This could be a big WIN for an entire crpyto community

perfect999

sr. member

Activity: 1694

Merit: 299

Quote from: Tipstar on July 26, 2020, 08:00:13 AM

Quote from: Sy on July 26, 2020, 07:14:27 AM

Court Rules Bitcoin Is a Form of “Money” Under Washington D.C. Money Transmitters Act
https://btcmanager.com/court-rules-bitcoin-money-washington-dc-money-transmitters-act/

IMO, this news could be huge news for the entire crypto community I think this will bring us one step closer to mass adoption. What do guys think?

This could legalize bitcoin but it would also bring more regulations relating to it and would be taxable and counted upon income and other taxes.
In my opinion, bitcoin use was never a threat in an open society like US but it's categorization as money would provide more power to the authorities to control it. Though the consequences would be clearer with the passing time.

If you are earning an income, you should act like a citizen and pay the taxes. Bitcoin was developed keeping decentralization in mind i.e. to eliminate the interference of any third-party institution and not as something to hide your black money with. It is only fair if government imposes taxes on it and stops money laundering and other illegal activities.

Bitcoin or any other cryptocurrencies if left unregulated, will give rise to many illegal activities and also increase its usage as payment method on the dark web.

memed97

full member

Activity: 1148

Merit: 101

Quote from: @baoli on August 01, 2020, 08:38:40 AM

I only think this will bring a form of regulation for Bitcoin. The volatility of cryptocurrency is so huge that a billionaire can go back to millionaire in few seconds. In time past soany debates have come and gone. Lets see how this goes.

Yes, and time travel will provide a very appropriate answer to this, because speculation and predictions often do not provide the maximum answer for a regulation that will roll in the future.

smyslov

sr. member

Activity: 2030

Merit: 269

Quote from: JHORN on July 27, 2020, 09:15:29 AM

And yet another good news again, well Its better not to depend on this, it isn't the first time we will see good news like this and nothing still happens, it's better that DeFi is taking the lead you know, way better than any good news

Good news but cannot be considered a big win because we have already read a lot of these in the past it just adds up, the biggest news right now is the Defi news and the movement of the top coins in the market we are now in a bull run just us we've had our long bear period I'm hoping that we will also our longest bull period.

Bezobraznike

sr. member

Activity: 1274

Merit: 261

★Bitvest.io★ Play Plinko or Invest!

Quote from: ?? on ??

Finally some form of legalized it from the authority. Though I think there are still more things to do before come close to the mass adoption, this is still a piece of welcoming news.

On other side of the world Russia is banning using crypto-currencies for any kind of payments. Putin seals law to ban
crypto payments in Russia, source: https://www.teletrader.com/putin-seals-law-to-ban-crypto-payments-in-russia/news/details/52844280?ts=1596290051184
Some countries are opened for crypto-currencies, while some are not! I think we will wait and see what will some
countries do, and I am sure we will see many regulations and different rules for each country.

@baoli

jr. member

Activity: 1162

Merit: 1

Base.protocol

I only think this will bring a form of regulation for Bitcoin. The volatility of cryptocurrency is so huge that a billionaire can go back to millionaire in few seconds. In time past soany debates have come and gone. Lets see how this goes.

tiang_tower

full member

Activity: 826

Merit: 100

Quote from: Miaallen on August 01, 2020, 07:49:16 AM

It is true that the ruling is a great win for the entire cryptocurrency world but their are still lots of hinderance blocking the legal tenderness of the cryptocurrencies. I doubt the world government will approve this without having a way getting hands into the price regulation.

Yes, and this must be really studied by the government before everything is approved for price regulation, because it involves the law that must be carried out by everyone, so it's a bit difficult to take as an action.

Script3d

hero member

Activity: 1232

Merit: 503

Getting bitcoin recognized as real money is nice but how will it translate to real world, i dont think it can be used as a mode of payment in real life given how you need to wait for a transaction to be confirmed. Bitcoin is good as a investment though, high risk high reward.

crzy

full member

Activity: 2128

Merit: 180

This is a biggest court rulings in favor to bitcoin and it will be a big impact to the whole cryptocurrency. Acknowledging bitcoin as the real money is long overdue, they should done this before the crisis and maybe they prevented this one. Anyway, this is a new start and a new uptrend with bitcoin more good news can make bitcoin pump higher and create a new all time high, keep holding.

Saisher

full member

Activity: 2324

Merit: 175

Quote from: Sy on July 26, 2020, 07:14:27 AM

Court Rules Bitcoin Is a Form of “Money” Under Washington D.C. Money Transmitters Act
https://btcmanager.com/court-rules-bitcoin-money-washington-dc-money-transmitters-act/

IMO, this news could be huge news for the entire crypto community I think this will bring us one step closer to mass adoption. What do guys think?

Maybe on that State but other countries cannot adopt that ruling, because every country has its own policy regarding on Cryptocurrency, it could be different in Russia, Japan or China, although it's positive news for the community I don't think it will have a big impact in the whole industry or on every country, it takes more than that to create an impact.

Miaallen

member

Activity: 573

Merit: 30

It is true that the ruling is a great win for the entire cryptocurrency world but their are still lots of hinderance blocking the legal tenderness of the cryptocurrencies. I doubt the world government will approve this without having a way getting hands into the price regulation.

IvugeoEvolutionCoin

sr. member

Activity: 952

Merit: 267

Vave.com - Crypto Casino

Quote from: Gorosden on July 29, 2020, 02:24:45 AM

Yes it could be a big win for crypto but Bitcoin and other decentralized crypto projects don't need any centralized help to stay alive, this will only create for awareness and possibly more adoption, crypto will still survive without any help

Actually BTC needs proper regulations to go mainstream fully, regulations are from centralized authorities. In as much as centralized authorities cannot control crypto, they still have a role to play wrt acceptability. I really like the news put up by OP, Bitcoin being recognized as money by a government body is a good one.

carlisle1

hero member

Activity: 2744

Merit: 541

Campaign Management?"Hhampuz" is the Man

Quote from: Sy on July 26, 2020, 07:14:27 AM

Court Rules Bitcoin Is a Form of “Money” Under Washington D.C. Money Transmitters Act
https://btcmanager.com/court-rules-bitcoin-money-washington-dc-money-transmitters-act/

IMO, this news could be huge news for the entire crypto community I think this will bring us one step closer to mass adoption. What do guys think?

Is this another factor why bitcoin recently make a great pump with ethereum>?
Washington is one of the popular state in US so the impact of this will grow bigger to stocks and also to crypto?

that day Bitcoin starts go wild and until now sustaining the $10,000-11,000

if other states follow washington ?then we are looking forward for the Bull here.

Quote from: Gorosden on July 29, 2020, 02:24:45 AM

Yes it could be a big win for crypto but Bitcoin and other decentralized crypto projects don't need any centralized help to stay alive, this will only create for awareness and possibly more adoption, crypto will still survive without any help

What is the need for centralized coins?

Quote from: adzino on July 28, 2020, 12:39:37 PM

Just a state law that has been passed. Nothing to be excited about to be honest, but yeah it is a small step towards the total integration of crypto currencies into the monetary system. Putting crypto currencies under Washingtons money transmitter law means they are eventually looking forward to do something big with it. The biggest news is going to be the one where the country announces bitcoin as a legal tender

. But, one thing, it is going to be regulated at full scale!

You know how important this is for the whole world,not only in crypto but in economy also.
Laws against Bitcoin is really going anywhere so having this is a Win for us.

ven7net

full member

Activity: 1946

Merit: 112

Quote from: Sy on July 26, 2020, 07:14:27 AM

Court Rules Bitcoin Is a Form of “Money” Under Washington D.C. Money Transmitters Act
https://btcmanager.com/court-rules-bitcoin-money-washington-dc-money-transmitters-act/

IMO, this news could be huge news for the entire crypto community I think this will bring us one step closer to mass adoption. What do guys think?

This is definitely very good news for the entire crypto community. However, we must not forget that all this can play a bad trick on us. The principles of blockchain and cryptocurrencies are based on complete decentralization, but the very adoption of cryptocurrencies in the world has a connotation of centralized control. And here we are at a crossroads, and what path the adoption of cryptocurrencies in the world will take will mean how the crypto market will develop further. We are now still at the beginning of a big journey for crypto and we need to be more careful with this kind of news. But I'm still glad that such news comes. This means that the crypto market is developing and moving forward.

imstillthebest

full member

Activity: 1638

Merit: 122

Quote from: jcpone on July 29, 2020, 06:18:28 AM

Since I discovered Bitcoin and found out that it can be convert into a real money, I said to myself that this was a real virtual money.
It's already a big WIN a years now dude, almost 1 decades now that bitcoin gave a lot of money to everyone in the entire world actually.
So, this means another great news again for all bitcoin users and holders too.

bitcoin gave alot of money ? wow thats effin awesome . but seriously it does not . you can get bitcoin but not for free rather you get it when you exchange your own cash to it or you are willing to work and get paid by it .

virtual money is a real money but in a digital form and btc is classified as one of a virutal money by the time it has started . this isnt another great news because we btc users already knew this except to those that are not yet convinced that btc is a real money

jcpone

sr. member

Activity: 685

Merit: 250

Quote from: Sy on July 26, 2020, 07:14:27 AM

Court Rules Bitcoin Is a Form of “Money” Under Washington D.C. Money Transmitters Act
https://btcmanager.com/court-rules-bitcoin-money-washington-dc-money-transmitters-act/

IMO, this news could be huge news for the entire crypto community I think this will bring us one step closer to mass adoption. What do guys think?

Since I discovered Bitcoin and found out that it can be convert into a real money, I said to myself that this was a real virtual money.
It's already a big WIN a years now dude, almost 1 decades now that bitcoin gave a lot of money to everyone in the entire world actually.
So, this means another great news again for all bitcoin users and holders too.

Gorosden

member

Activity: 518

Merit: 30

$CYBERCASH METAVERSE

Yes it could be a big win for crypto but Bitcoin and other decentralized crypto projects don't need any centralized help to stay alive, this will only create for awareness and possibly more adoption, crypto will still survive without any help

lienfaye

hero member

Activity: 3010

Merit: 629

This can bring positive impact to crypto community. If bitcoin is recognize as a form of money then we can expect people to use this crypto as an alternative to traditional fiat. Mass adoption can influence the price as well to soar high and its good for investors who hold their bitcoin for long period already. It also means many merchants will finally accept bitcoin as one of their payment method, it wont be hard now to use it for spending and as currency, the reason it was created in the first place.

rz20

legendary

Activity: 1330

Merit: 1001

Quote from: RealMalatesta on July 29, 2020, 01:37:07 AM

It’s a good news, not really about getting new investors, but because it shows that the government has fully recognized Bitcoin as a legal asset. Although that will also mean that they will now have their eyes on cryptocurrency and would love to regulate it and collect taxes and all that. That’s something don’t want, most of them wants a means to earn and evade paying taxes lol, sometimes taxes can reduce your earnings to a ridiculous amount and some people don’t want that.

As for that attracting investors, I saw some comments that it doesn’t attract investors. Nah that’s not true, there are lots of investors waiting for something to prove that Bitcoin is legal, and now they have it and will now join without fear that Bitcoin is a scam.

Even though our government was uncertain about cryptocurrency they were for sure excited about collecting taxes on the income made through cryptocurrency. Was US not charging taxes for income gained through cryptocurrency before?

sfireman

full member

Activity: 206

Merit: 100

Decentralized Ascending Auctions on Blockchain

Quote from: RealMalatesta on July 29, 2020, 01:37:07 AM

It’s a good news, not really about getting new investors, but because it shows that the government has fully recognized Bitcoin as a legal asset. Although that will also mean that they will now have their eyes on cryptocurrency and would love to regulate it and collect taxes and all that. That’s something don’t want, most of them wants a means to earn and evade paying taxes lol, sometimes taxes can reduce your earnings to a ridiculous amount and some people don’t want that.

As for that attracting investors, I saw some comments that it doesn’t attract investors. Nah that’s not true, there are lots of investors waiting for something to prove that Bitcoin is legal, and now they have it and will now join without fear that Bitcoin is a scam.

This is true! Many people still think of the cryptocurrency world as illegal and a scammed market. For example, people in my country aren't too familiar with the cryptocurrency market, all they know about it in the news are bad news such as "fraud in the cryptocurrency market", etc. Therefore, some news like this will erase the rumor!! We're expecting the expansion of recognition!

RealMalatesta

legendary

Activity: 2338

Merit: 1124

It’s a good news, not really about getting new investors, but because it shows that the government has fully recognized Bitcoin as a legal asset. Although that will also mean that they will now have their eyes on cryptocurrency and would love to regulate it and collect taxes and all that. That’s something don’t want, most of them wants a means to earn and evade paying taxes lol, sometimes taxes can reduce your earnings to a ridiculous amount and some people don’t want that.

As for that attracting investors, I saw some comments that it doesn’t attract investors. Nah that’s not true, there are lots of investors waiting for something to prove that Bitcoin is legal, and now they have it and will now join without fear that Bitcoin is a scam.

Topic: This could be a big WIN for an entire crpyto community (Read 507 times)