What would happen if Bitcoin became a legal currency? - page 26.

thunderbitz2717

sr. member

Activity: 594

Merit: 250

Quote from: Labumi on June 08, 2016, 04:44:41 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?

This will be a big advantage for us are always consistent and committed to saving the bitcoin, because with bitcoin be legal then the higher price bitcoin because of the many requests and the least amount of bitcoin. But perhaps the more users the amount of fat in any transaction confirmation because the network of btc are having an overhead

Not only that, many of the bitcoin users in this industry for sure will going to have a prosperous life if that happen. And the economic situation by that time will be resolve at once.

Natalim

hero member

Activity: 3094

Merit: 606

BTC to the MOON in 2019

The thing is it will never become a legal currency because we already have one which is the fiat. Bitcoin is only a payment system and it's not hard
to understand that reality.

Quote from: Text on March 25, 2017, 01:20:21 AM

If bitcoin became a legal currency, I think the price would be fixed; the fluctuation will stop let's say the rate will changed from every minutes or hours to days. Many businesses will establish with bitcoin like online shops because the value is stable.

Quote from: kidsuzudn on March 25, 2017, 01:43:27 AM

one thing i can be sure with you if bitcoin becomes a legal currency, the price of bitcoin with get over 5k$ for sure !

If you hope bitcoin will become a legal currency, you'll die waiting as the government would not allow that to happen, the money that we are using will only be the legal currency even in the future. We might shift from paper into digital but still it is controlled by the government.

kidsuzudn

full member

Activity: 126

Merit: 100

one thing i can be sure with you if bitcoin becomes a legal currency, the price of bitcoin with get over 5k$ for sure !

Text

hero member

Activity: 2464

Merit: 594

If bitcoin became a legal currency, I think the price would be fixed; the fluctuation will stop let's say the rate will changed from every minutes or hours to days. Many businesses will establish with bitcoin like online shops because the value is stable.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: icecube45 on March 24, 2017, 12:16:36 PM

Quote from: PokerFace3 on March 23, 2017, 09:26:05 PM

Quote from: ufaiz50 on March 23, 2017, 08:49:50 PM

I think it is very difficult to happen because the government does not know anyone who holds bitcoin but if it becomes legal currency definitely a more value than bitcoin as a currency will be removed like decentral and every transaction must include personal information

Government will never be a constrain in the evolution of bitcoin's world. Government will be having only one option of just watching how bitcoin is growing and establishing, most probably they will not be having any other choices. Bitcoin will become a currency of a community and interestingly that community may replica the population of one country too.

Legal currency is just a status. I believe bitcoin is definitely not needing that. Bitcoin is already doing all the required things to be a currency of people.

Yes indeed legal currency is only status but I think it is necessary for bitcoin. If bitcoin be legal currency certainly the government will regulate the use of bitcoin, so that would minimize crime such as money laundering. I'm sure some do not agree with this, but it will help to reduce abuse bitcoin. In addition, if bitcoin be legal currency, bitcoin will have security so that people will use bitcoin calmly. So I think bitcoin also need this and should be considered

Damn, what a pile of bullshit

I can't really fathom how making Bitcoin a legal currency (I'm curious what you mean by this) would make it more secure. It would remain the same Bitcoin which can stolen in absolutely the same way it gets stolen today. Apart from that, governments regulate cash (they even create it in the first place), and how much did this control prevent it from being used in all sorts of illegal activities? On the other hand, governments don't need to regulate Bitcoin at all since they already have the blockchain for anyone to see and analyze

Quote from: RodeoX on March 24, 2017, 02:24:49 PM

Here is your homework for the evening. Look up the difference between "legal currency" (like bitcoin) and "legal tender" (like US dollars). Bitcoin is, of course, legal. But legal tender would allow you to demand payment of taxes and court settlements using BTC.

You demand too much

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

Here is your homework for the evening. Look up the difference between "legal currency" (like bitcoin) and "legal tender" (like US dollars). Bitcoin is, of course, legal. But legal tender would allow you to demand payment of taxes and court settlements using BTC.

BitcoinPanther

hero member

Activity: 1918

Merit: 564

If Bitcoin became a legal currency, one thing is certain, it will be regulated but there are lots of positive thing that will happen in bitcoin economy. Merchants will flock in since their worries will be at least lessen, insurance and protection to the investors and merchants may probably implemented.

icecube45

legendary

Activity: 1218

Merit: 1000

Quote from: PokerFace3 on March 23, 2017, 09:26:05 PM

Quote from: ufaiz50 on March 23, 2017, 08:49:50 PM

I think it is very difficult to happen because the government does not know anyone who holds bitcoin but if it becomes legal currency definitely a more value than bitcoin as a currency will be removed like decentral and every transaction must include personal information

Government will never be a constrain in the evolution of bitcoin's world. Government will be having only one option of just watching how bitcoin is growing and establishing, most probably they will not be having any other choices. Bitcoin will become a currency of a community and interestingly that community may replica the population of one country too.

Legal currency is just a status. I believe bitcoin is definitely not needing that. Bitcoin is already doing all the required things to be a currency of people.

Yes indeed legal currency is only status but I think it is necessary for bitcoin. If bitcoin be legal currency certainly the government will regulate the use of bitcoin, so that would minimize crime such as money laundering. I'm sure some do not agree with this, but it will help to reduce abuse bitcoin. In addition, if bitcoin be legal currency, bitcoin will have security so that people will use bitcoin calmly. So I think bitcoin also need this and should be considered.

yanxipig56

full member

Activity: 209

Merit: 100

This is could be good news for bitcoin users if bitcoin become legal in all countries and i think we would not need any longer banks because if bitcoin legal i'm so sure that people will use bitcoinBut, i'm sure there will be strict regulation about bitcoin usage. No anonymity at all, government can track your bitcoin and so on.

PokerFace3

hero member

Activity: 700

Merit: 500

Quote from: ufaiz50 on March 23, 2017, 08:49:50 PM

I think it is very difficult to happen because the government does not know anyone who holds bitcoin but if it becomes legal currency definitely a more value than bitcoin as a currency will be removed like decentral and every transaction must include personal information

Government will never be a constrain in the evolution of bitcoin's world. Government will be having only one option of just watching how bitcoin is growing and establishing, most probably they will not be having any other choices. Bitcoin will become a currency of a community and interestingly that community may replica the population of one country too.

Legal currency is just a status. I believe bitcoin is definitely not needing that. Bitcoin is already doing all the required things to be a currency of people.

ufaiz50

hero member

Activity: 1666

Merit: 502

I think it is very difficult to happen because the government does not know anyone who holds bitcoin but if it becomes legal currency definitely a more value than bitcoin as a currency will be removed like decentral and every transaction must include personal information

alphablitzer

full member

Activity: 154

Merit: 100

In my honest opinion, that would be great, meaning more people will come and use the currency that I use and probably going to be adopted also by other people since it became legal. I don't know the fact that it's illegal? It's just being used illegally by people who are up to no good and their giving Bitcoin a bad name. That's why some people don't even recognize bitcoin and it's going to be really hard.

RedX

sr. member

Activity: 364

Merit: 250

I think government will control the price of bitcoin if that happens. Majority of countries would not like a currency that is fluctuating so fast. Only traders and investors will take benefit of that. There is day bitcoin will go up and a few days down so its possible that the government will make its value stable.

ekaterina77

sr. member

Activity: 255

Merit: 250

Quote from: MoneyIsDebt on March 23, 2017, 11:15:32 AM

Quote from: JariKriting on March 16, 2017, 07:50:46 AM

I think if bitcoin to legal curency, bitcoin can incraese price
but after bitcoin legal curency, i think bitcoin price can stable price, not fluctuative price
so is not good in trading

i think it has very healthy for the development of bitcoin to all over the world. i think the main problem for it is that the lack of tax evaluation. if the organizers of bitcoin will made some laws or rules for tax evaluation for all the users from all over the world according to the policies of their government it will help alot to them.

You listen to what you say. How this government will support such laws that will make tax payment impossible. And this is for what? For the sake of us, the users of bitcoin? Never will it be. Only thanks to the presence of control over bitcoin, the currency will become legal.

MoneyIsDebt

hero member

Activity: 642

Merit: 500

Quote from: JariKriting on March 16, 2017, 07:50:46 AM

I think if bitcoin to legal curency, bitcoin can incraese price
but after bitcoin legal curency, i think bitcoin price can stable price, not fluctuative price
so is not good in trading

i think it has very healthy for the development of bitcoin to all over the world. i think the main problem for it is that the lack of tax evaluation. if the organizers of bitcoin will made some laws or rules for tax evaluation for all the users from all over the world according to the policies of their government it will help alot to them.

darthmaul

sr. member

Activity: 714

Merit: 252

People will be very happy. But I doubt if it becomes legal currency then there will be monopoly situation all over the world. Many businesses get their profits on international currency exchanges what would happen to them? They have big stake on money which they trade. That is just one case we wouldn't exactly know how big parties will entertain bitcoin because one currency all over? That too bitcoin whose price is increasing due to it's popularity. If it is worldwide same then it may loose it's value. :-)

audaciousbeing

hero member

Activity: 1330

Merit: 569

If bitcoin should become a legal currency, then it means the value will increase which makes everyone happy in this 'world', it also means the shop next door will accept bitcoin while rent will also be paid in bitcoin. That will also come with its negative side though such as the path to make fiat worthless which wont come without hostility from people as well as loss of revenue to government as a result of fees and charges.

mastermold

full member

Activity: 168

Merit: 100

BTC is legal "currency" in a same way as casino chips are. That means currently its only legal because eventually you convert it to legal currency at the end, get it to your accounting, pay taxes. And therefore it do not really affects cashflows in economy, its just redistributing legal currency. Otherwise it would have been forbidden already.

sergeyzol

sr. member

Activity: 248

Merit: 250

Quote from: wxa7115 on March 19, 2017, 12:50:28 PM

Quote from: fanbeila on March 16, 2017, 12:31:22 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?

Its not still an illegal currency.If it becomes legal all over the world, definitely,it wil be taxed and bitcoin usage will become more.It will be accepted in all shops as payment.There would be no need to carry cash in hand.Bitcoin rate would go much higher.

Any earnings you have with bitcoin are already subject to tax the issue is the governments of the world are not able to tax you directly with bitcoin because they do not have the control of the network and that is why some may try to use bitcoin to hide their profits from governments.

You are right - bitcoin will become a legal currency provided it is taxed. In addition, the government will receive information about users of bitcoins. And this means that we will have to forget about the anonymity of the cryptocurrency

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: fanbeila on March 16, 2017, 12:31:22 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?

Its not still an illegal currency.If it becomes legal all over the world, definitely,it wil be taxed and bitcoin usage will become more.It will be accepted in all shops as payment.There would be no need to carry cash in hand.Bitcoin rate would go much higher.

Any earnings you have with bitcoin are already subject to tax the issue is the governments of the world are not able to tax you directly with bitcoin because they do not have the control of the network and that is why some may try to use bitcoin to hide their profits from governments.

Topic: What would happen if Bitcoin became a legal currency? - page 26. (Read 33701 times)