Is Bitcoin Legal? - page 16. | Bitcointalksearch.org

bitcoinisbest

hero member

Activity: 1218

Merit: 557

Quote from: JaredStein on October 22, 2017, 06:02:07 PM

Bitcoin is legal if you know what services and what tools to use on the network. If you use exchanges like Coinbase and you gave up a lot of personal information then Bitcoin may not be legal for you.

Each country has their own rules and regulations and you will either need to provide which country you belong to or need to check your govt stand on btc. Some countries have banned btc in their country and few have accepted it. Majorly most countries have undecided yet related to such currencies.

jc89

sr. member

Activity: 364

Merit: 250

Bitcoin is considered legal as long as the government in your country is not declaring it illegal to use. The legality of btc really depends on a country's lawmakers. And of course how the people in that country use it will have a bearing in the acceptance and legality of it. So if in case btc is being abused and used in illegal activities such as drug trafficking and money laundering it will leave no option for the government to order banning of btc and declare its use as illegal.

Exister

jr. member

Activity: 115

Merit: 2

One interesting thing to note about Bitcoin

There is laws that exist within bitcoin also.

Bitcoin protocol defines laws of its operation and those are enforced by the security of the bitcoin network.

Its doen with physics and mathematics using computers and the internet. so the system has become placed beyond the jurisdiction of any government.

Future development on the Bitcoin protocol can lead to forks, but also there is development on the inevitable off chain bitcoin networks.

as long as these are designed to be decentralized bitcoin will continue to function as intended but there is always the possibility for the authoritarian tentacles to wind their way around your throat so that it may squeeze the life out of you.

Even though bitcoin itself is illegal or legal depending on jurisdiction. its likely that in the future laws will require bitcoin holders to keep their bitcoin in a certain type of address that indicates your compliance and consent to the network to be subjected to certain draconian policies. unless you have permission to do otherwise.

Dudeperfect

hero member

Activity: 1190

Merit: 534

At this stage using Bitcoin is legal in most of the countries as far as the user is following the laws of the governments. In most of the cases, it is associated with the disclosure of the earnings and sources of the funds, paying appropriate taxes for the earned/acquired amount and NOT using the funds for illegal activities such as trading drugs/weapons (without having such licence). There are no restrictions on using Bitcoins in any country (except - North Korea).

Vendetta666

full member

Activity: 406

Merit: 100

Bitcoins are legal here in our country we are free to use it. But in other countries it is illegal that it affects the banks and think of countries opposed to bitcoins is an opponent that must be completed immediately. Bitcoins are a good inventor of today. So we should appreciate it

erickkyut

hero member

Activity: 1176

Merit: 509

It depends on the country where you are living. There are countries that legalized Bitcoin and there are also some countries that banned it. For me, it depends on your purpose. If your purpose in using Bitcoin is for investments, I guess it is legal but if you are using it to hide your identity because you are involve in some crime, that will fall under illegal.

chichan13

full member

Activity: 180

Merit: 100

Quote from: Rahul20 on October 22, 2017, 02:02:29 PM

The legality of bitcoin depends on who you are, and what you’re doing with it.

There are three main categories of bitcoin stakeholder. Someone may fall under more than one of these categories, and each category has its own legal considerations.

For me bitcoin is legal because if it is not legal, why some of us see ads that is telling about bitcoin ? For example is when there is a game of a basketball sometimes you can see the ads that telling about Bitcoin. It is legal also because we let others know about it because if it is illegal we did not let anyone to know about it because we can accuse us a penalty.

Wallytred

full member

Activity: 187

Merit: 100

Here you can check if Bitcoin legal or not in Your place of living. Hope it helps anybody to make right decisions. Wink

Sadlife

sr. member

Activity: 1400

Merit: 269

I guess this depends on the user holding/using bitcoin if you decide to buy drugs using bitcoin this it will become illegal and also bitcoins legality denpends on your location or what country your at cause in some countries bitcoin is accepted and considered as a payment method others ban it cause it might be dangerous for their fiat systems. In short bitcoin can be illegal/legal depending on the stakeholder and the country your at.

Adbitco

hero member

Activity: 1428

Merit: 653

Leading Crypto Sports Betting & Casino Platform

Yes it's legal or in other words it's not illegal either. I haven't heard of any country which has made any law declaring bitcoin as illegal so yes it's legal but yes if you convert it to fiat and the amount of money you make in the process is huge then maybe you have to give the government authorities details regarding where this money comes from. But again the procedure might be different in various different countries.

Hallmader

sr. member

Activity: 1123

Merit: 253

Quote from: Rahul20 on October 22, 2017, 02:02:29 PM

The legality of bitcoin depends on who you are, and what you’re doing with it.

There are three main categories of bitcoin stakeholder. Someone may fall under more than one of these categories, and each category has its own legal considerations.

And what are these categories that you are talking about? Can you please post them here too so that we will also know them. As far as I know about bitcoin's legality, it is highly a case to case basis since we have different domestic laws in the world. Bitcoin may be legal in one country and illegal in another. It does not matter how you use it. Even legal tenders of any country is being used in illegal activities.

AT101ET

legendary

Activity: 3178

Merit: 1348

Quote from: Rahul20 on October 22, 2017, 02:02:29 PM

The legality of bitcoin depends on who you are, and what you’re doing with it.

There are three main categories of bitcoin stakeholder. Someone may fall under more than one of these categories, and each category has its own legal considerations.

Is good legal? Owning gold, trading gold and mining gold all have different legalities. How much tax do you need to pay when buying the gold? What trading regulations are there on the markets? What are the legalities involved with mining on certain sites and the security offered to miners etc.
Bitcoin is legal. Trading Bitcoin is legal. Mining Bitcoin is legal.
There may be different legal standings in terms of what can and can't be done with it and how much tax one needs to pay on any gains, but at the end of the day Bitcoin is legal. Whichever way you look at it.

richminded

sr. member

Activity: 798

Merit: 268

Some country say that bitcoin is illegal so it really depends and your location because here in my country we can easily use bitcoin. We can easily convert it into fiat money and also use bitcoin into some transaction online. But for me overall bitcoin is really not illegal because bitcoin will lead us to a better future and i know we are now heading their, day by day bitcoin will surely become more powerful soon.

Anonylz

hero member

Activity: 2562

Merit: 577

Yes bitcoin is totally legal, only that there are no official ways to proove that if you withdraw your profits to your bank account, those funds are for bitcoin, because it happened to me.
Once i withdrew more than $3k to my bank account and i had a lot of questions from the bank and if i didnt clarify that i was going to go jail because of "money laundering"
but yes, bitcoin is totally legal, only that there are some issues about it.

negancoin

full member

Activity: 560

Merit: 126

Depends on where you are from. If you are living in country where no law against bitcoin, then it's legal as simple as that.

seizetehday5

full member

Activity: 238

Merit: 100

Bitcoin is always going to be legal in the eyes of those who believe in it. The only ones who see bitcoin as illegal are the corrupt governments who are trying to force their oppressive regime down the throats of their citizens

or governments who are living in 1990. Other than that if you have an internet connection bitcoin is legal.

justbecauseok

newbie

Activity: 2

Merit: 0

Depends on where you live right? So like here in the US it's fine I don't know of anywhere that makes it's use actually illegal. Maybe like North Korea? you'd have to have broken some oppressive law to even learn about bitcoin haha

JaredStein

sr. member

Activity: 379

Merit: 251

Bitcoin is legal if you know what services and what tools to use on the network. If you use exchanges like Coinbase and you gave up a lot of personal information then Bitcoin may not be legal for you.

marjoree

full member

Activity: 193

Merit: 100

Presale is live!

It is legal. There are other countries who uses it already as their daily transaction purposes and in my country although not everyone knows about it but we have bitcoin atm here

Rahul20

newbie

Activity: 29

Merit: 0

The legality of bitcoin depends on who you are, and what you’re doing with it.

There are three main categories of bitcoin stakeholder. Someone may fall under more than one of these categories, and each category has its own legal considerations.

Topic: Is Bitcoin Legal? - page 16. (Read 5309 times)