What would happen if Bitcoin became a legal currency? - page 37.

BitcoinExpart

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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 bitcoin became a legal currency,This will be a big advantage for all of us specially who are associated with bitcoin deeply.
In this case there's a big chance value of bitcoin will be increasing and everyone who owns a decent amount of btc will be rich.It will be possible when Bitcoin use by world wide not just in one country.

easy68

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If bitcoin accepted as a legitimate currency, which will be included in the history, bitcoin prices will surge. Although I hope so, but this change is not realized in the near future, just ten years or twenty years.

ultrloa

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Quote from: Financial_Genius on September 30, 2016, 03:06:24 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?

Price will raise to 1000$ - 1500$ for one coin.

That's huge.prediction but i think the price will be lesser and coins will be controlled if this coin will be controlled by the government, and also maybe the acceptance of bitcoin will spread and the numbers of users will increase if this coin will really became legal, the only thing disadvantage see's for bitcoin to became legal is the limit supply will be controlled by them and surely traders will stop earnings for tradings since the movements of bitcoin will became smaller.

rio3233

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If bitcoin became a legal currency, many people will notice bitcoin and start using bitcoins. It will give a good impact into bitcoin for sure and the price of bitcoin can increase.

Financial_Genius

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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?

Price will raise to 1000$ - 1500$ for one coin.

jstern

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Bitcoin is world wide, so it would be hard for let say the US to make it part of it's currency.

angryswamp

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Quote from: vero on September 15, 2016, 08:29:52 AM

i guess it was a dream of all users bitcoin least if that thing happens then we need not worry that bitcoin will be lost or become useless.

yeah it would be really cool in my opinion, in this way i would manage to make big money because the price would grow

Doamader

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Quote from: HeroCat on September 15, 2016, 09:14:31 AM

Bitcoin can not be implemented on shops due to fact, that transfer for shops need very fast transaction time - 0.5 - 1 minute max, so Bitcoin transfers currently are around 20 minutes. And therefore it can not be legal currency, because shops will not work with it. Wink

Believe me that we arent far away to get the transactions faster, but i do believe there will be some service or companie able and taking the risk on these transactions , because almost all transactions got completed into seconds and the credit will be instant or repassed.

Nimbulan

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Quote from: vero on September 15, 2016, 08:29:52 AM

i guess it was a dream of all users bitcoin least if that thing happens then we need not worry that bitcoin will be lost or become useless.

there will definitely be people who will use bitcoins all the time in my opinion, bitcoins will exist forever

StarofBTC

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Quote from: olubams on September 29, 2016, 12:25:21 PM

Then it would be good news to all and sundry especially me as I dont have to go through bottlenecks in first converting to FIAT before buying basic things. In addition to that it will put the activities of fraudsters in check who are fond of swindling people of their hard earned resources. This will also boost confidence in BiTCoin... What I can think of now

Yes, after having bitcoin as a legalized currency, we no more need of any bitcoin debit cards nor no more need of any conversions by having looking for buyers from localbitcoins.
Legalizing bitcoin, definitely will help bitcoin to spread out by having more adoption from public as well from merchants. Praying for that to happen soon.

olubams

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Then it would be good news to all and sundry especially me as I dont have to go through bottlenecks in first converting to FIAT before buying basic things. In addition to that it will put the activities of fraudsters in check who are fond of swindling people of their hard earned resources. This will also boost confidence in BiTCoin... What I can think of now

serjent05

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Quote from: krishna1 on September 29, 2016, 12:02:20 PM

it will only resulting in increasing more prople to join the bitcoin network and that will increase everyones work, the demand and supply, the trading and the jobs and everything as more and more people jokn the network the market will expand

Yes bitcoin being a legal currency only means it is supported by the government that legalized it. So it is expected that more and more people will have trust in bitcoin and those hesitant and doubts will be gone. Having more users and supporters, it only means that bitcoin will have a rapid increase in price and stabilize.

Darker45

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While not officially legal due to bitcoin being unregulated it is also not illegal. It's like using Qatari Riyals in a local shop in Singapore it is legal but not accepted openly. National currencies are made as standard monetary for each countries while bitcoin was created by the power of the internet.

krishna1

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it will only resulting in increasing more prople to join the bitcoin network and that will increase everyones work, the demand and supply, the trading and the jobs and everything as more and more people jokn the network the market will expand

Pamadar

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Quote from: danherbias07 on September 29, 2016, 11:15:09 AM

Just want to emphasize this opinion of mine "legal but not controlled". Arent we afraid if that happened? Making it legal might distort the good things that are happening to us now.
I will go with the idea of just letting it be.
There are process for legalizing it and what will they do if it is still in process. Stop the transactions that are happening inside tghe country? It is the same as banning it.

yes mate if they will control the freedom that we have right now it is consider that they can ban or stop any activity that we enjoy
its the good purpose of this currency a freedom to transact in a anonymous ways.

danherbias07

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Just want to emphasize this opinion of mine "legal but not controlled". Arent we afraid if that happened? Making it legal might distort the good things that are happening to us now.
I will go with the idea of just letting it be.
There are process for legalizing it and what will they do if it is still in process. Stop the transactions that are happening inside tghe country? It is the same as banning it.

entrepmind23

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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?

Of course its value would rise since everybody would be buying it and it would be in demand. And since everybody is using it then the government will try to have access it its transactions so that they can have a share of it and so the transaction fees will rise as well because there's already tax on it which is the share of the government. I don't know if it is possible but maybe that will happen in the future.

Fatanut

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By any means, Bitcoin isn't an illegal currency. And no matter how you put it, the government cannot illegalize it because there's a lot of VPNs out there that you can download for free. People in this thread that if Bitcoin gets legalized, it will attract more people but in fact, it's already legal in most countries. I can't understand why is the government planning on illegalizing it when you can easily avoid getting caught on using Bitcoin.

HabBear

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It's not illegal to use Bitcoin, therefore it is legal.

Here's a site that breaks down the legality of the bitcoin by country: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

Quote from: HeroCat on September 15, 2016, 09:14:31 AM

Bitcoin can not be implemented on shops due to fact, that transfer for shops need very fast transaction time - 0.5 - 1 minute max, so Bitcoin transfers currently are around 20 minutes. And therefore it can not be legal currency, because shops will not work with it. Wink

Unfortunately, that's not how laws are created. And to your point, what the shops may lose in transaction time they gain in significantly lower transaction costs. Are you a spy for fiat?

ekoice

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If btc becomes legal currency, people who have doubt about btc would also start using bitcoins. All commercial organisations would start accepting bitcoin as a payment method. Taxes will be laid on bitcoin since already italy government has laid tax on bitcoins.

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