Should bitcoins be recognized around the world??

LostWords

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Quote from: AdolfinWolf on April 30, 2017, 02:56:52 PM

Quote from: LostWords on April 30, 2017, 02:16:26 PM

Quote from: locopao on April 30, 2017, 02:01:56 PM

Bitcoin is already recognized all over the world. In every country there is at least 1 person that knows and uses Bitcoin.

But i think you are talking about recognition as an official currency.

Well this is not going to happen, at least unless the bank and the goverments find a way to control it and eliminate the anonymity.

Some countries already official recognized it as a currency (Japan) or as a Commodity (USA) but still there are a lot other countrues that BTC transaction are illegal (https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory)

Isn't it also a problem that they cant get taxes over it?

One of the many problems, yes. If you didn't bought bitcoins using fiat/ ( using your bank accounts), they have no clue how much bitcoin you own.
In most western countries these days they do ask you how assets in BTC you own ( basically bitcoins + altcoins), I don't know how they're checking it.
It seems very hard.

I guess it's impossible right? They can't trace Bitcoins so they can only see that you have bought some. Maybe they can tax the transaction of BUYING BTC. But it should stop there. You could always say that you have already spend the BTC's and they wouldn't verify if that's true or not since all the wallets and the transactions are not saved on a bank that they can request to give insight in. But the transaction of buying the coins, that would be taxable, right?

RamBahadur.Gurung

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Merit: 262

Quote from: locopao on April 30, 2017, 02:01:56 PM

But i think you are talking about recognition as an official currency.

No. Recognition as a legal form of payment is different from getting the status of official currency. For example, Japan recently recognized Bitcoin as a legal form of payment. But Japanese Yen remains as the official currency of Japan.

FlamingFingers

sr. member

Activity: 1344

Merit: 288

Not even a single one saying no, OK.

No, it shouldn't, at least, not yet. Bitcoin is good and all that, but it cannot be used by the mass populations because it can't scale. Yet. Hell, Bitcoin's blockchain get stuck with transactions' confirmations when there is a spam attack of only 60,000 transactions, I mean really, only 60,000?! And you want it to be used worldwide?!

Also high fees would keep people away. All these issues would be resolved once Bitcoin scales and settles. Then I would say, "Hell yeah, it should be."

AdolfinWolf

legendary

Activity: 1946

Merit: 1427

Quote from: LostWords on April 30, 2017, 02:16:26 PM

Quote from: locopao on April 30, 2017, 02:01:56 PM

Bitcoin is already recognized all over the world. In every country there is at least 1 person that knows and uses Bitcoin.

But i think you are talking about recognition as an official currency.

Well this is not going to happen, at least unless the bank and the goverments find a way to control it and eliminate the anonymity.

Some countries already official recognized it as a currency (Japan) or as a Commodity (USA) but still there are a lot other countrues that BTC transaction are illegal (https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory)

Isn't it also a problem that they cant get taxes over it?

One of the many problems, yes. If you didn't bought bitcoins using fiat/ ( using your bank accounts), they have no clue how much bitcoin you own.
In most western countries these days they do ask you how assets in BTC you own ( basically bitcoins + altcoins), I don't know how they're checking it.
It seems very hard.

LostWords

full member

Activity: 280

Merit: 101

Quote from: locopao on April 30, 2017, 02:01:56 PM

Bitcoin is already recognized all over the world. In every country there is at least 1 person that knows and uses Bitcoin.

But i think you are talking about recognition as an official currency.

Well this is not going to happen, at least unless the bank and the goverments find a way to control it and eliminate the anonymity.

Some countries already official recognized it as a currency (Japan) or as a Commodity (USA) but still there are a lot other countrues that BTC transaction are illegal (https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory)

Isn't it also a problem that they cant get taxes over it?

locopao

legendary

Activity: 910

Merit: 1000

Bitcoin is already recognized all over the world. In every country there is at least 1 person that knows and uses Bitcoin.

But i think you are talking about recognition as an official currency.

Well this is not going to happen, at least unless the bank and the goverments find a way to control it and eliminate the anonymity.

Some countries already official recognized it as a currency (Japan) or as a Commodity (USA) but still there are a lot other countrues that BTC transaction are illegal (https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory)

mrjoy15

hero member

Activity: 868

Merit: 504

It should be done. Day to day, Bitcoin's rise to his presence and help to believe concept of money to universal. Public payments are another possibility that bitcoin makes possible like following the Japan, USA etc. I can just only imagine that people will be able to select this payment process including fiat. Hope it will come true soon.

crairezx20

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Activity: 1638

Merit: 1046

Quote from: bittraffic on April 30, 2017, 12:42:39 PM

Definitely Should!

It won't take very long for the rest of the countries in the world to recognize bitcoin. Japan had already started it as far as i know its not even japan was the first to do it, before japan there was already BTC city.

I heard that brazil and paris are also accepting bitcoin locally that i think more countries are also accepting bitcoin as payment locally and the near future.. hoping that more countries or almost recognize bitcoin as payment..
Since bitcoin is growing and more and more business are accepting it hoping that big companies will accept bitcoin like amazon .that i think it can push the price more high if it will happen..

bittraffic

hero member

Activity: 3038

Merit: 617

Definitely Should!

It won't take very long for the rest of the countries in the world to recognize bitcoin. Japan had already started it as far as i know its not even japan was the first to do it, before japan there was already BTC city.

LostWords

full member

Activity: 280

Merit: 101

It should, but is it realistic? I mean, there are still a lot of villages, hell, even countries that are not developed enough for computertechnology, let alone digital 'money'. It should get recognized but it way too dificult to reach that ambition any time soon imo.

RamBahadur.Gurung

sr. member

Activity: 457

Merit: 262

It will be definitely better if Bitcoin is recognized by the world nations (and I think that Japan has already done that). The only problem is that it is up to the individual governments to decide that. We don't have any say in this matter.

Cereberus

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Activity: 910

Merit: 1000

We all agree it should be recognized here. We all in this forum believe in bitcoin in long term extreme potential, some people here believe bitcoin can reach up to 100.000 USD in year 2026 so they are doing everything to collect every single satoshi they can. I know until it becomes recognized worldwide as a form of payment takes time but once it does reach this state, then we will all be happy with the coins we posses. Some people in poor countries would be rich instantly at that time

.

ethantaylor

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Activity: 280

Merit: 100

It would be weird if you are here and think it should not.

machinek20

hero member

Activity: 840

Merit: 501

Of course it should, there are so many people already being helped by bitcoin, it gave them opportunity to earn and job opportunity and also it makes people can easily do transaction all over the world, there are still so many things that can be possible achieve by bitcoin, so bitcoin should be introduced to all people in the world

bazzaa1977

newbie

Activity: 44

Merit: 0

Hi, Yes it is and should be recognized around the world. Unfortunately there is so much mixed criticism and legendary notoriety with the darkside that a lot of people hold the wrong attitude towards it, well, where I live anyway. I do try to promote it a lot but it's always met with negative feedback. I've made a website and facebook page yet it's slow taking off.

Here's my website if you'd like a look

https://dingdingspain.wixsite.com/cryptocurrency

I'm a newbie so I'm learning.

Mike Mayor

hero member

Activity: 966

Merit: 535

It is recognized around the world since you can use it no matter where you are. Not everyone knows about it but people from every country know about and recognize it so I think it is recognized in that regard. Legally I couldn't really care if it is or isn't recognized. I think maybe it is better it is not recognized it is better and more private, Bitcoin is not suppose to be controlled like that.

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: Cold-Heart on April 29, 2017, 08:37:49 AM

Should it??

In my opinion, I think it should.. cause it may improve our way in investing and sharing our ideas and knowledge.. in the way that we improve our self and our communication skills to other people around the world Cheesy

Let me know why it should or shouldn't be recognized around the world and why..

Of course, we all love to see bitcoin being recognized around the world. The problem is that being is de-centralized, meaning the government does not have any control over it. And it could also rival their main local currency that's why they are afraid to embrace bitcoin. This is one of the main point why almost all nation is anti-bitcoin. Some countries put tighter regulation in place for check and balance.

But if only they understand that accepting bitcoin will open a lot of opportunities to the general public like trading and investing in bitcoin as store of value. This will give a lot of people to put money in bitcoin and save if for long term and make a profit. Others can use bitcoin to as a mode of payment specially for those who don't have a credit card. In many parts of Africa, Latin America, and even Asia, most people have no access to credit or some form of digital payments; with bitcoin, that infrastructure comes for free. We are just starting to scratch the surface of the potential of bitcoin used globally.

ACCA

jr. member

Activity: 146

Merit: 1

In Japan bitcoins recognized officially:
http://www.newsbtc.com/2017/04/02/japan-officially-recognises-bitcoin-currency-starting-april-2017/

AdolfinWolf

legendary

Activity: 1946

Merit: 1427

Quote from: Cold-Heart on April 29, 2017, 08:37:49 AM

Should it??

In my opinion, I think it should.. cause it may improve our way in investing and sharing our ideas and knowledge.. in the way that we improve our self and our communication skills to other people around the world Cheesy

Let me know why it should or shouldn't be recognized around the world and why..

It's already recognized in almost every country in the world, with the exception of countries such as NK maybe.

If you're talking about if it should be recognized as an official way of paying, like a currency, i would say no for now. Bitcoin is simply facing to many issues right now, and it simply won't be able to handle all the hype.

Especially since the community right now is so divided, it would either become centralized quickly by the governments, or fall apart.

Velkro

legendary

Activity: 2296

Merit: 1014

Quote from: Cold-Heart on April 29, 2017, 08:37:49 AM

Should it??

Of course it should. If you are going abroad, u won't need anymore to change your money in local exchanges. You can spent bitcoin in whichever country you are in currently.

Topic: Should bitcoins be recognized around the world?? (Read 1161 times)