What would happen if Bitcoin became a legal currency? - page 39.

Doamader

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Quote from: freedomgo on August 31, 2016, 02:11:08 AM

Quote from: JITENDERPAR3 on August 30, 2016, 08:46:33 PM

if bitcoin became totally legal then in every country there may be some charges of saving bitcoins in wallet like another type of bank money . and if there ia no taxation then the use of bitcoin will rise sharply .

No, if bitcoin will become a legal currency then we are all gonna pay taxes, the government is the only entity that has the capacity to declare bitcoin as legal so for them to earn they will impose tax that can be use for the countries improvement, I am pretty sure they can get a lot of taxes.

Knowing that government wont have plenty control if any at bitcoin as it is decentralized, they will put heavy taxes to make people avoid bitcoin forever or for a long time.

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Quote from: JITENDERPAR3 on August 30, 2016, 08:46:33 PM

if bitcoin became totally legal then in every country there may be some charges of saving bitcoins in wallet like another type of bank money . and if there ia no taxation then the use of bitcoin will rise sharply .

No, if bitcoin will become a legal currency then we are all gonna pay taxes, the government is the only entity that has the capacity to declare bitcoin as legal so for them to earn they will impose tax that can be use for the countries improvement, I am pretty sure they can get a lot of taxes.

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if bitcoin became totally legal then in every country there may be some charges of saving bitcoins in wallet like another type of bank money . and if there ia no taxation then the use of bitcoin will rise sharply .

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Quote from: Vikingr on August 30, 2016, 06:11:56 PM

If bitcoin become a legal currency then we will see that currency on media supporting by governments also and with that a lot of people will come to know about that and the demand will increase more and the price will also increase and with that we will get guarantee of our money.

Government won't support any currency that is not under their direct control. Bitcoin will never be 'guaranteed'.
The best what government could do is regulate bitcoin business, made bitcoin companies a legal tax paying entities.
It will cease an era of bitcoin scam heaven - bitcoin exchanges created and controlled by fat teenagers will be a song of the past.

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then way more people would be using bitcoins and in my opinion adoption would be way faster than it is now

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If bitcoin become a legal currency then we will see that currency on media supporting by governments also and with that a lot of people will come to know about that and the demand will increase more and the price will also increase and with that we will get guarantee of our money.

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I think that after that, many goverment and banks will dissapere, but i am not sure about it, just one more crazy theory Grin

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Quote from: Noctis Connor on August 29, 2016, 09:26:24 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?

Of course every would love bitcoin for sure everyone will going to use bitcoin as they daily currency they are going easily just show or scan the address they want to send their payments if bitcoin became a legal currency people are going to cheers with these because they can now easily use bitcoin to do shopping

I am not sure where I read it, so don't quote me, sometimes I end up way deep down the Google hole, but I read somewhere online that the major push by the banks and credit card companies at phone integration, chips and other easier methods for use was because they saw the way that Bitcoin and others was becoming more popular everyday

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Quote from: romero121 on August 30, 2016, 06:38:35 AM

Not only bitcoin or other digital currencies, when something gets legalised sure it falls under a controlling authority. For this reason sure the price of bitcoin gets affected. Also most governments try to monitor the transactions, so as to levy taxes depending upon the transaction amounts.

beside of those negative effect,the government will probably giving a bitcoin users the right of justice about the criminality in bitcoin world such as scamming or any other illegal activities,and also,the price will be sure getting higher because as you know something which legalized will be good even it's taxed

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Not only bitcoin or other digital currencies, when something gets legalised sure it falls under a controlling authority. For this reason sure the price of bitcoin gets affected. Also most governments try to monitor the transactions, so as to levy taxes depending upon the transaction amounts.

warwar

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Quote from: Doamader on August 29, 2016, 08:30:58 PM

Quote from: Superways on August 29, 2016, 03:13:16 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?

Then the banks will also accept that currency and governments will also accept it for their affairs and it will be promoted to every portion of the world and people will use bitcoin instead of any other digital type of payment system.

The big issue around bitcoin is if it becomes legal, countries will tax who wanna get them and who have them, soo they will make it as another currencie and will kill a bit the concept of bitcoin of freedom and pseudo-anonymous.

Tax!

Yeah the government will tax the bitcoin and we know what happens next the users of the bitcoin decreases because of tax and yes one will make another crypto currencies that is better and the bitcoin will die.! IF the bitcoin is become legal currency then it would not really like now that it is fast and efficient.

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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?

One thing is clear that Bitcoin is legal currency, it is not illegal currency. Also we are using it in international level. But in some countries, we can't use it in real stores, so that is a problem, but i know within few years it also would be solved, but this work is time taking.

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Quote from: ajun96 on August 29, 2016, 09:35:19 PM

Quote from: 23dzmaz on August 28, 2016, 11:03:30 PM

If bitcoin became a legal currency, i'm sure many people will start using bitcoin and it will affect the price of bitcoin too and many shops and supermarkets will accept bitcoin as a payment too.

But to get a legalization of the government for bitcoin. it is not easy and fast process? I think it would require a very long time until everyone believes in the bitcoin. but I'm sure after bitcoin legalized in a country. I believe adoption will be brought forward

If we will continue to support bitcoin we will surely achieve that in the future, there is no way the government will disallow any platform that would help a lot of people to benefits from using online transaction, remember that the government is the voice of the people so we shall be seeing that in the future.

ajun96

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Quote from: 23dzmaz on August 28, 2016, 11:03:30 PM

If bitcoin became a legal currency, i'm sure many people will start using bitcoin and it will affect the price of bitcoin too and many shops and supermarkets will accept bitcoin as a payment too.

But to get a legalization of the government for bitcoin. it is not easy and fast process? I think it would require a very long time until everyone believes in the bitcoin. but I'm sure after bitcoin legalized in a country. I believe adoption will be brought forward

Noctis Connor

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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 every would love bitcoin for sure everyone will going to use bitcoin as they daily currency they are going easily just show or scan the address they want to send their payments if bitcoin became a legal currency people are going to cheers with these because they can now easily use bitcoin to do shopping

satmas

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I guess the main thing that will happen is that demand will increase, and the price will skyrocket because of mass adoption. That's my guess though, and can't be certain so don't believe me when I say this.

Doamader

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Quote from: Superways on August 29, 2016, 03:13:16 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?

Then the banks will also accept that currency and governments will also accept it for their affairs and it will be promoted to every portion of the world and people will use bitcoin instead of any other digital type of payment system.

The big issue around bitcoin is if it becomes legal, countries will tax who wanna get them and who have them, soo they will make it as another currencie and will kill a bit the concept of bitcoin of freedom and pseudo-anonymous.

Superways

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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?

Then the banks will also accept that currency and governments will also accept it for their affairs and it will be promoted to every portion of the world and people will use bitcoin instead of any other digital type of payment system.

Cresciuanto

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if bitcoin become a legal currency it will be really a big happening, i think bitcoin will become one of the most popular currency of the world. people will invest more and more money in bitcoin, i think it will really take over US Dollar. i think most of the countries are still thinking about bitcoin, hope they will take a decision in the favour of bitcoin, they will legalize bitcoin in their country.

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Quote from: fireball4 on August 29, 2016, 10:28:32 AM

Quote from: 23dzmaz on August 28, 2016, 11:03:30 PM

If bitcoin became a legal currency, i'm sure many people will start using bitcoin and it will affect the price of bitcoin too and many shops and supermarkets will accept bitcoin as a payment too.

it actually is a really legal currency in my opinion and i dont think that it is banned right no, and it allows bitcoin to grow a lot in the future

Legal tender (the proper term) is not something which may exist as your opinion (obviously, you don't give a fuck). It is a well-defined concept as well as a law-term in most jurisdictions. For example, in the US it is precisely defined by the pertinent law (namely, by the Coinage Act of 1965 with amendments and additions) as follows:

Quote

United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues

I think this is exactly what the OP meant to say by referring to what he called a "legal currency"

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