat will still be the official currency and will still be used by majority.

To be honest, even if Bitcoin becomes the mainstream of payment fiat currency will still be the official currency. Bitcoin was not created to obstruct or obsolete fiat currency but to complement it.

KiaKia

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Quote from: Ojima-ojo on January 21, 2023, 12:35:31 PM

WHAT IS THE FIRST THING YOU WILL DO IF BITCOIN BECOMES GLOBALLY ACCEPTED JUST LIKE THE INTERNET?
For me I will open my Bitcoin mining farm that will be public with a website and registered under the law for clients that will want third-party services that will align with global best practices of cryptography and digital asset management.

When Bitcoin becomes globally accepted in your country do not try to mine publicly, keep your mining farm to yourself because of greedy and bad people, when they know what you are doing you might be a target, there is a similar situation with someone I knew where five of his mining equipment went missing, he had to involved the police and it came out to be that his neighbor was behind it.

Later the police start questioning him what he uses the equipment for, he lied to them and the policemen ignored it, if they knew it generates income per day it's another problem, later he left the area and rented another apartment far away from the state.

Haunebu

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Globally? That's never happening op. Why? Because some governments stand to gain more from not accepting BTC as legal tender which is why they will do whatever it takes in this case without a second thought.

That isn't really a problem though since BTC adoption will continue growing organically around the world regardless of all the bans and restrictions(India, China etc). Other popular cryptocurrencies like ETH, LTC etc will probably prosper too.

This is the closest thing to global adoption if you ask me.

jokers10

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Quote from: Finestream on January 30, 2023, 05:29:36 PM

Bitcoin, regardless if it’s globally accepted as a legal tender or not, we can always use bitcoin as a currency but only to those limited stores who accept bitcoin payment. Otherwise, fiat will still be the official currency and will still be used by majority. But bitcoin as an investment, everyone can actually do it as long as they know exactly what bitcoin investment is all about. However, if ever bitcoin will be globally accepted in the future, my plan is to establish a food business that will cater bitcoin payment, and that will also pave way to increase my bitcoin hodlings in my portfolio.

First bank cards were issued about 70 years ago and I'd say that their adoption and then real usage were really slow. And even now you can use it not in every store you want: in many countries still very few places accept cards and in some they accept cards only of local banks. Of course it would be amazing if bitcoin will be used really wide and deep at the nearest future, but even if we need to wait a bit it will be just a subject of time.

abel1337

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Quote from: Finestream on January 30, 2023, 05:29:36 PM

Quote from: jokers10 on January 24, 2023, 07:42:00 AM

Quote from: suzanne5223 on January 23, 2023, 05:47:58 PM

Let us be sincere and clear on this topic. The op is just making an assumption about what people will do if Bitcoin becomes legal tender globally but the reality despite the potential of Bitcoin there's no way the Feds and the institution will allow Bitcoin to be legal tender globally and the only thing they will welcome is to plan to regulate the possible aspect of the market.
About how people feel towards Bitcoin in your area, every investment is gambling no matter how good it may look.

Bitcoin is not just an investment asset, it is a decentralized financial system which anyone can use if wants. And we see how different countries adopt bitcoin as a payment system. So maybe if we look at the world of nowadays nothing will be totally worldwide. But if we talk about adoption by majority it looks possible. So IMO if some minority of countries will still not adopt bitcoin we'll can still say that it is adopted worldwide.

Bitcoin, regardless if it’s globally accepted as a legal tender or not, we can always use bitcoin as a currency but only to those limited stores who accept bitcoin payment. Otherwise, fiat will still be the official currency and will still be used by majority. But bitcoin as an investment, everyone can actually do it as long as they know exactly what bitcoin investment is all about. However, if ever bitcoin will be globally accepted in the future, my plan is to establish a food business that will cater bitcoin payment, and that will also pave way to increase my bitcoin hodlings in my portfolio.

Why not do it now? It will pave way in increasing your bitcoin hodling. If you are eager to do business and collect some bitcoin, This market situation is I think good enough to start with knowing that bitcoin price is attractable enough depending on how you see it. You seems uncertain about bitcoin, Bitcoin growth over the years is massive but waiting for it to be globally accepted is I think will take time. Imagine that there's a country that adopted bitcoin and you still wait for it to adopted globally. You should atleast start to establish your business first and try it out and when your business somehow grows, That is the time that you can accept bitcoin as a payment for additional boost for your business.

Newlifebtc

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Before bitcoin will become a legal tendency I think it will take you so here is because many governments of different nation is against bitcoin inclement so bitcoin becoming illegal tendency I don't think that is something today or something that to happen interval of 2 years so they are for let us just give bitcoin increment of Bitcoin adoption for more 5 years to come because I still have ways to circulate

lalabotax

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Quote from: Ojima-ojo on January 21, 2023, 12:35:31 PM

WHAT IS THE FIRST THING YOU WILL DO IF BITCOIN BECOMES GLOBALLY ACCEPTED JUST LIKE THE INTERNET?
For me I will open my Bitcoin mining farm that will be public with a website and registered under the law for clients that will want third-party services that will align with global best practices of cryptography and digital asset management.

Although it is very difficult to do as a globally legal tender, I think that I am gonna use it for payment. But, I am not sure about this because I like it more for investing Grin

In fact, although it is legal tender globally, it may not mean that every country is ready, moreover, it seems to be very difficult to be implemented globally as legal tender because of differences of society and the readiness of the government. in

Ryu_Ar1

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Seeing from some of the posts that were actually made, I would clearly think the same as some of the other advertisers here because when that happens, it is likely that there will be a lot of businesses that might make payment options with bitcoin as well as the business that I am doing now and I will definitely do just that.
Even though at this time I am a little hindered by regulations on this matter, but the conditions when bitcoins are received are clear, I will maximize them as best I can to make several options there.

nullama

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Quote from: Tommiewill on January 30, 2023, 04:36:59 AM

I wonder if the supply of Bitcoin is enough for us? If people all over the world use Bitcoin for daily payments, what will the prices be like? Are global prices the same?
The privacy of Bitcoin protects our personal safety very well. Although I would love for Bitcoin to become a global legal tender, I don't think it is realistic.

Hal Finney in the early days did a rough calculation for Bitcoin being used as the world currency:

Quote from: Hal Finney

As an amusing thought experiment, imagine that Bitcoin is successful and
becomes the dominant payment system in use throughout the world. Then the
total value of the currency should be equal to the total value of all
the wealth in the world. Current estimates of total worldwide household
wealth that I have found range from $100 trillion to $300 trillion. With
20 million coins, that gives each coin a value of about $10 million.

So the possibility of generating coins today with a few cents of compute
time may be quite a good bet, with a payoff of something like 100 million
to 1! Even if the odds of Bitcoin succeeding to this degree are slim,
are they really 100 million to one against? Something to think about...

So, with 1 BTC at 10 million USD, that still leaves sats at a reasonable price.

Finestream

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Quote from: jokers10 on January 24, 2023, 07:42:00 AM

Quote from: suzanne5223 on January 23, 2023, 05:47:58 PM

Let us be sincere and clear on this topic. The op is just making an assumption about what people will do if Bitcoin becomes legal tender globally but the reality despite the potential of Bitcoin there's no way the Feds and the institution will allow Bitcoin to be legal tender globally and the only thing they will welcome is to plan to regulate the possible aspect of the market.
About how people feel towards Bitcoin in your area, every investment is gambling no matter how good it may look.

Bitcoin is not just an investment asset, it is a decentralized financial system which anyone can use if wants. And we see how different countries adopt bitcoin as a payment system. So maybe if we look at the world of nowadays nothing will be totally worldwide. But if we talk about adoption by majority it looks possible. So IMO if some minority of countries will still not adopt bitcoin we'll can still say that it is adopted worldwide.

Bitcoin, regardless if it’s globally accepted as a legal tender or not, we can always use bitcoin as a currency but only to those limited stores who accept bitcoin payment. Otherwise, fiat will still be the official currency and will still be used by majority. But bitcoin as an investment, everyone can actually do it as long as they know exactly what bitcoin investment is all about. However, if ever bitcoin will be globally accepted in the future, my plan is to establish a food business that will cater bitcoin payment, and that will also pave way to increase my bitcoin hodlings in my portfolio.

Smartvirus

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Quote from: franky1 on January 21, 2023, 03:02:19 PM

being legal tender mainly means its treated as a currency which means a nations government can apply its currency laws to it. this means they can then regulate it

Without considering the globalisation context context the thread and with El-salvador been the first and truly the one nation to have legalised bitcoin for a legal tender, can we say this is what is heen done over there today? Regulating cryptocurrencies? I know they came up with an indigenous wallet at the time and some airdropped satoshi to push adoption but, how is that going with regulations since, Citizens won't sty the part.

Quote

as soon as countries declared it a legal currency. government stepped in with their regulation of businesses/services that were swapping btc. by defining those businesses as money service businesses thus those businesses needed to get licences and follow policies and such.

Yeah, taking it on businesses would be one means and practically in form of valued added tax but still, this won't be enough would it.

Quote

yes you dont need to get a government to determine btc is legal tender for btc to "go global"
however the laziness of accelerating global use by being an legally acknowledged currency in a country, comes at a cost of allowing that government to underpin some rules of using said currency

You've got that right. The government need not approve but they stand as a catalyst to public acceptance.

wiss19

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I don't think it's a misconception are the ones that they feel but they are only lack of understanding about Bitcoin. Some of them does this intentionally. They can't just accept that Bitcoin is better than their fiat creations and then they can't control Bitcoin. Even though BTC is decentralized, it is still possible for it to be banned. China and others have in fact already done that long time ago and some of them still unbanned BTC.

In which country you are living now huh @OP? As long as BTC is allowed there then you can always start your plan. There is no need for you to wait before BTC becomes a legal tender in your country or on every other countries because BTC being a legal tender doesn't have to do with mining. It's about BTC can be used directly to purchase goods.

Tommiewill

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I wonder if the supply of Bitcoin is enough for us? If people all over the world use Bitcoin for daily payments, what will the prices be like? Are global prices the same?
The privacy of Bitcoin protects our personal safety very well. Although I would love for Bitcoin to become a global legal tender, I don't think it is realistic.

BitcoinMoses

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Bitcoin is not Illegal Tender . Why Bitcoin need to be Legal Tender ? Bitcoin is Global Decentralised Cryptocurrency Tender.

I don't think Bitcoin need to be like a legal tendered fiat currency. Just treat bitcoin as the digital asset. Let the government regulate Bitcoin trading but no government can regulate Bitcoin and Bitcoin Transaction. It is completely self regulated. Bitcoin is not a fiat currency that need to be legally tendered after minting by the central bank.

Topic: First thing i will do if Bitcoin become legal tender globally - page 2. (Read 1203 times)