What would happen if Bitcoin became a legal currency? - page 21.

Beparanf

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Quote from: ladydark on June 14, 2017, 01:58:44 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?

People would get more confident in using bitcoin since it has been made legal.Demand for bitcoins would rise and probably,its price would rise high.Tax would be levied on bitcoin earnings.Banks would loose more revenues which they get from money transactions.

Being legal means having tax,it may cause really a great increase in its value, but will lessen our net earnings due to taxes.

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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?

People would get more confident in using bitcoin since it has been made legal.Demand for bitcoins would rise and probably,its price would rise high.Tax would be levied on bitcoin earnings.Banks would loose more revenues which they get from money transactions.

SHAWN-MIDWAYS

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Quote from: iamTom123 on June 14, 2017, 12:15:36 AM

Quote from: lukmandog on June 14, 2017, 12:08:36 AM

Might help make life better if bitcoin becomes legal currency. Many parties will benefit from bitcoin. But for a country less able to protect value of currency, it may be an inflationary disaster for the country and its people.

Bitcoin is representing a technology that can disrupt with how we do things most especially in the financial sector and so far blockchain technology is praised as a very innovative way. There are now many countries who recognized Bitcoin as form of a currency...some are doing it for taxation purpose and some are laying down regulatory requirements and platform inorder to make sure that Bitcoin is not being used for illegal purposes.

Adoption of Bitcoin for all countries can take time though even in countries where Bitcoin is still illegal to own I am sure that there are those who have Bitcoin secretly.

Agreed. If Bitcoin became a legal currency we would see improved crypto services, also a shift of interest from fiat to cryptocurrencies as everyone wants to get to enjoy financial freedom and which could possibly cause some disruption in the money market for some local currencies.

Quote

In the coming years, I am sure we can see a big boom for Bitcoin most especially if the scaling problem can be solved once and for all.

Very valid insight legalization would bring high demand and a problem to the bitcoin network if a scaling solution is not brought forward

Rajamuda

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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.

Hypnosis00

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Simple, the price of bitcoin will explode and it will become a very famous and well known currency because there is no boundaries for bitcoin anymore because it is legal and nothing can stop it and it will dominate the world market of currency because of the massive adoptions that will happen to bitcoin which is a very exciting moment.

iamTom123

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Quote from: lukmandog on June 14, 2017, 12:08:36 AM

Might help make life better if bitcoin becomes legal currency. Many parties will benefit from bitcoin. But for a country less able to protect value of currency, it may be an inflationary disaster for the country and its people.

Bitcoin is representing a technology that can disrupt with how we do things most especially in the financial sector and so far blockchain technology is praised as a very innovative way. There are now many countries who recognized Bitcoin as form of a currency...some are doing it for taxation purpose and some are laying down regulatory requirements and platform inorder to make sure that Bitcoin is not being used for illegal purposes.

Adoption of Bitcoin for all countries can take time though even in countries where Bitcoin is still illegal to own I am sure that there are those who have Bitcoin secretly. In the coming years, I am sure we can see a big boom for Bitcoin most especially if the scaling problem can be solved once and for all.

lukmandog

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Might help make life better if bitcoin becomes legal currency. Many parties will benefit from bitcoin. But for a country less able to protect value of currency, it may be an inflationary disaster for the country and its people.

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Quote from: Casabrandy on June 13, 2017, 10:32:03 PM

Quote from: Afnan_faizah on June 13, 2017, 10:01:40 PM

I think if it is happen online shop and fintech industry will grow faster and of cours the price of bitcoin will increase significantly.

more user will engaged in btc and investor will get into it too, i just hope government will not engaged on it or put taxes on it. Though putting taxes were quite hard to happen since btc is decentralized.

They can put taxes is they can create a law on bitcoin but right now let's enjoy the liberty of transacting and earning without
paying taxes. I think big countries are already regulated but I live in a small county and the government is not thinking of taxing us
yet so it's good.

Casabrandy

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Quote from: Afnan_faizah on June 13, 2017, 10:01:40 PM

I think if it is happen online shop and fintech industry will grow faster and of cours the price of bitcoin will increase significantly.

more user will engaged in btc and investor will get into it too, i just hope government will not engaged on it or put taxes on it. Though putting taxes were quite hard to happen since btc is decentralized.

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I think if it is happen online shop and fintech industry will grow faster and of cours the price of bitcoin will increase significantly.

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Quote from: mantra on June 13, 2017, 09:46:05 PM

Some countries have legalized bitcoin, such as japan, russia and australia, this news is spreading rapidly and making people more want to have bitcoin, in the end it all makes bitcoin price high. That's the fact that is happening righ

Legalization in Australia will take effect on July 1. Also, include the Philippines as their central bank already approve bitcoin as a legal tender.With this happening, we are nearing for bitcoin to become mainstream. Also, I am expecting more countries to follow also.

Hagane

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In most countries this is already, isn't it? The fact that there is not much regulation is justified because there are no points of centralization in Bitcoin, and this makes it difficult to control.

revans

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The main thing would be the government start to tax bitcoin transaction and people which to buy and sell it, it would be legalized for a price, soo people would raise their prices accordingly the fees being taked. And the funny thing would be say to my friends that said im doing something ilegal, earn bitcoins, they were very wrong and lost time being following the law.

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Some countries have legalized bitcoin, such as japan, russia and australia, this news is spreading rapidly and making people more want to have bitcoin, in the end it all makes bitcoin price high. That's the fact that is happening righ

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Quote from: Palmerson on June 13, 2017, 04:48:03 AM

If bitcoin becomes a legitimate currency, then the price may go down. People will not only invest in bitcoin, and there will be turnover of bitcoins in trade. This can stabilize the situation on the market and we never get to see more of rising prices, and this will lead to falling prices in the aftermath.

There would be a bunch of people investing in Bitcoin and the price of Bitcoin will get really large, as a matter of fact the coin will get so large that the people that invest in it will make money almost instantly after they purchase the coin because people would be trying to change their coins into an electronic form that weighs less.

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Quote from: douglock on June 13, 2017, 07:00:44 AM

Quote from: Sled on May 27, 2017, 10:29:28 PM

Quote from: Taki on May 27, 2017, 07:38:16 PM

Quote from: rhamzter on May 27, 2017, 02:36:22 PM

If the bitcoin became a legal currency, I think 1/4 of users income were get by the government due to the tax given. Also most of the gambling site were been closed because of legality. That's why it was hard to us if the owner decided to become legalize the bitcoin.

The percent of taxes is different in different countries, for example, in Serbia where I live it's 42% and in Russia where I lived before it was only 13%. So the value of taxes is going to be depended from the current government and law situation. I am sure we will not be able to skip this part of bitcoin adoption.

Bitcoin is tax free in our country and we don't pay taxes for the cash outs of money from bitcoin. I think if the government will decided to charge taxes then it will not be that high because bitcoin is still decentralized and they cannot dictate what they want for bitcoin so they will just make a little difference.

they can never determine who are using bitcoin because bitcoin is created for the anonymity. Bitcoin is 100% against the tax. Therefore, if you do not want to pay tax, use bitcoin, work for bitcoin and recieve salary with bitcoin

Only there is one problem. Sooner or later a lot of people convert bitcoin into their national currency. And at this point the government will apply high tax rates. In addition, with this operation anonymity disappears

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Quote from: Sled on May 27, 2017, 10:29:28 PM

Quote from: Taki on May 27, 2017, 07:38:16 PM

Quote from: rhamzter on May 27, 2017, 02:36:22 PM

If the bitcoin became a legal currency, I think 1/4 of users income were get by the government due to the tax given. Also most of the gambling site were been closed because of legality. That's why it was hard to us if the owner decided to become legalize the bitcoin.

The percent of taxes is different in different countries, for example, in Serbia where I live it's 42% and in Russia where I lived before it was only 13%. So the value of taxes is going to be depended from the current government and law situation. I am sure we will not be able to skip this part of bitcoin adoption.

Bitcoin is tax free in our country and we don't pay taxes for the cash outs of money from bitcoin. I think if the government will decided to charge taxes then it will not be that high because bitcoin is still decentralized and they cannot dictate what they want for bitcoin so they will just make a little difference.

they can never determine who are using bitcoin because bitcoin is created for the anonymity. Bitcoin is 100% against the tax. Therefore, if you do not want to pay tax, use bitcoin, work for bitcoin and recieve salary with bitcoin

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Quote from: Palmerson on June 13, 2017, 04:48:03 AM

If bitcoin becomes a legitimate currency, then the price may go down. People will not only invest in bitcoin, and there will be turnover of bitcoins in trade. This can stabilize the situation on the market and we never get to see more of rising prices, and this will lead to falling prices in the aftermath.

If bitcoins becomes a legal currency there will government restrictions on the currency and the governments will want to take taxes from each transaction thats done with bitcoins, i think it will be beneficial for everyone if bitcoins isnt accepted as a legal currency.

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If bitcoin becomes a legitimate currency, then the price may go down. People will not only invest in bitcoin, and there will be turnover of bitcoins in trade. This can stabilize the situation on the market and we never get to see more of rising prices, and this will lead to falling prices in the aftermath.

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Quote from: BeGoods on May 27, 2017, 11:13:33 PM

Quote from: Sled on May 27, 2017, 10:29:28 PM

Quote from: Taki on May 27, 2017, 07:38:16 PM

Quote from: rhamzter on May 27, 2017, 02:36:22 PM

If the bitcoin became a legal currency, I think 1/4 of users income were get by the government due to the tax given. Also most of the gambling site were been closed because of legality. That's why it was hard to us if the owner decided to become legalize the bitcoin.

The percent of taxes is different in different countries, for example, in Serbia where I live it's 42% and in Russia where I lived before it was only 13%. So the value of taxes is going to be depended from the current government and law situation. I am sure we will not be able to skip this part of bitcoin adoption.

Bitcoin is tax free in our country and we don't pay taxes for the cash outs of money from bitcoin. I think if the government will decided to charge taxes then it will not be that high because bitcoin is still decentralized and they cannot dictate what they want for bitcoin so they will just make a little difference.

Of course for whenever bitcoin users are not required to pay taxes. Bitcoin is a free, secret, anonymous currency. Even if required to pay. You do not have to pay them they will not be able to do anything to you

bitcoin is the freedom. It can't be regulated. But the possible thing if the government will try to make a regulation about the use of digital currency and try to give tax for every crypto users.

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