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.
Topic: General use of bitcoin as a legal currency - page 9. (Read 16778 times)
I've heard many of my companions say the bitcoin is the greatest invention in the decade..
Yes, there is no doubt about that.But I wonder why every country don't accept this as a legal currency in their general transactions?
It is quite simple, government don't have any control on the bitcoins and it is a biggest threat for the fiat currency backed by the governments. Regulations are really required in order to consider the bitcoins as a legal tender, which seems quite difficult at the moment.
No country has taken bitcoin as a legal currency for general transactions because of the complications that go along with it. It cannot be adopted yet in that way because it is still too volatile and for now, the transaction fees are too high. Imagine if you were at your local grocery store and upon paying your bill, you would have to pay almost half of your total bill just to process your transaction and on top of that, it takes hours to confirm. Also, since bitcoin is very volatile and its possible that upon paying, the price would change. It would still be a hassle to use.
Yeah I meant Every country don't take it as a legal currency to do their general transactions.. 
I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country accept this as a legal currency in their general transactions?
I'm sure a "Don't" is missing in your statement. The main question is that "why every country don't accept this as a legal currency". To understand that, you need to first understand the basic idea of crypto currency. Cryptos are based on the idea of de-centralization which is strictly against the rules of centralization. All governments on the earth function on the idea of centralization. They have a central bank which regulated their economy and circulates the money to the people through all scheduled banks. Cryptos are not centralized and don't have a central authority to regulate of circulate bitcoins among the people. That's the main contradiction here.
No government will want their economy to be mixed with any de-centralized monetary system. Only few progressive governments like Japan and USA is seriously thinking about it and trying to bring in a framework for the crypto users in their country. Rest all are skeptical about it and trying to guess the depth of the water.
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.
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.
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?
Jump to: