What would happen if Bitcoin became a legal currency?

[KaliLinux]

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.

[0day]

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.

[boopy265420]

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.

[Nowl1935]

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.

[Cryptonitex]

The world would be a better place. Crime will go down, wars will end, people will get out of debt, and the world will continue to spin.

[Superbitzz]

i thin the time is not too far to say that bitcoin become legal in most of the countries. it will be a heart touching information i think. i it will turn don dollar. it will become a global currency.

[sana54210]

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.

All of your points are right but I think the price will not be stable as you mentioned, because whenever a currency is printed more then in their price big fluctuations occur, so as about 25% BTC are still remaining so the stability in that case is not possible the fluctuation will occur not in forward, not decreasing.

[Mvaporis1961]

I think bitcoin will be add to common stores as their payment method and bitcoin will also popular to other country or people who doesn't know about bitcoin.

[Wendigo]

Legalizing Bitcoin won't make the digital currency automatically stable because Bitcoin is in the hands of its users and miners and its value will be dependent a lot on what has been happening on the Bitcoin network. Also I don't think all the shops will accept Bitcoin the next day after it has been made legal because every retailer will decide for themselves if they are going to use it or not. If people are still going to use Bitcoin as an investment instrument and not as a currency the value will continue to fluctuate out of the control of the government.

[StoreBit]

I think bitcoin will be add to common stores as their payment method and bitcoin will also popular to other country or people who doesn't know about bitcoin.

yes people will use it as a common currency. the stores will do exchange in bitcoins. it will be use as a common currency. but the problem will be that what will happen to the local curriecies o of the state.

[Cyaren]

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 already a legal currency in a lot of countries, including the country that I current reside in. So I'm not sure what you actually mean by bitcoin being a legal currency. Perhaps you meant legal tender?

If you meant legal tender, then it would work just like any other currency.

[ASHLIUSZ]

I think bitcoin will be add to common stores as their payment method and bitcoin will also popular to other country or people who doesn't know about bitcoin.

yes people will use it as a common currency. the stores will do exchange in bitcoins. it will be use as a common currency. but the problem will be that what will happen to the local curriecies o of the state.

The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently.

[yenxz]

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,if bitcoin become legal currency and use at all online and offline store,bitcoin will better than paypal in online world,and better than gold in real world,i'm sure bitcoin will more easy to use than gold for investment and also more easy to use than paypal for currency in online shops.

[tyagi]

what?? is int legal i thought its legal

[shinratensei_]

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 became a legal currency, will have a lot of effect to our environment community, Many local retailers,merchant and store will accept bitcoin, and another various commodity will accept bitcoin too.

[Kevin77]

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.

I am also thinking like that, if the governments accepted bitcoin as a legal currency for their nation then it will be secured from scammers and hackers, and government will establish tools for its security and no one will be able to do any fraud.

[Carlsen]

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.

I am also thinking like that, if the governments accepted bitcoin as a legal currency for their nation then it will be secured from scammers and hackers, and government will establish tools for its security and no one will be able to do any fraud.

It would mean that a lot of banks become more and mor interested in bitcoins.
Could it mean that they run their own nodes, and would that lead to more centralisation or decentralisation?

[pedrog]

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 a legal currency, at least where I live it is.

It cannot be accepted everywhere because it cannot handle that kind of transaction volume, bitcoin is more suited for a store of value asset, like gold.

[1Referee]

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.

I am also thinking like that, if the governments accepted bitcoin as a legal currency for their nation then it will be secured from scammers and hackers, and government will establish tools for its security and no one will be able to do any fraud.

Nothing is safe from fraud and scammers. Just look at how much fraud is being done with the USD at a large professional scale and locally. It's immense.

[pandalion98]

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.

I am also thinking like that, if the governments accepted bitcoin as a legal currency for their nation then it will be secured from scammers and hackers, and government will establish tools for its security and no one will be able to do any fraud.

Nothing is safe from fraud and scammers. Just look at how much fraud is being done with the USD at a large professional scale and locally. It's immense.

It's already happening to Bitcoin. Just take proper security measures and don't be stupid. You'll be alright.