What would happen if Bitcoin became a legal currency? - page 31.

sportis

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Quote from: bitbunnny on January 14, 2017, 11:29:29 AM

In most countries Bitcoin is not illegal, just it isn't legaly regulated. These are two different things.
Maybe the question is what would happen if bi becomes the official currency in one of the countries in the world, although this is not very likely because of changing the whole economy system.
But with lehgal regulation we would do no harm to Bitcoin, just split legal of illegal use of it so that could help us all.

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.

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Quote from: PanZerrr on January 14, 2017, 02:26:58 PM

Quote from: Ipwich on January 14, 2017, 01:35:16 AM

Quote from: hoop on January 13, 2017, 02:08:35 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 you look from the legal side, and it turns out - all received Bitcoin is illegal income. That is why it is very important that the government passed a law which will determine the status of s cryptocurrency

I don't see how it can turn out that way

From the legal side exclusively all income obtained from activities which are not explicitly prohibited is considered legal. Otherwise you would have to explicitly allow selling of every possible item out there (adding something new every other day), starting with tires and ending with diapers, and that would be hell. If the turnover of Bitcoin is not regulated specifically, it should be considered as a generic intangible asset and treated appropriately

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Quote from: Ipwich on January 14, 2017, 01:35:16 AM

Quote from: hoop on January 13, 2017, 02:08:35 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 you look from the legal side, and it turns out - all received Bitcoin is illegal income. That is why it is very important that the government passed a law which will determine the status of s cryptocurrency

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In most countries Bitcoin is not illegal, just it isn't legaly regulated. These are two different things.
Maybe the question is what would happen if bi becomes the official currency in one of the countries in the world, although this is not very likely because of changing the whole economy system.
But with lehgal regulation we would do no harm to Bitcoin, just split legal of illegal use of it so that could help us all.

Ipwich

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Quote from: hoop on January 13, 2017, 02:08:35 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.

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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.

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Quote from: raja2sumi on January 01, 2017, 09:58:58 AM

If bitcoin become a legal currency the price of bitcoins would increase a lot and the price of commodities would decrease a lot .and there would not be any black money at all .it would be eradicated .

Black money can only be eradicated if they finish fiat system from the face of earth, but just by legalizing bitcoin that system wont get finished. Bitcoin will just become a part of the world's currencies and it will be used like any other currency, but people wont just stop using fiat, atleast some percent of the world would surely keep doing that.

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Quote from: GreenBits on January 13, 2017, 01:29:55 AM

Quote from: raja2sumi on January 01, 2017, 09:58:58 AM

If bitcoin become a legal currency the price of bitcoins would increase a lot and the price of commodities would decrease a lot .and there would not be any black money at all .it would be eradicated .

I don't know because if Bitcoin became legal its possible that the government of every countries can gain control of Bitcoin price.And its possible too that Bitcoin price will be stable.

but i do not think that even after accepting bitcoin by the governments, they will have access to bitcoin and to control it, i think bitcoin cannot accept such interruption, because then bitcoin will lose its originality.

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Quote from: vindicare on January 13, 2017, 03:53:17 AM

when I watch the Mr robot series hackers tend to just hack cryptocurrencies like no one is watching them if this would be legal many computer hackers will just walk around buy stuff with their stolen bitcoin online I don't think it's a good idea, for now that internet security is not common.

If bitcoin will be legalized, this situation will be lessen since there will be a regulation and probably more laws protecting the holders of bitcoin... That's the good side of it since government will be on our side and they're bound to protect it's properties and its people...

However, the regulation will be what we will not like when this happens, and bitcoin will be more centralized if it is legalized than what it is right now, but it is possible that problems will be solved quickly since many will be working on bitcoin to fix a flaw (that's just maybe)...

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when I watch the Mr robot series hackers tend to just hack cryptocurrencies like no one is watching them if this would be legal many computer hackers will just walk around buy stuff with their stolen bitcoin online I don't think it's a good idea, for now that internet security is not common.

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Quote from: financetalks on January 13, 2017, 01:32:36 AM

Quote from: mastica on January 12, 2017, 12:03:14 PM

some bad people will find your adress and visit your family, this is what i believe would happen with bitcoin legal.

I don't think it is so easy for bad people to find you and visit your family just because you use Bitcoin.

If so, everyone who is on the top of BTC rich list now will be in danger.

Yes, if Bitcoin becomes legal, then he will lose anonymity. Many will try to translate it into other assets. And that collapse for Bitcoin

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Quote from: mastica on January 12, 2017, 12:03:14 PM

We would have a big problem since bitcoin legal would mean be exposed, and some bad people will find your adress and visit your family, this is what i believe would happen with bitcoin legal. The good think is it would bring more and new fresh fiat investment, that should affect the bitcoin value in the short period if not instant.

I really don't see it this way. That's true that it is a bit of a problem if it becomes legal. But it's not about bad people visiting your house just because you own bitcoin and how will they find you. What might visit you is your government, checking your assets and correcting your tax declarations. But no bad guys will visit you, that's for sure. What bothers me when it become legal is the regulation. That means no more extra tax free money. Cheesy

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Quote from: mastica on January 12, 2017, 12:03:14 PM

some bad people will find your adress and visit your family, this is what i believe would happen with bitcoin legal.

I don't think it is so easy for bad people to find you and visit your family just because you use Bitcoin.

If so, everyone who is on the top of BTC rich list now will be in danger.

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Quote from: raja2sumi on January 01, 2017, 09:58:58 AM

If bitcoin become a legal currency the price of bitcoins would increase a lot and the price of commodities would decrease a lot .and there would not be any black money at all .it would be eradicated .

I don't know because if Bitcoin became legal its possible that the government of every countries can gain control of Bitcoin price.And its possible too that Bitcoin price will be stable.

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This seems impossible can happen at this time, especially when close to or less than 20 years. still a few who know and use bitcoin, so better we think other than to continue to think of bitcoin be legal curency.

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We would have a big problem since bitcoin legal would mean be exposed, and some bad people will find your adress and visit your family, this is what i believe would happen with bitcoin legal. The good think is it would bring more and new fresh fiat investment, that should affect the bitcoin value in the short period if not instant.

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Quote from: raja2sumi on January 01, 2017, 09:58:58 AM

If bitcoin become a legal currency the price of bitcoins would increase a lot and the price of commodities would decrease a lot .and there would not be any black money at all .it would be eradicated .

The price of bitcoin will increase for sure. Since all people around the world start using bitcoin and the demand of bitcoin increase so high, the price will increase. I think it's a good news for bitcoin if bitcoin became a legal currency. Many business will start using bitcoin and many online shops will using bitcoins too as the payment.

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Quote from: Qunenin on January 12, 2017, 09:50:04 AM

Quote from: pereira4 on January 02, 2017, 10:49:41 AM

Quote from: virasog on January 02, 2017, 10:25:02 AM

Quote from: raja2sumi on January 01, 2017, 09:58:58 AM

If bitcoin become a legal currency the price of bitcoins would increase a lot and the price of commodities would decrease a lot .and there would not be any black money at all .it would be eradicated .

I agree with your opinion of bitcoin appreciating in price if it is adopted as a legal currency. But I don't think it would eradicate black money completely from the economy. And it is not easy to make bitcoin a legal currency.

Once governments remove cash, and I predict this is going to happen faster than most people are predicting (look at Sweden to have a look in the future...) the entire black market economy is going to be running under bitcoin, since bitcoin is the only realistic alternative. Everyone will start working for bitcoin, and getting paid in bitcoin, and this is how people will completely circumvent the tyrannical governmental control we are heading towards.

Governments will prefer to have their own currency which is designed and controlled by them in order to keep the entire country within their grip. Unless you see major crash in the government currencies, its hard to say that Bitcoin will become legal currency anywhere in the near future. but still I hope it happens quickly

Governments follow different approaches in this respect

It is unlikely that major players such as China, the US or EU will ever accept Bitcoin as "legal currency" (e.g. for paying taxes with bitcoins directly), but smaller countries, especially those which are already using a foreign currency as legal tender locally may already be quite close to accepting Bitcoin as that. Basically, it is only a matter of further adoption, recognition and time

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Quote from: pereira4 on January 02, 2017, 10:49:41 AM

Quote from: virasog on January 02, 2017, 10:25:02 AM

Quote from: raja2sumi on January 01, 2017, 09:58:58 AM

If bitcoin become a legal currency the price of bitcoins would increase a lot and the price of commodities would decrease a lot .and there would not be any black money at all .it would be eradicated .

I agree with your opinion of bitcoin appreciating in price if it is adopted as a legal currency. But I don't think it would eradicate black money completely from the economy. And it is not easy to make bitcoin a legal currency.

Once governments remove cash, and I predict this is going to happen faster than most people are predicting (look at Sweden to have a look in the future...) the entire black market economy is going to be running under bitcoin, since bitcoin is the only realistic alternative. Everyone will start working for bitcoin, and getting paid in bitcoin, and this is how people will completely circumvent the tyrannical governmental control we are heading towards.

Governments will prefer to have their own currency which is designed and controlled by them in order to keep the entire country within their grip. Unless you see major crash in the government currencies, its hard to say that Bitcoin will become legal currency anywhere in the near future. but still I hope it happens quickly.

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Quote from: mrkevio on January 03, 2017, 02:40:30 AM

Quote from: deisik on January 03, 2017, 02:27:04 AM

Quote from: pereira4 on January 02, 2017, 10:49:41 AM

Quote from: virasog on January 02, 2017, 10:25:02 AM

Quote from: raja2sumi on January 01, 2017, 09:58:58 AM

If bitcoin become a legal currency the price of bitcoins would increase a lot and the price of commodities would decrease a lot .and there would not be any black money at all .it would be eradicated .

I agree with your opinion of bitcoin appreciating in price if it is adopted as a legal currency. But I don't think it would eradicate black money completely from the economy. And it is not easy to make bitcoin a legal currency.

Once governments remove cash, and I predict this is going to happen faster than most people are predicting (look at Sweden to have a look in the future...) the entire black market economy is going to be running under bitcoin, since bitcoin is the only realistic alternative. Everyone will start working for bitcoin, and getting paid in bitcoin, and this is how people will completely circumvent the tyrannical governmental control we are heading towards.

This is unlikely to happen

At least, in massive amounts. Bitcoin is nowhere close to being a realistic alternative. If paper money is no longer accepted anywhere (this is a big IF in itself), real life criminals will be trading with gold and silver coins. Bitcoin, with its transactions perpetually imprinted on the blockchain would be beyond consideration for genuine gangsters. In any case, you will have to exchange to coins to fiat and withdraw it sooner or later, and that's where you end up caught by police

More and more people are talking about a financial reset happening soon. I used to not believe in that, but look at India, Venezuela, United Kingdom. 500EUR banknotes are not accepted anymore in most European countries. Bitcoin could be an alternative: if any currency fail, it skyrockets (its demand, price, everything) in a few minutes only and will only keep rising, together with precious metals.

That had been tested at the Cyprus hair-cut event in the spring of 2013

The current price rise which had started over a year ago seems to be primarily driven by the Chinese buyers after the Central bank of China had developed passion for gradual but consistent devaluation of Yuan, the Chinese national currency. Coupled with the halving, which happened in last July, this led to Bitcoin price rising almost fivefold within this time span. In fact, we don't even need fiat currencies to fail completely, gradual depreciation will work just as fine

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