Which option will better to take? | Bitcointalksearch.org

landheer

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Quote from: Despairo on August 24, 2022, 02:30:06 AM

Accepting Bitcoin as legal tender wouldn't harm for the economy even it's on bear market, this because people are use it as a currency and not mainly for store a value. Actually countries that doesn't accept Bitcoin as legal tender would harm the economy since they're not use Bitcoin regularly due to it's not accepted on merchants. But we're talking if there's many people who hold Bitcoin, if it's only small group, then the effect is small.

The best option is don't force the countries to accept Bitcoin as legal tender, but governments shouldn't ban Bitcoin and allow any merchants if they want to accept Bitcoin payment.

I, agree with your opinion, there are indeed many countries that do not accept bitcoin as a legal tender, and indeed certainly cannot be forced, but it would be nice if the government did not prohibit the buying and selling of bitcoin and crypto, but mostly even though bitcoin is not made legal tender, but the government mostly allows buying and selling of bitcoin and crypto, because with the sale and purchase of bitcoin and crypto in the community,
Many people's economy is helped because they can buy and sell bitcoin and crypto.

budi691

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legal payments using bitcoin in countries that have legalized bitcoin only need the right rules so as not to disrupt the country's economy, because if too many bitcoin adoptions will disrupt the country's economy a little, but if the rules are right maybe not much of a problem it will happen

Peanutswar

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It is good in the different perspective because the convenient and adaptation with the new technology of the crypto currency and as additional payment method. Some of the country approved this already because they can make a centralized wallet or exchange for their users at the same time is the transaction fees every transaction committed by the users it is additional tax at the same time.

Also being it is secured and easily get tracked and check by the users by using the Tx Id it becomes more transparent.

dunfida

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Quote from: |MINER| on August 26, 2022, 12:48:41 PM

Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

~snip~

I think both options should be taken together. I think it's also possible to take bitcoin legal and also control on them. I can't fully get it what is the meaning of your controls word. But if you mean illegal transactions i.e. money laundering or any crime committed through it, then I would say they can be controlled. And always remember that bitcoin or cryptocurrency will have always volatile and that's why not only about the country every traders should take proper step when they are involving with it . And also should know that the 1st rules of trading is " Invest as much as you can afford to loose".

There's no way on controlling it technically but somehow they could really make out some prohibitions into those platforms or businesses that do touch up crypto to have at least some restriction or specific conditions

which might able to decrease out the probability in speaking with crimes.Government doesnt really like decentralized things honestly speaking although there are some who do see the brighter side which do really

end up for them on adopting it instead of banning or making out prohibitions.Also in terms of volatility then this is the main issue into those people who do really get used on using fiat
and doesnt mind off about investment.

|MINER|

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

~snip~

I think both options should be taken together. I think it's also possible to take bitcoin legal and also control on them. I can't fully get it what is the meaning of your controls word. But if you mean illegal transactions i.e. money laundering or any crime committed through it, then I would say they can be controlled. And always remember that bitcoin or cryptocurrency will have always volatile and that's why not only about the country every traders should take proper step when they are involving with it . And also should know that the 1st rules of trading is " Invest as much as you can afford to loose".

Bitstar_coin

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Making BTC a legal tender by a country won't reduce volatility (not at once anyways) because some other countries will still speculate and trade it as asset. The only way to achieve this , is when all countries government adopt and legalize btc as legal tender to operate as an alternative payment option. Fiat despite how centralized still plays important role in the financial system and will be very difficult to erase it from the system. The moment btc becomes a legal option, the government will exert the necessary control in other to suit their desire and have absolute power. Even if the government decided to adopt btc, i doubt it will have any negative impact on the economy since it will only serve as a means of payment and not an asset, or even if it serves as both, the value will increase overtime which will boost the economy of that country in the long run.

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

Recently it has been seen that some countries have accepted Bitcoin as legal tender. But my question is more adoption of btc and taking it as legal tender aren't going to harmful for the economy of a country, specially when btc is in bearish ?

Or is it better to use it through control to avoid illegal or the bad side effect on economy?
Many countries have still outlawed it for not being able to control it.

Doesn't matter if it is bearish or bullish. It is about the fact that we are in a world where things are just getting to a point where payment with fiat is not the point, holding it is the point. So long story short, if you are holding fiat then you are always keeping something that loses value, whereas if you are keeping bitcoin then you are holding something that only sometimes goes down.

On top of that, moving busd into btc is easier than moving usd to btc, some people may think it is not like that but there is a big difference. So at the end of the day, there is a good case to be made about the fact that bitcoin legal tender is better at all times, in any case.

Rufsilf

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Let this thing Bitcoin become a legal tender and let us see what is the results. Because it was too hard to assume anything in the future that we never have experienced yet. We can't tell if it gives harm to the economy because on the other side, some people are also benefiting from this, and it can be the government as well.

As I see the adoption keeps on growing and many countries are proposing to use this as a legal tender. I'd never imagined what are the negatives thing may contribute but what is think about is all about positives.

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Quote from: Rengga Jati on August 24, 2022, 06:40:20 PM

this may not give a big impact on danger to the economy, but this may influence how accumulation and government control the assets of their citizen. when people have their money in Bitcoin, the government may not be able to control and get taxes appropriately from the city themselves. There is complex conditions to do by the government. From this side itself, we can see that it is not about the economy, but more about how the government will work on it. As we know, many governments may not want to take any complex things under control.

governments only control what they can control. Bitcoin or cryptocurrency certainly will not be fully controlled by the government. Countries that implement cryptocurrency regulations as a commodity tool, of course, are aware of some of the risks that will arise regarding the imposition of taxes that cannot be targeted and will be more complicated. taxation can only be done on exchanges that trade these cryptocurrencies. but for countries that have fully adopted bitcoin like EL-Salvador of course they already have standard regulations that will be applied to the use of crypto, so there is no big risk that occurs. EL-Salvador is one example of a country that dares to adopt bitcoin and will make a bitcoin city run on bitcoin completely.

Quote from: Rengga Jati on August 24, 2022, 06:40:20 PM

But so far, as long as the country has offered the easiness for crypto industry and allows crypto even only as a digital asset or investment, not as legal tender, this has been good enough. At least, they have been open-minded with the recent situation of the world technology development.

In our country, crypto is only allowed as a commodity asset and cannot be used as a legal tender. this is enough and gives concessions to regulations regarding the use of crypto. many benefits are felt for crypto investors about the commodity regulations that are applied. The regulation has provided space for crypto users and provided additional tax revenue for the state.

Nrcewker

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

Recently it has been seen that some countries have accepted Bitcoin as legal tender. But my question is more adoption of btc and taking it as legal tender aren't going to harmful for the economy of a country, specially when btc is in bearish ?

Or is it better to use it through control to avoid illegal or the bad side effect on economy?
Many countries have still outlawed it for not being able to control it.

It depends upon a user’s thought process.
The countries that are making Bitcoins as a legal tender, knows the true capacity of the coin.
They have already seen the marketcap and also the all time high price, so hence it won’t affect the economy that much if we see it thoroughly.
Moreover making it as a legal tender, won’t harm much, as the government cannot control the coin completely due to it’s decentralised nature. So it’s useless to discuss about the economy with respect to Bitcoins.

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Quote from: Rigon on August 24, 2022, 06:06:57 PM

Yes if bitcoin is registered as legal tender but of course bitcoin will be more powerful.Bitcoin is not legal in our country but we have been using it secretly.If Bitcoin transactions are passed legally in our country, then our country will have large remittances.In this a nag rik of the country will take advantage of this and their position will be recorded as an identification.We who work on Bitcoin can't disclose to everyone but we can disclose to everyone when we get the coin's legal tender.

Have another negative side when bitcoin become legal transaction currency digital because government will adapt with tax system, depending when using local exchange market and have to pass identity verification actually will not hidden about who have much assets in their account local exchange market. I agree with bitcoin as legal currency transaction but need to analyze about positive and negative side before adopting,

Quote from: Rigon on August 24, 2022, 06:06:57 PM

We who work on Bitcoin can't disclose to everyone but we can disclose to everyone when we get the coin's legal tender.

This reason afraid if bitcoin under government controlling when have been as legal currency transaction, without any safety rule have powerful by government when suspend several investor depending their problem faced.

Rengga Jati

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this may not give a big impact on danger to the economy, but this may influence how accumulation and government control the assets of their citizen. when people have their money in Bitcoin, the government may not be able to control and get taxes appropriately from the city themselves. There is complex conditions to do by the government. From this side itself, we can see that it is not about the economy, but more about how the government will work on it. As we know, many governments may not want to take any complex things under control.

But so far, as long as the country has offered the easiness for crypto industry and allow crypto even only as a digital asset or investment, not as legal tender, this has been good neough. At least, they have been open minded withreent situation of the world technology development.

GreatArkansas

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

Recently it has been seen that some countries have accepted Bitcoin as legal tender. But my question is more adoption of btc and taking it as legal tender aren't going to harmful for the economy of a country, specially when btc is in bearish ?
(....)

I don't think it will affect business if you have proper management on how to handle Bitcoin payments, like do you convert them immediately into fiat cash or any stable assets like stablecoins after you received payments from a customer, or do you hold it for some time? Which this is I believe get affected if Bitcoin is bearish.
I believe there are already a lot of services that handle also volatility when it affects payment processors.

Rigon

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Quote from: ?? on ??

Quote from: mk4 on August 24, 2022, 02:34:42 AM

Snip

I agree with you that it is true that adoption as legal tender is not necessary to increase adoption. However I think, when it is accepted as legal tender, the use of Bitcoin in general will continue to increase and the adoption may increase. Since the situation has not yet developed that everyone is adopting only Bitcoin to the exclusion of other financial systems. But when people start adopting it more, the volatile nature of Bitcoin coins may affect the economic condition of the country. I think it would be good to have the ability to control that along with legal tender.

Yes if bitcoin is registered as legal tender but of course bitcoin will be more powerful.Bitcoin is not legal in our country but we have been using it secretly.If Bitcoin transactions are passed legally in our country, then our country will have large remittances.In this a nag rik of the country will take advantage of this and their position will be recorded as an identification.We who work on Bitcoin can't disclose to everyone but we can disclose to everyone when we get the coin's legal tender.

uneng

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A bearish bitcoin doesn't harm the economy of countries which adopt it as legal tender if the citizens have an organized financial life. In practice it means at the beginning of a month, when an individual receives his wage, he is immediately going to pay his bills, so bitcoin fluctuations won't impact him negatively, because at the moment he received his wage and at the moment he paid his expenses bitcoin was at the same price range.

The only issue is to think in a month time period bitcoin can lose 10%-20% of its value. It means this individual is also going to lose 10%-20% purchasing power on that month. Consequently, he should buy everything he needs as soon as he receives his wage and keep the rest of his money invested for the future.

Hypnosis00

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

Recently it has been seen that some countries have accepted Bitcoin as legal tender. But my question is more adoption of btc and taking it as legal tender aren't going to harmful for the economy of a country, specially when btc is in bearish ?

Or is it better to use it through control to avoid illegal or the bad side effect on economy?
Many countries have still outlawed it for not being able to control it.

I'd never see any threat for it to the economy or any harmful impact on the community but instead, this could give the people the freedom to choose what option they take when paying bills and buying stuff. In fact, the idea of making this a currency it was not foreseen to ruin the economy as for sure the government will impose rules in regards to taxes which never found using Bitcoin is an escape, not anymore. Because once it was allowed and supported from the government, it was also their mind to anticipate the impact on it, therefore, they'll go first before it becomes a legal tender.

Captain Corporate

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Thats the point, people should realize that we could co-exist together and we shouldn't be expecting it to be something special. I personally believe that the best thing to do about this would be letting bitcoin (and general crypto) co-exists with fiat and together they would be accepted everywhere. If we can do that then we are going to be fine and I do not think that we should be wondering what happened and why it happened etc for the past, just look at the future and how we could make it work, thats at least realistic because you can't change the past, but we can make more crypto friendly future for ourselves.

isaac_clarke22

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Quote from: milewilda on August 24, 2022, 04:27:32 PM

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No need to worry if decentralization won't take over. Surely we still can talk about how Bitcoin and fiat would co-exist with each other though it should be independent. We don't need Bitcoin to be legal tender. As long as Bitcoin is not banned or being stopped from being used, we don't need to worry about it too much. We are more than okay already, since we might not want government to attempt to control each and everyone's money as being termed as "legalized" or being used as "legal tender".

I would enjoy doing transaction with my friends without involving any authorities in day-to-day basis.

To be honest back then, I thought that making Bitcoin a legal tender is the ultimate goal but nah. It should be obvious but I just had realization.

Agbe

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Quote from: Crypto Library on August 24, 2022, 01:55:19 AM

Recently it has been seen that some countries have accepted Bitcoin as legal tender. But my question is more adoption of btc and taking it as legal tender aren't going to harmful for the economy of a country, specially when btc is in bearish ?

Or is it better to use it through control to avoid illegal or the bad side effect on economy?
Many countries have still outlawed it for not being able to control it.

Bitcoin did not come to destroy the fiat economy but bitcoin is here to continue to develop the national economy. Bitcoin only came to moderate the economy to a standard level. Even those countries that have accepted bitcoin as their legal tender, have not killed their national economy for bitcoin. Bitcoin is an alternative currency that has more value that even the fiat economy. You do not need to be afraid because bitcoin as it is said before, bitcoin was not created to cause harm to the fiat economy but to even make it more stronger. A wish country will us his own country economy in the bear market because bitcoin is an alternative currency. And I also believe no country in the whole world has taken bitcoin as the full payment service of goods and services. But for specific areas and things. With it nature of control, bitcoin cannot be control by national authority for now. Because bitcoin is decentralized in nature. Those countries that outlaw bitcoin can not regulate or control the bitcoin because bitcoin is an individual race.

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For me, I literally agree with the host of others who have spoken hear that mass adoption or legal approval of Bitcoin to be use as a legal tender in one's country will actually have an effect on the country's economy. Because taking a look at the concept of "legal tender", it simply means it has been generally accepted as a medium of exchange, for easy and fast transactions, and not that the country will be investing in Bitcoin with all it's public fund, because only if had all the country's fund been invested into Bitcoin, then will it affect it's economy during bear market

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