What would happen if Bitcoin became a legal currency? - page 27.

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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?

as far as I know it is already legal to some countries including the country where i am residing, and here in my country they do not have a total control in bitcoin when it comes to price or even its use but what they have in control are those bitcoin exchanges and services . as of now I don't see any changes regarding to its adoption, although it is already legalized by the government still seems not convincing those companies, business and services to adapt and accept it .

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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 legalization bitcoin it does not mean bitcoin price will be stable? there is no formula that describes it. The most likely when bitcoin be legal then the price of bitcoin will explode

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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 guess it will not happen that the price will be in stable, since the continue purchasing the coin will make it the value higher and more active, and it will not let the users to be stable in price, bitcoin will be generated and be more competitive to some other coins or currency.

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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

of course it will give a big effect on the bitcoin. because there are a lot of people are hesitant to use bitcoin for bitcoin status is unclear with legalization bitcoin of course there will be mass adoption

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For me this thing wont really happen at all for bitcoin to be a legal currency since government wont really consider that bitcoin would take that place since they know thats its a decentralized coin which means they cant impose taxes on it and cant be controlled and government dont really like this kind of thing.

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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

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Some countries are taxing bitcoin in one or other way. For example Israel is set to apply capital gains tax to bitcoin sales, categorizing digital currencies as a type of property . In India it is categorized as software. So any income you are earning from that software(browser) is taxable. It is getting accepted and taxed as well.

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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

There is absolutely no reason to think so

First, Bitcoin is already considered as legal in many countries around the globe, but as far as I know, it is not taxed directly anywhere (i.e. there is no special tax which would tax Bitcoin specifically). In many places, profits earned via Bitcoin are taxed as such, but this is just how any legally earned profit is taxed, so there is nothing special about it either. Further, in a few other places, Bitcoin is treated as a foreign currency while profits earned through currency conversion operations are not taxable overall. So it could be said that Bitcoin can be legal and at the same time remain not taxable

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Quote from: wxa7115 on March 16, 2017, 12:17:00 AM

I would love for bitcoin to be accepted on retail stores and all over the world but lets be honest we need some solution to the problems that the network is facing at the moment like the high fees and the speed of confirmation being very slow at the moment, so until that is resolved the possibility of bitcoin reaching that status is unlikely.

Well the fees actually are acceptable for money transfers and it doesn't vary so it's very convenient even if you're sending a high amount. I actually think it's better than using money transfer companies like western union. Though I share your thoughts here about bitcoin being accepted in local stores because that would give us more options depending on which is more convenient for us.

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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.

We cannot see the future, but we can predict it. Just all of thoughts saying, we are not that kind of person who can predict what will be happening. We think that it could be a big effect for those who have bitcoins. If others will participate for this kind of event, we cannot see what will be happening in our bitcoins? Will it be go high or low? We should not think once, but we should think twice or trice for the future of bitcoin

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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?

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.

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I would love for bitcoin to be accepted on retail stores and all over the world but lets be honest we need some solution to the problems that the network is facing at the moment like the high fees and the speed of confirmation being very slow at the moment, so until that is resolved the possibility of bitcoin reaching that status is unlikely.

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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?

Well, we will go to that scene in along run that's for sure. But the reality now is more people in different places of the world are not appreciate Bitcoin, but still once it's being done that in the near future Bitcoin will really adopt by all business in the internet online world and will become a new world currency if that happen many will become rich including myself Cheesy

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Quote from: pangdmay on February 15, 2017, 11:04:31 PM

First of all I think bitcoin can not become a world currency, the main reason is the Seigniorage and inflation tax is one of the main rights of a country, these rights are endorsed by the national credit and state of force. It is impossible to become a world currency in the present world political system,but bitcoin shows us a future direction of the development of money, the future of the currency must be a virtual currency.

i want to tell you that bitcoin is alreasy a world currency. bitcoin is present in all over the world, you can use bitcoin in all most all the countries of the world and therefore bitcoin is a universal and world currency. and the second is that if government will accept bitcoin then it will become more easy for them to collect tax on bitcoin profit.

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Quote from: praboso96 on February 04, 2017, 02:59:12 PM

Quote from: Malsetid on January 24, 2017, 01:24:21 PM

Quote from: markyminer on January 24, 2017, 10:36:02 AM

Quote from: legendbtc on January 24, 2017, 06:52:46 AM

Quote from: wahb on January 21, 2017, 04:20:57 PM

Quote from: slapper on January 21, 2017, 07:29:06 AM

Quote from: deadpoolx on January 21, 2017, 06:44:33 AM

From the information I have, there are few countries that consider Bitcoin an illegal currency. Moreover, it would not make much difference if a larger number of countries came to declare the currency as illegal, because Bitcoin was designed to function outside the realm of governments, banks or any other centralized institutions.

It is truth. There are few contries dislike Bitcoin and because of that, the governemt decide to forbid Bitcoin. Anyone who has Bitcoin is considered as criminal. Therefore, there are any people using Bitcoin in that country. In my opinion, banning Bitcoin only causes negative effects. If you know how to compromise Bitcoin and the nation economy, that country will be much better

i do not think that any body has yet banned bitcoin, i think they are thinking about how to legalize it because the users of bitcoi are increasing everywhere and they are putting pressure on the governments to accept bitcoin as legal currency.

Till now no government has banned the bitcoin because bitcoin is completely digital currency and already it has been widely spread to all parts of the world. Even many countries are supporting it and even in some countries many people are paying taxes for using it.

sorry to say but bitcoin is not banned by a single country, although it was banned by Russia but now we can see a lot of Russian even in this forum, governments have not yet given any statement about bitcoin.

Yeah i don't think it's banned anywhere yet. Most likely governments are just waiting here and observing how bitcoin will be accepted my people and then that's when they'll make a.move towards it. Definitely bitcoin is under their radar already but not yet up there in the priority list. Though if it comes to it, i think there will be changes if governments absorb bitcoin so might as well enjoy the benefits we get from it now while its at this state

The government can not just ban Bitcoin. But it will be able to introduce taxes on it or make its use is not profitable. This is a very negative impact on the popularity of Bitcoin

The mass adoption really can have negative consequences to bitcoin in that form that we know it now. The government of course will try to centralize bitcoin and make it to work for their interests.

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Quote from: praboso96 on February 04, 2017, 02:59:12 PM

Quote from: Malsetid on January 24, 2017, 01:24:21 PM

Quote from: markyminer on January 24, 2017, 10:36:02 AM

Quote from: legendbtc on January 24, 2017, 06:52:46 AM

Quote from: wahb on January 21, 2017, 04:20:57 PM

Quote from: slapper on January 21, 2017, 07:29:06 AM

Quote from: deadpoolx on January 21, 2017, 06:44:33 AM

From the information I have, there are few countries that consider Bitcoin an illegal currency. Moreover, it would not make much difference if a larger number of countries came to declare the currency as illegal, because Bitcoin was designed to function outside the realm of governments, banks or any other centralized institutions.

It is truth. There are few contries dislike Bitcoin and because of that, the governemt decide to forbid Bitcoin. Anyone who has Bitcoin is considered as criminal. Therefore, there are any people using Bitcoin in that country. In my opinion, banning Bitcoin only causes negative effects. If you know how to compromise Bitcoin and the nation economy, that country will be much better

i do not think that any body has yet banned bitcoin, i think they are thinking about how to legalize it because the users of bitcoi are increasing everywhere and they are putting pressure on the governments to accept bitcoin as legal currency.

Till now no government has banned the bitcoin because bitcoin is completely digital currency and already it has been widely spread to all parts of the world. Even many countries are supporting it and even in some countries many people are paying taxes for using it.

sorry to say but bitcoin is not banned by a single country, although it was banned by Russia but now we can see a lot of Russian even in this forum, governments have not yet given any statement about bitcoin.

Yeah i don't think it's banned anywhere yet. Most likely governments are just waiting here and observing how bitcoin will be accepted my people and then that's when they'll make a.move towards it. Definitely bitcoin is under their radar already but not yet up there in the priority list. Though if it comes to it, i think there will be changes if governments absorb bitcoin so might as well enjoy the benefits we get from it now while its at this state

The government can not just ban Bitcoin. But it will be able to introduce taxes on it or make its use is not profitable. This is a very negative impact on the popularity of Bitcoin

All financial organizations and institutions including banks are now observing bitcoin. If you heard Japans 3 largest banks have placed a huge amount of fiat currency to purchase bitcoin in their exchange. This just shows that even banks believed that bitcoin is profitable. Another thing the central bank of the Philippines has seen merit of bitcoin as it has good potential and usage in the financial payment system. It is just a matter of time that the world will finally embrace bitcoin and be a legal currency in every country.

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Quote from: Mometaskers on February 13, 2017, 06:54:39 AM

Is it not legal yet? In my country the government accepts it as a legal way to transfer money. Assuming we still have fiat, the only real change I can see from the government recognizing bitcoin is that they'll try to tax it the same way they would income and savings. Provided the rates are not large I don't see that it would have a large effect on the price though I suppose many people would not be pleased.

in some places bitcoin even banned due some reasons. and the other prefer to ignore it by stating it was not considered as a currency at all. so yeah it wasn't legalized yet overall. but if you take a look to how people around the world trade stuff online using bitcoin i can say it has been used as global currency , it's only the matter an admission by the government.

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Quote from: thunderbitz2717 on February 15, 2017, 02:07:00 PM

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?

Well, of course many of the bitcoin enthusiast will become rich and fulfill there dreams in life including myself. if that happen too the problem in the poverty also has been resolve I think.

Nope as you can see the legalsm of bitcoin won't give anything but the investors will see it looks like a good field to put their money in there. The legalsm of bitcoin just to opening the big gate for bitcoin.

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Quote from: pangdmay on February 15, 2017, 11:04:31 PM

First of all I think bitcoin can not become a world currency, the main reason is the Seigniorage and inflation tax is one of the main rights of a country, these rights are endorsed by the national credit and state of force. It is impossible to become a world currency in the present world political system,but bitcoin shows us a future direction of the development of money, the future of the currency must be a virtual currency.

That's what I certainly think as well, with a lot of useful development especially with the invention of bitocin, the government will get an idea on what will satisfy the users without compromising the security. Bitcoin is good that is why we are patronizing it, but the government has no plan of adopting to bitcoin but instead they will make their own, something they can control to ensure compliance of the law.

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First of all I think bitcoin can not become a world currency, the main reason is the Seigniorage and inflation tax is one of the main rights of a country, these rights are endorsed by the national credit and state of force. It is impossible to become a world currency in the present world political system,but bitcoin shows us a future direction of the development of money, the future of the currency must be a virtual currency.

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