What would happen if Bitcoin became a legal currency?

[goinmerry]

There is an "if" so it should be answered like bitcoin is already the currency. I think people will got used to it. At first it will be hard but I am just thinking how are those living in the streets going to use it. I think when that time comes everything should be cleaned up in the street and they have their own jobs or government will provide lectures for them.

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[rio3233]

If bitcoin became a legal currency and accepted by all country around the world, i'm sure it will be a good news for bitcoin and it will makes the price of bitcoin increase.

[Yakamoto]

If Bitcoin became a "legal" currency then there would be a lot of laws put in place around it, and chances are it would be taxed in either a heavier or more aggressive manner than the "natural" fiat currency the government offers. They would aim to discourage use of Bitcoin, and thus heavier taxes or more fees associated with it (VAT, GST, similar taxes/fees) would probably be their main goal to get it out of the economy.

[danherbias07]

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 gets accepted in most of online and real stores then people who manage the fiat currencies will try to centralize the bitcoin as we see that there are many attempts from the big worldwide institutions nowadays.

it would be really good to be honest and i doubt that bitcoin would be centralized as people wouldnt like that for sure and then no one would use it

You got that right. There would be tax, there will be control and many will question if you have a large amount because we know that bitcoin is publicly visible.

[freedomgo]

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 gets accepted in most of online and real stores then people who manage the fiat currencies will try to centralize the bitcoin as we see that there are many attempts from the big worldwide institutions nowadays.

it would be really good to be honest and i doubt that bitcoin would be centralized as people wouldnt like that for sure and then no one would use it

You got that right. There would be tax, there will be control and many will question if you have a large amount because we know that bitcoin is publicly visible.

The benefit of using bitcoin is because of the anonymity and since we are not required to give our full information before we can use it in transaction, it attracts the big businessman to hide their wealth online, and also even ordinary people are using it due to convenience.

[SvenBomvolen]

   For me bitcoin is currency, I didn't saw anywhere that someone is talking about bitcoins as illegal money. Who will decide is it bitcoin legal or illegal? Some government?
   People smoke weed freely in some countries, they grow it or buy it in store. For them that is legal and normal. In many other countries that is forbidden and highly illegal, people can go to prison if they smoke or grow their herb.
   My knowledge of this world tell me that with bitcoins we will have similar situation. Some smart people will let it be, some will try to make it illegal. Things that grow will grow, doesn't matter how much some people will try to stop it.

[ontrackk]

If bitcoin became a legal currency and accepted by all country around the world, i'm sure it will be a good news for bitcoin and it will makes the price of bitcoin increase.

i hope that you are right, it would allow the bitcoin price to become really huge really fast, the faster adoption is the better for bitcoins

[abugseuf]

if bitcoin become a legal currnency i think it will become more popular in all over the world. stores and shops will start accepting bitcoin in their shops for shopping, people will also use it for trading and transaction purposes,  banks will also accept bitcoin. online shopping will become more popular, the trend of using digital currency will also increase.

[Backside walkaround]

Legal currency.  All the currencies that I know of, the fiat ones, are tied to government.  How would bitcoin become one of those?  I don't think that's possible, but what is possible is if a government developed a blockchain based coin to use as their own fiat currency.  And that would suck for bitcoin.

[@prashant]

First of all it will never happen ,no one will be interested in gambling with hard earn money other than person who have knowledge of bitcoin.imagine you got 1000$ dollar per month~1.7 or 1.8 bitcoin.and after one week its price decrease to 1.3,many people will abandon it due this phen only.

[vasrasus]

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?

Then the government may probably put tax on it or it may be attack by the hackers hoping it will not happen. But as long as it is not yet that legal I'll try to bigger or boost my bitcoin money for me to be able to use it on buying and shoopings too.

[Hazir]

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?

Then the government may probably put tax on it or it may be attack by the hackers hoping it will not happen. But as long as it is not yet that legal I'll try to bigger or boost my bitcoin money for me to be able to use it on buying and shoopings too.

If we want bitcoin to be legal tender and get out of grey area then bitcoin business taxation is inevitable.
About that second part of you sentence - I didn't understand at all what you try to say but I doubt any hacking group will be involved.

I see that bitcoiners want to push bitcoin towards mainstream and yearn for it and at the same time they don't want taxation?
It is not possible to achieve financial industry acceptance, unless cryptocurrency based businesses will be able to become fully legitimate tax paying entities.

[20kevin20]

First of all it will never happen ,no one will be interested in gambling with hard earn money other than person who have knowledge of bitcoin.imagine you got 1000$ dollar per month~1.7 or 1.8 bitcoin.and after one week its price decrease to 1.3,many people will abandon it due this phen only.

The only way might be Bitcoin being the only currency surviving. In that case, there is no way BTC can fall or rise so all the prices would be the same. I'm still wondering what are the Governments going to do about taxes and anonymity.

[Jasad]

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?

Then the government may probably put tax on it or it may be attack by the hackers hoping it will not happen. But as long as it is not yet that legal I'll try to bigger or boost my bitcoin money for me to be able to use it on buying and shoopings too.

i will be happy if bitcoin just keep like this ,
not to become a legal currency nor illegal currency , just like now ,
tax are the main reason some people interested in bitcoin , but it is sounds evil right?
avoiding liabilities to your country and do buy bitcoin.
and in case it is happened in the future , the price of bitcoin should be stable not as high as now .

[virasog]

If bitcoin became a legal currency and accepted by all country around the world, i'm sure it will be a good news for bitcoin and it will makes the price of bitcoin increase.

Even if the government do not announce bitcoin to be legalized in most countries. yet you cannot stop people from using it online and in other forms. I must say that one day there will be only bitcoins and nothing else.

[Nimbulan]

If bitcoin became a legal currency and accepted by all country around the world, i'm sure it will be a good news for bitcoin and it will makes the price of bitcoin increase.

it would definitely be great to be honest, i think that bitcoins will never become a widely accepted currency though, in my opinion it is still great though

[PsursV]

if bitcoin become a legal currency i am hopeful that more and more people will invest in bitcoin, the popularity of bitcoin will increase and more and more people will enter int he world of bitcoin. as some countries are seriously thinking about the legality of bitcoin hope they will consider bitcoin as a legal currency.

[Doamader]

If Bitcoin became a "legal" currency then there would be a lot of laws put in place around it, and chances are it would be taxed in either a heavier or more aggressive manner than the "natural" fiat currency the government offers. They would aim to discourage use of Bitcoin, and thus heavier taxes or more fees associated with it (VAT, GST, similar taxes/fees) would probably be their main goal to get it out of the economy.

I do believe the taxes will be the main issue around use or enter into bitcoin world as well. Bitcoin be legal currency would allow people to invest into it, but the fact its decentralized and no entity responsible is and will always be a wall to be legalized.

[solar421]

it is a legal currency now it is just not accepted by the countries

[23dzmaz]

If bitcoin became a legal currency, i'm sure many people will start using bitcoin and it will affect the price of bitcoin too and many shops and supermarkets will accept bitcoin as a payment too.