What would happen if Bitcoin became a legal currency?

[Aamir1]

If bitcoin became a legal currency, many people will notice bitcoin and start using bitcoins. It will give a good impact into bitcoin for sure and the price of bitcoin can increase.

More and more people will start using it, yes. But a "good impact" may not be a good way to put it because we can't know for sure if being popular is beneficial to the bitcoin industry.

Being popular is for sure beneficial for bitcoin industry as popularity brings investments and investments decides if where bitcoin will go, the more its demand increases the more its price will increase as well, suppose you have 1 bitcoin and there are 5 people willing to buy it, wont they try to win it by bidding higher? That would be the case with bitcoin if it gets more popular.

[deisik]

If bitcoin became a legal currency, many people will notice bitcoin and start using bitcoins. It will give a good impact into bitcoin for sure and the price of bitcoin can increase.

More and more people will start using it, yes. But a "good impact" may not be a good way to put it because we can't know for sure if being popular is beneficial to the bitcoin industry.

Being popular is for sure beneficial for bitcoin industry as popularity brings investments and investments decides if where bitcoin will go, the more its demand increases the more its price will increase as well, suppose you have 1 bitcoin and there are 5 people willing to buy it, wont they try to win it by bidding higher? That would be the case with bitcoin if it gets more popular

It all depends on what those 5 people are going to do with your precious Bitcoin. If they are competing for it with the purpose of reselling it to the rest of the gang, someone will necessarily be left holding the bag in the end. And Bitcoin will be of no more interest to them any longer since they have all used it (or tried to use, lol) as a vehicle for speculation and profiteering...

This form of popularity is beneficial for bootstrapping a coin, but not for a long-term success of it

[arseaboy]

Yes, this will be a big advantage for us but I believe this will take time before it will be legal since there are a lot of factors to be consider and there will be involvement like the governments before accepting it as a legal currency.

[Robertqueen2]

Yes, this will be a big advantage for us but I believe this will take time before it will be legal since there are a lot of factors to be consider and there will be involvement like the governments before accepting it as a legal currency.

In actually, it is legal in some countries like Brazil, but Bitcoin users and supporters aim to make it legal in the countries which will boost Bitcoin if they accepted and regulated it, I read in the news recently that one of the Bitcoin believers donated more than $1 million for Donald Trump campaign because he see that Trump might boost the Cryptocurrencies.

[bitdumper]

if bitcoin became a legal currency then everone will start using it and these type of things do not take time to become popular specially the legal once ad it will through out the faints as a timepass stuff

[aranachristianjay]

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 competition for all of us will going to be tough enough as that is going to add a lot of users if this is going to be implemented. And for sure many people are going to start up businesses with bitcoins so if making bitcoin is going to be a legal currency to a country then that is going to boost the whole bitcoin industry.

[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?

Then the competition for all of us will going to be tough enough as that is going to add a lot of users if this is going to be implemented. And for sure many people are going to start up businesses with bitcoins so if making bitcoin is going to be a legal currency to a country then that is going to boost the whole bitcoin industry.

By making bitcoin as a legal currency, it will only remove our freedom in using it. Most people will use it but we cannot earn anymore on the price fluctuation as when you consider it as legal, it should be the government who are controlling it already and we know how the government works, it should not be on our favor.

[Rostadom]

This is very good for us. We will be like the elderly when the people around us find out that we've been using this currency long before they start using it. I think once bitcoin becomes a legal currency, people would start buying it and that would surely sky rocket the price of bitcoin.

Along with the price increase, there would also be an increase in the number of people posting about conspiracies and other crazy stuffs about bitcoin. The number of establishments that accept bitcoin as payment will also increase. We can finally purchase something using our bitcoin without converting it first.

[lionheart78]

This is very good for us. We will be like the elderly when the people around us find out that we've been using this currency long before they start using it. I think once bitcoin becomes a legal currency, people would start buying it and that would surely sky rocket the price of bitcoin.

Along with the price increase, there would also be an increase in the number of people posting about conspiracies and other crazy stuffs about bitcoin. The number of establishments that accept bitcoin as payment will also increase. We can finally purchase something using our bitcoin without converting it first.

I agree all this stuff (increase in adoption, price and exposure) will happen.  Bitcoin will be in mainstream but i think it will be limited to alternate currency.  Accepted but will never replace fiat money.  More people will flocks in and adopt bitcoin and bitcoin will somehow affect the finance system of the country.

[groll]

Yes, this will be a big advantage for us but I believe this will take time before it will be legal since there are a lot of factors to be consider and there will be involvement like the governments before accepting it as a legal currency.

I remember my friend ask me, is it bitcoins are legal? Where did they get the bitcoins thay they are paying to you? I pause for a while and think.. bitcoins is not ilegal nor legal, i want to make bitcoins legal, although this means that the government can take charge of bitcoins, at least a rules and regulation can be impose. I want to have a law regarding bitcoun theft and wallet hacking since theres so many scammer in bitcoin world.

[deisik]

Yes, this will be a big advantage for us but I believe this will take time before it will be legal since there are a lot of factors to be consider and there will be involvement like the governments before accepting it as a legal currency.

I remember my friend ask me, is it bitcoins are legal? Where did they get the bitcoins thay they are paying to you? I pause for a while and think.. bitcoins is not ilegal nor legal, i want to make bitcoins legal, although this means that the government can take charge of bitcoins, at least a rules and regulation can be impose. I want to have a law regarding bitcoun theft and wallet hacking since theres so many scammer in bitcoin world.

You seem to have got it wrong mate

In most jurisdictions, if something is not directly prohibited, then it is allowed by default (read legal). If it were the other way round (i.e. everything is prohibited unless directly allowed), then any such law system would quick turn into a law hell and wouldn't be useful as well as usable. The government may want to regulate Bitcoin, for example, legally accept it either as a commodity or as a foreign currency, but this doesn't mean that it will always try to tax it to the hilt. For example, in the EU Bitcoin is legal as a foreign currency and not taxable altogether

[markyminer]

if bitcoin became a legal currency then everone will start using it and these type of things do not take time to become popular specially the legal once ad it will through out the faints as a timepass stuff

yes that is a fact that if bitcoin become a legal currency then every one will start using it, as bitcoin will become more and more popular, but in fact  government will the also put tax on it,

[izanagi narukami]

My country forbid bitcoin usage safety reason as we know that bitcoin is anonymous currency and it can be use for terorism activity.
As my country are against terorism and drug activity in order to protect civilian from them

[rally]

I think it is actually legal in most countries, but it is just not accepted as payment at many places. It is still too new and different to have fully caught on yet.

Correct bitcoin is already legal decentralized currency we can spend it internationally, here in my country bitcoin is popular in more people even only few stores are accepting bitcoin as their mode of payment and i am hoping that in the future all stores will start to add bitcoin in their more of payment.

In my country the same. There are a few shops where you can pay with bitcoin. You have the choice between 'normal' money and bitcoin. So if it shouldn't be legal, they would never accept bitcoin. Maybe there are countries where you can not pay at all with bitcoin. I don't know.

[dothebeats]

If it would be a legal currency, or if bitcoin would be supported by the law and deemed as a currency which could be utilized freely for any domestic transactions and international transactions as well. Also, if bitcoin would be a currency renowned by law, then it needs to have a governing body or some kind of authority to regulate the said currency, which I think defeats the purpose of decentralization.

[Mastsetad]

My country forbid bitcoin usage safety reason as we know that bitcoin is anonymous currency and it can be use for terorism activity.
As my country are against terorism and drug activity in order to protect civilian from them

I feel it is injustice, just because it can be used for illegal activities they don't let anyone use it, if it is anonymous and untraceable then how they make sure criminals do not use it? So if they cannot trace the evils if they use bitcoin then they wont be able trace them even if they forbid its usage.

[tabas]

My country forbid bitcoin usage safety reason as we know that bitcoin is anonymous currency and it can be use for terorism activity.
As my country are against terorism and drug activity in order to protect civilian from them

I feel it is injustice, just because it can be used for illegal activities they don't let anyone use it, if it is anonymous and untraceable then how they make sure criminals do not use it? So if they cannot trace the evils if they use bitcoin then they wont be able trace them even if they forbid its usage.

And it is not being fair at all why his country thinks about it then how about fiat money? It is the most used currency for these such activities that can make the lives of the people harmed. That is not a good way a country sees bitcoins usage but still we can't blame a country if it is thinking that way for they just want to make themselves secured. But if their allies declares bitcoin is safe, then it can be a legal currency then.

[The_prodigy]

Here in my country bitcoin is now a legal currency where we can easily sell our bitcoin and it will deposited into any bank we want our money will deposited and we can use our bitcoin too to pay online bills like electricity or anything what we could use bitcoin now is really far that it will be the best soon.

[clickerz]

My country forbid bitcoin usage safety reason as we know that bitcoin is anonymous currency and it can be use for terorism activity.
As my country are against terorism and drug activity in order to protect civilian from them

I feel it is injustice, just because it can be used for illegal activities they don't let anyone use it, if it is anonymous and untraceable then how they make sure criminals do not use it? So if they cannot trace the evils if they use bitcoin then they wont be able trace them even if they forbid its usage.

So in order to monitor us they can be spying on our acount? online bitcoin tansaction without our knowing? This is only a possiblity if they are suspicious on us. Just like bank secrecy law?

[machinek20]

It will be awesome, if bitcoin become legal currency for sure it will makes our transaction easier and there will be a lot things that can be buy using bitcoin, i think by making it into legal currency it will make bitcoin become more valuable, and as the user we will feel easier to spend bitcoin on something we want