What would happen if Bitcoin became a legal currency? - page 28.

thunderbitz2717

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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, 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.

Mometaskers

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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.

praboso96

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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

Malsetid

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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

markyminer

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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.

yes that is a fact that still 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 but people are using it as legal currency, the number of bitcoin users are increasing continuously therefore it is expected that governments will take decision in the favour of bitcoin.

legendbtc

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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.

Ewinsane

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Quote from: hase0278 on January 21, 2017, 11:43:50 PM

Bitcoin in my opinion cannot become a legal currency, since right now it is not looked upon as a legal currency, but as an investment. If it were to become one though, it would be great since there will be higher demand. Because of higher demand, bitcoin's price will go up and up but there is this problem with the supply so it being a legal currency seems like impossible to me.

But i think that bitcoin will be come a legal currency in the future because you can see that the bitcoin users increasing day by day and there is a lot of services is create on bitcoin and we know that there is a lot of people adopting bitcoin for their business and i hope that the government will be sooner adopt the bitcoin in the future and then bitcoin will be legal currency in the future.

Silberman

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Quote from: nikilavi on January 21, 2017, 06:49:34 AM

Well first of all bitcoin becoming a currency is not possible at all because the price can't be controlled by any government as currency can have a bit difference but with bitcoin it isn't possible.
Second bitcoin is a investment platform and if it would be a currency then calling it an investment platform or in other words next gold won't be possible.
Third even if somehow it became a currency there wouldn't be sufficient stock as total number bitcoins allowed to be mined is 21 million and 14 million bitcoins are already mined so there would be a shortage in distribution of it.

The 21 million cap is a non issue we will use very small amount of bitcoins that is all, currently I have my wallet to tell me the amount of mBTC I have, maybe in the future we will count satoshis because bitcoin will be very valuable.

jpoker272727

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If bitcoin is not illegal then it means that it is legal (except some countries that stated that bitcoin is illegal)

And because bitcoin is legal I have seen many people that keep tracks of their transaction (and some even pay taxes)

I'm very optimistic that bitcoin will succeed and those countries that made it illegal will change mind.

jacaf01

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Quote from: hase0278 on January 21, 2017, 11:43:50 PM

Bitcoin in my opinion cannot become a legal currency, since right now it is not looked upon as a legal currency, but as an investment. If it were to become one though, it would be great since there will be higher demand. Because of higher demand, bitcoin's price will go up and up but there is this problem with the supply so it being a legal currency seems like impossible to me.

Agreed, I can't see these countries legalising BTC, what they want is control and Bitcoin has taken that from them. For them to legalise Bitcoin then Bitcoin too will trade with some of its features

dearbesz1219

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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?

If that happens, perhaps, most of the of the altcoins can disappear little by little and their price value will goes down. And bitcoin enthusiast will be happy of course majority of them will become rich by that time.

bitllionaire

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Quote from: Pattberry on January 21, 2017, 04:38:02 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 clearly did not understand everything what you said here but to tell you the fact the government can ban a bitcoin exchange in the country but that does not mean that they can bar you from using bitcoin and exchange it in a foreign exchange and then transfer the money to your local account.

Bitcoin users are increasing day by day and i think the government is not of the view to ban on bitcoin because of immense pressure of masses insisting for keeping continuation of currency so a hope is here exist that the government would compel and star serious thinking for bitcoin as a legal currency.

BeGoods

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Quote from: Pattberry on January 21, 2017, 04:38:02 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 clearly did not understand everything what you said here but to tell you the fact the government can ban a bitcoin exchange in the country but that does not mean that they can bar you from using bitcoin and exchange it in a foreign exchange and then transfer the money to your local account.

of course very easy for the government to do the blocking to the exchange sites in their country. but you can still access it using a vpn or the like, but the government can not forbid you to not use bitcoin

hase0278

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Bitcoin in my opinion cannot become a legal currency, since right now it is not looked upon as a legal currency, but as an investment. If it were to become one though, it would be great since there will be higher demand. Because of higher demand, bitcoin's price will go up and up but there is this problem with the supply so it being a legal currency seems like impossible to me.

The_prodigy

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Quote from: lionheart78 on January 21, 2017, 05:44:09 PM

Quote from: Tanic on January 21, 2017, 05:39:03 PM

Yes, of course in the case of accepting bitcoin as Legal currency on the same way as fiat the government would put it's hands on bitcoin. I am not sure that this would be good to us bitcoin holders, but this is the possible future for bitcoin, I know that some governments are already preparing the base for accepting bitcoin, but as I heard it brings new fees.

Yes it will be good. The doubt about bitcoin being illegal will be changed and those who are hesitant to use or join Bitcoin economy will adopt bitcoin since for them it is safe to be involved with it since government finally acknowledge bitcoin. We can see a boom in the economy of Bitcoin and then price will certainly goes up but tax will be implemented.

People here in my country has doudbt that bitcoin is illegal but then they're using it now because many people here in my country see the real future of bitcoin where the ecnomy it self has become more appropriate to those people who using it for now since bank are adopting bitcoin we can sell our bitcoin to banks where they going to deposit it direct to our accounts

X-ray

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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.

even if the bitcoin users are increasing, but i'm sure that it's not even surpasses 5% of population in each country using bitcoin, therefore no pressure for government, and proven so far none i've seen in the media talking about a group of people forcing the government to accept or implement bitcoin in the system,it's kind of BS

jualidbitmixer

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Quote from: dreamsorcerer on January 21, 2017, 04:51:35 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?

I imagine some problems for betting and casino sites. Also btc poker rooms could have some problems in more country.
This because actually they are "allowed" just because accepting btc only.

Problems ? I don't think bitcoin will make a problem on betting and casino sites. Bitcoin will make online betting and online casinos more better because bitcoin is easy to use and also bitcoin have very low fee for each transaction. It will be a good news if bitcoin became a legal currency.

lionheart78

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Quote from: Tanic on January 21, 2017, 05:39:03 PM

Yes, of course in the case of accepting bitcoin as Legal currency on the same way as fiat the government would put it's hands on bitcoin. I am not sure that this would be good to us bitcoin holders, but this is the possible future for bitcoin, I know that some governments are already preparing the base for accepting bitcoin, but as I heard it brings new fees.

Yes it will be good. The doubt about bitcoin being illegal will be changed and those who are hesitant to use or join Bitcoin economy will adopt bitcoin since for them it is safe to be involved with it since government finally acknowledge bitcoin. We can see a boom in the economy of Bitcoin and then price will certainly goes up but tax will be implemented.

Tanic

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Yes, of course in the case of accepting bitcoin as Legal currency on the same way as fiat the government would put it's hands on bitcoin. I am not sure that this would be good to us bitcoin holders, but this is the possible future for bitcoin, I know that some governments are already preparing the base for accepting bitcoin, but as I heard it brings new fees.

dreamsorcerer

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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?

I imagine some problems for betting and casino sites. Also btc poker rooms could have some problems in more country.
This because actually they are "allowed" just because accepting btc only.

Topic: What would happen if Bitcoin became a legal currency? - page 28. (Read 33694 times)