Topic: General use of bitcoin as a legal currency - page 7. (Read 16840 times)
The discussion around general use is not something that should be talked about at the moment because at this time, its about acceptance and acknowledgment which is something being battled with in almost every climes of the society where they have access to the internet. It is when this has been settled, before we then move on to the point of whether it will be use for general purpose or not.
The exchange rate of bitcoin can rise from 23 million to 184 million in one hour only and of course also can fall back also within one hour. This phenomenon can certainly make a person become rich and poor only in a very short time. Instability of bitcoin exchange rate is what makes some countries forbid the use of bitcoin as a digital currency in transactions in those countries.
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?
Not anymore because Japan, France and Germany are now using the fullest potential of Bitcoin as a currency in their country like Japan in which Bitcoin now can be an option for their workers as form of salary payment, In France and German the Bitcoin can be use anywhere with free of tax so therefore their citizens can now enjoy to join the investments and use it as currency with tax exemption.
At the state level, the overall use of bitcoin as a currency is not possible due to its high volatility. It is impossible to overcome it yet, and the absence of a stable price will prevent the use of bitcoin in trade transactions.
At the same time, citizens can use bitcoin as a single currency among themselves. However, in practice this is also unlikely to happen, since now there are a lot of different types of crypto currency, which are much better for this than bitcoin.
At the same time, citizens can use bitcoin as a single currency among themselves. However, in practice this is also unlikely to happen, since now there are a lot of different types of crypto currency, which are much better for this than bitcoin.
I think for now bitcoin discussion about to legal or not is a main topic in any country in the world because bitcoin is powerful and they know the bitcoin could do that in there country.
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?
After the launch of the digital currency was found several problems from start Not Stable, very risky lost or stolen, Bad Investments and many others so that some countries rethink to receive the digital currency is feared will harm the country.
Its depend on the country where you are using Bitcoin for general use because some countries are not allowing/accepting Bitcoin as a legal crunncy.
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 It is not easy for some governments to accept a currency that they can't control or effectively regulate. Several countries like Japan has already allowed bitcoin as legal currency but it still some impose regulations to prevent or monitor the unlawful use of the cryptocurrency. Bitcoin is used mostly in online transactions and and in remittances in some countries.
Many companies are accepting bitcoins, many are not we can take the exemple of one off biggest shopping website in the world .
Although bitcoin, as one of the types of crypto currency, is a new and convenient technological solution for financial settlements between individuals and legal entities, it poses a rather serious danger for any state, since it can not control the movement of money both inside the country and especially beyond it. In addition, due to the large volatility of bitcoin, it is very difficult to enter into transactions in it and conduct calculations that require a long period of time. but sometimes it is impossible. Therefore, bitcoin, I think, can only go along with the usual fiat money.
This should not be an argument, for me it is better to use bitcoin the way it is used as of today, just imagine if the bitcoin has been use as a legal currency then the tendency is that it will not increase in value unlike what is happening today where in the value depends entirely on the law of supply and demand.
Although bitcoin, as one of the types of crypto currency, is a new and convenient technological solution for financial settlements between individuals and legal entities, it poses a rather serious danger for any state, since it can not control the movement of money both inside the country and especially beyond it. In addition, due to the large volatility of bitcoin, it is very difficult to enter into transactions in it and conduct calculations that require a long period of time. but sometimes it is impossible. Therefore, bitcoin, I think, can only go along with the usual fiat money.
I think bitcoin has its real value. This moment is still the beginning of it. Over time it will be improved to be used as a legal and widely accepted payment method
Undoubtedly Bitcoin is the greatest invention of the decade. And our bitcoin community has benefitted alot from this trendsetter digital currency.
When it comes to the governments legalizing and adopting Bitcoin as their legal tender, the process seem quite slow. This is due to many reasons:
● Bitcoin is a decentralized and an open source platform where nobody can really control its flow. So governments definetly feel reluctant to take up such a thing.
● Bitcoin is subject to uncertainties and fluctuations. Acceptance of this currency as a means of general medium of exchange might lead to certain other problems that governments might not want to entertain.
● Another thing that I hear is about the high transaction fees associated with Bitcoin. This is a key drawback which the community also feels might hamper the Bitcoin's acceptance on national levels.
When it comes to the governments legalizing and adopting Bitcoin as their legal tender, the process seem quite slow. This is due to many reasons:
● Bitcoin is a decentralized and an open source platform where nobody can really control its flow. So governments definetly feel reluctant to take up such a thing.
● Bitcoin is subject to uncertainties and fluctuations. Acceptance of this currency as a means of general medium of exchange might lead to certain other problems that governments might not want to entertain.
● Another thing that I hear is about the high transaction fees associated with Bitcoin. This is a key drawback which the community also feels might hamper the Bitcoin's acceptance on national levels.
You may be mistaken, your government decide to not legalize bitcoin because they want all people safe from bad things that can happen because of bitcoin usage ( money laundry , terrorism funding , etc )
That doesn't make much sense at all. Whether governments legalize Bitcoin or not, in no shape or form will it stop people from abusing Bitcoin for their own shady practices. Governments only use terrorism funding and money laundering as a lame excuse. If they really cared about that, they should do something about cash money as well, because that's the main root of evil.
Bitcoin doesn't provide any anonymity at all, which is why criminals no longer strictly use Bitcoin, but more and more revert to coins like Monero. I find people using Bitcoin for shady practices even dumb with that in mind.
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?
In Japan, bitcoin is recognized as a legal tender and some well known Japanese businessmen started accepting bitcoin payment and a business owner even suggested that he might pay part of his employes' salary in bitcoin if they wish. Japan is already known to have use bitcoin for their general use of while other countries are still looking for some ways on how to legalized the use of cryptocurrencies in their area. Many governments don't really like the idea of allowing a decentralized currency in their economy because they have no control on it. The only way to allow such kind of decentralized currencies is by imposing a regulation so they can monitor and control the flow of the cryptomoney.
I think they are frightened by its cost, they are simply afraid of change, and of course they do not want everyone to become rich, nobody will manage!
You may be mistaken, your government decide to not legalize bitcoin because they want all people safe from bad things that can happen because of bitcoin usage ( money laundry , terrorism funding , etc )
It's reasonable and most country also thing about this but for who had legalize bitcoin, they think that their civilian are not easily being attract for bad things that bitcoin cause
But why do they need such strict restrictions/bans when investigate authorities can investigate criminal activities by cryptocurrencies? there are a lot of examples and hundreds of cyber criminals which are arrested because of money laundry,etc...So I just want to say that if goverment can use more liberal approach to regulate this why not? We all know that its not absolute anonymous and anonymity can be revoked if appropriate structures need it..But If goverment(national/federal bank) has no special resources to control 'doubtful' transactions by monitoring service of course in this situation it will good to not legalize.
I think they are frightened by its cost, they are simply afraid of change, and of course they do not want everyone to become rich, nobody will manage!
You may be mistaken, your government decide to not legalize bitcoin because they want all people safe from bad things that can happen because of bitcoin usage ( money laundry , terrorism funding , etc )
It's reasonable and most country also thing about this but for who had legalize bitcoin, they think that their civilian are not easily being attract for bad things that bitcoin cause
Bitcoin is a new product in the technology world, so the government is still reviewing to regulate bitcoin. The volatile nature of the price and anynomous users that make it difficult for governments to monitor bitcoin transactions. Because the transaction process bitcoin can only be seen by the sender and the recipient only. In addition, every country has its own currency, so later when bitcoin is legitimately feared that people would prefer the bitcoin in the country's currency appeal. Maybe that is at least government consideration that prohibits bitcoin.
Invention? I think it's not an invention.. but something that's created and well developed, it also gets a lot of supports from many people as well as the interest of many people.
It's just not all that bitcoin.. is really well responded to overall from each countries, there are still many negative things that can be done in terms of excess bitcoin as well the government hasn't been able to really decide due of many considerations about related with the country's economy.
It's just not all that bitcoin.. is really well responded to overall from each countries, there are still many negative things that can be done in terms of excess bitcoin as well the government hasn't been able to really decide due of many considerations about related with the country's economy.
Governments are afraid of losing control of citizens ' incomes. This is the main reason.
This is the brief answer for the OP's question.
They're trying to control cryptocurrency but it seems like they really can't. Cryptocurrency are almost new in the market so I think this is the reason why government can't tell its people to use also because of the risk. We need more time, let's not rush things because this kind of technology will have a big impact on one economy so I think this is a huge issue for the government.
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