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 
Topic: What would happen if Bitcoin became a legal currency? - page 29. (Read 33670 times)
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 
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 Several countries make a negative statement over bitcoin as well other virtual currencies just because it cannot be considered equal to the country's own currency and the decentralization. This will slowly get change, a week back too Russian government which has been against bitcoin planned to take the ban as well. Same might happen with other countries which oppose bitcoin when they realize the true potential.
If bitcoin really become a legal currency, of course we will always see the price in new all time highs. There will also be large fluctuations since many user will use it and if they dump even if 1% of users dump at that time, bitcoin's price will go down and go up when many are massive buying it. Although the probability of this happening because government won't just let it become legal, there's still the chance.
If that would happen, then bitcoin's rate will become more consistent than we have now. There would be no huge votality, which is caused by huge investors like China. Yet, it is impossible. Because bitcoin's influence in dark market is huge. Government can't control it and that is an issue. Luckily, in my country it isn't looked as an illegal currency. What we see in bitcoin is a lot of oppurtunities. What ever happens to bitcoin, let us just support it.I tend to disagree with that claim
As to me, Bitcoin price stability has everything to do with Bitcoin official acceptance and approval by governments. If Bitcoin price jumps from zero to hero and back again, figuratively speaking, why would any sane government want to recognize Bitcoin in that case? If we are to face the facts, recognizing Bitcoin as a currency or commodity by some country (its government) would objectively mean endorsing its use by the citizens of this country. I guess this is one of the reasons why many governments have mainly taken a wait-and-see approach today
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
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.
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.
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.
If bitcoin really become a legal currency, of course we will always see the price in new all time highs. There will also be large fluctuations since many user will use it and if they dump even if 1% of users dump at that time, bitcoin's price will go down and go up when many are massive buying it. Although the probability of this happening because government won't just let it become legal, there's still the chance.
If that would happen, then bitcoin's rate will become more consistent than we have now. There would be no huge votality, which is caused by huge investors like China. Yet, it is impossible. Because bitcoin's influence in dark market is huge. Government can't control it and that is an issue. Luckily, in my country it isn't looked as an illegal currency. What we see in bitcoin is a lot of oppurtunities. What ever happens to bitcoin, let us just support it.
If bitcoin really become a legal currency, of course we will always see the price in new all time highs. There will also be large fluctuations since many user will use it and if they dump even if 1% of users dump at that time, bitcoin's price will go down and go up when many are massive buying it. Although the probability of this happening because government won't just let it become legal, there's still the chance.
If that would happen, then bitcoin's rate will become more consistent than we have now. There would be no huge votality, which is caused by huge investors like China. Yet, it is impossible. Because bitcoin's influence in dark market is huge. Government can't control it and that is an issue. Luckily, in my country it isn't looked as an illegal currency. What we see in bitcoin is a lot of oppurtunities. What ever happens to bitcoin, let us just support it.
If bitcoin really become a legal currency, of course we will always see the price in new all time highs. There will also be large fluctuations since many user will use it and if they dump even if 1% of users dump at that time, bitcoin's price will go down and go up when many are massive buying it. Although the probability of this happening because government won't just let it become legal, there's still the chance.
Well there will be always a postive and negative effects if that happened .
The positives I can think of are
1). There will be many new bitcoin users or even billions or more than that after a few years .
2). There will be a huge demand leading to its price skyrockets .
3). More business and merchants will accept bitcoin as a payment .
The Negatives are the governments regulating it and putting tax to it and other laws or rules might come up ragarding that and we users will have have to follow that either way or is it possible that we are not even alive when it happens?
The positives I can think of are
1). There will be many new bitcoin users or even billions or more than that after a few years .
2). There will be a huge demand leading to its price skyrockets .
3). More business and merchants will accept bitcoin as a payment .
The Negatives are the governments regulating it and putting tax to it and other laws or rules might come up ragarding that and we users will have have to follow that either way or is it possible that we are not even alive when it happens?
The world can't wait to welcome this news because it will bring economic transformation in every aspect of our lives. Bitcoin becoming a legal tender will bring freedom in payments , low transactional fees, transparency and security in our payments will be enhanced due to the blockchain technology behind it. I think it will even eradicate income taxes.
I expect this fact happen in the next years. I will get more profits and maybe I will become a millionaire in the future. Bitcoin will be a fiat which has no inflation as the traditional currency caused in the world. No government can print its money in the comfortable way as they want .
if bitcoin becomes a legal tendar ,it will be a very good thing because a lot of people are accepting bitcoin including online machant website.it will be one of the best currency around
If bitcoin became a legal tender it really wouldn't change at all. It would continue managing the US dollars value against foreign currencies (like bitcoin) and oversee the financial sector and yes all transactions may come easy especially in buying commodities and rendering services. Hope if that happens a lot of people already familiar with the concept of bitcoin. Bitcoin is not going to become legal currency and it is better this way that way governments cannot impose the same regulations that other currencies have.
I support this statement that bitcoin will not going to be a legal currency or a legal tender nt only because of its volatile nature but the government and the banks will not allow it. The government will not like a currency that is not controllable by them since it has a negative impact on society and governance. A currency that cannot be controlled will only give way to money laundering and tax evasion that will lead a country to economic crisis.
if bitcoin becomes a legal tendar ,it will be a very good thing because a lot of people are accepting bitcoin including online machant website.it will be one of the best currency around
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 is obviously that bitcoin will become a secondary legal currency. If this be done all individual bitcoin lovers will become rich instantly, no doubt about that things. because the price value will be like a skyrocket on which will be in favor to all bitcoin enthusiast. In addition to that matter Bitcoin was design to to become an online payment in digital world.
You are right. Bitcoin is already a legal currency in some countries.
Which country? Does that country have made law administration of bitcoin? i just answered this to someone else in another topic:
https://bitcointalksearch.org/topic/m.17522642
there are many countries that have announced bitcoin as a legal currency or commodity and these are only big countries with lots of bitcoin user. the rest are aware of bitcoin and said it is legal but didn't announce it big time since there aren't that many users.
you can also see this:
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country
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?
Bitcoin value will be inflation. Must compete from the beginning again with a fiat currency, but will only be temporary because many emerging interest from market, the positive side will appear a lot of new projects are supported and accommodated by the government, and will facilitate any transaction of its people.You are right. Bitcoin is already a legal currency in some countries.
If bitcoin became legal currency, all of money papers and coins will disolve or be obsolete. Papers and coins that can be use to buy things, foods and clothing will became bitcoin or became a virtual money. Bitcoin money can depriciate the value of money, it can virtual money or be a high future technology involving money
Jump to: