Bitcoin Forum

These are the possible changes.

Peoples Perceptions.
It can change the opinions of people about the digital currency. It is because bitcoin is consider as the father of all crypto currency.

Evolution of Currency.
It can change our methods of payments, billing,  buying and selling things. Even our methods of transactions will change.

People.
We all know that money can change the people and so even the even crypto currency but it always depends on how the user will carry the bitcoin.

Transactions.
As I said earlier, bitcoin has the power to change our currency. If our currency will be change then the modes of payments will also change. We can pay using our mobile phones directly.

Share your thoughts.
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If it is made legal all over the world, we will see huge rise in prices. I think even a  million for one Bitcoin is possible in less than 5 years if that happens.

it will happen that the community will have additional income and will change the existence of banknotes and ease in online transactions and the community will be easier in understanding how to learn it.

Anyway bitcoin has already made a lots of changes in the past years. Bitcoin has already started to change the matter in the real world. Bitcoin is connecting the social media world to our world by the means of transactions.

We already know, because Japan has legalised it. The result is lots of large Japanese businesses are going into bitcoin. Their largest ISP has announced they're going to do bitcoin mining. Merchants have adopted bitcoin payments all over the place.

Basically once it is legalised all sorts of mainstream players rush in, especially big businesses with a lot of cash looking for a new industry to invest in.

Bitcoin IS legal in 95% of the world, i do not think that legalize it in the rest would do such a big change

I think the confusion is that people mess up legalization with taxation. They think, that if bitcoin gets legalized, they will have to pay taxes and governments will follow their activities and payments (like the banks can do). However, it is not the case, because in most of the countries bitcoin is legal (the absence of a legal act on bitcoin=legalization, because there is nothing you can possibly violate).  ;)

It's already is legal in many countries, but at the same time banned in many countries too. China and South Korea for example. I think it won't change anything much, the technology is here, doesn't matter if the majority of the countries banned it, people are going to use it anyway. It is becoming more acceptable more and more. 'If' BTC is gone (unlikely) then other coins will replace it in no time.

In the past few month we see that the price spike up and now it is down. That is when it is being criticised, "Bubble" bla bla, but actually BTC had about 6+ "bubbled in the past, just like a normal currency. Yes, now it is being used more as an investment more than an actual currency, but I think it is becoming more stable and in less than 3 years, I'd say it will be used more as a currency compare to now.

Bitcoins are easily available for trade , you can buy or sell any amount of bitcoins.Exchange cum Wallets which allow such transactions after proper verification of identity. Mining of Bitcoins.The investors of Bitcoin will be taxed

It might change the perception of certain individuals but bitcoin is created as a decentralized currency and i do not want any government intervention in it .

Even now we can buy and sell things with bitcoin,since the transaction charges increased no is doing that now for micro transactions.

I really did not understand what you mean by this. ::)

Bitcoin cannot be your national currency and no government will allow that in the first place,even now you can pay with your mobile phones,it is not a new thing,there are many wallets for fiat currency too. :P

Many can happen when bitcoin is legal throughout the world that it can change people's perspective about bitcoin and of course many invest in bitcoin. Take a look at the value of Bitcoin over the past year, and imagine what would happen if the value of your money fluctuated that wildly. It would create wild amounts of economic uncertainty, discourage investment, destroy consumer confidence and do great harm to the economy.

I'll second that. It has always been legal where I live.

There can be many things to do when it's legalized.For me it is easier to pay bills and even stores. I'm not afraid to plunder me on the road and when it's legalized the more people will use it than the paper money because it is easier to carry. And maybe the leaders of the country they will not make corruption as well and because many person who uses bitcoin it help to  increase the value of bitcoin.

Is being retarded painfull??

First and foremost, it is the people, because people may become greedy in having bitcoins and also they could become more aggressive in having it, many crimes may arise (in connect with technology) like hacking, but also, people may change in a positive way too, like they will have more perseverance and will to have their bitcoin and they will seek for different ways in having one. Also, the way of how money is circulating in a certain country will be affected because bitcoin is not a small thing, banks and many more investment companies will really adjust for this, the way how they manage their sales their clients and especially the money.

Bitcoin is not illegal on 99% of the earth why do you talk like bitcoin is illegal.

I think this issue must be cleared to everyone bitcoin is not illegal it is only not supported government. There is nothing wrong or illegal in holding bitcoin, it is a good investment, it gives additional source of income to many people. It is only that many countries prohibit exchanges for bitcoin because their government cannot find ways to control it. But it doesn't mean that because it is not supported it is illegal.

If bitcoin is legalized that probably means that there is government involvement. So, possible that in every bitcoin transaction and those bitcoin holder will be paying tax by the government.  Small and large establishment will allow or accept bitcoin as payments. There were lot of changes may came along if bitcoin is legalized because people find a ways to make bitcoin suitable for society. That's my thought.

If it will be legalized in all countries then lucky for those who own a lot of Bitcoins, because the value will fluctuate with a phenomenal value. It will be hard for those who wants to invest. They can opt to just try alts then eventually jump their way to BTC. Everything you said was right especially the evolution of currency using cryptos makes transaction easier and convenient to us. This is quite similar to other questons though this points out the legal system of regulating Bitcoin transactions and the possibilities that might occur. I'm sure that if BTC is legalized and regulated in all countries, they will still put extreme caution and monitoring in the flow of crypto transactions that occurs everyday.

I think the term legal and illegal has different meanings and impact to those reader, because as a matter of fact , Bitcoin has never been illegal in any terms, its just there are countries that never accept Btc because they dont even find any ways to control it yet.

I think government will impose tax on it once its legalized in the country and maybe put limits on how much can a person buy and sell, just like in the banks there is always limits for withdrawal transactions.

If the bitcoin legalized then surely government will put tax in it. If the government will involve then there are rules and all the transaction will involve politics. But in my opinion bitcoin is not illegal is just that it's not associated with the government. And they cannot control every transaction.

If bitcoins were to be legalized the goverment will have the power to monitor and mandate the transactions involving bitcoins. They would establish different laws in order to control and i think it would be not as easy as these days to transact in this business. Strict policies will be implemented.

First change will be about transactions, like paying bills for example. Less hassle. You don't need to travel. And second, for the bank. All of people will get their savings account and put it in bitcoin. Because, Yes, the bank is guaranteeing you that your money in the bank will make your money earn for you. Like about 3% per year. Look. Per YEAR. But in bitcoin. Per YEAR is a really big change. In bank, the 3% interest will be nothing because of the inflation rate per year.

I think that if the world's bitcoin is legalized, maybe we can realize that the world has a common payment method, which is also conducive to the exchange of nations.

If the bitcoin become legalize the first changes can happen is bitcoin will be taxable in every country, regulated by the governments. Maybe the governments will make rules and establish the law for the bitcoin users. Its become harder to enter the bitcoin industry and possibly strictly policy can happen.

When the bitcoin become legal it may be the that we will pay tax for every pay out transaction that we will perform. So it will be time that the government will had a income from us. But on the positive side, when bitcoin become legal the use of it will be widen. The transaction will be smooth specially in mode of payment. And there posibilities that bitcoin can use in lot of stores or malls that makes our transaction more comfortable. But I think this may happen in a very long time and process because there is a lot of stage process before it became legal. And most of all people will open their mind in using digital currency.

i think if bitcoin is can legalized all over the world it takes a big changes for each country like all people can become a rich.

If bitcoin will legalized all over the world more people will do also bitcoin the possible will happen bitcoin will be much hard to earn and the price will increase also because more people will by this for there easy payments.

if bitcoin legalized I am sure this will change the state of many people towards better and more advanced from now surely. and will make it easier for everyone in terms of any example of online transaction payments, as well as a source of income.

So many changes take place now people are afraid of bitcoin the main reason is bitcoin is not legal in many countries, once if it is legalised many will invest in bitcoin and also that helps the government by means of tax collection. Its an advantage for both the users as well as government.

Heavy taxes will be imposed on bitcoin holders,but there will be  Bitcoin popularity and a good flow of new investors and definitely price will increase.

If the bitcoin is legalized for sure its volatility would be controlled and its would be more stable coin as people would have more confidence on it.

It is very nice  if that would be happen,we can easily and freely things right,crypto is legal so we can continue bitcoin all throughout the years.

"Mass Adoption" will be the first thing that is going to happen if Bitcoin is legalized worldwide. There will definitely be a surge in Bitcoin's price and the spike would be the biggest ever in the history which no other crypto would have acknowledged.
The currency will then get developed rapidly since legalization will result in many big companies implementing it as mode of payment. Surely somebody will take the initiative to develop the currency further and hence Bitcoin will become the beast in the market.

First of all I think the Bitcoin in not illegal. Being illegal entails that you are violating the law. In the absence of law/regulation with bitcoin it is not Illegal.
Second would be if all government would regulate or would come up with regulation the effects will be as follows;
1. It will lead to high transaction fees this is because the government will have it share in the form of taxes.
2. More KYC of users. Transaction will no longer be anonymous.
3. Popularity might increase.

This are some of the things that might happen.

I think bitcoin will be much better if it is legalized. And the transaction will be easy if bitcoin will be used and increase the source of income to people

possible changes are too many most especialy the rotation of cash money compared to the currency we are dreaming now.  It would be so ice to use this bitcoin coz we can ransac any in he world some banks here n my country are already accepting bitcoins and i guess they did not fail or loss in allowing bitcoins to their banks since almost 30% of the population here are using bitcoin. To legalize bicoin it would be great for many.

I don't think so that bitcoins are illegal, it is just that government has no laws or regulation for bitcoins that doesn't means it is illegal.Well if bitcoins gets legalized than many people who were scared to invest in bitcoins because many people thought it was illegal, would start investing in bitcoins and the prices will rise high.I think there would be tax involved in transactions and transactions won't be anonymous any more.

I already know that, since there are many countries that have legalized, if bitcoin the world received bitcoin, then what happens is a major change from all aspects of government and also aspects of life.

only all countries should be able to manage it properly, if can not manage it then bitcoin will only be a boomerang for the country.

There will be more people and big businesses that will invest in cryptocurrency because they can feel the assurance that the law will protect them in case there would be happenings not in their favor. One of the hindrance why some people are doubtful to invest in bitcoin or in cryptocurrency as a whole is the lack of regulation which makes them not being protected and we know some people are not comfortable unless they can see that it is backed by government. Even in some traditional businesses, when it comes to investing we find first its registration and licenses before investing into it. The same applies to bitcoin. If it is legalize then more people would be interested to invest.

But I think it's hard to be a currency right now, even if it's legalized, but it's still hard to be a currency.
Because bitcoin transfer speed is slow, transfer fee is high, few people will use bitcoin as payment, I hope lightning network can solve this problem.

The first think that comes to my mind while thinking of bitcoin be legalized is hassle free transaction without any fear.This is of atmost important for small investors.If this happens than people will fear and this makes all the negative news and FUDs invalid.This makes dips invalid and we can have stable market.Isn't that great?

I guess this conversation depends on your definition of "legal".  If you just mean mass adoption and allowed by banks then this would be absolutely huge for bitcoin but it will also slow it down more and show off its weaknesses as a currency.

Banknotes will be less and less be significant in the coming years and will definite shape the future of online banking and transaction made evryday. And it will be a normal and common knowledge how bitcoin workds

The main effect if bitcoins are received all over the world is of course about the method of payment that will change, before we use paper money as a means of payment, it will be replaced with a form of payment that is not shaped, which can be sent via phone or pc
and that's more practical I guess

If bitcoin becomes legal currency a lot of changes to be done the currency would be decentralized so governments and banks won't have the power to print more which will cause inflation. Yet with theses advantages comes some disadvantages. We cannot trace thefts and crime will be even stronger with it.

Many can happen when bitcoin is legal throughout the world. it will be discussed and people can enjoy bitcoin likes and the confident they will make a lot of accounts to study carefully how to earn bitcoin and become rich. and you can tell your acquaintance for the same as making money on bitcoin.

I agree with the guys who describe the situation! Sooner or later, the whole crypt market will be subjected to the greatest power! A lot of laws will appear on the retention and control of bitcoins! But now is a unique time to earn and watch the development of this world! While we have not been given new laws and taxes, we must earn and develop in the world of blockchain!

The first possibility could happen if bitcoin was being legalized Is, changing of price from lower price, into the moon. And payment method would be a lot easier than before. And off course the world would come into a beautiful world to live in by the beautiful used of cryptocurrency as a decentralized currency.

When bitcoin is legalized, the cryptocurrency market will grow stronger than traditional financial markets such as gold, forex, gold ... I think bitcoin can reach $ 100,000 at that time and It will become the common currency of the world.

Possible Changes if Bitcoin already legalized in the World

1. More people will buy Bitcoin
2. Price will become triple or even times 10
3. No limit of transaction you can pay as you can. Unlike bank limited transaction or withdrawal.
4. Convenient transaction 24 hours
5. Our income thru Bitcoin become taxable


#Datarius

If bitcoin is legalized, it will become the common currency in the world. It will replace the dollar in the future. More businesses use bitcoin as a form of payment.

There will be many changes, I think the biggest change is the currency. Bitcoin can become the most used currency in the world because it has more advantages than cash

If the government accepts bitcoin, it will be managed by the government. The price of bitcoin will be interfered with by the government, its price is stable and unchanged

Many countries permitted their people to use bitcoin as one of their alternative mode of payment even though it is not legal yet or they do not make the usage of bitcoin itself illegal. Some of these are countries are planning to make a law that will tax and regulate bitcoin exchanges and usage by its people. If these happen, we can say that bitcoin is fully legalized.
Some possible changes like more tax, increased scrutiny by tax authorities of every bitcoin transactions,  increase in bitcoin demands, cashless payments will grow tremendously and the possibility that online scammers will use the opportunity to scam more people.

I think many people will shift their hard earned money from banks to bitcoin investment maybe this is one of the reasons why some other countries are still no effort to legalize bitcoin because of possible bankrupcy in some banks but I believe we also need banks inorder to convert our bitcoins to fiat thats why bankrupcy is not a big issue on the contrary it can increase the profit of banks from remittances came from bitcoins and other cryptocurrency win2 situation in both parties. 

The possible changes if bitcoin will be legalized are:
1. The government would possibly create a law covering the operation of bitcoin.
2. Investors will be taxed especially those with higher investor value depending on the scheme/bracket or tariff to be created by the bureau
3. Foreign exchange is not be left out like in payment and other transactions will might be given rules and regulations by the Central bank
4. Income of investors will be monitored by the government agency
The government will find way to protect the asset of the people as it is always mentioned when it is not regulated bitcoin could be used in fraud or other illegal activities.

banks are the number 1 against legalization of bitcoin. Bitcoin becomes legal currency a lot of changes to be done the currency would be decentralized so governments and banks won't have the power to print more which will cause inflation. Yet with theses advantages come some disadvantages. We cannot trace thefts and crime will be even stronger with it. It will change a lot from nows bitcoin many will join and invest in bitcoins.

If Bitcoin will be legalized then The price will increase rapidly because alot of users will use bitcoin as currency or can be commodities, the thing here is we have fast transaction and it can be done by both parties. Governments will not going to control us but they will use it for paying taxes.

Not necessarily the most preferred currency for everyone, and it depends on the government system implemented in each country that legalize bitcoin.
Maybe crypto will be a currency that being the most preferred/government is more recommend to use crypto currency, and there are still make it as an alternative currency only/ for a facilitate the transaction only.

Business opportunities will be more open, unemployment is reduced, crypto activity is more lively, and maybe a various ads about crypto will be advertised on television.

If bitkoyn will be legalized, then the entire traditional banking system will fall and serious complications of access to personal savings arise.
As soon as the current payment instruments show signs of weakness, digital money will instantly fill this niche. At the same time, the value of the crypto currency will undoubtedly grow.

As a bitcoin user it is a great news for me to be legalized the bitcoin in my country..
There are  so many people who make interested of it.
And soon the crypto currency will be next as a fiat money.

It will be highly impact over the world if bitcoin will be legalized. World economy will experienced a new trend of transaction. Bitcoin holder will be  the most gainer and profited for ever.

Legalized in most of country mean people allow to use bitcoin as currency and also investment. The government not forbidden their citizens to use it like in a country where bitcoin is banned.
But crypto will never replace fiat.

If the bitcoins are legalized everywhere then all the normal people will come into invest on it without any hesitation because nowadays mostly people are afraid to invest on it due to their government will make them illegal in their country.
And the price of crypto currencies will shoot up to the moon because of more demand,for now only little portion of the people using crypto but there are seven billion peoples in the world,if bitcoin was legalized there are chance for more demand for all the crypto currencies not only the bitcoin.
But people need to pay taxes for the governments that is the negativity if the bitcoin was legalized.

For me if bitcoin will be legalized there could be huge changes in all form of currencies; first it can be taxable,it can be accepted as legal form of payment in any transactions, a lot of income generating trading transactions will be operated, ore people has a  chance to have income or even increase their income, a possibility of increasing their power to purchase, it can also generate jobs, a lot of opportunities to all the digital currencies. there could be hug changes in crypto currencies, in fiat currencies and even banknotes.

If all of the countries are being legalized by this bitcoin I woul say that it will gives lots of advantages like they can feel better at home while working and earning. They can buy the things they want in the supermarket when needed  by the used of online bitcoin.And many more.

think if it is legalized, the characteristic of  being decentralized would change into centralization because government might be able to be part of all transactions, the anonymity will be transparent because our bank might be requesting true identity of the  holder regarding their virtual accounts

There will be more people and big businesses investing in cryptocurrencies because they can feel the law will protect them.

People can enjoy bitcoin and have confidence that they will carefully study how to earn it.

It would be the most controversial yet most revolutionary decision of this year.The possible changes that would happen if bitcoin is legalized are increase in market cap as decision would encourage more and more investors to invest.There can be more safe and independent regulatory bodies that can look after the safe transaction.people can trust more and the return would also increased as the numbers of scams would decrease.

No I think it would be more stable like gold and any Fiat does. If the government will rule out Cryptocurrency as legal, for sure we will see a major increase of price but it will be stagnant and will slowly be moving.

If that should happened,there will be much demand of bitcoin which will cause a high rise and will also be effected on ALTCOINS as some might not afford to hold Bitcoin as investments but will rather prefer promissing ALTCOINS like MEDICHAIN

Legalization involves centralization it will never happen bitcoin is a peer-to-peer payment to give users ease of utilizing it for anonymous purposes and such alike. Many bitcoin users started using BTC because of the decentralization of it, meaning no bank or authority have perks with it.

The answer to the question if bitcoin is legalized, it will be the end of the world, it is the origin of everything the father of cryptocurrency.

I agree with you as Bitcoin got famous due to decentralization and if the country are legalizing then it means they are controlling all activities of it, which means anyone using bitcoin for illegal activity they will be noted down. If this point we accept then on one side it is good as bitcoin use will become legal and no more illegal activity will happen but on other side it will lose its value as 80% of the users dont want to get noted by anyone. So all option are open if it got legalized

I think Bitcoin is legitimate, but the problem is that the government's government does not support it. Bitcoin is a good investment. This is an additional source of income for thousands of people around the world. Bitcoin removes unemployment from the country. It prohibits investment in many countries because the government of that country can not control it. It does not mean that Bitcoin is not illegal or supported.

Govt will legalise bitcoin with certain regulations. Fluctuating price can be harmful for any economy as well as interest of people. Transactions can be easy with legalisation of bitcoin but inversely it will effect the price of bitcoin which will result in price stability.