Topic: What would happen if Bitcoin became a legal currency? - page 22. (Read 33690 times)
If Bitcoin becomes legal its price will go up beyond the moon. But at the same time bitcoin will loose anonymity and freedom.
Its already legal to some countries, Japan and Australia as I have read on news sites already are accepting BTC. It won't be long and we'd all be seeing the rest of the token like ETH will also be accepted. Microsoft accepts ETH so its just the start soon will also follow.
It will take some time for others to accept it especially not all government will just adapt. They will find ways to restrict it and demand people to include it in their tax forms. It will not be easy to others and not so difficult to some especially to some places who have already accepted it as a form of payment. It will definitely coexist with fiat for a time like fiat has coexisted with gold when banks have demanded it from the people.
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.But I'm still confused how to give tax to bitcoin users
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.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.
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.Once mass adoption completely happen,government might make it a way to put taxes on it and to get money from it. Though it will have a long run of study to make it happen.
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. 
Sorry im confused with the owner, anyway, legalize bitcoin would be better to all even countries that will aproach the legalization and will charge a fee to let the money we do get/ win/ have already to be exchanged without be blocked and try to find the source of it. The use of bitcoin would be another question because currently no one will wait 30-40 minutes to get money confirmed, soo bitcoin at this stage isnt a solution neither an option to the most merchants.
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?
Yes it's true everyone who are using bitcoin would like bitcoin to be accepted by the government so we can use bitcoin to buy in online stores and real stores. If bitcoin became a legal currency we don't need to convert bitcoin as a real money and we can now store it or put it in the banks.
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.
If this gets a legalized usage access, the value will peak ad at the same time we can expect the network functioning same as that working under a centralized system. Moreover the possibility to get used in majority of the countries is low, because in a short traditional currency usage will decrease which might affect the economy of the country.
if we will take it step by step, it will probably look like this:
1. public commotion and confusion - questions of what really is bitcoin
2. media uproar- news and documentaries and interviews will be on every night
3. douchebaggery- smug people who already knows about bitcoin unhelpfully criticizing people on facebook who doesn't know about bitcoin
4. religious mayhem- if this is already the prophesied "Mark of the Beast", blah blah blah debate
5. more media uproar- people in suits spitting about bitcoin and foreign exchange, and trading and terms the general public doesn't really understand, not really explaining everything. they just want to look smart in front of people who have no idea what they are talking about they end up looking stupid.
6. silver lining- finally, a bit of understanding of what bitcoin really is
7. confusion- "will it replace paper money?"
8. politician- "heck no, how will we swim in money like a rapper in badly directed rap music video?"
9. understanding- more of a standstill. bitcoin will be accepted alongside the existing legal currency but will be heavily taxed.
10. more confusion, uproar, and douchebaggerry- but hey, pizzas for Bitcoin.
1. public commotion and confusion - questions of what really is bitcoin
2. media uproar- news and documentaries and interviews will be on every night
3. douchebaggery- smug people who already knows about bitcoin unhelpfully criticizing people on facebook who doesn't know about bitcoin
4. religious mayhem- if this is already the prophesied "Mark of the Beast", blah blah blah debate
5. more media uproar- people in suits spitting about bitcoin and foreign exchange, and trading and terms the general public doesn't really understand, not really explaining everything. they just want to look smart in front of people who have no idea what they are talking about they end up looking stupid.
6. silver lining- finally, a bit of understanding of what bitcoin really is
7. confusion- "will it replace paper money?"
8. politician- "heck no, how will we swim in money like a rapper in badly directed rap music video?"
9. understanding- more of a standstill. bitcoin will be accepted alongside the existing legal currency but will be heavily taxed.
10. more confusion, uproar, and douchebaggerry- but hey, pizzas for Bitcoin.
it will be amazing if it would be a legal currency, but I don't that it would be possible. since bitcoin is based on anonymous username so there is a chance of doing illegal activities, so bitcoin should amend its rules and regulation. if it has clear and credible transaction system then it would be a legal currency otherwise not.
That time we will have all kind of taxes and regulations.Next big news that from July 1st Australia will accept btc like a money,like a money so will be no taxes
It wont become a legal currency because bitcoin cant really replace fiat anytime soon no matter what because government wont really let this thing to happen knowing that bitcoin cant be controlled and cant be taxed which means they cant able to manipulate it if people or its citizens will use it.It maybe a good alternative but not the mainstream.We do really like to use it to purchase offline but on sad reality we cant really change it.
I think that we can already talk that bitcoin is something close to legal currency: nobody can forbidden using it, because all you need to have is internet connection.
But I suppose you mean something more like a regular cash money, that many people will use it as a legal payment solution.
Im almost sure that if we could see bitcoin very popular, many things would be easier to buy through the internet, or we could also see a big rise in digital markets.
Bitcoin and other cryptocurrencies are very comfortable in paying for some digital goods, so I think that many people would also like to choose that option of using cryptos.
However we need to wait a long time before that happens, because still not so many people are using bitcoin. If even more countries will accept bitcoin, that can be a huge difference for a price and market capitalization!
But I suppose you mean something more like a regular cash money, that many people will use it as a legal payment solution.
Im almost sure that if we could see bitcoin very popular, many things would be easier to buy through the internet, or we could also see a big rise in digital markets.
Bitcoin and other cryptocurrencies are very comfortable in paying for some digital goods, so I think that many people would also like to choose that option of using cryptos.
However we need to wait a long time before that happens, because still not so many people are using bitcoin. If even more countries will accept bitcoin, that can be a huge difference for a price and market capitalization!
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?
Yes it's true everyone who are using bitcoin would like bitcoin to be accepted by the government so we can use bitcoin to buy in online stores and real stores. If bitcoin became a legal currency we don't need to convert bitcoin as a real money and we can now store it or put it in the banks.
I think that we can already talk that bitcoin is something close to legal currency: nobody can forbidden using it, because all you need to have is internet connection.
But I suppose you mean something more like a regular cash money, that many people will use it as a legal payment solution.
Im almost sure that if we could see bitcoin very popular, many things would be easier to buy through the internet, or we could also see a big rise in digital markets.
Bitcoin and other cryptocurrencies are very comfortable in paying for some digital goods, so I think that many people would also like to choose that option of using cryptos.
However we need to wait a long time before that happens, because still not so many people are using bitcoin. If even more countries will accept bitcoin, that can be a huge difference for a price and market capitalization!-
But I suppose you mean something more like a regular cash money, that many people will use it as a legal payment solution.
Im almost sure that if we could see bitcoin very popular, many things would be easier to buy through the internet, or we could also see a big rise in digital markets.
Bitcoin and other cryptocurrencies are very comfortable in paying for some digital goods, so I think that many people would also like to choose that option of using cryptos.
However we need to wait a long time before that happens, because still not so many people are using bitcoin. If even more countries will accept bitcoin, that can be a huge difference for a price and market capitalization!-
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 become popular around the world this will be much better than dollar. The proven is the security, can used in business and online casino, payment transaction and etc. All of this will be the reason why it became a legal currency.Investor use this as number 1 business because of being not stable price, chances to get more profit than the cash.
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