What would happen if Bitcoin became a legal currency? - page 30.

delliaerd

hero member

Activity: 672

Merit: 500

Quote from: Taki on January 16, 2017, 06:48:37 AM

Bitcoin is legal currency in the right moment as well. We don't need to hide that we use it and keep some, right?
But if you mean bitcoin to be on the same level as fiat. Then it would be nothing new in it's using, I think. All this fiat deals would be extended on bitcoin as well and that's it.

You are right. Bitcoin is already a legal currency in some countries. Be on the same level as fiat or not, let the people determine it. For me bitcoin is more practicaly to use than fiat. Bitcoin will easier to spread in those countries, then the huge mass adoption of bitcoin will make the price of bitcoin rise.
Also if bitcoin became legal currency, so many merchants will accept bitcoin. It will make buying and selling more practicaly.

Liang_Kubur

full member

Activity: 154

Merit: 100

if this happens, of course, all transactions will be easier. everyone does not need to carry cash or credit cards for purchases, or pay anything. national borders is not a problem because the price they are selling it is easy to us without having to pay a currency conversion. I really wait for this to happen.

lordquanta

sr. member

Activity: 770

Merit: 268

Quote from: achow102 on January 16, 2017, 01:27:08 AM

Quote from: agamasrori on January 15, 2017, 10:24:00 PM

Quote from: Bitcoin0916 on January 15, 2017, 08:30:07 PM

Of course this is the very thing I was waiting, when many issues concerning fiat money, of course, must find the best way to handle it. And for the current, bitcoin is the best solution for it. So, I very much agree if bitcoin be legal currency.

Me too. if bitcoin being legal currency, so many online business will grow faster if bitcoin payment system is implemented in it. Online business usualy use paypal or money broker that really difficult and make the customer confuse. Bitcoin will make the transaction more practicaly.

I am sure that the business is to be a positive change. But there are drawbacks - Bitcoin lose anonymity. And the government will require payment of taxes

My two cents:
Correct, one of biggest advantage of bitcoin is anonymity which any government would not like at all.
Second factor is difficulty for Govt in controlling Bitcoin value. Look at china or Venezuela or India situation, china attempted to devalue their own currency to remain top on market. Without bitcoin this move would have affected all china. However with option of bitcoin, many from china moved their fiat currency in bitcoin tried to mitigate loss. This got bitcoin in bad book of govt. On similar note any govt who wish to control complete economy would oppose to the currency which they can not regulate.

Some countries would accept bitcoin some may not. For bitcoin it is important to remain decentralized and open-source.

Taki

hero member

Activity: 1078

Merit: 514

Bitcoin is legal currency in the right moment as well. We don't need to hide that we use it and keep some, right?
But if you mean bitcoin to be on the same level as fiat. Then it would be nothing new in it's using, I think. All this fiat deals would be extended on bitcoin as well and that's it.

X-ray

hero member

Activity: 2996

Merit: 524

Leading Crypto Sports Betting & Casino Platform

Quote from: Silberman on January 16, 2017, 03:20:08 AM

Quote from: Xester on January 15, 2017, 02:54:01 AM

Quote from: Silberman on January 15, 2017, 02:26:04 AM

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.

While you can do all of that bitcoin will also allow us to do good things like having a currency that appreciates in value instead of one that loses value over the long term.

If you are reffering the words "one that loses value over long term" to fiat then it's actually wrong, bitcoin and fiat is the same and both have the time to have its price to increase and decrease, if you ever have done trading in both fiat and cryptocurrencies then you must have already know about this. it's the matter of circumstances, demands, and any other factor

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: Xester on January 15, 2017, 02:54:01 AM

Quote from: Silberman on January 15, 2017, 02:26:04 AM

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.

While you can do all of that bitcoin will also allow us to do good things like having a currency that appreciates in value instead of one that loses value over the long term.

achow102

full member

Activity: 196

Merit: 100

Quote from: agamasrori on January 15, 2017, 10:24:00 PM

Quote from: Bitcoin0916 on January 15, 2017, 08:30:07 PM

Of course this is the very thing I was waiting, when many issues concerning fiat money, of course, must find the best way to handle it. And for the current, bitcoin is the best solution for it. So, I very much agree if bitcoin be legal currency.

Me too. if bitcoin being legal currency, so many online business will grow faster if bitcoin payment system is implemented in it. Online business usualy use paypal or money broker that really difficult and make the customer confuse. Bitcoin will make the transaction more practicaly.

I am sure that the business is to be a positive change. But there are drawbacks - Bitcoin lose anonymity. And the government will require payment of taxes

agamasrori

sr. member

Activity: 364

Merit: 250

Quote from: Bitcoin0916 on January 15, 2017, 08:30:07 PM

Of course this is the very thing I was waiting, when many issues concerning fiat money, of course, must find the best way to handle it. And for the current, bitcoin is the best solution for it. So, I very much agree if bitcoin be legal currency.

Me too. if bitcoin being legal currency, so many online business will grow faster if bitcoin payment system is implemented in it. Online business usualy use paypal or money broker that really difficult and make the customer confuse. Bitcoin will make the transaction more practicaly.

Shady

full member

Activity: 294

Merit: 100

Life is a game, you either play it or get played.

Bitcoin built on the passion for boom and a creative economy, the likelihood of official adoption vs where we are now as a whole would surely become essential to remain on its current path because of the reduction of risk as well as a better reality.

No matter what countries use as fuel, BTC will always be a better international alternative to USD for digital and exotic goods becaus of the conversion fees.

Mr. Big

global moderator

Activity: 2324

Merit: 1179

While my guitar gently weeps!!!

Quote from: Bitcoin0916 on January 15, 2017, 08:30:07 PM

Of course this is the very thing I was waiting, when many issues concerning fiat money, of course, must find the best way to handle it. And for the current, bitcoin is the best solution for it. So, I very much agree if bitcoin be legal currency.

So what will happen if it becomes legal and become a substitute to solve issues concerning fiat money?

Anyway, for sure it will not happen that fast and if it happens, I'm sure something in bitcoin has already change.... We might not experience the thing that we always say "bitcoin is freedom"... Probably it will be gone since bitcoin will be adopted by countries and for sure there will be a regulation that will happen...

Bitcoin0916

full member

Activity: 238

Merit: 100

Of course this is the very thing I was waiting, when many issues concerning fiat money, of course, must find the best way to handle it. And for the current, bitcoin is the best solution for it. So, I very much agree if bitcoin be legal currency.

coinplus

legendary

Activity: 1386

Merit: 1058

Quote from: Ipwich on January 14, 2017, 02:35:16 AM

Quote from: hoop on January 13, 2017, 03:08:35 PM

So, all of who owns the Bitcoin is in an irregular situation! This is totally inconsequential. We did not get this money by criminal activities
Or rather most of us gain this money by hard work and sleepless nights and the constant thought.

Definitely,we do not earned it in easiest way, by means of hardwork and tiring days to cope up the deadlines.Its not easy to earn bitcoins,if you have it we must see to it that it will go in a good way.If it will become a legal currency then it will be the benifits of everyone who totally save it and earned it.So things might have been going smoothly with every transactions we made.

If bitcoin becomes legal and become a thing that everyone uses in their daily lives than it will a big benefit for us the users who have supported it for a long term, we now suffer from the lack of usage of bitcoin, and with more people using the more places we could spend it on and the more it becomes a good thing.

Berns

sr. member

Activity: 290

Merit: 250

Quote from: bravehearth0319 on January 15, 2017, 05:03:01 AM

Quote from: isen on June 08, 2016, 06:27:00 AM

Quote from: Bitshake on June 08, 2016, 05:41:44 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?

In this case the price will explode and everyone who owns a decent amount of btc will be rich,but i don't think this will happen very soon.

That's true, many of the bitcoin enthusiast will become rich for sure. But the big question is this really possible to be happen? If yes, I think it will take more, more years before it happen. Because many of the people all the around world are still not aware in bitcoin.

you are right, it will take many years. We need to be patient. Better yet, make a long-term investment, and to convey our reserves Bitcoin grandchildren. That is for them it will be super profitable

bravehearth0319

hero member

Activity: 1022

Merit: 500

Quote from: isen on June 08, 2016, 06:27:00 AM

Quote from: Bitshake on June 08, 2016, 05:41:44 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?

In this case the price will explode and everyone who owns a decent amount of btc will be rich,but i don't think this will happen very soon.

That's true, many of the bitcoin enthusiast will become rich for sure. But the big question is this really possible to be happen? If yes, I think it will take more, more years before it happen. Because many of the people all the around world are still not aware in bitcoin.

Xester

hero member

Activity: 994

Merit: 544

Quote from: Silberman on January 15, 2017, 02:26:04 AM

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.

jseverson

hero member

Activity: 1834

Merit: 759

Quote from: Silberman on January 15, 2017, 02:26:04 AM

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.

You have a point but we can't say bitcoin is not going to become legal currency especially now it's becoming famous but bitcoins will need a lot of time to be recognized as legal currency.

zidanw

sr. member

Activity: 1162

Merit: 258

1xbit.com

Quote from: Bitshake on June 08, 2016, 05:41:44 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?

bitcoin can replace fiat (my opinion) bitcoin highly desirable although not yet accepted in some countries, because bitcoin provide more benefits to users and the price of bitcoin is only affected by supply and demand

Silberman

legendary

Activity: 2534

Merit: 1338

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.

ZrCoin

full member

Activity: 770

Merit: 100

The first thing - It depends if Bitcoin will be accepted just in one country or worldwide.

I suppose it means that we would be able to use bitcoin as secondary, official currency, for buying/selling things, many merchants would accept Bitcoin, we would have more Bitcoin ATM's, bitcoin debit cards etc.

SHAWN-MIDWAYS

hero member

Activity: 686

Merit: 521

Quote from: sportis on January 14, 2017, 06:26:18 PM

Quote from: bitbunnny on January 14, 2017, 12:29:29 PM

-snip-

I wouldn't say that bitcoin is not regulated because in many countries is not considered as currency but as agreement that is as form of payment between two parties. For this reason there is no regulation. Furthermore, there will not ever be any government to adapt bitcoin as official currency of his country because is not centralized. That means she cannot have the control on their citizen's wealth.

In deed most countries do not recognize crypto currencies like bitcoin to be an acceptable mode of payment, and making it legal will give confidence to traders and exchangers to use btc more often and influence a better price of btc.

Topic: What would happen if Bitcoin became a legal currency? - page 30. (Read 33670 times)