First thing i will do if Bitcoin become legal tender globally - page 5.

gunhell16

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Quote from: dimonstration on January 21, 2023, 01:03:45 PM

I believe I will open my own business and accept Bitcoin as payment method since people will surely excited to use Bitcoin for their purchase. There will be a demand for business that accepts Bitcoin that time which is very good to earn more profits from the Bitcoin craze.

Also buying goods on our super market using Bitcoin as direct payment is cool. Imagine you are going on the wet market to buy fresh fish while local sellers accepts Bitcoin payment for small purchase. I just hope that transaction fee that time will be cheaper through the use of more developed lightning network because there will be a problem on huge fee if this kind of mass adoption really happened.

Why don't you try to start a business now and do what you say, dude, the other merchants in different countries are already doing what you say even if it's a small business in traditional business.

Even in El Salvador, what you say is already being done as legal tender currency in this country apart from the plan you say. And I also think that everyone's acceptance of bitcoin is different in my opinion.

Erumo

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Quote from: AmoreJaz on January 22, 2023, 03:46:03 PM

Quote from: Erumo on January 22, 2023, 03:25:19 PM

If Bitcoin becomes a legal tender globally, I think I and other wont do anything special. Why do you anyone think that this should be celebrated specially? OK, I agree that opening a bottle of champagne is acceptable. But going crazy spending? I think Bitcoin owner does not like much attention from authorities. I think people will continue live their normal life. They will simply be granted and access to sort of a "extra plastic card to make purchases". Most of users here already are familiar of how to turn crypto to fiat quick and save. So I expect nothing much from that globalization.

first and foremost, i believe such situation will only happen theoretically as i don't think many countries will give up their fiat. but fine, if btc will be a legal tender, then great! yes, you don't need to celebrate extravagantly, just do your things that you think you can take advantage of the situation. as the government will have hard time tracking their people about their btc's dealings, some will indeed use this to hide from paying taxes, who knows? so do you really think most governments will agree to this situation?

A lot of people awaits the moment when Bitcoin will be a legal tender in the States, Russia and China. Imho, its is not a big deal if small countries starts accepting Bitcoin legally. Take a look on Salvador. Is cryptocurrency community receiving huge benefits or feeling still very happy about Bitcoin there? People wait when three huge whales, on which world stands on, makes Bitcoin legal. Will States, Russia and China ever give up on their national currency? I guess we will never know. When this really happens, then people would really do a lot and crazy or memorable things. Till then, many will only celebrate it with only posts on the forums.

Obari

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I've been having similar thoughts on what I will really do if Bitcoin gets accepted globally but on the other hand, my country has been one of the countries that kicks against the use if Bitcoin and this only has been one of the major reasons while we have been suffering in the crypto Industry.
But answering your question, I was hoping on starting a physical exchange shop for my Bitcoin transactions if Bitcoin becomes a global legal tender and not just a global legal tender but if it atleast gets accepted in my local country.

Maestro75

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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?

Because bitcoin is digital money it can not be globally accepted as a legal tender. But it can be globally known or heard of. Countries already have their different legal tenders and some of them are going to see accepting bitcoin for replacement as a let down to their countries. The internet is globally accepted because it has no competition and people see how helpful it is.

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.

How is that going to be possible in a country without steady electricity supply or you do not know that setting up a bitcoin mining farm is largely dependent on that?

Marvell1

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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.

For now, bitcoin is still an investment asset for me, so if that happens, nothing will change, bitcoin is still my preferred choice in my portfolio. Additionally, once bitcoin becomes legal tender, meaning we can use bitcoin for payments anywhere in the world, I just like everyone else use it as a payment method. I never intended to open a Bitcoin mining farm like you, but I will definitely step up to invest in bitcoin because then it really becomes as safe as gold.

yazher

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I will just start to use bitcoins to pay for anything I buy in the market and in other stores to make it more regular and for the people to get used to it. It's a good idea anyway because I don't have to worry to bring a bag of cash just to go to the market and at the same time, I can pretend as if I am not bringing any money with me.

The least we can do if that's gonna happen is not use fiat anymore to fully support bitcoins or minimize on using fiat so that the banks will no longer have the authority to control our money and it's gonna e total freedom for us.

posi

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Quote from: KennyR on January 22, 2023, 07:25:14 PM

Quote from: crunck on January 22, 2023, 06:16:14 PM

The problem is bitcoin will never become a global legal tender, legal tender means bitcoin is considered an official currency, I don't think countries like US or china will do that. They are not stupid enough to let bitcoin kill their national currency, and I don't expect that to happen because then it's more likely that bitcoin will become stable.

Maybe that's true, when bitcoin is accepted all around the world surely this will tend to have the stable market. This is completely against the equation of the innovator. Even the users are much attracted by the volatile nature of the market. Countries want their control over the people's money and for the same they fear of the bitcoin and are into developing their own CBDC.

Honestly, if bitcoin is accepted all over the world and becomes stable, I would rather accept the present because if bitcoin is stable, it really isn't attractive anymore. Most of the 99% of us are here for the profit it brings, not because of the technology or the decentralization it gives us. People are putting profit first, and then it's technology.
But I wouldn't have to worry about that because bitcoin won't become legal tender worldwide, it's almost impossible. A power like the US will never let any currency replace the dominant position of the USD.

Sebas.tian

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Quote from: Ojima-ojo

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

I will start accepting Bitcoin as a payment in my business, which I know it will help me to improve in profits making and to have more customers around My business in the environment. Many people are afraid of moving money to some companies to purchase raw materials to process their products which it will be an opportunity for such people to use the opportunity to purchase any kind of raw materials and pay with Bitcoin since Bitcoin is fully legalized in the country. I think, I will achieve so much money from my business because many business men will not have idea on that particular system of accepting Bitcoin as a payment.

Gallar

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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.

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.

KennyR

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Quote from: crunck on January 22, 2023, 06:16:14 PM

The problem is bitcoin will never become a global legal tender, legal tender means bitcoin is considered an official currency, I don't think countries like US or china will do that. They are not stupid enough to let bitcoin kill their national currency, and I don't expect that to happen because then it's more likely that bitcoin will become stable.

Maybe that's true, when bitcoin is accepted all around the world surely this will tend to have the stable market. This is completely against the equation of the innovator. Even the users are much attracted by the volatile nature of the market. Countries want their control over the people's money and for the same they fear of the bitcoin and are into developing their own CBDC.

crunck

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crunck

The problem is bitcoin will never become a global legal tender, legal tender means bitcoin is considered an official currency, I don't think countries like US or china will do that. They are not stupid enough to let bitcoin kill their national currency, and I don't expect that to happen because then it's more likely that bitcoin will become stable.

fuguebtc

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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 after bitcoin is widely accepted around the world and bitcoin retains its volatility, then I don't think too much will change for me. I will continue to accumulate and invest in bitcoin and will probably use it to pay for a place that accepts bitcoin.
In my opinion, bitcoin adoption globally is going to happen soon, but I do not believe bitcoin adoption will become legal tender globally, that is just not going to happen, they are two completely different concepts.

Vaskiy

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Quote from: nullama on January 22, 2023, 05:44:18 PM

Probably would be easier to receive money from around the world delivering services through the web.

I mean, of course you can do that today with Bitcoin and credit cards, but with credit cards they take a big chunk, and not many in the world are using Bitcoin.

But if the entire world is using Bitcoin?, yeah, that would make it better to get money for services around the world. At least 3% or so better as there won't be any chargeback and commissions to banks.

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.

nullama

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Probably would be easier to receive money from around the world delivering services through the web.

I mean, of course you can do that today with Bitcoin and credit cards, but with credit cards they take a big chunk, and not many in the world are using Bitcoin.

But if the entire world is using Bitcoin?, yeah, that would make it better to get money for services around the world. At least 3% or so better as there won't be any chargeback and commissions to banks.

AmoreJaz

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Quote from: Erumo on January 22, 2023, 03:25:19 PM

If Bitcoin becomes a legal tender globally, I think I and other wont do anything special. Why do you anyone think that this should be celebrated specially? OK, I agree that opening a bottle of champagne is acceptable. But going crazy spending? I think Bitcoin owner does not like much attention from authorities. I think people will continue live their normal life. They will simply be granted and access to sort of a "extra plastic card to make purchases". Most of users here already are familiar of how to turn crypto to fiat quick and save. So I expect nothing much from that globalization.

first and foremost, i believe such situation will only happen theoretically as i don't think many countries will give up their fiat. but fine, if btc will be a legal tender, then great! yes, you don't need to celebrate extravagantly, just do your things that you think you can take advantage of the situation. as the government will have hard time tracking their people about their btc's dealings, some will indeed use this to hide from paying taxes, who knows? so do you really think most governments will agree to this situation?

imamusma

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Quote from: Ojima-ojo on January 22, 2023, 02:08:57 PM

Privacy is one of the thing that make me to love Bitcoin because even if bitcoin is globally accepted as a legal tender, we will still have some bitcoin holders who will prefer being anonymous to staying private.

Bitcoin is not anonymous, transactions can be tracked as all transactions are stored on the blockchain.
You can obscure transaction history only if you use a mixer or something, but bitcoin are not anonymous in basic. You need to read few things about how to protect your privacy with bitcoin even if your identity behind the address is unknown to anyone until disclosed.

You can read: Protect your privacy or here are some of the highlights.

Understanding Bitcoin traceability
Use new addresses to receive payments
Be careful with public spaces
Your IP address can be logged
Limitations of mixing services
Future improvements

Quote from: Ojima-ojo on January 22, 2023, 02:08:57 PM

Not wanting to spend your Bitcoin on everything day spending is the best decision to make, most especially at a time when we do frequent buying.

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.

Erumo

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If Bitcoin becomes a legal tender globally, I think I and other wont do anything special. Why do you anyone think that this should be celebrated specially? OK, I agree that opening a bottle of champagne is acceptable. But going crazy spending? I think Bitcoin owner does not like much attention from authorities. I think people will continue live their normal life. They will simply be granted and access to sort of a "extra plastic card to make purchases". Most of users here already are familiar of how to turn crypto to fiat quick and save. So I expect nothing much from that globalization.

Ojima-ojo

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Quote from: glendall on January 21, 2023, 07:09:10 PM

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?

no denying I will definitely be happy if that happens, but I will not make payments with bitcoin if making everyday purchases I will probably use / spend my bitcoins on certain products only, I prefer to keep my bitcoins secret and exchange to fiat if i need money

Privacy is one of the thing that make me to love Bitcoin because even if bitcoin is globally accepted as a legal tender, we will still have some bitcoin holders who will prefer being anonymous to staying private.

Not wanting to spend your Bitcoin on everything day spending is the best decision to make, most especially at a time when we do frequent buying.

To avoid fees and unnecessary conversion of funds, one needs to make provision for only emergency bitcoin spending aside from that USD and other fiat currencies are best suitable for such transactions.

Lucius

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

~snip~
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.

You are living in an illusion, because if that were to happen, all the countries of the world would recognize that Bitcoin is equal to their national currencies - do you think the US, the UK, or maybe Japan would ever make such a move? Every normal country protects its national currency because it guarantees the stability of the country and a strong economy.

As for your move in case a miracle happens, does the law now prevent you from opening a mining farm? Bitcoin is legal tender in only two countries, and as far as we can see, this does not create difficulties for any mining farm anywhere in the world. Besides, a mining farm is not an investment of a few hundred $ or maybe a few thousand $, so I think your real problem is financing, not whether Bitcoin will become legal tender globally.

dothebeats

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There really is not much I would like to do if bitcoin becomes globally accepted. Even now, you will see a lot of merchants and people willing to accept bitcoin in exchange for their goods or services. They are just few and far in between, so it will be a tough task to use your bitcoins in that regard. But, overall it'll just be the same even if we see a surge of merchants and governments open in accepting bitcoin the next day. You'll just have a lot of choices on where to spend your bitcoins, nothing more.

Topic: First thing i will do if Bitcoin become legal tender globally - page 5. (Read 1203 times)