Why only now many countries recognize bitcoin as a virtual currency?

micher143

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Quote from: mamaita on May 03, 2017, 01:36:27 PM

Because its price is now sky high then many countries use bitcoin as virtual currency

What you think with phenomenal like this

Exactly because bitcoin price before is very low compare to its price right now. it has a big difference. In some reason I think because before they didn't believe in bitcoin but when they found out that its real and it has a big help for every users they now recognized it as a virtual money. Its price will continue grow as the time pass by.

erickkyut

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Lots of countries are afraid to recognize bitcoin as a virtual currency because it is decentralize and they have no control over it. But it is like a domino effect now, when Japan started adapting Bitcoin, some other countries did the same. They saw potential in it and now want to invest on it.

Vaculin

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Winding down.

Quote from: Xester on May 20, 2017, 06:54:05 AM

Quote from: Inkdatar on May 20, 2017, 12:52:32 AM

I think the reason why many countries recognize bitcoin late as a virtual currency because of its popularity over the internet. Maybe also late because of government rules not to expose this kind of digital currency online. And, being careful not to affect banks in the country.

Well said. I would like to add some points. There is one article that explains why the countries was late to adopt bitcoins. The primary reason was that they are making some investigations and evaluations as to what will be the impact of this kind of currency to the financial and economic system of this country. Though they see the merit of bitcoin but there must be a feasibility study before the adoption and implementation.

I agree.As of today,numerous countries already have discovered its potential.More and more countries are currently investigating its feedback from other countries who have adopted it already.Sooner or later,recognizing and implementation of bitcoin will be realized.

Daniel91

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I don't know about other countries but in EU it's very complicate legal process to change any financial law or regulation.
All 28 member states must discuss it, also talk with European central bank, EU parliament etc. and all should agree.
Because of it, it's always very long process to implement any new financial or banking rules in EU.
Single countries can't change their banking or financial laws and regulation before approval from EU.
So, I'm not optimistic that bitcoin will be recognized and legalized soon in EU.

DomainReseller

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I wouldn't categorize bitcoin users to countries but instead to users, now that the price is high allot of people are drawn into bitcoin either as investors or simply just to take a look at the market. Countries until now mostly ignore or are against BTC with few exceptions like Japan.

KennyR

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Long back itself many countries have been into the research about virtual currency. Now governments have started getting the results for all that was under testing. This gives the Countries to give importance and make path for bitcoin based development. Along with this Japan's adoption too is an reason for other countries to show interest on Virtual currency.

White Christmas

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Quote from: mamaita on May 03, 2017, 01:36:27 PM

Because its price is now sky high then many countries use bitcoin as virtual currency

What you think with phenomenal like this

I agree on you. I think its because of the price because if we are going to the past of bitcoin. its price is not that high unlike right now. Also other reason that i see was they didn't believe that bitcoin is real. maybe they are thinking that virtual currency is not real. but because many people who used it and now it spreading all over the world they found out that its true. and this is the number 1 virtual currency that we have in this world.

RENATA612

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Quote from: mamaita on May 03, 2017, 01:36:27 PM

Because its price is now sky high then many countries use bitcoin as virtual currency

What you think with phenomenal like this

I think it's good because the more users then the bitcoin will also rise again the price, because it will result in increased bitcoin demand and the price will go up it's economic law

Xester

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Quote from: Inkdatar on May 20, 2017, 12:52:32 AM

I think the reason why many countries recognize bitcoin late as a virtual currency because of its popularity over the internet. Maybe also late because of government rules not to expose this kind of digital currency online. And, being careful not to affect banks in the country.

Well said. I would like to add some points. There is one article that explains why the countries was late to adopt bitcoins. The primary reason was that they are making some investigations and evaluations as to what will be the impact of this kind of currency to the financial and economic system of this country. Though they see the merit of bitcoin but there must be a feasibility study before the adoption and implementation.

DoublerHunter

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Quote from: Inkdatar on May 20, 2017, 12:52:32 AM

I think the reason why many countries recognize bitcoin late as a virtual currency because of its popularity over the internet. Maybe also late because of government rules not to expose this kind of digital currency online. And, being careful not to affect banks in the country.

I agree with you, since bitcoin is only in the internet then you can only find bitcoin in the internet and you can study it only in the internet so the countries just notice bitcoin for this late because they don't have enough source to find out what is bitcoin and the only thing that brought bitcoin to them is the hype and the news everywhere that is discussing bitcoin.

Inkdatar

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I think the reason why many countries recognize bitcoin late as a virtual currency because of its popularity over the internet. Maybe also late because of government rules not to expose this kind of digital currency online. And, being careful not to affect banks in the country.

wxa7115

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Bitcoin is GOD

Quote from: BTcoint on May 07, 2017, 11:39:38 AM

There are plenty countries recognize bitcoin and other virtual currency as official payment because of technologies used differ to old bank system also there are many other country play against bitcoin because of interest conflict .

We must understand that governments react very slowly to events in the world, since they are so big they have a problem adapting to an ever changing situation, bitcoin is so new and revolutionary that governments don’t know what to do with it, do they treat it as a stock? As a currency? Do they ban it?

alphablitzer

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Some people would still treat it as a threat and a possible thing that you could smuggle money on. I think it's very hard for them to do that but it's definitely there. I hope they do not treat it as much as hard thinking that it's a bad thing, I hope they make it a way to improve more because Bitcoin is an innovation of itself.

Clement Kaliyar

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Quote from: BTcoint on May 07, 2017, 11:39:38 AM

There are plenty countries recognize bitcoin and other virtual currency as official payment because of technologies used differ to old bank system also there are many other country play against bitcoin because of interest conflict .

Since bitcoin created a revolution on how people conceive money it is naturally that it would take a long time for any goverment to learn and understand what the technology is all about to pass any laws and so is the reason most of the countries still did not pass any law regarding it,only recently Japan legalized bitcoin and US has a positive approach towards it but their treasury has defined bitcoin not as currency, but as a money services business with time more countries will recognize bitcoin.

BTcoint

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There are plenty countries recognize bitcoin and other virtual currency as official payment because of technologies used differ to old bank system also there are many other country play against bitcoin because of interest conflict .

wxa7115

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Bitcoin is GOD

Quote from: voltesbit777 on May 07, 2017, 02:44:58 AM

Quote from: mamaita on May 03, 2017, 01:36:27 PM

Because its price is now sky high then many countries use bitcoin as virtual currency

What you think with phenomenal like this

This is not about the price the price you think, it is more likely that bitcoin now is getting more popular in different places of the world, that's why many merchants and company are now adopting the concepts of bitcoin. Maybe because the usages and features of bitcoin now was very easy to apply and to use.

The price is not everything but since it is impossible to know the amount of people in bitcoin then the only way we can measure the growth of adoption is by using the market cap, if it grows then we know more money is being put into bitcoin and then we can make a conclusion that more people are using it.

YuginKadoya

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Quote from: AUDREY23 on May 06, 2017, 07:45:34 PM

Quote from: YuginKadoya on May 04, 2017, 09:19:58 AM

Because of the trend bitcoin is in, there are many curious business related people that want to really try it out that is why I think they have come up and talk to their government about this matter and think of something to use up bitcoin for their personal wealth, I really think it is because of that and the hype of the bitcoin value that is why one at the time countries are trying their best to ride on it, but I think it is too early for us to see the result because there are still a lot on them trying to reject bitcoin!

Usually every good thing does need a struggle, as well as bitcoin takes time and process to be accepted by all circles of society and of course the government.

I think we will still struggle some more because of the getting higher price of bitcoin even thought there are many accepting bitcoin there are still some rejecting it, and just like the two sides of the coin there are negative and positive side that some people think about bitcoin and we can not take out the fact that there are still thinking that bad things might happen when they use bitcoin, I think that not all will accept it they have their own reason that they do, well just accepting it and respecting it is the only best way!

hajimasan

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Quote from: mamaita on May 03, 2017, 01:36:27 PM

Because its price is now sky high then many countries use bitcoin as virtual currency

What you think with phenomenal like this

It is the reality that when the price increases then the numbers of the people enter in the bitcoin , Because they attract toward the bitcoin earners .
But here you are wrong that may countries starts to use after the price got high , it is because about every country's government knows about the bitcoin and few of them gave the legal permission to use bitcoin and few banned and few of them are looking to make new rule to use bitcoin ( usually taxtation system for the use ) .
So here we can say that , it is only the awareness of the people from the whole world .
The people who don't like to make earning from online , they usually don't go for earning but due to greediness they tried to enter .
So forget here that Countries uses it as Virtual currency , it is in the internet from 2008 Feb .

Xester

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Quote from: DoublerHunter on May 07, 2017, 04:07:43 AM

Quote from: voltesbit777 on May 07, 2017, 02:44:58 AM

Quote from: mamaita on May 03, 2017, 01:36:27 PM

Because its price is now sky high then many countries use bitcoin as virtual currency

What you think with phenomenal like this

This is not about the price the price you think, it is more likely that bitcoin now is getting more popular in different places of the world, that's why many merchants and company are now adopting the concepts of bitcoin. Maybe because the usages and features of bitcoin now was very easy to apply and to use.

I agree with you, it is not always about the price because sometimes other people or big companies look at the usage of bitcoin and its features that can help them to gain more money and secure their money because they didn't need to get into the bank for a security because they just need a hardware wallet and that will do for them to secure their money and also give them bigger interest than banks because of price volatility.

I dont think that its not all about the price or value of bitcoin that countries are adopting it. Actually it is all about the price and value and second to it is its usefulness. The reason why many banks and countries are now investing in bitcoins is because of its trend in its value that is constantly rising up. For economic reasons the government has decided to engage on it to ensure economic movement in their area.

CyberKuro

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Quote from: mamaita on May 03, 2017, 01:36:27 PM

Because its price is now sky high then many countries use bitcoin as virtual currency

What you think with phenomenal like this

Only now? Because the price? It's not.
It just the beginning for some countries regulated bitcoin and Japan was legalized bitcoin into their monetary system which make trading volume in there increase and cause the price rise. However, there are some big countries that has bigger exchanges and adopters that supports bitcoin community, government should regulated bitcoin to prevent illegal activities, so it just time matter, not only right now.

Topic: Why only now many countries recognize bitcoin as a virtual currency? (Read 3618 times)