Topic: What would happen if Bitcoin became a legal currency? - page 18. (Read 33690 times)
I think it will affect the value of currency on every country on this world remember we have different value of money around the world and I think it start a war or arguement or something.
If it Bitcoin can become a legal currency, not only an acceptable option of payment, then it will be a start of something massive. The mass will see its advantages and its pros. It will start a campaign for other countries to legalize Bitcoin as currency so it will be easier for two territories to exchange trade.
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 a legal currency,the same thing would happen which happened in japan.There would be a huge demand for bitcoins and mass adoption would take place.As a result,bitcoin price would increase more high.But at the same time,bitcoin would be regulated and taxes would be levied for bitcoin earnings and governments would trace every bitcoin transactions.But it would definitely help for bitcoin progress. When bitcoin starts to be controlled and taxed, it can lead to a stable price and a loss of demand for many users. It is mainly used only because of anonymity and high price growth.
For some users, they can use the anonymous coins such as Monero or ZCash. But I think majority will still use bitcoin.
When bitcoin starts to be controlled and taxed, it can lead to a stable price and a loss of demand for many users. It is mainly used only because of anonymity and high price growth.
Everyone start working on bitcoin including those who afraid to join bitcoin world and thought that bitcoin is a scam and people are lying that they earn that much money from bitcoin.
I don't think that they are lying about their earnings from bitcoin because as far as i know, earning money in bitcoin is not only small because you can earn a lot of money in bitcoin if you are really determined to reach to that point. Bitcoin is now one of the most searched thing in the internet so i think it is normal that people are working for bitcoin and other people now are starting to work for bitcoin. 
Everyone start working on bitcoin including those who afraid to join bitcoin world and thought that bitcoin is a scam and people are lying that they earn that much money from bitcoin.
Most of the comments in this thread are coming from "what would happen if Bitcoin became a legal currency?" and you know give some imaginary answers ( some of the comments are really good, don`t get me wrong ), but it`s not important what would happen, question is can it happen? What bitcoin needs to become legal currency in some country? I believe that we need to see bitcoin much more stronger and more stable to be legal and only currency in some country.
It might happen someday, when bitcoin become really popular and people start accepted bitcoin for the payment. Government will notice this and bitcoin can became a legal currency. Well, we don't know when will this happen though but i believe bitcoin can became a legal currency, maybe for next 2 years, maybe for next 10 years.
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 a legal currency,demand for bitcoins would increase just like it increased in japan after legalization.More people would gain trust in bitcoin since it gets government recognition.THen we would be able to buy any goods in market and we need not approach exchanges to sell bitcoins.We could instead sell them in market itself without any difficulty. If it really becomes legally regulated then it could be chaos. Because then government who is responsible for its conversion to legal currency would also regulate it in their terms and condition and then you can say that it is fall of decentralised system of bitcoin.
If there would be some chaos, I don't think that would be the reason. Isn't most exchanges already regulated?Also, people could always use p2p trading, which seems to be the most efficient and decentralized way of trading bitcoins.
If it really becomes legally regulated then it could be chaos. Because then government who is responsible for its conversion to legal currency would also regulate it in their terms and condition and then you can say that it is fall of decentralised system of bitcoin.
IMO Bitcoin does not have to be legalized to be a successful currency, but with more governments recognizing it as a currency, it would be easier for Bitcoin to integrate into our economy and become part of our society.
Most of the comments in this thread are coming from "what would happen if Bitcoin became a legal currency?" and you know give some imaginary answers ( some of the comments are really good, don`t get me wrong ), but it`s not important what would happen, question is can it happen? What bitcoin needs to become legal currency in some country? I believe that we need to see bitcoin much more stronger and more stable to be legal and only currency in some country.
This is an impossible factor, but if this happens in reality sure most of the users holding even a single bitcoin will be rich. Secondly there won't be flaws in the financial system as everything is added to the ledger, but the anonymity will go off, as governments will insist on tax and KYC.
Well,it would take a few years at least to bring in the concept of bitcoin as a currency in people's mind,then the people who would be mostly benefited will be the people who are saving bitcoin for some time,and there will be possibilities for taxes to be introduced and maybe even some restriction on how much bitcoin a person can own,and maybe that will influence the prices of other currency like US $ going down and maybe some other currency taking over the world or even bitcoin for that matter.
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?
In this situation, if ever bitcoin became a legal currency, it will be a big advance to the modern technology to innovate such like this currency and bitcoin succeed to become popular in the industry. It will be a big help to those company or a business who needs a currency like this.
And maybe bitcoin will be high too because of this legality. Hopefully this legality of bitcoin is nationwide.
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?
For we the early investors would become a millionaires and its values may reach $100,000. We would see bitcoin as the highest pay jobs and I think crimes will increase as bitcoin is very anonymous. USA and others developed countries will use it to negotiate power and political interests. 
I think if that happens, surely from something that happens there is a good side and there is also a downside. Depending on how to do it well or not, how to manage it, manage it and expand it to avoid any decline or disadvantageous.
Of course there is a positive effect and a negative effect if bitcoin becomes a legal currency? After all the question is which country will accept and legalize bitcoin in their country? That is the question of many people, Because many people think that if the state legalize bitcoin precisely it will kill the local currency, allow criminals to play more, etc ?
If bitcoin becomes a legal currency it will be taxable by the government who controls the economy, and you cannot generate an income with a freedom you are experiencing right now. Despite of that changes if that will happen maybe another 15 years to go, It think business investors will grow more and alternative coins will always promote new projects in the marketplaces of crypto market.
Surely the world would be welcomed, when many transactions with real money (using rate from strong currency as USD, EUR, JPY and etc) certainly gives rise to the strengthening that currency so the value of the local currency steadily rectified.
If it will be a legal currency it will not be this popular, what we like about bitcoin is because it's decentralized andwe have the privacy when transacting, but if this will become legalize like a currency, everything will be eliminated.
Transparency will take place.
Jump to: