Topic: First thing i will do if Bitcoin become legal tender globally - page 4. (Read 1203 times)
Bitcoin is available to everyone, it's time to start making money on it
~snip~
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 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.
Absolutely.
Bitcoin is available to the entire world (connected to the Internet) since genesis.
Really everyone can participate of Bitcoin freely, they just need to say they accept Bitcoin, and the other person sends the Bitcoin for the goods and services.
There's no need for countries to accept Bitcoin, you only need 2 people, the seller and the buyer. And they can be anywhere in the world.
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.
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.
china and other countries in Africa and other part of the world that have one or two regulations.
China is a different world when it comes control but for Africa I think these are places that have the does open for the technology as they have more to benefit from it... Btw aren't the biggest economies already using bitcoin, South Africa, Nigeria etc 
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.
Going in for the money, but such an undertaking will require some good capital injection because a Bitcoin farm doesn't come cheap!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.
Btw I think bitcoin and the internet are incomparable as bitcoin is a substitute to fiat while the internet was bringing efficiency and simply rewriting history.
WHAT IS THE FIRST THING YOU WILL DO IF BITCOIN BECOMES GLOBALLY ACCEPTED JUST LIKE THE INTERNET?
First of all, lets look at the quick definition of legal tender on this one:Quote
Legal tender is the national currency, such as paper money and coins, that is declared by law to be valid payment for debts and financial obligations.
I bolded the phrase "that is declared by law" because in order for a specific currency to be a legal tender, it must be declared by the law.I agree with what they said that "legal tender globally is different from globally accepted". Legal tender means it will be a national currency that is declared by the law and on the other hand, globally accepted means people will accept it whatever the circumstances it will be and there is no law between it.
One thing more is that, I don't see Bitcoin as a legal tender because at first place, the government isn't the one who is creating it and we already saw the definition of legal tender. How will a currency like Bitcoin can be a legal tender if the government didn't do it? Bitcoin will not be a legal tender, but it will be globally accepted if people will starting to accept it.
I don't see any problem with their interest, but they just need to know that bitcoin is not only used as an investment asset, but also a currency and legal tender in several countries. I also admit that many people are not bitcoin adopters as a means of payment, but they are traders and investors who use bitcoin to make profit.
I also don't think there is problem with reasons why any user buys bitcoin, I mean your bitcoin are yours and you are free to spend them on whatever you want. Likewise with other users, they are free to hold it as an investment asset or trade it.The point is that bitcoin itself gives you full rights in terms of managing it, including whether you want to use it as an investment asset, or currency or a means of payment. And of course, bitcoin is a fully decentralized currency that gives you the right to parent it yourself without any authority control [as long as you don't trust centralized third party].
But before, I think you need to correct your quote to make it correct, _BlackStar.
Yeps, I fixed it - thanks. ~snip~
Based on all the things you have said, I believe that bitcoin will never become a legal tender in all countries around the world. It will never become the world currency. Because all governments would never want their fiat money to disappear or be worthless, especially the major powers. Fiat and its value represent the economic strength of a country, so its complete elimination will never happen. But bitcoin is accepted globally, this may happen in the future.
Based on all the things you have said, I believe that bitcoin will never become a legal tender in all countries around the world. It will never become the world currency. Because all governments would never want their fiat money to disappear or be worthless, especially the major powers. Fiat and its value represent the economic strength of a country, so its complete elimination will never happen. But bitcoin is accepted globally, this may happen in the future.
The thing is that Bitcoin is already accepted worldwide. Since genesis actually.
Anyone in the world can generate a key for free. That means that anyone in the world can start selling and buying goods and services with anyone else in the world with Bitcoin.
You don't need permission from any government to do that.
For example, in 2013 the governor of the central bank of Australia said:
Quote from: https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory#Australia
In December 2013, the governor of the Reserve Bank of Australia (RBA) indicated in an interview about bitcoin legality stating, "There would be nothing to stop people in this country deciding to transact in some other currency in a shop if they wanted to. There's no law against that, so we do have competing currencies.".
The first thing you should do is purchase a bitcoin, as you will need it to spend on items that fiat currency cannot purchase on that time. Though I can't really think what I will do at that time, I was thinking what will happen to the price at that time; is it going to stabilize? or drops or increases its price. However, if this becomes legal tender, many people will mine it in the same way that we mine gold and other valuable gems in our world. You will know for certain that time that it will be cashless transactions and you will not see any paper money or coins because we are all using bitcoin.
Based on all the things you have said, I believe that bitcoin will never become a legal tender in all countries around the world. It will never become the world currency. Because all governments would never want their fiat money to disappear or be worthless, especially the major powers. Fiat and its value represent the economic strength of a country, so its complete elimination will never happen. But bitcoin is accepted globally, this may happen in the future.
if become global legal tender i will open up service like p2p crypto to fiat, the most hit if bitcoin become legal tender is export and import and global market financial system since they usually do transaction by using US dollar but now they using bitcoin cut a dozen of lot of fee. and transaction across border become easy
What anybody will do if a bitcoin become illegal tender is personally known to that person because I believe that there is no time bitcoin will become a legal tender because of the challenges of government has given to bitcoin so bitcoin it will take many more years before it can take at least 35% of the world so and he is very very difficult for such to happen but that is what you are praying for for be done to become bigger than that but the possibility is very high
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I have always dreamed of having a hardware wallet store and also joining the official hardware wallet reseller network but the stance of the government in my country towards cryptocurrency restricted me from the dream.
If it happens that Bitcoin becomes legal tender globally, I will pursue the dream and also create a business network that will accept Bitcoin as payment.
In the country where you live now bitcoin is well received, most likely in a few years later bitcoin will become a legal tender globally, you can do whatever you want and can plan from now on what you will do, you can collect as many bitcoins as you can also accept bitcoin payments in your shop, but I personally don't think that way at all, because in my country the people's mindset has not been upgraded, just investing in stocks is said to be gambling let alone bitcoin, even to currently bitcoin transactions in my country are very small, only one percent of world transactions.If it happens that Bitcoin becomes legal tender globally, I will pursue the dream and also create a business network that will accept Bitcoin as payment.
About how people feel towards Bitcoin in your area, every investment is gambling no matter how good it may look.
But in fact, current bitcoin users tend to buy bitcoin because of their interest in investing [short term or long term]. I don't entirely blame his passion, but basically bitcoin was created as better currency than fiat.
I'm investing more in bitcoin than adopting it as a means of payment, but it's always possible for me to spend some of it to pay for something online even if I have to make cross-border transactions. It's obviously possible for anyone, but the two principles you're talking about are what I agree with.
I don't see any problem with their interest, but they just need to know that bitcoin is not only used as an investment asset, but also a currency and legal tender in several countries. I also admit that many people are not bitcoin adopters as a means of payment, but they are traders and investors who use bitcoin to make profit.I'm investing more in bitcoin than adopting it as a means of payment, but it's always possible for me to spend some of it to pay for something online even if I have to make cross-border transactions. It's obviously possible for anyone, but the two principles you're talking about are what I agree with.
But before, I think you need to correct your quote to make it correct, _BlackStar.
Well first thing first, walk up to any store to buy cold drink with my btc wallet to confirm it to be true, 
because as a global legal tender I expect every local stores to receive the announcement and immediately start accepting btc for transactions.
What will follow is accepting btc in my business or perhaps request to get paid with btc in my place of work (that will be cool) and just enjoy having btc as a legal tender.
because as a global legal tender I expect every local stores to receive the announcement and immediately start accepting btc for transactions.What will follow is accepting btc in my business or perhaps request to get paid with btc in my place of work (that will be cool) and just enjoy having btc as a legal tender.
We all will agree that most countries around the world have had a misconception about bitcoin which has lowered the rate of Bitcoin adoption globally, various countries with their own mode of Bitcoin view the authoritarian states like china will have a total ban on Bitcoin even though it is an impossible thing since bitcoin is decentralized uncontrollable and independent.
Even with all this, Bitcoin has continued to consistently thrive to pursue its true mandate and even though a few numbers of Bitcoin adopters and bitcoin have been perceived as illegal, and public display of Bitcoin can be prosecuted through states laws that ban Bitcoin authoritatively e.g china and other countries in Africa and other part of the world that have one or two regulations.
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.
Yes..some countries even call it bad money or scammers idea. I don't believe that china is authoritatively ban bitcoin, I am sensing something that china is play a game of disguise. A friend of mind was discussing with me when I visited him in the city, he said, China is among the creation of bitcoin and here people are saying that china bans bitcoin, yes it is possible that they ban it but they are using it to create anonymity. Nobody can stop bitcoin because they didn't control the coin but the coin is control by the owner of the wallet. Even with all this, Bitcoin has continued to consistently thrive to pursue its true mandate and even though a few numbers of Bitcoin adopters and bitcoin have been perceived as illegal, and public display of Bitcoin can be prosecuted through states laws that ban Bitcoin authoritatively e.g china and other countries in Africa and other part of the world that have one or two regulations.
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.
Bitcoin is already global accepted but not global used (global legal tender), it is when legal tender globally then the use of bitcoin will be interesting. Even without globally accepted you can still have your mining farm. This is the best time.
The first thing you should do is purchase a bitcoin, as you will need it to spend on items that fiat currency cannot purchase on that time. Though I can't really think what I will do at that time, I was thinking what will happen to the price at that time; is it going to stabilize? or drops or increases its price. However, if this becomes legal tender, many people will mine it in the same way that we mine gold and other valuable gems in our world. You will know for certain that time that it will be cashless transactions and you will not see any paper money or coins because we are all using bitcoin.
There are actually two principles for someone who buys bitcoin: First, bitcoin as an investment/trade and second, bitcoin as a means of payment. These two users have different mindsets about what bitcoin are for and how they spend them. If you're using bitcoin just to pay for something, then you probably won't even think about why you should be holding it.
But in fact, current bitcoin users tend to buy bitcoin because of their interest in investing [short term or long term]. I don't entirely blame his passion, but basically bitcoin was created as better currency than fiat.I'm investing more in bitcoin than adopting it as a means of payment, but it's always possible for me to spend some of it to pay for something online even if I have to make cross-border transactions. It's obviously possible for anyone, but the two principles you're talking about are what I agree with.
If (when) Bitcoin becomes legal tender in my country, I will designate a wallet for daily expenses which won't have much in it but will be convenient to use on a phone, and I'll go to a grocery store to buy my basic set of food for a couple of days with this money. To me, that would be a ritual to feel the difference. I don't see it in a business-oriented way like the op does. I would just be happy that we're at that point, even if it's not global but gets more widespread than it currently is. I don't believe that Bitcoin will be as widespread as the Internet, though. Especially if we consider how much time people spend online and time they can spend with Bitcoin. However, I do think we'll see more countries allowing it as a form of payment.
No need to wait for bitcoin to become legal tender, as long as my country accepts bitcoin, I will immediately make bitcoin a means of payment for my business. I will have a preferential policy for customers if they use bitcoin to pay at my business. I really look forward to this in my country.
Big money gets saved and will be in the pocket of common man. Banks make good money through the transactions support and they have control over the users money.
Once everything gets legal I'll have a banking system to support the people who find it hard to invest and buy cryptocurrencies. Simply this will serve as the bitcoin bank, however it is not good. But I prefer doing it to help people who are not good with technology.
Once everything gets legal I'll have a banking system to support the people who find it hard to invest and buy cryptocurrencies. Simply this will serve as the bitcoin bank, however it is not good. But I prefer doing it to help people who are not good with technology.
Hope there will be enough apps and hardware devices for even not so involved people will have an opportunity to do their finances without any banks. Bitcoin was made to not to have need in a third party like bank. Hand on heart bank system is easier and cozier than bitcoin, but bitcoin gives you an opportunity to control your own money. Banks are for old fiat system, crypto should work without third parties.
if bitcoin is accepted like the internet, it will be a special happiness for me, and will be a breath of fresh air for bitcoin investors.
and if bitcoin is legal all over the world, maybe I will invite my friends or relatives to join in bitcoin investment, because now bitcoin in my country is still not very open, so I better not teach bitcoin to anyone except my family.
Telling more people around you about Bitcoin for me is not too important because they still don't necessarily want to listen to it and accept it like they accept fiat money. But telling Bitcoin stuff to my own family I think is the right thing to do because whatever we are facing in this world is definitely the first group that will see us is the family so it's not wrong if you tell Bitcoin to your own family before telling things it to someone else. and if bitcoin is legal all over the world, maybe I will invite my friends or relatives to join in bitcoin investment, because now bitcoin in my country is still not very open, so I better not teach bitcoin to anyone except my family.
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