What would happen if Bitcoin became a legal currency?

[pooya87]

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.

i think if bitcoin were to become regulated (which i think is the issue here) there will be a down time when many people may even stop using it because of taxes but after that period the thing you said will happen, more people and merchants will invest in it and price will go up.

[ultrloa]

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.

i think if bitcoin were to become regulated (which i think is the issue here) there will be a down time when many people may even stop using it because of taxes but after that period the thing you said will happen, more people and merchants will invest in it and price will go up.

My thoughs is different maybe we can see for the price if bitcoin will be stable and also yes, maybe bitcoin user's at that time will be deducted some tax for every transaction they made outside and surely goverment will make a law foe it to be implemented aswell as maybe we can see more merchant stores will accepts bitcoin since it was been legal currency as OP said.  But i think that thoughs will not gonna be happen since bitcoins don't have country originated.

[deisik]

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?

You would be able to pay taxes with it or anything connected with payments to governmental authorities (such as fees, fines, or penalties). This is good but since every coin has two sides and Bitcoin is no exception to this rule, there is also another, not so good aspect of it. Making Bitcoin into a legal tender essentially means that you will be specifically targeted for tax evasion using bitcoins as well. Not that you shouldn't pay an income tax from your Bitcoin operations right now, but they will start to keep a keen eye on you...

And I don't think you will be quite happy about it

[fireball4]

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.

it actually is a really legal currency in my opinion and i dont think that it is banned right no, and it allows bitcoin to grow a lot in the future

[deisik]

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.

it actually is a really legal currency in my opinion and i dont think that it is banned right no, and it allows bitcoin to grow a lot in the future

Legal tender (the proper term) is not something which may exist as your opinion (obviously, you don't give a fuck). It is a well-defined concept as well as a law-term in most jurisdictions. For example, in the US it is precisely defined by the pertinent law (namely, by the Coinage Act of 1965 with amendments and additions) as follows:

United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues

I think this is exactly what the OP meant to say by referring to what he called a "legal currency"

[Cresciuanto]

if bitcoin become a legal currency it will be really a big happening, i think bitcoin will become one of the most popular currency of the world. people will invest more and more money in bitcoin, i think it will really take over US Dollar. i think most of the countries are still thinking about bitcoin, hope they will take a decision in the favour of bitcoin, they will legalize bitcoin in their country.

[Superways]

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 banks will also accept that currency and governments will also accept it for their affairs and it will be promoted to every portion of the world and people will use bitcoin instead of any other digital type of payment system.

[Doamader]

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 banks will also accept that currency and governments will also accept it for their affairs and it will be promoted to every portion of the world and people will use bitcoin instead of any other digital type of payment system.

The big issue around bitcoin is if it becomes legal, countries will tax who wanna get them and who have them, soo they will make it as another currencie and will kill a bit the concept of bitcoin of freedom and pseudo-anonymous.

[satmas]

I guess the main thing that will happen is that demand will increase, and the price will skyrocket because of mass adoption. That's my guess though, and can't be certain so don't believe me when I say this.

[Noctis Connor]

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 every would love bitcoin for sure everyone will going to use bitcoin as they daily currency they are going easily just show or scan the address they want to send their payments if bitcoin became a legal currency people are going to cheers with these because they can now easily use bitcoin to do shopping

[ajun96]

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.

But to get a legalization of the government for bitcoin. it is not easy and fast process? I think it would require a very long time until everyone believes in the bitcoin. but I'm sure after bitcoin legalized in a country. I believe adoption will be brought forward

[freedomgo]

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.

But to get a legalization of the government for bitcoin. it is not easy and fast process? I think it would require a very long time until everyone believes in the bitcoin. but I'm sure after bitcoin legalized in a country. I believe adoption will be brought forward

If we will continue to support bitcoin we will surely achieve that in the future, there is no way the government will disallow any platform that would help a lot of people to benefits from using online transaction, remember that the government is the voice of the people so we shall be seeing that in the future.

[Oralmat]

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?

One thing is clear that Bitcoin is legal currency, it is not illegal currency. Also we are using it in international level. But in some countries, we can't use it in real stores, so that is a problem, but i know within few years it also would be solved, but this work is time taking.

[warwar]

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 banks will also accept that currency and governments will also accept it for their affairs and it will be promoted to every portion of the world and people will use bitcoin instead of any other digital type of payment system.

The big issue around bitcoin is if it becomes legal, countries will tax who wanna get them and who have them, soo they will make it as another currencie and will kill a bit the concept of bitcoin of freedom and pseudo-anonymous.

Tax!  Yeah the government will tax the bitcoin and we know what happens next the users of the bitcoin decreases because of tax and yes one will make another crypto currencies that is better and the bitcoin will die.! IF the bitcoin is become legal currency then it would not really like now that it is fast and efficient.

[romero121]

Not only bitcoin or other digital currencies, when something gets legalised sure it falls under a controlling authority. For this reason sure the price of bitcoin gets affected. Also most governments try to monitor the transactions, so as to levy taxes depending upon the transaction amounts.

[asriloni]

Not only bitcoin or other digital currencies, when something gets legalised sure it falls under a controlling authority. For this reason sure the price of bitcoin gets affected. Also most governments try to monitor the transactions, so as to levy taxes depending upon the transaction amounts.

beside of those negative effect,the government will probably giving a bitcoin users the right of justice about the criminality in bitcoin world such as scamming or any other illegal activities,and also,the price will be sure getting higher because as you know something which legalized will be good even it's taxed

[Sweetbtc]

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 every would love bitcoin for sure everyone will going to use bitcoin as they daily currency they are going easily just show or scan the address they want to send their payments if bitcoin became a legal currency people are going to cheers with these because they can now easily use bitcoin to do shopping

I am not sure where I read it, so don't quote me, sometimes I end up way deep down the Google hole, but I read somewhere online that the major push by the banks and credit card companies at phone integration, chips and other easier methods for use was because they saw the way that Bitcoin and others was becoming more popular everyday

[Blackmet]

I think that after that, many goverment and banks will dissapere, but i am not sure about it, just one more crazy theory Bitcoinland

[Vikingr]

If bitcoin become a legal currency then we will see that currency on media supporting by governments also and with that a lot of people will come to know about that and the demand will increase more and the price will also increase and with that we will get guarantee of our money.

[Lombard]

then way more people would be using bitcoins and in my opinion adoption would be way faster than it is now