What do you think will happen once Hong Kong legalizes bitcoin? - page 3.

Dickiy

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Quote from: AllYourBitcoinRBelong2Us on February 21, 2023, 10:09:32 PM

Some of you probably saw the news that bitcoin will be fully legal to its citizens in June. What do you guys think will happen to Bitcoin?

Previously I would like to know what you mean in terms of legalizing this, is it legal as a means of transaction or re-legalized bitcoin transactions (buying and selling such as stocks or commodities) or something else.
But yes, if this legalization refers to the news that is circulating (buying and selling bitcoins), yes, that is very good, especially for the people who are there and can openly say that they own bitcoins without worrying and this is probably bullish news for bitcoin in its cyclical journey. right now, but considering what the impact on the market would be in the upside I'm not really sure.

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Quote from: AllYourBitcoinRBelong2Us on February 21, 2023, 10:09:32 PM

Some of you probably saw the news that bitcoin will be fully legal to its citizens in June. What do you guys think will happen to Bitcoin?

Hong kong is a important country when trade is mentioned in the world, many importers and exporters worldwide have Hong kong as a strategic place where they can store some goods before they are resent to another location. If Hong Kong legalizes bitcoin, many of these businesses and companies will seek to explore and possibly adopt bitcoins as a medium for payment. For companies and businesses that record success with this new option for payment, they will want to extend it to other countries and location where they have branches and bitcoin is legal or there is no law prohibiting bitcoin use.

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The primary advantage of Bitcoin legalization is it scalability and accessibilty since Hong Kong citizens will have full legal access to Bitcoin without any restriction and even at that we should also note is the fact that this will be an advantage to the government since their will be bitcoin income tax.

-Aside from El Salvador whom have made bitcoin a legal tender some time ago no other country have done that and if Hong kong join the list, the total will now become three countries, which is favourable enough for Bitcoin adoption rate.

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For a country that is well exposed to technology...

I think bitcoin will fit in well into people's daily lives, and should see a price bump going upwards once this news is made official...

By the way, this is the kind of news that's also influences other countries to get onboard and let the citizens to enjoy the same kind of financial freedom as the new tech adopters, and probably get help on how to regulate these digital currencies.. being a new territory for most.

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Quote from: tbct_mt2 on February 23, 2023, 06:19:03 AM

They don't need to be too smart to do that. It is only they have interest in and want to do this or not.

Maybe that's your opinion, but I wouldn't agree that knowledge is some universal thing that comes by itself, especially in a country that censors the internet like no other country in the world. You need to be smart in order to bypass such censorship, and not only smart in the sense that you know how to use VPN or TOR, but also that you know how to stay under the government's radar, given that China, like every communist country that exists or has existed, is not afraid of the most difficult punishments for those who are considered enemies of the state and the system.

Quote from: tbct_mt2 on February 23, 2023, 06:19:03 AM

They did not completely block all their citizens to access to real news, not censored ones. If citizens one, they can access to freedom. Freedom in news and freedom in their own banks by Bitcoin.

The fact that the average Chinese still lives in such a political system that limits basic human freedoms speaks volumes about how significant the influence of that same state is on society. Real changes are only possible if a critical mass of people is created who are aware that something is wrong, and it seems to me that the majority of Chinese people live in some parallel reality within their country. I didn't hear of a single protest when China banned Bitcoin trading or mining in a country of 1.4 billion people.

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Quote from: Lucius on February 23, 2023, 06:14:12 AM

Smart people in China (or anywhere in the world) can use Bitcoin regardless of what their government thinks about it and what laws they pass.

They don't need to be too smart to do that. It is only they have interest in and want to do this or not.

Do Chinese governments can ban all their citizens to use the Internet and get access to news globally that are not controlled and censored by the People's Republic of China?
They did not completely block all their citizens to access to real news, not censored ones. If citizens one, they can access to freedom. Freedom in news and freedom in their own banks by Bitcoin.

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Quote from: EFS on February 22, 2023, 03:30:57 PM

I meant it's good news only for them, it doesn't affect Bitcoin and global prices at all. If OP have a dream about big green candles, this news ain't it. Unless all of mainland China take a decision like this, it won't have such an effect.

For some, it would certainly seem like super bullish news, but I don't think that China in this kind of political system could ever honestly accept Bitcoin considering that, like many others, they are completely obsessed with absolutely controlling everything. Therefore, it is better that such "false acceptance" does not happen, because who says that after some time there would not be a complete ban again and we would again go through the same situation as the first time when China banned crypto trading.

Smart people in China (or anywhere in the world) can use Bitcoin regardless of what their government thinks about it and what laws they pass.

EFS

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Quote from: Yatsan on February 22, 2023, 06:21:30 PM

Why won't it have? Any positive news will have a positive impact with the marjet prices especially if it is regarding adoption of this technology. Try making the past as a basis when countries announced their acceptance of cryptocurrencies as a mode of payment. That is how factors affects a demand.

Because Hong Kong is a very small country with only 7.5 million population. It can't affect whole global Bitcoin market whatever they decide. If a giant country like China took such a decision it would've had an impact but the steps of such small countries usually don't have big influence over the market. As you can see there isn't any positive move in Bitcoin price.

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There could be an increase with the market price. It will create a wave in the demand given that Hongkong is one of the placed wherein many people are rich which could be huge investors of this blockchain unless this technology has already a bad image on that area.

Quote from: EFS on February 22, 2023, 03:30:57 PM

Quote from: LDL on February 22, 2023, 10:39:37 AM

Hong Kong people have been using Bitcoin for a long time, with a 2021 survey showing that 3.27% of Hong Kong's total population, or 245k, use the cryptocurrency directly and indirectly. However, despite being a country in Asia, Hong Kong, which is dominated by China, has launched the Digital Yuan announced by the China Central Bank in Hong Kong.

I meant it's good news only for them, it doesn't affect Bitcoin and global prices at all. If OP have a dream about big green candles, this news ain't it. Unless all of mainland China take a decision like this, it won't have such an effect.

Why won't it have? Any positive news will have a positive impact with the marjet prices especially if it is regarding adoption of this technology. Try making the past as a basis when countries announced their acceptance of cryptocurrencies as a mode of payment. That is how factors affects a demand.

EFS

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Quote from: LDL on February 22, 2023, 10:39:37 AM

Hong Kong people have been using Bitcoin for a long time, with a 2021 survey showing that 3.27% of Hong Kong's total population, or 245k, use the cryptocurrency directly and indirectly. However, despite being a country in Asia, Hong Kong, which is dominated by China, has launched the Digital Yuan announced by the China Central Bank in Hong Kong.

I meant it's good news only for them, it doesn't affect Bitcoin and global prices at all. If OP have a dream about big green candles, this news ain't it. Unless all of mainland China take a decision like this, it won't have such an effect.

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But with this it makes me wonder when China continues to make it look like bitcoin is bad but supports hongkong now and is behind it.
Is it really the kind of thing they want by making fud everywhere and then ushering in a new era for themselves?
But indeed with this there are a number of things that might happen as it is indeed very good for Hong Kong residents even though there will definitely be some new regulations in the future.

_musab-scorpion_

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It would be a good news for Bitcoin market but not such good that btc will move to its highs in one day …lolz…..Bitcoin market will stabilise slowly and gain volume …but such news will not cause it to boom to its all time highs

bittraffic

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Quote from: kryptqnick on February 22, 2023, 12:30:08 PM

From the thread, it seems like nothing changes much because Bitcoin was already available in Hong Kong, and it's not like Hong Kong is making a leap forward by making it legal tender (I mean, it's not making Bitcoin legal tender). As others have mentioned, China's influence should not be underestimated here, as Hong Kong is legally a part of China, even if it does have a special status and a distinct history. I don't think China would allow a very drastic departure from its own crypto policies in Hong Kong, and China is in control there, so it's not like Hong Kong could ignore China's restrictions and do its own thing. So, unfortunately, I don't think anything will change even if some legislation gets approved soon.

The one country two systems I think work in Hongkong. The Island is the only business area where the Chinese can do things including gambling which I think the Chinese government will not really mind. So if Hongkong media are saying it publicly, there is a chance that is true and so is the reason why Chinese coins are rising like Filecoin and NEO.

Before China bans, the coins that use to be popular in China are LTC and EOS but these days, it's not anymore. They seem to only buy the coins where developer teams are Chinese.

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From the thread, it seems like nothing changes much because Bitcoin was already available in Hong Kong, and it's not like Hong Kong is making a leap forward by making it legal tender (I mean, it's not making Bitcoin legal tender). As others have mentioned, China's influence should not be underestimated here, as Hong Kong is legally a part of China, even if it does have a special status and a distinct history. I don't think China would allow a very drastic departure from its own crypto policies in Hong Kong, and China is in control there, so it's not like Hong Kong could ignore China's restrictions and do its own thing. So, unfortunately, I don't think anything will change even if some legislation gets approved soon.

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Quote from: AllYourBitcoinRBelong2Us on February 21, 2023, 10:09:32 PM

Some of you probably saw the news that bitcoin will be fully legal to its citizens in June. What do you guys think will happen to Bitcoin?

Not sure if the new is true because HongKong's administration is heavily influenced by China and we all know about the anti-crypto stance of Chinese government. So it may not be true!

However if it is real then it will be a good news for the crypto market. Hongkong is a wealthy country and we can expect a lot of liquidity to come into crypto market. Let's hope for the best.

bittraffic

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Bitcoin doesn't need to be a legal tender in Hongkong to be adopted, there were already people using BTC even before 2017. Hongkong plans to be the cryptocurrency hub in Asia, I guess this will make it very huge. There were already many Chinese altcoins pumping recently when Hongkong announced they are reopening crypto trading for retailers such as VET.

Despite China banning BTC which there is a chance the PRC will prevent from happening, there is no attempt from the communist party to stop it.

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Quote from: LDL on February 22, 2023, 07:55:33 AM

As Hong Kong is going to recognize Bitcoin as legal tender, Hong Kong is taking this step realizing the far-reaching value of Bitcoin.

If you bothered to read the other posts in this topic other than the one written by OP ((even he didn't say that) you would see that Hong Kong has no plans to make Bitcoin as a legal tender and instead just make it easier for people to buy/sell/trade. While that's a positive news nevertheless, its far from making bitcoin legal tender and I have no idea how you came to that conclusion.

tbct_mt2

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It is good for Hongkong, their nation and their citizens initially. After that, it is good for cryptocurrency companies that have their licenses and main offices in China mainland. They will be able to move to Hongkong and get more friendly, legally business environment there. Like years ago, many cryptocurrency exchanges had to move their offices to other locations, just moved out of China mainland.

In long future, I don't think it is big deal. Countries will accept and legalize Bitcoin more and it is a trend for all countries. In addition, we as citizens don't need legal tender to use Bitcoin. If you have a self custodial wallet and have bitcoins, you can move your coins with confirmation from miners that are everywhere globally.

LDL

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Quote from: EFS on February 21, 2023, 10:18:42 PM

That would be good for Hong Kong citizens.

Hong Kong people have been using Bitcoin for a long time, with a 2021 survey showing that 3.27% of Hong Kong's total population, or 245k, use the cryptocurrency directly and indirectly. However, despite being a country in Asia, Hong Kong, which is dominated by China, has launched the Digital Yuan announced by the China Central Bank in Hong Kong. Although China directly and indirectly bans cryptocurrencies, it is a matter of concern how reasonable it is for China to support the legalization of Bitcoin in Hong Kong. However, the people of Hong Kong will not oppose the legalization of Bitcoin, rather they support Bitcoin.

Topic: What do you think will happen once Hong Kong legalizes bitcoin? - page 3. (Read 555 times)