How will you feel when your government make BTC legal? - page 3.

mv1986

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Quote from: John Abraham on March 05, 2023, 09:15:26 PM

Quote from: NeuroticFish on March 05, 2023, 02:00:22 PM

Afaik this is what legal tender means: everybody has to accept it as a payment method.

Quote from: https://www.merriam-webster.com/dictionary/legal%20tender

legal tender
noun
Synonyms of legal tender
: money that is legally valid for the payment of debts and that must be accepted for that purpose when offered

(I've bolded the important part).

Oh wow. Thanks for the reference. I do not believe in myself. I would argue with you if did not provide the reference. I am still in a confusion and want to discuss this further. In the USA or whatever country wants to adopt Bitcoin as legal tender, they have to wait decades until 100% of people understand how bitcoin works. Because, when you make it legal tender, They must have to accept the payment method when offered. Imagine a guy never heard of Bitcoin and you offered him Bitcoin to buy something. If he denied to accept it, is it any law or rule violation? If so, we have a long way to go.

To elaborate just a bit further, and if I am not entirely mistaken here, even the merchants doesn't necessarily have to know that you paid with crypto as there is a middlemen in the backend providing the infrastructure for instant conversion of your Bitcoin into the appropriate amount of fiat currency that the merchant is asking. This means that you are essentially paying the equivalent of Bitcoin to the middlemen in the equivalent amount of fiat currency that the merchant is asking the middlemen for to settle the transaction.

Everyone would still be free to choose. If someone has no idea what Bitcoin is, that someone is also not going to settle taxes in cryptocurrency. But those who are mainly dealing with cryptocurrency would now have the choice to do so.

albon

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Quote from: Zanab247 on March 04, 2023, 12:51:17 PM

My way to class this morning with some of my lovely course mate, someone raise this question that if our government decide to adopt BTC or make BTC legal how will i feel? I told him that the day our government will announce that BTC is now fully legalized in the country, I will throw a big party to host all the bitcoiners in my environment to join me to celebrate. If your government decide to adopt BTC or make BTC legal in your country, how will you feel? Will you be among the people that will be angry because i know there are some people in our various places that think BTC is a scam digital currency which is not true, will you go to make them to understand it better in a positive way?

If my country decides to make Bitcoin legal, then I will feel indescribable happiness, and I will get rid of the anxiety and fear that afflicted me when dealing with Bitcoin and cryptocurrencies because I am currently under the weight of the law. If Bitcoin becomes completely legal in the country, I will not be threatened with paying fines or being exposed to legal penalties, I hope to wake up and this day comes, and I will try with all my power to spread awareness among people and educate them to engage in this field so that financial transactions only with Bitcoin and cryptocurrencies become safe in our practical life and without any legal and central threat. The future hides many subtleties, so I hope Bitcoin will be widely adopted and legal in all countries, with legalization and regulation to comply with international and local regulations and laws.

NeuroticFish

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Quote from: John Abraham on March 05, 2023, 09:15:26 PM

I am still in a confusion and want to discuss this further. In the USA or whatever country wants to adopt Bitcoin as legal tender, they have to wait decades until 100% of people understand how bitcoin works. Because, when you make it legal tender, They must have to accept the payment method when offered. Imagine a guy never heard of Bitcoin and you offered him Bitcoin to buy something. If he denied to accept it, is it any law or rule violation? If so, we have a long way to go.

Yep, you are in confusion. Cheesy

Do you know how banking works? Do you know how Visa/MasterCard and the partner banks settle the payments? I'm almost sure you don't, and you still use cards.

This being said, a lot of wallets are being made lately, some of them very easy to use (albeit some are custodial). Absolutely ordinary people pay or get paid with bitcoin. They don't know how it works, all they know is how to use their wallets to pay or get paid. As simple as that.

Nrcewker

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That’s quite interesting topic to discuss. But to be honest, the government will think thousand times before doing something like this. If it has to be done, then by now many government should have already done it. But they know the power and features of Bitcoins. They know, if they make Bitcoins legal, still they won’t be able to keep trace of each and every transactions of the Bitcoins. All thanks to the decentralised nature of Bitcoins, for which the Bitcoin users don’t have to rely on the government regulated exchanges. To be precise, I really won’t care if Government makes Bitcoins legal.

CODE200

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Quote from: Bananington on March 04, 2023, 03:01:32 PM

Quote from: Zanab247 on March 04, 2023, 12:51:17 PM

I told him that the day our government will announce that BTC is now fully legalized in the country, I will throw a big party to host all the bitcoiners in my environment to join me to celebrate.

You can celebrate, but a party sounds very unnecessary to me, why will you want to host all the people into bitcoin in your environment, do you have any idea how many they will be and what it will cost you? A big party like you have described will involve a lot of expenses for music, food, drinks and decoration, all these are unnecessary expenses, money that can be used for better things like even buying more bitcoins to keep. Do not let your excitement make you make regrettable decisions.

I guess there's no problem celebrating a big party like what he wants as long as he have the money. Practically thinking yes it is so much expensive and he needs to spend lots of money. If he is a multi millionaire and thats how he celebrate things such as btc being legal in their country why not right? Think about rich people in your country they do big party event when something good happen to them like winning or anything good. Its expensive but the memories they make is irreplaceable and they know they can gain those money again that they spent for the party.

mv1986

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Quote from: Awaklara on March 06, 2023, 01:49:38 AM

Quote from: Zanab247 on March 04, 2023, 12:51:17 PM

My way to class this morning with some of my lovely course mate, someone raise this question that if our government decide to adopt BTC or make BTC legal how will i feel? I told him that the day our government will announce that BTC is now fully legalized in the country, I will throw a big party to host all the bitcoiners in my environment to join me to celebrate. If your government decide to adopt BTC or make BTC legal in your country, how will you feel? Will you be among the people that will be angry because i know there are some people in our various places that think BTC is a scam digital currency which is not true, will you go to make them to understand it better in a positive way?

Legal in what sense? several countries have legalized Bitcoin related to asset ownership, but most people are still waiting for how Bitcoin is used to legally pay for goods and services.
if the government is going to legalize Bitcoin as legal tender, it will be the day the shackles of the old payment system end. some people will support this, for those who do support Bitcoin. but some who have difficulty will certainly oppose it. all take time to transition to a new system. much to be prepared and calculated by the government.

I guess he is talking about making Bitcoin legal tender, but that is ages away at least. Perhaps it is never going to happen, but my guess is that it is not even necessary and Bitcoin will find its own way into society no matter whether or not it gets officially acknowledged as legal tender.

Bitcoin just has not been criminalized in many countries. I don't think that many countries have explicitly stated that Bitcoin is legal. In most places it is just not illegal. I guess that many governments want to leave a door open just in case. Once you officially legalize it as explicitly written in the law, I assume it is harder to revert the decision than to just decide at some point to criminalize it.

But rest assured, no sane government wants to forego a significant amount of taxes and since they understood that it is essentially impossible to stop Bitcoin from changing hands, they rather "cooperate" with their citizens and offer regulation for taxation.

worle1bm

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There are few countries at this time which has completely banned the usage of bitcoin and other cryptocurrencies but on other parts of globe if it's not legal tender you can use it on your risk.But yes it would be great feeling when our government would make it legal tender as we can use it freely for the actual purpose of making payments at our local stores but beleive me many people would still take it as investment tool not to pay off their bills as they want profits in long run.

Jawhead999

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Quote from: Mr.sprin on March 06, 2023, 10:20:06 AM

for me is it legal or not bitcoin in my country it doesn't matter the important thing is i can get bitcoins in my wallet and i can sell them whenever i want even if bitcoins are legal of course when trading bitcoins it will be taxed for the country so for me it is my loss .

Lol if Bitcoin isn't legal in your country, it's not that easy to sell your coins in 100% anonymous way because Bitcoin usage is illegal. Yeah your wallet doesn't ask your identity, but what about the exchange you used? even you're using a decentralized exchange, you still need to connect your bank account to receive the money, you're leaving the trace to the exchange.

If you're make profit in Bitcoin trading, you wouldn't loss if your country taxing your profit, because there's no way the tax is higher than your profit.

justdimin

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Quote from: Zanab247 on March 04, 2023, 12:51:17 PM

My way to class this morning with some of my lovely course mate, someone raise this question that if our government decide to adopt BTC or make BTC legal how will i feel? I told him that the day our government will announce that BTC is now fully legalized in the country, I will throw a big party to host all the bitcoiners in my environment to join me to celebrate. If your government decide to adopt BTC or make BTC legal in your country, how will you feel? Will you be among the people that will be angry because i know there are some people in our various places that think BTC is a scam digital currency which is not true, will you go to make them to understand it better in a positive way?

Nations with a lot of money totals should make it legal if we want to see it go up. Like for example China is not a nation where everyone is super wealthy, but when you look at them as a whole nation they are amazingly rich, the factory guy who made your shoes may not be rich, but China making it legal and support bitcoin would suddenly take the price super high.

Same goes for all nations that are rich when you look at the whole nation and not individually. That means the rich people of those nations are super rich and the wealth gap is big, but we need those rich people anyway, and they would only invest if it is made to be legal and supported by the governments.

Mr.sprin

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for me is it legal or not bitcoin in my country it doesn't matter the important thing is i can get bitcoins in my wallet and i can sell them whenever i want even if bitcoins are legal of course when trading bitcoins it will be taxed for the country so for me it is my loss .

nullama

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Quote from: LogitechMouse on March 06, 2023, 03:01:55 AM

Wait, wait, wait. Is Bitcoin illegal to your country that's why you're asking this?
I mean aside from the countries where they banned accessing Bitcoin, Bitcoin isn't illegal to most of the countries, so it's legal.
~snip~

The specifics are a bit different in each country.

Some countries have Bitcoin as legal tender, others have it as an asset, others ban it, and others don't have an opinion about it.

In some cases it's seen as bartering. It really depends on the jurisdiction that you're looking at.

The thing is that Bitcoin is way more advanced than the current state of laws about money around the world.

LogitechMouse

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Wait, wait, wait. Is Bitcoin illegal to your country that's why you're asking this?
I mean aside from the countries where they banned accessing Bitcoin, Bitcoin isn't illegal to most of the countries, so it's legal.

Maybe OP thinks that Bitcoin being legal = Bitcoin is accepted as a legal tender by the government. If that's the case then I'm afraid it will not happen for numerous reasons. I can't answer OP's question because Bitcoin is completely legal in our country and hasn't been illegal since the time I'm using it.

Quote from: Zanab247 on March 04, 2023, 01:44:50 PM

the country I came from BTC is illegal which is a big worry to us bitcoiners in the land but there are some promise some of the presidential candidates made during our general election that just concluded few days ago, that they will make Blockchain technology and cryptocurrencies available for the youths to make progress like El Salvador country.

A bit late to see this so Bitcoin is illegal in your country then. Don't expect too much from these politicians. They might be using Blockchain just to increase their chances of them winning. They're putting you into a trap where you believe that they really will do it, but when they win, they will not. Well, it's very unfortunate that Bitcoin is prohibited in your country though.

bakasabo

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I think I wont feel any difference from what I feel now towards cryptocurrency. First of all Bitcoin or cryptocurrency isnt illegal in my country. What government cares is that I must pay income tax if I get any income. That is all.

I think OP wanted to find out how we would feel, if we will be able to use Bitcoin as a payment instrument directly; to pay directly in BTC. That is different. If BTC will be the only currency in my country, then my attitude wont change much. We have switch one «currency» to «other currency». Not a big deal, as I will still have to make payments, no matter what currency I use. If BTC will be an addition to fiat, I think I wont feel any difference from now, as I will still pay in fiat, but hold crypto till, lets say new ATH.

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Quote from: Zanab247 on March 04, 2023, 12:51:17 PM

My way to class this morning with some of my lovely course mate, someone raise this question that if our government decide to adopt BTC or make BTC legal how will i feel? I told him that the day our government will announce that BTC is now fully legalized in the country, I will throw a big party to host all the bitcoiners in my environment to join me to celebrate. If your government decide to adopt BTC or make BTC legal in your country, how will you feel? Will you be among the people that will be angry because i know there are some people in our various places that think BTC is a scam digital currency which is not true, will you go to make them to understand it better in a positive way?

First of all, of course, I will be happy that Bitcoin will become a legal tender currency in our country when this kind of thing is decided by our government here.

Second, for those people who believe that bitcoin is still a scam for them, all I can say to such bitcoin beliefs is that they are ignorant and ignorant of Bitcoin. Because for 13 years they still don't understand bitcoin.

Awaklara

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Quote from: Zanab247 on March 04, 2023, 12:51:17 PM

My way to class this morning with some of my lovely course mate, someone raise this question that if our government decide to adopt BTC or make BTC legal how will i feel? I told him that the day our government will announce that BTC is now fully legalized in the country, I will throw a big party to host all the bitcoiners in my environment to join me to celebrate. If your government decide to adopt BTC or make BTC legal in your country, how will you feel? Will you be among the people that will be angry because i know there are some people in our various places that think BTC is a scam digital currency which is not true, will you go to make them to understand it better in a positive way?

Legal in what sense? several countries have legalized Bitcoin related to asset ownership, but most people are still waiting for how Bitcoin is used to legally pay for goods and services.
if the government is going to legalize Bitcoin as legal tender, it will be the day the shackles of the old payment system end. some people will support this, for those who do support Bitcoin. but some who have difficulty will certainly oppose it. all take time to transition to a new system. much to be prepared and calculated by the government.

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Quote from: Bazzu on March 05, 2023, 11:41:21 PM

You put a question like that in this forum which of course most people in this forum support bitcoin.

so if the government legalizes bitcoin for the people for sure, my personal answer is to feel happy because I can freely invest in btc and don't need to be ashamed to tell anyone about the benefits my can get from bitcoin.

Even if bitcoin is not legalized by the government, you have nothing to be ashamed of when investing in bitcoin. You invest in your future, and your family, not your honor with everyone. Don't think like that, just be yourself, put aside silly complexes, we live for ourselves, not for others. When I first invested in bitcoin, many people laughed and thought I was a waste of time, but when I made a profit, my life changed, they started respecting me again. But I don't care what those kinds of people say, what I care about is that my wife and children have a happy life while I earn money.

YUriy1991

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If it were to become legal, I would be among the people that would think that it was a positive move. I believe BTC will someday come to be known as a medium of exchange globally, so making it legal in one's country is really just a formality. Adopting BTC generally seems to be just a matter of time and I believe the fact that governments are getting involved indicates that this is the direction things are heading. I'm excited to see how things progress faster for adoption in the future.

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If bitcoin is legalized in my country, of course, I will feel happy, because I was familiar with bitcoin first, and of course it will be easier to transact in various places in my country. on the other hand, of course I will be busier, because there are many people around us who don't understand bitcoin, so educating them is a separate activity and of course it will be more fun, especially if there are a large number of residents in my country, hopefully it will have a positive impact on the price of bitcoin, and I feel the benefits

Bazzu

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You put a question like that in this forum which of course most people in this forum support bitcoin.

so if the government legalizes bitcoin for the people for sure, my personal answer is to feel happy because I can freely invest in btc and don't need to be ashamed to tell anyone about the benefits my can get from bitcoin.

Asuspawer09

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Quote from: Zanab247 on March 04, 2023, 12:51:17 PM

My way to class this morning with some of my lovely course mate, someone raise this question that if our government decide to adopt BTC or make BTC legal how will i feel? I told him that the day our government will announce that BTC is now fully legalized in the country, I will throw a big party to host all the bitcoiners in my environment to join me to celebrate. If your government decide to adopt BTC or make BTC legal in your country, how will you feel? Will you be among the people that will be angry because i know there are some people in our various places that think BTC is a scam digital currency which is not true, will you go to make them to understand it better in a positive way?

Slowly most of the government is adopting bitcoin, even in my country, bitcoin is slowly getting adopted into different platforms or banks, they now allow their users to be able to buy bitcoin or cryptocurrency on their platform some of these platforms promote buying bitcoin and when users buy bitcoin or just used bitcoin to buy foods, items, etc. you will get a small cashback reward on your account or even have a chance to win jackpot money.

I mean that would be great news if bitcoin was legalized in my country but I guess as long as bitcoin was not illegal so you could basically do everything on your bitcoin. I just feel like it doesn't need to be legalized since even today we just use bitcoin and invest in it. Also legalizing bitcoin would be a long process and probably most of the government would take advantage of it probably bigger fees, etc.

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