What would happen if Bitcoin became a legal currency?

[deisik]

Bitcoin can not be implemented on shops due to fact, that transfer for shops need very fast transaction time - 0.5 - 1 minute max, so Bitcoin transfers currently are around 20 minutes. And therefore it can not be legal currency, because shops will not work with it.  

Bitcoin transfers can be made directly, literally from hand to hand (just like you pass paper money over the counter), without involving the use of Blockchain and not suffering from the time delays associated with transaction confirmations. The technology is already here, and hopefully it gets polished to perfection over time...

Just in case, being or becoming a legal currency has nothing to do with shops accepting or refusing to accept it

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[serjent05]

Bitcoin can not be implemented on shops due to fact, that transfer for shops need very fast transaction time - 0.5 - 1 minute max, so Bitcoin transfers currently are around 20 minutes. And therefore it can not be legal currency, because shops will not work with it. 

Bitcoin transfers can be made directly, literally from hand to hand (just like you pass paper money over the counter), without involving the use of Blockchain and not suffering from time delays associated with transaction confirmations. The technology is already here, and hopefully it will get polished to perfection over time...

Just in case, being or becoming a legal currency has nothing to do with shops accepting or refusing to accept it

I agree on  this, whether shops will accept bitcoin or not has nothing to do to bitcoin being legal.  If it is legal then the first thing i can see is the tax on every transaction or purchased  made  in bitcoin.  Pricee might skyrocket due to the hype of it being legal but will settle down to  it's real price eventually.

[ayesha sadiqa]

if bitcoin become a legal currency it will be too good for the future of bitcoin, then more and more people will show interest in investing their money in bitcoin, and bitcoin will become more strong and powerful and will also be used by most of the people of he world.

[Taki]

I don't know what would happen if bitcoin became legal currency. Is it not legal now??
Well, I think it is gonna be a good thing bitcoin to be accepted everywhere. To me it is good, as to other bitcoin users and holders. If I could pay with bitcoins right away it would mean that I don't need to pay some % for cashing out my coins, so it would be good economy.
As I saw on bitcoin news - bitcoin is already accepted as way for payment to some stores and even cafes. The time when bitcoin will be normal way of payment is really close, by my opinion.

[ekoice]

If btc becomes legal currency, people who have doubt about btc would also start using bitcoins. All commercial organisations would start accepting bitcoin as a payment method. Taxes will be laid on bitcoin since already italy government  has laid tax on bitcoins.

[HabBear]

It's not illegal to use Bitcoin, therefore it is legal.

Here's a site that breaks down the legality of the bitcoin by country: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

Bitcoin can not be implemented on shops due to fact, that transfer for shops need very fast transaction time - 0.5 - 1 minute max, so Bitcoin transfers currently are around 20 minutes. And therefore it can not be legal currency, because shops will not work with it. 

Unfortunately, that's not how laws are created. And to your point, what the shops may lose in transaction time they gain in significantly lower transaction costs. Are you a spy for fiat?

[Fatanut]

By any means, Bitcoin isn't an illegal currency. And no matter how you put it, the government cannot illegalize it because there's a lot of VPNs out there that you can download for free. People in this thread that if Bitcoin gets legalized, it will attract more people but in fact, it's already legal in most countries. I can't understand why is the government planning on illegalizing it when you can easily avoid getting caught on using Bitcoin.

[entrepmind23]

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 its value would rise since everybody would be buying it and it would be in demand. And since everybody is using it then the government will try to have access it its transactions so that they can have a share of it and so the transaction fees will rise as well because there's already tax on it which is the share of the government. I don't know if it is possible but maybe that will happen in the future.

[danherbias07]

Just want to emphasize this opinion of mine "legal but not controlled". Arent we afraid if that happened? Making it legal might distort the good things that are happening to us now.
I will go with the idea of just letting it be.
There are process for legalizing it and what will they do if it is still in process. Stop the transactions that are happening inside tghe country? It is the same as banning it.

[Pamadar]

Just want to emphasize this opinion of mine "legal but not controlled". Arent we afraid if that happened? Making it legal might distort the good things that are happening to us now.
I will go with the idea of just letting it be.
There are process for legalizing it and what will they do if it is still in process. Stop the transactions that are happening inside tghe country? It is the same as banning it.

yes mate if they will control the freedom that we have right now it is consider that they can ban or stop any activity that we enjoy
its the good purpose of this currency a freedom to transact in a anonymous ways.

[krishna1]

it will only  resulting in increasing more prople to join the bitcoin network and that will increase everyones work, the demand and supply, the trading and the jobs and everything as more and more people jokn the network the market will expand

[Darker45]

While not officially legal due to bitcoin being unregulated it is also not illegal. It's like using Qatari Riyals in a local shop in Singapore it is legal but not accepted openly. National currencies are made as standard monetary for each countries while bitcoin was created by the power of the internet.

[serjent05]

it will only  resulting in increasing more prople to join the bitcoin network and that will increase everyones work, the demand and supply, the trading and the jobs and everything as more and more people jokn the network the market will expand

Yes bitcoin being a legal currency only means it is supported by the government that legalized it.  So it is expected that more and more people will have trust in bitcoin and those hesitant and doubts will be gone.  Having more users and supporters, it only means that bitcoin will have a rapid increase in price and stabilize.

[olubams]

Then it would be good news to all and sundry especially me as I dont have to go through bottlenecks in first converting to FIAT before buying basic things. In addition to that it will put the activities of fraudsters in check who are fond of swindling people of their hard earned resources. This will also boost confidence in BiTCoin... What I can think of now

[StarofBTC]

Then it would be good news to all and sundry especially me as I dont have to go through bottlenecks in first converting to FIAT before buying basic things. In addition to that it will put the activities of fraudsters in check who are fond of swindling people of their hard earned resources. This will also boost confidence in BiTCoin... What I can think of now

Yes, after having bitcoin as a legalized currency, we no more need of any bitcoin debit cards nor no more need of any conversions by having looking for buyers from localbitcoins.
Legalizing bitcoin, definitely will help bitcoin to spread out by having more adoption from public as well from merchants. Praying for that to happen soon.

[Nimbulan]

i guess it was a dream of all users bitcoin least if that thing happens then we need not worry that bitcoin will be lost or become useless.

there will definitely be people who will use bitcoins all the time in my opinion, bitcoins will exist forever

[Doamader]

Bitcoin can not be implemented on shops due to fact, that transfer for shops need very fast transaction time - 0.5 - 1 minute max, so Bitcoin transfers currently are around 20 minutes. And therefore it can not be legal currency, because shops will not work with it. 

Believe me that we arent far away to get the transactions faster, but i do believe there will be some service or companie able and taking the risk on these transactions , because almost all transactions got completed into seconds and the credit will be instant or repassed.

[angryswamp]

i guess it was a dream of all users bitcoin least if that thing happens then we need not worry that bitcoin will be lost or become useless.

yeah it would be really cool in my opinion, in this way i would manage to make big money because the price would grow

[jstern]

Bitcoin is world wide, so it would be hard for let say the US to make it part of it's currency.

[Financial_Genius]

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?

Price will raise to 1000$ - 1500$ for one coin.