General use of bitcoin as a legal currency - page 4.

Zohina

newbie

Activity: 81

Merit: 0

Quote from: cynical on February 12, 2018, 02:56:56 AM

Im sure you mean, why countries DONT accept bitcoin in transactions?
because at the moment only a handful of countries have recognised it as a form of payment,
but not to replace any fiat currency.

I can understand some peoples thinking that if and when bitcoin is regulated by countries maybe there is a chance it woild be accepted as legal tender but i cannot see it happening.
Countries will simply create their own regulated crypto.

very true, there are still many countries that have not approved bitcoin as a legitimate payment instrument in their country, first bitcoin cannot be regulated and supervised by any party, so for countries with very high crime rates it is very potential for money laundering, the second reason to keep the eye the country's own money, the three financial systems of the country have not supported and have not been well integrated.

Luke101

newbie

Activity: 28

Merit: 0

They said it was not illegal either, that's why for now only people who are into Bitcoin can accept.abitcoin from people because it is the same with mutual understanding.

KorakPawon

member

Activity: 350

Merit: 11

I think this does not mean it has not received yet everything needs to process and should be a lot of consideration, if talking into this currency may be very difficult because all countries already have their own currency, but in this world nothing is impossible.

erikjoy

newbie

Activity: 22

Merit: 0

Quote from: ?? on ??

Since Bitcoin is a digital currency and highly volatile i.e. it's real value changes so fast that if we're paying it as general transaction it would change in value in no time hence governments are still watching and thinking of the future of Crypto as a legal currency. And as some countries have legalized Bitcoin as a mode of regular transactions Bitcoin will soon become a legal tender in India and other countries.

I don't know, I think that the volatility would be reason not to use it as a currency for daily payments and such. It's too hard to measure the value of something if it keeps changing like this. Standard fiat currencies are lucky to see 2% a day, while these cryptos see 20% or more. It's hard to pay for your groceries accurately if the value of your money moves so much.

And India is moving in the opposite direction these days I thought. They're trying to ban the banks from using crypto because they're afraid it'll escape taxation. India has been quite strict on its people about tax obligations, and bitcoin is one more way that they are tightening the screws.

ranman09

full member

Activity: 756

Merit: 112

Quote from: phdilanuom on February 11, 2018, 11:25:04 PM

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

I think because simply because they can't handle it for every people in their county to benifit. Yeah, I'm talking about taxes.

glorybtc

member

Activity: 165

Merit: 10

bitcoin isn't accepted on many countries because every country has its own central bank that has authority to set the currency used and the laws of many countries usually require their citizens to use the domestic currency for transactions

deppil

hero member

Activity: 1008

Merit: 501

Quote from: KorakPawon on July 27, 2018, 09:03:36 AM

Quote from: phdilanuom on February 12, 2018, 11:31:09 PM

Yeah I meant Every country don't take it as a legal currency to do their general transactions..

maybe everything needs a process and maybe the process for the state to be biting into the currency is not an easy thing, since most countries already have their own currencies, so I think that's quite difficult and may know when it can happen, but we pray that all countries can see the rapid development of bitcoin.

Yeah of course it all takes a very long process. the government will not easily accept bitcoin as a legal means of payment.
see they have a valid local currency as well. maybe a few years to come they will change his point of view? or not at all

KorakPawon

member

Activity: 350

Merit: 11

Quote from: phdilanuom on February 12, 2018, 11:31:09 PM

Yeah I meant Every country don't take it as a legal currency to do their general transactions..

maybe everything needs a process and maybe the process for the state to be biting into the currency is not an easy thing, since most countries already have their own currencies, so I think that's quite difficult and may know when it can happen, but we pray that all countries can see the rapid development of bitcoin.

erikjoy

newbie

Activity: 22

Merit: 0

Quote from: Zohina on July 24, 2018, 08:29:11 PM

Quote from: phdilanuom on February 11, 2018, 11:25:04 PM

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

I think countries that still reject the use of bitcoin because the country's technology is inadequate, and the possibility of the country's financial management system has not been integrated with one another, and bitcoin is feared as a place for money laundering, most of which are corruptors in the country. but that does not apply to countries whose financial systems are very modern and technology from that country is already very advanced, surely the country accepts crypto currencies, especially bitcoin, for example Japan, America and other developed countries.

Yeah true enough. There's still quite a way to go until it will be adequate to be a part of daily commerce. It has some use in limited transactions, like for services, but it cannot be used to the extent that visa can where millions of people are making trasactions around the world at any moment in time.

The doom and fear also has a big part to play as well as mainstream media tends to portray it as a cash vehicle for money launderers, weapons salesmen, drug dealers, rapists... blah blah blah. They like to paint it black any way they can because it's unconventional and it threatens the current power system.

Andrew S

newbie

Activity: 112

Merit: 0

Quote from: phdilanuom on February 11, 2018, 11:25:04 PM

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

All because many countries are afraid to take bitcoin in their home. And bitcoin needs to be regulated, but other countries agree on this.

mornabo

hero member

Activity: 1148

Merit: 504

Quote from: Kronos21 on June 15, 2018, 07:37:06 AM

Quote from: Sakura0990 on June 14, 2018, 11:11:30 AM

Quote from: phdilanuom on February 11, 2018, 11:25:04 PM

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

I think the government has no control over digital money, so there will be barriers.

Why do you think that the government does not have the ability to control users of cryptocurrencies? All cryptocurrency exchanges require users to submit the same set of documents that are required to open a Bank account. I am confident that this data will be made available to the government on demand. Cryptocurrencies are anonymous only until the user has used the exchange for Fiat.

Thats right, I think the government can take advantage of it to control the users, you know many exchanges that ask for verification of data like id cards even photo owners to get good facilities in exchange, of course the government can exploit it and bitcoin can be legalized

Vektrum

member

Activity: 420

Merit: 14

Quote from: phdilanuom on February 11, 2018, 11:25:04 PM

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

Crypto currency as an invention in the financial sector of the economy is more interesting for ordinary people. Decentralized types of crypto-currency for state structures and, in general, the state as a whole, it does not matter much. Moreover, decentralized crypto currency is simply not profitable for the state, since it does not allow monitoring the movement of cash flows in the crypto currency. In addition, decentralized crypto currency has such a large volatility that it is even problematic to use as a kind of money. It can only be used along with national paper money.

Zohina

newbie

Activity: 81

Merit: 0

Quote from: phdilanuom on February 11, 2018, 11:25:04 PM

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

I think countries that still reject the use of bitcoin because the country's technology is inadequate, and the possibility of the country's financial management system has not been integrated with one another, and bitcoin is feared as a place for money laundering, most of which are corruptors in the country. but that does not apply to countries whose financial systems are very modern and technology from that country is already very advanced, surely the country accepts crypto currencies, especially bitcoin, for example Japan, America and other developed countries.

marseille

hero member

Activity: 938

Merit: 500

Quote from: mrcash02 on February 13, 2018, 10:36:18 AM

Take in consideration Bitcoin and its technology are something relatively new in the world and governments don't act without thinking a lot about the consequences first. For people of this forum, Bitcoin is already a well known currency, but for people out of this forum and probably out of internet, Bitcoin is unknown and many governments only discovered about it on the last year or so...

They are studying the best way to adopt Bitcoin and/or its technology. As was said here, they want a currency they can control and it's hard to control Bitcoin, so they must think about it: "Legalize Bitcoin or not? What are the another options do we have?"

By the end of this year we will have many news about this subject in the media.

not all countries can accept bitcoin, and general payments that use bitcoin as a means of transactions occur only in some countries that are legalized bitcoin, ranging from stores to properties, but unlike countries that have not legalized bitcoin, they can only make bitcoin as an investment asset them and melt income on the trade.

Amanda Green

newbie

Activity: 28

Merit: 0

It is a good asset right now, but, everything could happen. Therefore, the smartest way to invest in digital assets is to build a well-diversified portfolio based on your risk preference and investment goals. Such a portfolio would likely include a substantial holding in bitcoin and small exposure to promising tokens. I found a really good Token Sale - Socratus. It is a digital platform for insurance companies. So any insurance company can connect the platform to become the part of Insurance Digital Ecosystem. They are aiming to create a win-win insurance whereby you get instant claim payment, fair and transparent dealing and friendly prices. I think this is really cool and it seems like an innovative and demanded project.

Tigorss

member

Activity: 308

Merit: 10

Quote from: phdilanuom on February 11, 2018, 11:25:04 PM

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

there are some countries that legalize bitcoin and some countries that do not legalize bitcoin, This happens because each country has a different policy. The nature and habits of different country people. Why Japan is allowed because policymakers see the conditions of each country, no speculation and terrorism, and why there is a country that does not allow bitcoins to enter because of some country deficiencies that can be exploited for bad people and that will only cause problems for the country.

Dendamma

newbie

Activity: 7

Merit: 0

The whole idea behind bitcoin is rather young, and since it is revolutionary, it takes time to spread. Also, cryptocurrencies are governed by people, not institutions, and this is why some countries are doubtful.

pabpete

sr. member

Activity: 539

Merit: 255

Quote from: phdilanuom on February 11, 2018, 11:25:04 PM

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

Cause nowadays still lots of goverments/ people/ countries don't know and couldn't understand how crypto is working and how they could improve their economy thanks to that, just wait some years and they will find out possitive aspects and make crypto legal and more usefull in their countries.

USDOLLAR

newbie

Activity: 98

Merit: 0

Use of Bitcoin as a legal currency if it is possible then it will be a revolution. If we want to make an effective approach to maintain the system in our country so we need regulations first. In my views, if the government can take a more liberal approach to regulate this then why not it is possible? The government would always be the first to go against anything either set of rules and regulations or control the systems which are going to adopt.

Bitknick

jr. member

Activity: 406

Merit: 1

For countries to start transactions in bitcoin, an appropriate legal document is needed in each country!

Topic: General use of bitcoin as a legal currency - page 4. (Read 16840 times)