What Will Happen if All Countries Recognize BTC as a Real Currency?

VitKoyn

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Quote from: YouKnowMe on October 14, 2017, 08:22:53 AM

What if BTC will be implemented as a legal currency in all countries?
What will be the impact to its integrity and the management of BTC?

This is possible but unlikely to happen because there are countries that don't trust bitcoin instead they just want to create their own coin that they can regulate. But if all countries accept bitcoin as a legal tender there will be a positive and negative effects. The positive effect is since all countries accept bitcoin as a legal currency people who don't trust it will start to trust and use it, the price will rapidly rise until it reach it's limit because bitcoin supply is limited. The negative effect, Due to a lot of users there will be a transaction congestion in the blockchain and transaction fees will be so expensive and also like others said bitcoin will be taxed and the time will come that people will lose interest of using it.

kenkoy

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Quote from: YouKnowMe on October 14, 2017, 08:22:53 AM

What if BTC will be implemented as a legal currency in all countries?
What will be the impact to its integrity and the management of BTC?
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If that happens, we will all be cheering now. As well all know, Bitcoin value is affected by a lot of factors and being recognized as a real currency will certainly affects the btc price to go up. Some countries may not be against. to Bitcoin but they may not also recognized it as a legal currency. so this will be a big boost.

Yakamoto

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Quote from: YouKnowMe on October 14, 2017, 08:22:53 AM

What if BTC will be implemented as a legal currency in all countries?
What will be the impact to its integrity and the management of BTC?

It could actually be next to nothing, really. A lot of people just treat Bitcoin as if it is "real" already, I don't know if they would suddenly be more interested in using it just because the government says that it's a "real" currency. Most people would want to have multiple kinds of insurance and have a means of using Bitcoin in an effective manner before they would be interested in it, and most people would keep using fiat anyway because it's "easier" or any number of reasons they can dream up.

Okuman

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The dollar that is key currencies turns into Bitcoin.
The legal currency does not disappear as far as there is a country.

YouKnowMe

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Quote from: crismass1225 on October 14, 2017, 10:04:05 AM

If bitcoin will recognize as a real currency in all countries bitcoin price will surely increase and the projected price which 10,000$ per BTC will surely surpass it, as the demand will increase. Many people will switch to Bitcoin and paper money will lose it value. Economy will stuck-up and turn it to new high in the cyber worlds. Tax will implement Per Bitcoin/per satoshi. Government will have a view of peoples account in the blockchain, anonymity will abolish, transaction fee will also increase and run time will make it slow as their will be million of transaction that will done in the block chain. Miners will get huge amount of profit as many are demanding about it.

PS, I know outline whats in my mind I just type what i am thinking if suddenly the time flip out that bitcoin will be legalize and be recognize by all countries, well correct me if i am wrong..

Thank you!

Sure thing, that builds a lot of cofidence in investing in BTC. Im starting to have an interest in BTC mining as well. Thanks.

YouKnowMe

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Quote from: dothebeats on October 14, 2017, 09:22:21 AM

Bitcoin would be taxed to death, and those who use it to remain anonymous would get their identities collected by their own government and monitor their spending. Basically the idea of bitcoin being a decentralized and pseudo-anonymous currency would be shattered, making it one of the most monitored asset of the banks and the governments. Price and adoption could follow, but are we willing to trade financial freedom to profit.

Indeed! BTC will be taxed to death! That's the reality of gaining too much popularity and demand. Very interesting answer. Thanks!

bitvalak

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that's good, because bitcoin management is easier and no need to worry about being controlled by irresponsible parties. With the inclusion of bitcoin into an automated legal sector the economy will be more honest and growing rapidly. Transactions will also get easier and instant.

krishnapramod

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Different countries, different currencies, different monetary policies. Some countries consider Bitcoin as an asset and others as currency and based on a country's definition of Bitcoin, tax policies and regulations differ.

If all countries legalize Bitcoin, worldwide legalization then obviously there would be worldwide regulation. Bitcoin is already a global currency, but this worldwide acceptance would push it further to the extent where governments might agree upon a common standard set of tax policies/regulations/legal framework to be enforced on Bitcoin usage. Would that be good? Not likely. Licensed centralized exchanges, governments would want to monitor cross-border transactions using Bitcoin, and many more rules might be enforced on Bitcoin users. Worldwide legalisation would definitely boost Bitcoin adoption, price would skyrocket, but too harsh regulations would take away the financial freedom that Bitcoin offers.

A hyperbitcoinization event is preferable over enforced regulations.

http://nakamotoinstitute.org/mempool/hyperbitcoinization

PS: IMO it's highly unlikely that all governments would legalize Bitcoin. Secondly from a technical perspective, we have to see how Bitcoin is going to handle transactions when around 20 to 30% of world population starts using it.

megynacuna

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Quote from: jc89 on October 14, 2017, 10:20:25 AM

If every single country of the world will adapt and legalize btc the surest thing to happen first is a great surge in its value. More people/investors will buy btc and time will come that an average person cannot afford it anymore. If that will happen and you're one of those early btc holder who are now millionaires, well then you will be billionaires by that time.

Well i don't deny the fact that the prices of bitcoin will surge astronomically because it will be in huge global demand but it will also boost international trade and businesses around the world because more or less we al will be using ione currency and so there will be no need to have the exchanges and so you can trade without boundaries.

jc89

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If every single country of the world will adapt and legalize btc the surest thing to happen first is a great surge in its value. More people/investors will buy btc and time will come that an average person cannot afford it anymore. If that will happen and you're one of those early btc holder who are now millionaires, well then you will be billionaires by that time.

crismass1225

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If bitcoin will recognize as a real currency in all countries bitcoin price will surely increase and the projected price which 10,000$ per BTC will surely surpass it, as the demand will increase. Many people will switch to Bitcoin and paper money will lose it value. Economy will stuck-up and turn it to new high in the cyber worlds. Tax will implement Per Bitcoin/per satoshi. Government will have a view of peoples account in the blockchain, anonymity will abolish, transaction fee will also increase and run time will make it slow as their will be million of transaction that will done in the block chain. Miners will get huge amount of profit as many are demanding about it.

PS, I know outline whats in my mind I just type what i am thinking if suddenly the time flip out that bitcoin will be legalize and be recognize by all countries, well correct me if i am wrong..

Thank you!

target

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The price of BTC will most probably be more than 10K once all countries will recognize it as currency. But not just BTC but most of the alt coins will also be huge.

Lancelot04

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Quote from: YouKnowMe on October 14, 2017, 08:22:53 AM

What if BTC will be implemented as a legal currency in all countries?
What will be the impact to its integrity and the management of BTC?

People who owns a lot of Bitcoin may now be a Billionaire. As for me, I need to accumulate at least 5 Bitcoins, that would make me stable in the coming years.

chesegrinder

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Im not against in making bitcoin legalize in many country. but this will the things is, when bitcoin will be legalize in all the countries demand will suddenly increase and the price also increase with a limited supply of 21 million BTC. Miners will have a huge profit out of it, there will be increasing of Cyber Market selling and buying Bitcoin many exchange will exist. Fiat money will be left behind and drop off by many people who wants to have bitcoin, bitcoin price will then increase about 10,000$ until people realize what are happening in the market that only big holder can manipulate the market. Then people will stop buying it, drop it, switch to fiat again and bitcoin will left behind, and that will be the born of first bubble in cyber world.

in my opinion it is fine that bitcoin will remain as what it is today. It is good to know and Im very excited that bitcoin are gradually adopt by many merchant today but making it legal in all the countries are very risky for now.

Senswh

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Negative impact If bitcoin is legalized then taxes that have bitcoin are also legalized and positive impact if bitcoin is legalized then all transactions will be easy to do by doing a barcode scan if you want to shop at a particular store

erickkyut

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If all countries will recognize Bitcoin as real currency, I think there will be a scarcity in Bitcoin because its supply is limited and the price of it will be very high due to limited supply but high demand. Aside from that, many businesses will prefer Bitcoin as a mode of payment and the government would push the regularization of Bitcoin because they want to get taxes from it.

dothebeats

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Bitcoin would be taxed to death, and those who use it to remain anonymous would get their identities collected by their own government and monitor their spending. Basically the idea of bitcoin being a decentralized and pseudo-anonymous currency would be shattered, making it one of the most monitored asset of the banks and the governments. Price and adoption could follow, but are we willing to trade financial freedom to profit.

DaMut

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what will happen?
of course there will be a global crisis that will happen to every countries in the world,
why global crisis ?
because the whales holding it for more than 'normal' and 'average' people.
most of them holding it for more than 0,5%,which mean they can manipulate it as they wish.
ok lets talk about the fact,
it will never be a real 'currency' replacing a FIAT,
they can regulate it but it will never be a real currency,at best it will only like this.

ufaiz50

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Quote from: YouKnowMe on October 14, 2017, 08:22:53 AM

What if BTC will be implemented as a legal currency in all countries?
What will be the impact to its integrity and the management of BTC?

I'm not sure about this because bitcoin does not have additional supply. if that's case is realy happen I'm sure bitcoin will be a rare item because the supply is not increased and people from other countries will race to buy it so demand on bitcoin will be much.

pawanjain

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Bitcoin is already in the state of being a well recognized currency. If it gets recognized in all the countries then one thing I could say for sure is a HUGE increase in price. Bitcoin might increase at a speed of $1000 per day which is not a big deal for BTC. Mass adoption of Bitcoin will take place and there will be huge BUY wall in the market. Since many number of people will join the market the chances of increase in transaction fee might also become high. BTC will be stronger than ever as there will be huge number of population supporting BTC.

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