How will you feel when your government make BTC legal? - page 6.

lionheart78

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Quote from: Zanab247 on March 04, 2023, 01:51:17 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.

Quote from: Zanab247 on March 04, 2023, 01:51:17 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?

In my country, BTC is already a mode of payment. So we are free to spend BTC whenever we want. I don't think it will make a huge impact if it becomes a legal tender but sure I will be happy if it happens.

Fivestar4everMVP

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If the Government of my country legalize bitcoin, this indeed would be a great news and another big win for the entire bitcoin community, this simply means that i can now buy and sell my bitcoins through banks and no longer worry about having to trust other people to send me my money or bitcoin after transacting with them through P2P, this indeed looks like a good win and calls for celebration.

But I wont celebrate anything, because even with the current ban on bitcoin transactions in my country, we are still buying and selling bitcoin and selling bitcoin without problems, and the beautiful thing is that, we are not paying any tax on our bitcoin earning/profit.
But then, when bitcoin becomes legalized, it is very possible that the government and banks will start taxing our bitcoin transactions and profit, which to me, is not something i should be really happy about, but generally, and for the sake of bitcoin adoption, i will be happy for the legalization.

Bananington

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Quote from: Zanab247 on March 04, 2023, 01:51:17 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.

NeuroticFish

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Quote from: Zanab247 on March 04, 2023, 02:44:50 PM

Neuroticfish, 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.

Making Bitcoin/crypto illegal is stupid at best. The government makes (some of) the voters unhappy and also loses money it could get from taxing crypto gains.
So getting it legal is an easy step and a win-win situation. The "like El Salvador" is another step, a much bigger and harder one. But I wish you good luck and may the right candidate win and also fulfill his promise!

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Quote from: Zanab247 on March 04, 2023, 01:51:17 PM

if our government decide to adopt BTC or make BTC legal how will i feel?

You should also feels the same kind of moves that excites just as when the El-Savadoran hears the news on the bitcoin legal tender adoption in their country and everyone was filled with joy and excitement, the same way we must also not forget that there will be few doubting Thomas as well we will say what good could come out of this, but just as expected, everyone wants something new to come in place.

Quote from: Zanab247 on March 04, 2023, 01:51:17 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.

It's worth celebrating indeed because this will be part of giving answers to the needs and demands of the people they govern, what you will be celebrating will indeed be freedom which the government wouldn't allow on a normal day to be given through banks but bitcoin did it.

Quote from: Zanab247 on March 04, 2023, 01:51:17 PM

If your government decide to adopt BTC or make BTC legal in your country, how will you feel?

Happy, because people will be financially independent.

alik111

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Those who love Digital Currency don't think Bitcoin is a Scam or anything else. But Government think so. It should be legalized through the world to make new era of Currency system. I believe one day it will happen and in my country it will be legalized.

Zanab247

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Neuroticfish, 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.

drwhobox

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I don't think it is the right question to ask here Grin

. Obviously, everyone in this forum will have a positive opinion about legalizing bitcoin in their respective countries.
If you ask me what I do if my country legalizes bitcoin I would talk openly about bitcoin and I will encourage people to adopt bitcoin.

But I think this dream of yours will not come true any soon, the government won't allow this to happen.

NeuroticFish

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Quote from: tiCeR on March 04, 2023, 02:18:15 PM

I wonder if making Bitcoin legal tender also automatically entails a tax exemption on realized gains? That is probably different from country to country? I would like to understand the legal implications of something becoming legal tender.

Otherwise, making Bitcoin legal tender when you still have to pay taxes on realized gains at the time you make a purchase or pay your tax, there is still too much hassle involved in actually using it to buy stuff.

The label "legal tender" isn't so interesting to me. A tax exemption would make Bitcoin way more useful, even if it is up to a certain limited amount for single item purchases.

Legal tender should not mean tax exemption, knowing that the state is, by definition, hungry for money.
But if bitcoin becomes legal tender there might become pretty difficult to know who and how much bitcoin did spend, since the grocery store doesn't ask for your ID.

I guess that sooner or later bitcoin will be recognized for what it is: another form of money. Then it should be no need for such tax and legal tender would be easy and normal. But governments need to be interested to do such a move, so my hopes are very low on that.

Captain Corporate

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I guess it could be a good improvement over long term, not going to really change anything on the very quick short term, we already had such a devastating earthquake recently that changed the whole economical scene, we were doing terrible before, and now we have over 40+ possibly as high as 80 billion dollars worth of damages and that's least of the worries in the short term, we have 50+ thousand of our people died in it, so when you put that two together, bitcoin wouldn't matter anytime soon. However, in the long run, like in 10 years or so then we can start to see how amazing of a decision it was for sure.

KaliLinux

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Quote from: Zanab247 on March 04, 2023, 01:51:17 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, for those that did not previously believe in BTCitcoin, it will no longer be a question of convincing them that Bitcoin is not a scam because they would have seen that even their Government has made it a legal tender and it is part of their official payment system.
Secondly, I believe that even when this is so, some people might still be reluctant to spend their Bitcoin because I personally believe that most people see Bitcoin as an investment than a financial tool, especially during the bull season however, I think I would love that I will be able to spend my Bitcoin if I fell like it.

tiCeR

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Quote from: NeuroticFish on March 04, 2023, 02:01:24 PM

Quote from: Zanab247 on March 04, 2023, 01:51:17 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'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.

I wonder if making Bitcoin legal tender also automatically entails a tax exemption on realized gains? That is probably different from country to country? I would like to understand the legal implications of something becoming legal tender.

Otherwise, making Bitcoin legal tender when you still have to pay taxes on realized gains at the time you make a purchase or pay your tax, there is still too much hassle involved in actually using it to buy stuff.

The label "legal tender" isn't so interesting to me. A tax exemption would make Bitcoin way more useful, even if it is up to a certain limited amount for single item purchases.

Z-tight

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Quote from: Zanab247 on March 04, 2023, 01:51:17 PM

I will throw a big party to host all the bitcoiners in my environment to join me to celebrate.

A bad idea to tell everyone around you that you have BTC's, after the party you may have just invited people to attack you physically and steal your BTC's, torturing you until you send it to them.

Quote from: Zanab247 on March 04, 2023, 01:51:17 PM

If your government decide to adopt BTC or make BTC legal in your country, how will you feel?

BTC is legal where i am. If the government make it a legal tender, then it makes spending it easier for me, so i will feel great.

NeuroticFish

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Quote from: Zanab247 on March 04, 2023, 01:51:17 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'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.

Zanab247

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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?

Topic: How will you feel when your government make BTC legal? - page 6. (Read 629 times)