Topic: How far bitcoin can progress in the financial world without legal acceptance - page 5. (Read 781 times)

bitcoin will continue to look monotonous, with the same system and with the same investment value. the price will drop when demands decrease, and increase when demands rise. without recognition from the law, bitcoin will be difficult to go further due to regulatory issues.

If there is no active involvement of government in such matters, either positive or negative, bitcoin and other cryptocurrencies will likely reach a level of saturation after a while where it will be staying for many years to come. It will take its niche as a specific means of payment and investment or speculation vehicle, mostly in the Internet, but it won't be able to undermine fiat as an established currency, the one which is actively used for payment everywhere. There will be a certain sphere of application, a crypto economy of sorts, with borders, but it will be limited.

I think this is the most realistic scenario.

I think that now there is a process of accepting bitcoin and it is good. Without the legalization of bitcoin, the whole industry becomes in the shadows and people are afraid to invest.

Although the bitcoin is currently not universally legal, in some countries, It's legal. And in some countries where it's not "legal", it's equally not constitutionally "illegal". This means in such countries, the government would usually tell her citizens to deal with cautions as the government won't be held accountable for any losses from bitcoin investment.
For example in my own country, although the government doesn't officially recognize bitcoin, they are not against it. So the various companies that deal with bitcoin do pay tax to my government. My Central Bank Governor made it clear that "they won't be responsible for any wrong/losses in the bitcoin investment". It simply means you can't file any claim against the government or the government won't give out a bailout as regards financial losses from the bitcoin. Although these Central bank men secretly deal in the bitcoin. You may want to call this "hypocrisy".

Now, many persons have seen how valuable the bitcoin is as a store of value as compared with the walking dead called "fiat". So as these people continue to invest and grow in their community through knowledge sharing, they become a voice that can't be ignored as such, the government will be left with no option than to make legislation legalizing the bitcoin so as to attracting bigger institutions into it.

After thorough thinking, I'm forced to ask where was SEC when Bitcoin has consistently been growing from 2008 until 2017 where it hits 20,000$? Surely we all know this is www achieved without SEC. So I strongly feel with(out) regulations,Bitcoin will surely pull through.

The extent of growth is not going to be easy yo establish at this time but one thing is sure that the growth will be limited to mainstream acceptance because of the lacking of approval from government. However the growth would not be significantly stunted in that it would still be growing at an incremental rate for two reasons

1. The blockchain which is the back bone of bitcoin itself. This technology which is being developed to be applied to business operations would continue to provide unending solutions to problems. There is no way we talk about blockchain, and bitcoin would be irrelevant.

2. There would always be quasi approval and that would make the growth a constant thing. Of course regulations would be rolled out to ensure actors in the market are playing according to the rules and investors fund is secure, it does not mean its legalised as a legal tender.

If the government remains neutral without disturbing it citizens for using bitcoin it will go far. We are not sleeping again waiting for government to salvage us, we wait to take our destiny by our hands.

There are now very few countries that not declaring Bitcoin legal but not ban so i guess the time of free Bitcoin is very limited now. Most of these countries are now regulating and accepting Bitcoin already specially if the certain country was benefited well of the existence of Bitcoin. So i guess by next 2 to 3 years there is no more neutral government for Bitcoin but mostly they legalize it.

Yes I agree on that, I believe that bitcoin can help everyone on the financial aspect and many more in the near future will be surprising. There are countries that support and do not support bitcoin so I think it depends upon the country on how rand when they make a suport on it because it is really decentralized ad it doesn't need a country or maybe government to rise.

as long as possible because we can see, bitcoin is acting without legal acceptance and it already did a good job to maintain its development. I think bitcoin still can progress more in the financial world

Do you think there is a boundary line that is drawn by governments for any commodity that haven't gone through under regulations and owns the legit label

bitcoin may not be a legal "currency" in most of the  world but it is legal "something else". for example in US it is a legal commodity. as long as it is not illegal the growth will easily happen because it doesn't matter much what the government calls bitcoin. in the end bitcoin i still the same currency and continues to be adopted. that is the point of a decentralized currency anyways.

We all know at the moment bitcoin is not a legal currency in the world and it has many political barriers but still it continues to grow for years among general public and the business world so my concern is how far it can go or how far governments and other significant organizations will allow bitcoin to continue its journey without being accepted as a legit currency?

You can State what do you think because your bitcoin investment depends on that