First thing i will do if Bitcoin become legal tender globally - page 7.

BitcoinPanther

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Quote from: Ojima-ojo on January 21, 2023, 11:35:31 AM

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

As much as I would love to open a mining farm, my country electricity charges is too high to profit from the said activity. I guess I will continue what I have been doing with my BTC and that is using it to pay for services or products online. I am too lazy to setup stores that accept Bitcoin because I don't have interest in establishing them and it needs a lot of work to maintain the service. So yeah, I will be just another Bitcoin user.

sbrys

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Probably opening a bank that stores BTC for customers

Also start lending some that I don’t have to create virtual extra BTC and ask to repay more. If it fails I will ask government to bail me out 😊

If all goes south Somebody will create a new system

klidex

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Quote from: Ojima-ojo on January 21, 2023, 11:35:31 AM

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 can be legalized as a legal means of payment globally then I prefer payment using fiat currency and will keep Bitcoin until it really reaches a very high price because with Bitcoin being used globally automatically many people adopt it and make its supply exhausted so that it becomes rare and has a high selling value.
But it seems like it will take a very long time for Bitcoin to be accepted legally globally considering that there are several countries that are still anti and prohibit crypto users in any form. However, I am sure that one day Bitcoin will be accepted in various places and countries.

franky1

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Quote from: tranthidung on January 21, 2023, 11:46:13 AM

Quote from: Ojima-ojo on January 21, 2023, 11:35:31 AM

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

Globally accepted is different than globally legal tender.

Globally legal tender means if someone uses bitcoin to buy your goods at your store, you are not allowed to reject.
Globally accepted means you are free to accept or reject bitcoin as a payment method at your store.

Think more deeply, globally accepted does not mean it will be accepted every where on Earth, at all nations and all locations. Like the US. dollar which is a global currency but maybe you won't be able to use it at every location globally.

correct

to refine your point

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

yep bitcoin 2009-2014 was defined as private property. much like for instance pokemon cards that could be swapped without hassle from government intervention.
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.

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

Rruchi man

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Quote from: Ojima-ojo on January 21, 2023, 11:35:31 AM

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

First thing is that I will be excited about it definitely, and then plan to increase the amount of bitcoins I have.

With the acceptance, there will be lots of persons who will be seeking for how to learn more about bitcoins, I will try to fill in that gap by providing free lectures and seminars around me where people can learn the basics and also basic safety practices with the bitcoins they have. I understand scammers can take advantage of those seeking to learn about bitcoins and buy bitcoins, so the free lectures and seminars can help in reducing the number of victims.

This is another action that can be adopted by other forum members when bitcoins become globally accepted.

Ojima-ojo

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Quote from: tranthidung on January 21, 2023, 11:46:13 AM

Quote from: Ojima-ojo on January 21, 2023, 11:35:31 AM

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

Globally accepted is different than globally legal tender.

Globally legal tender means if someone uses bitcoin to buy your goods at your store, you are not allowed to reject it.
Globally accepted means you are free to accept or reject bitcoin as a payment method at your store.

There is indeed a difference between legal tender and globally accepted, I may have used the two phrases misconceptionally but now I know since you pointed t my attention that and you also made a vivid explanation of both phrases.

Globally adopted then will lead to a more wider discussion so I will edit the part and replace it with the right phrase since legal tender is more or less limited in scope since it only refers to just a country e.g El Salvador made bitcoin a legal tender sometimes in 2021

uneng

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I will continue doing what I already do at this moment. Probably just would increase the frequency I use BTC as currency for payments, but in general not too much would change, because Bitcoin represents a main role in my financial life nowadays, even though we don't have BTC accepted as legal tender in my country.

Quote from: Ojima-ojo on January 21, 2023, 11:35:31 AM

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.

Well, there are many public mining farms on the internet, where people use their CPU/GPU power to earn fractions of satoshis. That is not profitable at all...

I suggest you focusing on the call center which will allow people clearing their doubts out and acquiring knowledge about the best crypto and financial practices. Mining farm is a risky investment and many people willing to do this have already lost money, due to the costs of the mining operation being superior to the income made mining cryptocurrencies, so be careful.

jokers10

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Mostly nothing: I guess there will be lots of steps previously, so I will do all I want much earlier then it becomes a global currency. Now already I spend fiat money first if I have enough on everyday purposes (and it could be one of effects of adoption). I'm sure I could spend bitcoin directly in most cases years before it will be globally adopted as different stores are starting accepting it all the time. So I have no exact plans on that day.

bittraffic

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Quote from: dimonstration on January 21, 2023, 12:03:45 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.

A lot of businesses will also be accepting BTC, it's a race to accumulate BTC locally and not through trading which is really at the adoption level with LN makes tx fees close to nothing.

I might also provide services accepting BTC, I have plans to do it a long time ago but none in my neighborhood knows BTC either. But if all things come and people in my area learn to use BTC, I will definitely start selling aquarium fish with BTC.

dimonstration

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Dimon69

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.

tranthidung

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Quote from: Ojima-ojo on January 21, 2023, 11:35:31 AM

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

Globally accepted is different than globally legal tender.

Globally legal tender means if someone uses bitcoin to buy your goods at your store, you are not allowed to reject.
Globally accepted means you are free to accept or reject bitcoin as a payment method at your store.

Think more deeply, globally accepted does not mean it will be accepted every where on Earth, at all nations and all locations. Like the US. dollar which is a global currency but maybe you won't be able to use it at every location globally.

Ojima-ojo

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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.

Topic: First thing i will do if Bitcoin become legal tender globally - page 7. (Read 1269 times)