Topic: First thing i will do if Bitcoin become legal tender globally - page 3. (Read 1203 times)

The indice of Bitcoin varies from nations to nations like in my country, bitcoin is not totally ban and at that, and even though bitcoin is not publicly officially adopted as a legal currency its usage is allowed.
Bitcoin awareness has spread quite well among the youths in my country since they now adopt bitcoin as a mean to move ahead high rate of unemployment as bitcoin trading has generated a lot of work and the educated youth are becoming self financial stability, so already there is an underground awareness and planned event for public adoption like in my case.
The first thing I will do if bitcoin is acceptable in my country's financial system, I will like to own a BTC (POS).

Bitcoin's idea was to make something decentralized and free of enforcement. Why should be expect that some governments will force to use it as a legal tender? Don't we believe that bitcoin is competitive enough to become used worldwide even if just not to ban it by law? As from my point of view, it is much better when countries adopt permissive legislation for bitcoin for free use it as what people want and not making it a legal tender.

Your point is well taken - it's important to be prepared for the future, and it's important to take advantage of opportunities as they arise. If Bitcoin becomes a legal tender globally, it may not change much for those who are already holding it, but it could potentially increase mainstream acceptance and use of the cryptocurrency. The potential adoption of Bitcoin as a legal tender is tied to the development and adoption of new technologies, such as the metaverse and web 3.0, which may help to streamline regulatory restrictions and increase mainstream acceptance. However, it's important to note that the future of Bitcoin as a legal tender is uncertain and it depends on various factors such as government regulations and market conditions.

Your question is really a considerable point to be noted so that we can be ready in future. Well if btc got legal tender globally than what can i do, nothing if you want to do something its right now, maybe hodl them or whatever but when things will be streamlined some people will not tend to walk on that road i hope you understand my point. On the other hand BTC is going to become a legal tender because of many technology is like specially metaverse and then web 3. There are more to lists. But for now these will streamline it regulatory restrictions

Personally, I believe it would take a hundred years before Bitcoin was accepted as legal tender everywhere. because some large nations are opposed to adopting it and making it legal tender. Making Bitcoin legal tender while allowing its use is not the same. However, I will first authorize and accept Bitcoin as a payment method for my business if it is accepted everywhere in the world as legal tender. I'm now unable to do it because it is illegal in my nation. When we can accept Bitcoin, that's how we can grow our little business internationally.

I can agree with you mate because legally all over world for Bitcoin is way impossible to imagine and that's because there is nothing else in the world ever that has been accepted in whole world all at once. So we can say that Bitcoin might be accepted 50% to 70% in all over world by once century when most of people might live in outer space. So I can say that If digital crypto might be accepted than all of fiat currency 💲💵 will be dumped and no one might use it.

Yes, that is correct. Bitcoin and other cryptocurrencies have the potential to disrupt traditional fiat currencies by providing an alternative means of exchange for goods and services. If more people begin to use Bitcoin as a means of payment, it could lead to a decrease in demand for fiat currencies and a corresponding increase in the purchasing power of Bitcoin. However, it's important to note that this is still a hypothetical scenario and it's uncertain if and when it will happen.

The thing is that if Bitcoin keeps simply being exchanged back and forth with fiat, then there's no real threat to fiat.

The problem for fiat appears when people stop using fiat and instead start trading goods and services directly with Bitcoin, without needing to use any fiat.

If you decrease demand for fiat, you will have more purchasing power with your Bitcoin.

It is true that Bitcoin and other cryptocurrencies are not illegal in the EU, and you would be able to open your own mining farm if you wanted to. However, as you mentioned, there are several factors to consider before embarking on such a venture.

First, mining difficulty is likely to be very high in the future, which would make it more difficult and expensive to mine new coins. Additionally, the cost of electricity, which is a major component of the cost of mining, is also likely to increase over time.
You also mentioned that you would rather have fun than start a business. It's important to keep in mind that starting a mining farm is a significant undertaking that would require a significant investment of time and money. It's important to consider whether you have the resources and the desire to take on such a project.

You also pointed out that when Bitcoin becomes globally accepted the price will probably be very high, and you would like to book yourself a flight to some remote island and read a book listening to crashing waves. This is a personal decision and it's important to do what makes you happy.
Although personally I don't think Bitcoin reaches such a very high value as to make us all rich.  Rather, I think that if we don't spend our Bitcoins, the price will hardly increase and mass adoption will take place.

Bitcoin isn't illegal in the EU so if I wanted to do something like OP (open my own mining farm) I could. Saying that you'll do it when it becomes widely accepted seems strange because by that time mining difficulty will be very high and there won;t be many coins left to mine. We also don't know what the price of electricity will be at that time and the cost of mining is going up every year. This would probably be the last thing on my mind in 10 years or so.
When it becomes globally accepted the price will probably be enormously high so the first thing I'll do is book myself a flight to some remote island, rent a cabin and read a book listening to crashing waves. I don't have any business in mind. I'd rather have some fun than start a business.

I like your line of thought at OP and I often times pondered on it too. Sometimes, I abandon the though when it feels like wishful thinking but one thing that keeps ringing in my head is that the day bitcoin is becomes a legal tender globally is the day that bitcoin becomes heavily regulated worldwide. I do not want it to be a legal tender globally, there's too many downsides to it. I mean it will lose it's power and become no different from the dollar or Pounds sterling or even Euros.

Without being legal, even running a few nodes in the back garage could pulse a risk as the authorities may get hints on you for getting involved in illegal operations, so the issue of approval from the government may also witnesses some form of setback since not just paying of tax that makes of for business operation legality we still have other factors contributing to that.

And if the country does not legalize bitcoin, I am afraid citizens will just have to avoid its public usage to avoid persecution from the government.

I am wondering why op is waiting for the legal tender if they can really start right now with their own mining farm. I dont think it is illegal to open a mining business as long as you are paying taxes for that business with legal business set up in the location where it is accepted.

If someone is setting up a mining farm then it could be either huge setting or small one. If it is later one then there is no harm running few miners in the back garage really. If it is big one then one can always go in the location where its completely legal to mine. In fact businesses keep doing this to benefit from the most viable rules and regulations.

Also if global adoption happens then lets celebrate, we will be the old players by that time with loads of bitcoins. 

I however believe that Bitcoin global adoption has already happened but "not going to happen soon" as you said. I don't believe that Bitcoin is not known globally and has also been HODL and traded globally which to me means, it is adopted globally. However, I believe OP was thinking of a Global legal tender for Bitcoin which might not happen, going by the definition of legal tender cos I don't see the Global Government adopting Bitcoin over their Currencies. 

It's about pessimistic and optimistic approaches: you say that just 11 countries adopted bitcoin, I say that 11 countries adopted bitcoin already and there are many countries in which is allowed what is not prohibitet.

And by the way I don't like when bitcoin becomes a legal tender, its idea is to provide an alternative, a possibility, and not to force to be used. So when it is permissed by law IMO is better then when it becomes mandatory.

That's true.

At the end of the day you can pay with Bitcoin or fiat, it doesn't make much difference as you can always buy back the same amount of Bitcoin with fiat, and therefore you end up with the same amount saved in Bitcoin.

That's the key though, saving in Bitcoin instead of saving in fiat.

Having just cash for a long time is simply a bad idea as it will devalue over time.

Sure, having a bit of a buffer for fiat expenses is fine, but that buffer needs to be increased after a while because of inflation.

I do not think that I would do much differently. I mean if it was legal tender in my nation, then I would pay things with bitcoin instead of fiat, that's for sure, but the rest would be the same.

Right now, I spend my salary as little as I could, and save my money to keep it in bitcoin, and that means if I end up with a legal tender society, I would simply just not turn my bitcoins into fiat, will keep them in bitcoin and will go on living like that as long as I possibly could. That's not really a huge change from where I am today though, it is something that I would highly suggest doing even today if you can pay anything with bitcoin, then you should but aside from that it's not a big change.

Only a naive Bitcoiner won't know that Bitcoin is not just an investment asset because its purpose of it was to be a decentralized electronic cash system, not even an investment asset. According to Satoshi Nakamoto's first introduction of Bitcoin he says "I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party."
It's we the Bitcoiner of today that make it an investment asset which is expected since there's more adoption of Bitcoin.

Don't let's feel ourselves with false information by ignoring the fact that if the minority adopt Bitcoin we can still say it is adopted worldwide. How many countries adopt Bitcoin as a payment system? If we count it we have just about 11 and only 2 legalized Bitcoin as legal tender.
If the payment system, CEX, and DEX that will work in the majority you mentioned is not going to be regulated adoption is not possible by the majority

Open a mining farm ? Do you know how much time, effort and investment it costs to open a mining farm ?
May be you have more than enough money for that but you will still have to put in the time and effort.
If bitcoin becomes a globally accepted legal tender then it would open doors for cross border business opportunities.
So the possibilities are endless. I haven't thought it through but I would certainly end up opening a business for myself using bitcoin.

Yes, but it will be necessary to think in a slightly different format, since with this moment, many other spheres will appear