What would happen if Bitcoin became a legal currency? - page 14.

wahb

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Quote from: ?? on ??

I believe it would happens in 5-10 years for sure
New revolutions in World

That is true that it will take some more time. It will in fact depend on the increasing population of bitcoin users, which will surely put pressure on their governments to take a step about legalization of bitcoin, which in in fact too much important in modern time. Some countries have already taken a step wile the other are going to follow them.

Pab

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Big problems i guess,regulations,kyc etc,high cost for exchanges etc.Europe has good terms for bitcoin
In Europe bitcoin is like a money,enough to be legal without puting too much obstacles
In China bitcoin is recognised ike digital goods,now it has to be changed on Biggest China problem

palle11

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Quote from: Bitshake on June 08, 2016, 04:41:44 AM

Everyone would like the bitcoin is accepted in all online and real stores and, as as mentioned in the title, what would happen if Bitcoin became a legal currency?

What will happen first is that, bitcoin would have succeeded in making so many people mega rich. Again, it will reduce the roll of banks in the society and make extra charges go away. It will make financial transactions faster because you don't need banks to tell you come today nor tomorrow in trying to make a transaction etc.

chickenfried12

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Then we are really hard time at working areas shops markets in very difficult banks, then we have the beginning lagalize the bitcoin

now very slowly Must transfer quickly
Do not go to the wrong addresses you can not take back
If the receipt of the receipt is given,
The state gets tax from him asking where he got it from and where he got it asking more questions
I do not have enough balance at the moment Then I give it to later and people can make big debts with each other
I think there may be many more things

warrior333

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Merit: 253

Bitcoin will never become the official currency. For any currency is the state and its assets. This is necessary in order to know the real value of the currency and who is responsible. Bitcoin is a huge array of speculative capital which can at any moment disappear. Who dares to exchange the assets of the state in the set of numbers in the computer?

tdrinker

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Quote from: ?? on ??

I believe it would happens in 5-10 years for sure
New revolutions in World

Yes, it will probably become a legal tender in many countries within the next decade or so but it is unlikely to replace major currencies for quite some time as many countries will not want to give up their sovereign currencies.

darkangel11

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Don't let others control your BTC -> self custody

Quote from: syarifudin on October 13, 2017, 01:13:11 PM

it is possible to make bitcoin as a legal currency but would take a relatively long time because nowadays not fully everybody in this world knows and can do transaction with bitcoin, this is of course because bitcoin legality factor still not fully get recognition from various countries in world .

It's harder than you might think. Usually when something is being recognized as a currency worldwide it has a stable government backing it. For instance currencies of countries that are in a state of a civil war and chaos aren't usually recognized and have very low value. So for the international community to recognize something a country would have to adopt BTC as its currency and then back it and advocate for it to become accepted worldwide.

syarifudin

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it is possible to make bitcoin as a legal currency but would take a relatively long time because nowadays not fully everybody in this world knows and can do transaction with bitcoin, this is of course because bitcoin legality factor still not fully get recognition from various countries in world .

BarbieCasino

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Quote from: artyo on October 12, 2017, 08:28:24 AM

From the details I have, there are couple of nations that consider Bitcoin an illegal forex. Furthermore, it would not make much variation if a greater number of international locations arrived to declare the currency as illegal, simply because Bitcoin was made to purpose outside the house the realm of governments, financial institutions or any other centralized institutions.

Yes you are right the value of the bitcoin will be very high and the people who are trying hard to make the bitcoin world most wanted currency then the importance of the crypto currency will be high when more people will become the part of the bitcoin. So it is possible to make the bitcoin legal because it is the time when the value of the bitcoin is gaining the high profit through the long time investment.

Iminvest

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first of all it means btc should be regulated, and we all should probably pay taxes from it.. it sucks

artyo

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From the details I have, there are couple of nations that consider Bitcoin an illegal forex. Furthermore, it would not make much variation if a greater number of international locations arrived to declare the currency as illegal, simply because Bitcoin was made to purpose outside the house the realm of governments, financial institutions or any other centralized institutions.

Lubang Bawah

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This is a very good thing and I certainly look forward because bitcoin worthy of being a legal currency, almost all financial transaction problems because the system is not ready but with bitcoin then everything becomes easier.

redsun114

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Leading Crypto Sports Betting & Casino Platform

Quote from: Mrsmants on October 08, 2017, 12:39:45 AM

From the data I have, there are number of international locations that take into account Bitcoin an unlawful currency. Additionally, it would not make a lot big difference if a larger quantity of international locations came to declare the currency as unlawful, since Bitcoin was developed to purpose outside the house the realm of governments, financial institutions or any other centralized institutions.

If there are places that consider bitcoin illegal then at the same time, there are many countries which are leading ones in the developed world have declared bitcoin legal currency. These governments are not afraid of giving their people full freedom. Only corrupt ones are declaring bitcoin illegal because in this way they won’t lose their control over the money of public.

Mrsmants

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From the data I have, there are number of international locations that take into account Bitcoin an unlawful currency. Additionally, it would not make a lot big difference if a larger quantity of international locations came to declare the currency as unlawful, since Bitcoin was developed to purpose outside the house the realm of governments, financial institutions or any other centralized institutions.

valentine401

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Quote from: celested on September 29, 2017, 05:06:33 AM

Quote from: Bitshake on June 08, 2016, 04:41:44 AM

Everyone would like the bitcoin is accepted in all online and real stores and, as as mentioned in the title, what would happen if Bitcoin became a legal currency?

If bitcoin becomes legal and officially accepted at the store, the transaction will be done quickly. But I think if the digital currency goes into exchange, trading in everyday activities, other currencies will be affected by falling prices.

I think that this is all possible, Every transaction will be so much easier but at the same time i think the value will decrease eventually because there's so many supply and the market will be populated since everyone needs to exchange it into real cash.

Mailly

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Â if bitcoin gets to be Â a authorized tendar Â ,it will be a extremely great issue because a good deal of people are accepting bitcoin which includes on-line machant internet site.it will be one particular of the ideal currency close to

Sonin1944

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If bitcoin became authorized forex, all of cash papers and coins will disolve or be obsolete. Papers and cash that can be use to buy issues, meals and clothes will turned bitcoin or became a virtual funds. Bitcoin funds can depriciate the benefit of income, it can virtual money or be a high foreseeable future technologies involving cash

celested

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Quote from: Bitshake on June 08, 2016, 04:41:44 AM

Everyone would like the bitcoin is accepted in all online and real stores and, as as mentioned in the title, what would happen if Bitcoin became a legal currency?

If bitcoin becomes legal and officially accepted at the store, the transaction will be done quickly. But I think if the digital currency goes into exchange, trading in everyday activities, other currencies will be affected by falling prices.

ekoice

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When bitcoin becomes legal,the first change that we would face is that almost all retailers would start accepting it as a payment just as we witnessed in japan.We could easily sell our bitcoins directly to persons instead of approaching exchanges.
Demand for bitcoin would increase more as people would get more confidence to invest in bitcoins as it gets legalized.We too saw a huge increase in demand for bitcoins and its price too after japan legalized bitcoin.
Other change would be that all our bitcoin earnings would be taxed which would become unavoidable.It is the main reason for which most of governments try to legalize bitcoin.

Melissa95

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Don't panic & buy fixed fiat amount worth of BTC in fixed periods. This should be your main plan - it shields you from volatility and it allows you also to get into good security practices before you accumulate a big sum. You can direct it into BTC, too - but be sure you don't spend anything that you can't afford to lose. BTC can go to $200-$300 overnight, your backups can be destroyed in fire or your computer could be hacked and your BTCs could be stolen.

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