Topic: How will you feel when your government make BTC legal? (Read 699 times)

will be proud and now may call all the friends who denies and did not pay attention as I lured them to invest in this market.

maybe by that time all of them will message me and approach me to teach them about this as legalization taking part and confidence will be on theirs.
hoping that this will come sooner because i wanted to circulate my crypto in paying bills.

I will feel happy because i will have a secure way to earn bitcoin.

As a citizen of this country, I can't wait to feel free. I will be proud, proud to say that the government has legalized Bitcoin. It will be proof that we, the people have said enough is enough with dealing in the dark web, where there is no accountability. To allow their citizens to engage in their own money without fear of being arrested by the state for doing so is a step forward for all Americans

As a legal currency, the price of bitcoin would be regulated. In addition, it could help the government to gain revenue. Finally, with the bitcoin boom, there would be a massive increase of jobs in the BTC sector.

I think it's a good thing because Bitcoin is the future of money. When you talk to people and they are in need of something, they might be afraid to give their information or try to sell their goods. But with the help of bitcoin, the transactions will be so quick that no one can steal their money

Well, I'll not feel much better if they do this because they will first make it centralized from all sides, then they will start charging highest taxes to this asset class and then you will either stop using it or pay them those hefty taxes to keep using it and be a part of crypto. Will you still feel 'great' if what you will pay will be more than what you earn from crypto?
Seeing the present situation, I can guarantee this that we are not earning enough to even satisfy our needs because the bear phase is not done yet and you know that bearish cycle runs longer and bullish phase is less likely to happen now after so many negative news coming in the market.

Where it's legal tender, that is in En Salvador and Central African Republic, there is no capital gain tax when you sell Bitcoin.

Also, some countries offer exemptions, I think it's in Austria or Germany that after 1 year you don't pay capital gains tax, and in Australia you have 50% discount after a year as well. And there are other examples of this.

It's really not a question of making it legal or not, but the regulations. Most countries in the world made it legal, there are only a few places that banned it, and I do not think that this discussion would benefit. However, if we are talking about the regulation differences between nations then we could actually arrive to a point.

For example, it is legal to buy and sell bitcoin in El Salvador and in UK at the same time, they both made it legal to buy and sell, basically trade. However, do you really think that it is actually the same thing? I feel like we are talking about something much bigger right now which is the fact that regulation differences make it go up or down.

From my perspective it would not be a moment of general joy having the govern accepting BTC as a legal tender. As always, there are pros and cons.

Pros: BTC adoption will soar in that country. This is undeniable fact, since all citizen will be able to use BTC for day to day expenses. From this, entire Bitcoin community will benefit, as a whole.

Cons: I am afraid that such measure will also imply more individuals using centralized exchanges. Since BTC will be accepted everywhere, people will need to obtain it somehow. One of the potential ways (and which is also a very dangerous one) is through centralized exchanges. And since only very few are educated enough about Bitcoin and the dangers associated with centralized exchanges and KYC, I believe that many will use these exchanges. As a consequence, these people will go through KYC process, will pass their personal data to exchanges and will face all risks associated with this process:

- risk to have their money held at exchanges, as they were not in possession of their private keys
- risk to lose their money, as many exchanges were hacked
- risk to lose their personal information, as many exchanges were hacked and hackers used customers' personal information or even sold it on dark web (which led to even more risks for these people, as you may never know when a criminal shows up at your door and robs you, after buying all your personal information for 1$ from dark web)
- risk to lose their money, as many exchanges simply froze their accounts
- risk to lose their money, as many banks froze their accounts, after finding out that money came from crypto transactions
- risk to lose they money and also their freedom, in case they did not obey to the new laws issued by the govern.

Well, I can start accepting crypto payments again in my business, which I had to stop because of some legal issue. I will be happy indeed, but to through a party to celebrate? No, I won't go that far. Also, I won't have to go through the process of converting Bitcoins to my local currency whenever I need money. So that will be a good thing to have. One more problem that people face here is that many from our country lives abroad, so they will be able to send money quickly through BTC transactions and will less fee.
Overall, it will be a great experience.

It will be important if we understand that there is a big difference between bitcoin being legal and bitcoin being a legal tender.
There's so many countries the usage of Bitcoin is not illegal.
That is to say anybody can use bitcoin but in such countries bitcoin is not a legal tender. It is a scenario of Live and Let Live. Which is a true representative of Liberty. But according to your topic, it seems you're talking about making bitcoin a legal tender just as what happened El Salvador.

If that happens, it will be a great joy, but I did not clamour for that. I just want government to leave bitcoin alone. Let guys use bitcoin and people that doesn't like Bitcoin should dwell with fiat.

I would love it when Bitcoin becomes legal, but right now it's still impossible, because bitcoin only gets regulated as a commodity asset and can't go beyond that. Payments still use the main Fiat. But I'm also quite happy if it's only allowed as trading and digital assets, because it's still free to trade crypto etc. Rather than actually being banned or illegal it wouldn't be good. Most developing countries accept crypto as a commodity asset and some also have their own regulations. In addition, the government also regulates taxation, because every local crypto exchange will be taxed and users who trade on the exchange will be taxed on every transaction made.

My country is at a point of electing new leaders, the people's choice is the only reason why I may see the possibility of Bitcoin being a legal tender, our past administrators where evil and didn't want the growth of the youth so the banned btc in my country.

Far from personal benefits, if Bitcoin is accepted, the economy would observe a positive turn around even though not everyone would embrace the change.

Bitcoin is legalized in your country, is it really happening or just bullshit? I know bitcoin is not easy to legalize in a country because many regulations have to be changed in that country, if bitcoin is legalized in your country and payment transactions are made with bitcoin then what about fiat in your country?

It’s already legal in my country however we have to pay flat taxes of 30% on it and additionally a 1% TDS on every transaction that is done while trading. That’s crazy amount of tax one can pay all at once. Definitely it’s restrictive factor but it is allowing us to use the bitcoin. With the time the rules are getting stricter and it is but obvious why are they charging so much taxes in the first place. To make sure less and less peeps use the bitcoin over the period of time. Surprisingly, India is still using the bitcoin for trading at an alarming rate. There could be various methodology to get the fiat after trading bitcoin but yeah, peeps are crazy to use it even after such strict legality.

The country I live in has recently made cryptocurrencies to fall under PMLA (Prevention of Money Laundering Act) which has certain regulatory policies in it.
Bitcoin is already legal in my country but not a legal tender. It's just legal to trade cryptocurrencies.
So if bitcoin is made legal in a way that it is allowed to be used as a payment method then it would be really great for the country.
I would be definitely happy but at the same time we know that we must have certain knowledge to use bitcoin.
So making the whole country qualified enough to use bitcoin would be the first thing to do.

Nothing stupid mate, having a party is okay, maybe because it shows joy but it is a waste of money or bitcoins, unless you are rich or have a lot of bitcoins that is your right.
and the question is if your country legalizes bitcoin i think there is no need to do it and just for everyone to adopt it or know about bitcoin because by legalizing everyone will definitely use it and will do it themselves or maybe they will take courses or education about bitcoin or crypto i think everything will open.
and i think everyone already knows bitcoin or crypto and it scares them because it's still illegal and they become hesitant to do it and if it becomes legal it's a different story because everyone uses it and also stores accept it and so on like fiat.

actually it's better if you hold a meeting when bitcoin or crypto is still illegal, and it's up to you whether you want to have a party or not, and aim to introduce bitcoin or crypto to them especially the people closest to them and tell them that bitcoin is much better, safe, profitable, under self-control, and other uses and benefits of bitcoin.

Some govs already legalized it. In the beginning almost any new technology are somewhat perceive as a scam, specially financial related ones, with time bitcoin and crypto in general will be seen as normal as credit cards,no more stigmas.

Maybe it will be good for the upper class people but not for the lower class, who don't understand the use of Bitcoin, if the government makes a decision to legalize Bitcoin as a means for economic growth, then what has to be done is to teach people who don't understand Bitcoin,  from how to use and prospects for the future so they know what they should do when the government really legalizes Bitcoin as the country's currency.

I am confused about the Lightning network as well because I never tried it. Sometimes I don't understand what I should say about this. Currently, The Lightning network has over 5490 BTC which is around $130 Million. This is not on the main chain. The maximum supply of Bitcoin is 21M. If you send your bitcoins to any address out of the main chain, it's lost. Is this how it works? I mean, it will be lost from the main net and will be added to the Lightning network? (seems I have to discuss this in another topic since it's going off-topic here).

If people start using the Lightning network, does the main net get benefit from the lightning network?

You don't show your bank balance to anyone , so why you want to show your BTC.
making bitcoin legal tender means this would give bitcoin greater legitimacy as a medium of exchange and could lead to greater adoption of the cryptocurrency by merchants and new individuals. it would also mean that Bitcoin transactions would not be subject to capital gains taxes in the country, where it is recognised as legal tender.
i will feel great about this, if it will became legal tender in my country.
no i am not among them.
but there are also some risks and challenges associated with using a highly volatile cryptocurrency as a medium of exchange.

It is not stupid, if I throw party for the adoption of BTC in my country, It will make people around the environment or the country to know that our government has done something good in the land. No way you can conduct a meeting for people to learn BTC in your environment will not involve money, if truly you want people to have idea on it and also use it in away your government will be happy for the adoption of BTC.

First and foremost, Bitcoin is not illegal in most of the countries. Second, although crypto is not encourage for most of the countries as modes of payment due to it's high risk and volatility, it is also not officially banned by most of the countries.

Personally, it's nothing much to me even if the government declares crypto as a legal tender or recognized and be accepted as currency. It's because, if I were in the position to acquire and afford crypto as payment, I would rather keep it due to it's volatility. That aside, if it happens to be legalized, I would be happy to know that if ever something comes up that requires crypto, I would have another option to choose.