What would happen if Bitcoin became a legal currency? - page 45.

Nowl1935

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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 got accepted online and it become an a legal currency,I think the supply of btc will decrease, because many people is buying it right? And also the demand will increase. But i think the people will just make this one as their secondary mode of payment.

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Bitcoin already has some kind of non official recognition which can be define by Bitlicense for exchanges in USA to provide them some legal backup.Same in EU bitstamp has gotten license to operate more openly.All this already makes Bitcoin legal in many parts of the world.It is good as it is else we will see more paper work to operate accounts which will lead us to centralization and less freedom of use.

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Then the price will rise to a highest value and at some stage it will sooner come to stability and everyone will then know about it through their government and national media etc, and it will take no time to become a legal currency.

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Quote from: erikalui on June 09, 2016, 12:19:23 PM

Bitcoins would require verification before we open a wallet and the price would be as stable as USD, EUR with few cents up and down daily. We could use it to trade in forex which is a positive and then we would also be able to secure our bitcoins incase of a hack, scam or fraud.

Legal currency means that stores and retails should accept BTC as currency? . If so i have seen some post in this forum that some online shopping and stores are accepting BTC as money. So probably thats legalized in that particular country where they accepting for trading. You may have doubted the BTC can be acceptable as a legal currency in every country if they have got approval by their own government.

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Bitcoins would require verification before we open a wallet and the price would be as stable as USD, EUR with few cents up and down daily. We could use it to trade in forex which is a positive and then we would also be able to secure our bitcoins incase of a hack, scam or fraud.

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maybe people will race to find and buy bitcoin, and it probably will make bitcoin prices to rise. well of course they'll buy it, because bitcoin business promises for the future

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Quote from: romero121 on June 09, 2016, 11:08:15 AM

The possibilities were very low but if it happens adoption takes place enormously. Also we can't experience big variation in price as its happening now. The price can be found more stable than now.

actually it is quite the opposite. the possibilities are very high.

it has already begun, in many countries there is some groundbreaking work being done for bitcoin and regulation of it. the latest news that i have heard was about Japan and announcing bitcoin as a legit currency.

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The possibilities were very low but if it happens adoption takes place enormously. Also we can't experience big variation in price as its happening now. The price can be found more stable than now.

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Quote from: TastyChillySauce00 on June 09, 2016, 10:28:15 AM

Quote from: Hazir on June 09, 2016, 10:16:56 AM

Bitcoin is legal in most countries, in some others countries government is so hypocritical that they want to instead create their own coin (i.e. AuroraCoin in Iceland).

What Op wanted to say is "when bitcoin will become regulated currency" - and it is hard to say, as we don't have similar statements about legal status of BTC.

Each country has their own version of bitcoin legislation prepared and we don't have 1 definition and definite answer to the question - "what is bitcoin and how to regulate it".

Because of that it is hard to say how future of BTC will look like.

due to this link as my reference: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country
bitcoin in the most of the countries still not regulated yet,nor legalised,the status of bitcoin still between illegal and legal,it's allowed to be used,but not recommended,no laws related to bitcoin transaction so no protection for whoever using it

Yeah bitcoin made only for people that they don't to control by government taxes or any in legal if this bitcoin will be legal taxes one of the problem if it will happen.. and i think devs of bitcoin will not accept to be legal this bitcoin.. because they don't want to be controlled by government..

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Quote from: Hazir on June 09, 2016, 10:16:56 AM

Bitcoin is legal in most countries, in some others countries government is so hypocritical that they want to instead create their own coin (i.e. AuroraCoin in Iceland).

What Op wanted to say is "when bitcoin will become regulated currency" - and it is hard to say, as we don't have similar statements about legal status of BTC.

Each country has their own version of bitcoin legislation prepared and we don't have 1 definition and definite answer to the question - "what is bitcoin and how to regulate it".

Because of that it is hard to say how future of BTC will look like.

due to this link as my reference: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country
bitcoin in the most of the countries still not regulated yet,nor legalised,the status of bitcoin still between illegal and legal,it's allowed to be used,but not recommended,no laws related to bitcoin transaction so no protection for whoever using it

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Bitcoin is legal in most countries, in some others countries government is so hypocritical that they want to instead create their own coin (i.e. AuroraCoin in Iceland).

What Op wanted to say is "when bitcoin will become regulated currency" - and it is hard to say, as we don't have similar statements about legal status of BTC.

Each country has their own version of bitcoin legislation prepared and we don't have 1 definition and definite answer to the question - "what is bitcoin and how to regulate it".

Because of that it is hard to say how future of BTC will look like.

unamis76

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Bitcoin becoming legal and officially recognized would probably bring no good to Bitcoin. We'd most likely have to sacrifice something in order for it to be within the laws of currency. The government would have to somehow interfere with it (with the emission of currency, address blacklisting, liking addresses to one's identity...), they would require the same level of control they have with fiat, or even more, and that's simply not Bitcoin.

If it's not illegal, that's good enough for me. We will neve be able to deliver a currency that satisfies governments fully, so might as well stay in the grey area. The currency and the principles will speak for themselves and people will realize the advantages towards fiat.

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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?

i guess,people will glad to use bitcoin as new payment and investment,nothing currency like bitcoin,its why peopleeed adaption touse bitcoin. i can't imagine if i buy food with bitcoin in small city,but its look very very cool,i come into digital year. fantastic

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Quote from: BitcoinHodler on June 09, 2016, 08:20:19 AM

in case something like that happens it would mean government accepting bitcoin as a real currency and then they will take taxes from bitcoin usage.

but also it means that businesses and easily and with the ease of mind accept bitcoin then,.

yeah exactly this, people under government would taken taxes. could we ruled out of this? government would definitely insist to take it no matter how and it's what would happen i agree.

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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?

Uhm.. I think that bitcoin is a legal currency but not a popular currency. And if bitcoin goes popular, i think bitcoin's will go down fast with a lot of people using it the number of quantity of bitcoin will go up due to a lot of people mining this.

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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?

I think bitcoin will become better known and more popular than it is today, and more if bitcoin accepted by all circles of society it will be able to make bitcoin currency world number one with speed and simplicity. Thank you

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in case something like that happens it would mean government accepting bitcoin as a real currency and then they will take taxes from bitcoin usage.

but also it means that businesses and easily and with the ease of mind accept bitcoin then,.

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I think if bitcoin will be like a coin that can we use it to buy in store more bitcoin lover celebrates for that and also the demand of bitcoin will increase

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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?

bitcoin is not an illegal currency that needs to be legalized but if there is clear rules being set for using bitcoin then i am sure that bitcoin will become much more popular and will eventually be used by all the people in the world and also the price will go to the moon.

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Quote from: roadbits on June 08, 2016, 11:47:27 PM

Quote from: lienfaye on June 08, 2016, 11:43:11 PM

I think there's not much difference if bitcoin become legal or not. no one are stopping people from using it. the only good thing is it will be accepted in stores as payment.

Yes nothing will happen but payment method in all stores and other shopping sites will become very easy. So people are waiting for this when all country govt will accept Bitcoin as legal currency.

Bitcoin is legal in most countries. The reason stores don't take it is because it's a hassle, so they don't want to.

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