How will you feel when your government make BTC legal? - page 4.

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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.

That's so nice of you that you're gonna throw a party at your own expense. Grin

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

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?

We're on the same forum that's all about bitcoin so, there's no sense that I'll be angry with that adoption. I'll definitely be happy with that announcement and there's no need to think about people being stopped from their progress of learning and having bitcoin. Because in other countries, even if people want to learn more about bitcoin, there's a hindrance that they can't proceed and that's the rules of their government about such. It's a positive development for the people that do really hold and invest in bitcoin if ever the government announces it as legal. No barriers anymore but we can learn from El Salvador that not everyone will like it.

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If that happens then surely we will all rejoice and be happy. But I still won't brag that I will own bitcoin, I still want to keep my privacy even if bitcoin becomes popular. Honestly, if the government legalizes bitcoin that would be great but I still don't want to trust them too much. Once they accept bitcoin, that means they will find a way to control us and also seek to tax the people who use bitcoins. They will do everything in their favor, and they never care about our benefits, which is what the government has done for years.

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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.

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Quote from: teosanru on March 05, 2023, 04:16:29 PM

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?

I will be very happy for sure. Mostly because I'll be able to confidently tell everyone that yes I earn my income in bitcoin and have been investing in it since so much time. Currently people of my country see investing in bitcoin or earning bitcoin as a bad thing. As per them it's like dealing some scam or shady thing. After such legality those same will look upon me for the guidance.

sure if in a country investing in bitcoin but it has not been legalized by the government, then the effect is definitely as you mentioned.
and actually the answer to the op's question is actually quite simple, ie.
if the government supports its people towards the adoption of bitcoin, there are definitely 2 people's answers, namely:
some are happy and the second there are those who disagree.
but for people who are happy that bitcoin is supported by the government, they will definitely be confident when investing in bitcoin and will feel comfortable because they are protected by law and so on.
In fact, in a country, people who buy and sell transactions on an exchange are taxed, and in my opinion that is a positive thing because the existence of a government tax program is also helped and the government will definitely use it to develop the country.

Zorigi

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the presence of bitcoin in this world some people like it and some don't.
Likewise with the government there is a positive view and there is a negative view.
but in my opinion the presence of bitcoin in this world has a positive impact on society because the existence of bitcoin can open up good opportunities for the future of society, especially in the economic field, and it has been proven that many have been successful as a result of investing in bitcoin.

so of course if the government legalizes bitcoin, my feelings will be happy, because if it is legalized by the government it will make people who invest in bitcoin feel safe.

teosanru

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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?

I will be very happy for sure. Mostly because I'll be able to confidently tell everyone that yes I earn my income in bitcoin and have been investing in it since so much time. Currently people of my country see investing in bitcoin or earning bitcoin as a bad thing. As per them it's like dealing some scam or shady thing. After such legality those same will look upon me for the guidance.

Dr.Bitcoin_Strange

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Bitcoin is not banned in my country, nor are Bitcoin adopters subject to any penalties in my place, but all individuals interest in and investment in Bitcoin is at their own risk. Unless Bitcoin is illegal in your country, I do not believe it has become legal tender. If it finally becomes legal tender in your country, then you can think of throwing your party because then you can easily shop for anything and pay with Bitcoin😉.

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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?

Bitcoin has never been illegal where I live so technically it has always been legal so I cannot really celebrate something like this, the next best thing would be if bitcoin was declared to be legal tender in my country, and if that was the case then I will probably buy a few things that I wanted to buy but which I simply decided against at the time as a way to celebrate that bitcoin is finally being recognized by the government of the country in which I reside as legal tender.

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Quote from: Zanab247 on March 05, 2023, 08:43:32 AM

Quote from: Dr.Osh

Well, if you ask how bitcoin users feel when the government legalizes it in their country, of course, that would be very good news. Maybe a lot of people will have a party, and I personally will be happy to attend the party. Besides, I might think about and build a long-term business that accepts alternative payments like bitcoin. It would probably be a very big opportunity to set up an offline business that accepts bitcoins in a country. It will attract various crypto users to visit our store to make transactions. Unfortunately, until now the government in my country still prohibits bitcoin from being used as a means of payment.

You sound like someone that likes flexing, well, health is wealth which man need to celebrate good things. That business will really bring more crypto users to do business with you because people are tired of using Fiat money on the time to buy goods in the community. I believe, the government will soon respond to the cry of crypto users in the land and it will remain permanent for the next government to allow it to continue .

for the government to finally accept Bitcoin as a legal tender is going to be a good news especially in a country where Bitcoin was never a legal tender. This is push for more people learning and adopting the use of Bitcoin which is going to make money people to understand the necessity for us to invest in Bitcoin. Countries like El Salvador are already making plans to ensure that there is equipped tools available for people to learn and start using Bitcoin for normal transactions. There are people who are already into Bitcoin investment and trading making a living it.

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

Quote from: John Abraham on March 05, 2023, 09:00:47 AM

If Bitcoin becomes legal tender, doesn't mean everyone will accept Bitcoin as a payment method.

Actually afaik this is what legal tender means: everybody has to accept it as 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).

Indeed by definition legal tender is something that is acknowledged by the law as a means to settle private or public debt or meet financial obligation.[1] Since it is acknowledged by the law, everyone is obliged to accept it if propose as a method of payment or settlement.

here is another information about legal tender..

Quote from: S A KHAIR on March 05, 2023, 09:20:40 AM

Quote from: lionheart78 on March 04, 2023, 03:05:30 PM

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.

Being happy about the news is enough and I think spending too much money to host a party just because Bitcoin is legalized is a waste. Aside from that, your security would be compromised because many people will know that you hold Bitcoin and might make your family and your life in danger because there is a possibility that you will be targeted by people who do bad thing to make money.

Just because you invest in bitcoin doesn't mean you have a lot of bitcoins or a lot of money, so there's no need to worry about being attacked by bad guys. Many people get rich in business without bitcoin, and I have never seen them attacked by bad guys, unless you are a bad guy who is hated by others.

True but still it is better to be in low profie, bragging too much about having Bitcoin will attract people with negative intentions since people will have a misunderstanding thinking that you have Bitcoin, then you are a rich guy. There is a lot of news about people being kidnapped and robbed because these bad people thinks that they have lots of money. I wonder why you did not even noticed these kinds of news?

[1] https://www.investopedia.com/terms/l/legal-tender.asp

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Quote from: John Abraham on March 05, 2023, 09:00:47 AM

If Bitcoin becomes legal tender, doesn't mean everyone will accept Bitcoin as a payment method.

Actually afaik this is what legal tender means: everybody has to accept it as 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).

In my country bitcoin is not illegal. But it's also not legal tender. And since bitcoin is not illegal a few shops accept bitcoin payments, legally.
As I said, I do wait for the next step: seeing it legal tender.

S A KHAIR

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Quote from: lionheart78 on March 04, 2023, 03:05:30 PM

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.

Being happy about the news is enough and I think spending too much money to host a party just because Bitcoin is legalized is a waste. Aside from that, your security would be compromised because many people will know that you hold Bitcoin and might make your family and your life in danger because there is a possibility that you will be targeted by people who do bad thing to make money.

Just because you invest in bitcoin doesn't mean you have a lot of bitcoins or a lot of money, so there's no need to worry about being attacked by bad guys. Many people get rich in business without bitcoin, and I have never seen them attacked by bad guys, unless you are a bad guy who is hated by others.

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If you are into this industry in the first place then for sure it won't be surprising fmthat you'd be happy. In my country, cryptocurrency adoption is somewhat neutral. You are free to use and invest cryptocurrencies but won't be encouraged by businesses to do so unless they are also into this technology, but there are only few who does so. Third party wallets are currently trying to adopt cryptocurrency oayments but thru fiat still which means it is not a true adoption of this technology but more of a way to tax transactions. At the present, there are only few countries wherein cryptocurrencies are actually being supported. But all I know is that, if it is acceptance to this technology because of taxation, investors won't be happy.

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Quote from: NeuroticFish on March 04, 2023, 01:01:24 PM

I'm not sure what country are you from, but Bitcoin is legal (ie not illegal) in most countries.
However, if Bitcoin will become legal tender, ie I'll be able to pay for everything I want with Bitcoin if I want to, then I'll be indeed very happy.

If Bitcoin becomes legal tender, doesn't mean everyone will accept Bitcoin as a payment method. If any service or store doesn't accept the payment gateway, you won't be able to make a payment. On the other side, You are still allowed to pay in Bitcoin if the service Store or person accepts the payment method. Of course, we will see mass adoption if it becomes legal tender. But, there is a chance that government can try to imply a tax on your Bitcoin. I don't know how it will work. But, it's just an assumption.

I would say people should be happy until Government doesn't approach to ban Bitcoin. There was FUD about banning Bitcoin in the USA. But, The officials said they do not have the intention to ban Bitcoin.

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Quote from: Dr.Osh

Well, if you ask how bitcoin users feel when the government legalizes it in their country, of course, that would be very good news. Maybe a lot of people will have a party, and I personally will be happy to attend the party. Besides, I might think about and build a long-term business that accepts alternative payments like bitcoin. It would probably be a very big opportunity to set up an offline business that accepts bitcoins in a country. It will attract various crypto users to visit our store to make transactions. Unfortunately, until now the government in my country still prohibits bitcoin from being used as a means of payment.

You sound like someone that likes flexing, well, health is wealth which man need to celebrate good things. That business will really bring more crypto users to do business with you because people are tired of using Fiat money on the time to buy goods in the community. I believe, the government will soon respond to the cry of crypto users in the land and it will remain permanent for the next government to allow it to continue .

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

(...)
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?

Me, I will be happy because I know what Bitcoin is and I know how Bitcoin works, and how it will help the finance of the country.
My comment for those people who are thinking that Bitcoin is a scam is yeah, I respect their opinion, but when they give an opinion without knowing how Bitcoin works or don't really know Bitcoin, it's unacceptable. Before they will say something, they must first to know what they are telling.

Dr.Osh

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Well, if you ask how bitcoin users feel when the government legalizes it in their country, of course, that would be very good news. Maybe a lot of people will have a party, and I personally will be happy to attend the party. Besides, I might think about and build a long-term business that accepts alternative payments like bitcoin. It would probably be a very big opportunity to set up an offline business that accepts bitcoins in a country. It will attract various crypto users to visit our store to make transactions. Unfortunately, until now the government in my country still prohibits bitcoin from being used as a means of payment.

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I would feel pretty good about it knowing that the government is there to make my life easier unlike the other governments. You know crypto people usually don’t like any centralized entities. Governments and the central banks are the prime examples of those entities. But when a government legalize crypto (like the government of El Salvador did) instead of banning or ignoring it that changes everything. Suddenly the government isn’t something you despise anymore. It becomes a powerful ally.

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Quote from: Despairo on March 04, 2023, 11:21:47 PM

Bitcoin is mostly legal as a commodities, just few strict and private countries are ban Bitcoin. Since most users are seems to be happy if Bitcoin is legal, I think what they mean are Bitcoin is become legal tender. I'm not completely sure why many people are seems to be happy if Bitcoin become a legal tender, it just make the government will trying to control every users' holding and asking KYC. Although it do increase Bitcoin adoption, but I'm not happy when the government want to be more serious to regulate Bitcoin.

At the end of the day, when most governments decided that Bitcoin was a taxable asset, they decided that Bitcoin was worth something.

I don't think they will ever try to ban it since they can make money off taxing it.

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Quote from: _musab-scorpion_ on March 04, 2023, 09:30:25 PM

I will be very very happy if my government announce that bitcoin is legal from now on in country. Maybe I would give a party to my mates at my place to celebrate that happiness and joy.
I’m sure some people thinks that bitcoin is scam or things like that, but I’m not among those and I would be very happy on such announcements

Bitcoin is still illegal in several countries. But the way Bitcoin is constantly increasing in popularity, I think that it will soon be recognized as legal in the countries that are still illegal. But now almost all people in the world know about Bitcoin, so many people are interested in using Bitcoin. I think that way. The number of Bitcoin users is increasing but very soon there will be a chance for Bitcoin to move to a better position. But I would like to say that Bitcoin is now the best time for us to hold, if we hold Bitcoin we can get a lot of money from it after several years.

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