What would happen if Bitcoin became a legal currency?

[Hazir]

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.

Government won't support any currency that is not under their direct control. Bitcoin will never be 'guaranteed'.
The best what government could do is regulate bitcoin business, made bitcoin companies a legal tax paying entities.
It will cease an era of bitcoin scam heaven - bitcoin exchanges created and controlled by fat teenagers will be a song of the past.

[JITENDERPAR3]

if bitcoin became totally legal then in every country there may be some charges of saving bitcoins in wallet like another type of bank money . and if there ia no taxation then the use of bitcoin will rise sharply .

[freedomgo]

if bitcoin became totally legal then in every country there may be some charges of saving bitcoins in wallet like another type of bank money . and if there ia no taxation then the use of bitcoin will rise sharply .

No, if bitcoin will become a legal currency then we are all gonna pay taxes, the government is the only entity that has the capacity to declare bitcoin as legal so for them to earn they will impose tax that can be use for the countries improvement, I am pretty sure they can get a lot of taxes.

[Doamader]

if bitcoin became totally legal then in every country there may be some charges of saving bitcoins in wallet like another type of bank money . and if there ia no taxation then the use of bitcoin will rise sharply .

No, if bitcoin will become a legal currency then we are all gonna pay taxes, the government is the only entity that has the capacity to declare bitcoin as legal so for them to earn they will impose tax that can be use for the countries improvement, I am pretty sure they can get a lot of taxes.

Knowing that government wont have plenty control if any at bitcoin as it is decentralized, they will put heavy taxes to make people avoid bitcoin forever or for a long time.

[goinmerry]

if bitcoin became totally legal then in every country there may be some charges of saving bitcoins in wallet like another type of bank money . and if there ia no taxation then the use of bitcoin will rise sharply .

That sounds not good. I would rather want it to fluctuate up and down than be stabilized by a government while will steal through taxes if that is what they meant. Of course they wont say they are stealing like what they are doing now.

[Sweetbtc]

It might have simply been someone's opinion or just a rumor, but I sure that the technology is either making it easier for banks and credit card companies to integrate things or, in the least, is a small part of the motivation.

[Mastsetad]

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?

It would possibly be decentralized and tax would be applied as well from government of each country where it is legalized, and i guess it wont be as rare as it is now and people wont take it as serious as they do now because that time it would be normal for everyone to have bitcoins.

[Labumi]

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?

It would possibly be decentralized and tax would be applied as well from government of each country where it is legalized, and i guess it wont be as rare as it is now and people wont take it as serious as they do now because that time it would be normal for everyone to have bitcoins.

Indeed it would be applied and certainly it will make bitcoin become digital currency that is protected by law, as owner of the bitcoin must pay taxes. So this will be a good thing if all the users of the bitcoin do something things properly without having to wear things that are not useful

[ttargett]

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

well most probably you are right, a lot of new people would get into bitcoins willing to use it really often and to make some decent profit with it

[drwtsn32]

so many people whose still in doubt will starting to adopt bitcoin as their secondary currency,bitcoin will be regulated,and there's a big chance to be taxed,the value of bitcoin will be increasing and reach supply<demand point which result the rocketing of a price

Would not the price be stable if bitcoin is regulated? Just thinking.
It will not result to a rocketing of price but will be just little ups and downs just like fiat currency.
Just wondering.

[bias]

If bitcoin became legal it would mean that demand for the digital currency would raise there by influencing the price to raise and restrictions would probably be imposed as entities would be forced to follow KYC and the alike which would negatively affect btc.

[maudevang]

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 would watch and control things, that would be not a good thing because then they would put taxes on it.
If that happens then many users would leave because the government would ruin it.

[n691309]

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?

As far as i know bitcoin is legal in most of the countries in the world, so I think its not all about if it should be legal or not.

[X-ray]

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?

As far as i know bitcoin is legal in most of the countries in the world, so I think its not all about if it should be legal or not.

bitcoin is not being legalized yet in most of countries it's still not recognized as a currency or doesn't have recognition,there's still no rule about bitcoin so it can not being considered as legal currencies in most of the countries

[el kaka22]

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?

As far as i know bitcoin is legal in most of the countries in the world, so I think its not all about if it should be legal or not.

Yes, a country's stand on bitcoin will be very less significant in my opinion too. The only most needed thing for the growth of bitcoin must be more adoption from worldwide people and merchants. I heard people are still using in the countries where bitcoin was actually banned. Bitcoin is out of reach from any country's regulations.

[upsidedown75]

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?

As far as i know bitcoin is legal in most of the countries in the world, so I think its not all about if it should be legal or not.

Yes, a country's stand on bitcoin will be very less significant in my opinion too. The only most needed thing for the growth of bitcoin must be more adoption from worldwide people and merchants. I heard people are still using in the countries where bitcoin was actually banned. Bitcoin is out of reach from any country's regulations.

As long as you do not need to convert your bitcoin into fiats nor you need to buy bitcoin with fiats, I mean to say you get bitcoin and you will be using it as bitcoin itself, then government will have nothing to do for your activities with the bitcoins. Still, I prefer governments must have some good opinion about bitcoin so that bitcoin will get spread out so quickly.

[sana54210]

I prefer governments must have some good opinion about bitcoin so that bitcoin will get spread out so quickly.

Yes, that is the only benefit we can get from a government's declaration of bitcoin as a legal currency. That will give free advertisement for bitcoin system so that many people will come to know about bitcoin and will start adopting it. Also merchants will start accepting bitcoin because they will not have any hurdle with the legal issues so find it easy while exchanging for fiats.

[Labumi]

I prefer governments must have some good opinion about bitcoin so that bitcoin will get spread out so quickly.

Yes, that is the only benefit we can get from a government's declaration of bitcoin as a legal currency. That will give free advertisement for bitcoin system so that many people will come to know about bitcoin and will start adopting it. Also merchants will start accepting bitcoin because they will not have any hurdle with the legal issues so find it easy while exchanging for fiats.

Yeah it's a very good thing for the growth of the bitcoin. Because it is more powerful and has a bitcoin warranties or have the power to dominate the market, but the problem is about the storage or management of the bitcoin against all transactions or storage. because of all the technology certainly has the maximum performance limits

[vero]

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.

[HeroCat]

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.