What would happen if Bitcoin became a legal currency?

[danherbias07]

Maybe not a currency but it can be a commodity. It will be a hard fight for it to be accepted by every country as a currency. There is so much paper works and legality that would need to be pushed. The problem is who will do it? Will there be some authorized person that will do it for bitcoin?

[1715282299]

1715282299

[arseaboy]

If this happens, I would still be poor tho. I didn't stack too many bitcoins yet. Give me more time please before this happens. But if it did, I would be using bitcoin as my primary medium of paying for anything. But this would probably happen way into the future. Also, I don't think it would be Bitcoin at that time because I feel that the government will create its cryptocurrency to replace fiat currency.

Definitely you don't need to be poor or rich if bitcoin will become a legal currency.. and it will take a lot of time or years before it will happen so as early as now you still have a time to save more bitcoins for your future.

[hawkins]

if bitcoin currency became legal, it will be very easy to get bitcoin, and may be very many people are looking for bitcoin in their breaks. Well, maybe just a lot of work that assesses their people with bitcoin. Well, it would be a good thing that ever happened, because I am also very confident, it will create a state that legalized bitcoin into thriving

[President79]

I think very nice idea and progress, so later on there will be no fake paper money and certainly will keep prices of goods from the influence of inflation, and most importantly price around the world instantly understandable when the people transactions.

[freedomgo]

I think very nice idea and progress, so later on there will be no fake paper money and certainly will keep prices of goods from the influence of inflation, and most importantly price around the world instantly understandable when the people transactions.

Fake paper money is just an isolated case. We cannot correct all the mistakes in the world but only  to minimize it.

[virasog]

Well, if it will be happened than first of all, it give more popularity to bitcoin, and Secondly, it is good news for all bitcoin users, investors and merchants. Because they will start more investment in bitcoin. And in this way, bitcoin give us more opportunity to its users and all for those people who don't know about the bitcoin till now.

[Monnt]

if bitcoin currency became legal, it will be very easy to get bitcoin, and may be very many people are looking for bitcoin in their breaks. Well, maybe just a lot of work that assesses their people with bitcoin. Well, it would be a good thing that ever happened, because I am also very confident, it will create a state that legalized bitcoin into thriving

Hope that bitcoin is really going to become a global currency, and it is true that it will become easier to buy bitcoin, but I think states will legalize bitcoin on some condition and after that I do not think that bitcoin will continue its anonymity characteristic.

Any hope we can hope that bitcoin will become legal currency and will still continue its anonymity characteristic.

[mrkevio]

Bitcoin already is kind of legal in most countries - there aren't many laws in this world regarding the use of it. Not in my country or other big ones. If you're talking about Bitcoin becoming a currency that we could like see in exchanges and we could pay with at any local shop, it would be great for all of us.

[romero121]

Bitcoin already is kind of legal in most countries - there aren't many laws in this world regarding the use of it. Not in my country or other big ones. If you're talking about Bitcoin becoming a currency that we could like see in exchanges and we could pay with at any local shop, it would be great for all of us.

Most countries doesn't have a legal acceptance but governments don't care of these usage among their country citizens.Situations change when bitcoin affects the country's economy, but such fall in economy won't happen with the potential it has got.

[tee-rex]

I would say that life will get a lot easier, because I don't have to bring a wallet (a physical one, that is). I only would need my phone and an internet connection to pay for anything I need. Also, I can send money to anyone who I know because this time they all have bitcoin addresses too. This would really be glorious!

If you don't like cash, you can use a plastic card. Using your phone to pay for something is basically the same as using a real purse. With the difference being that you don't need to recharge the purse regularly. If only recharge it with money, of course. Plastic cards also seem to be like a real purse in this regard, with a few or a lot of advantages.

[Drago2016]

If Bitcoin becomes legal currency it becomes uninteresting for many. No more anonymous and will be taxed

[Doamader]

Its all about what will mean for bitcoin be legal, i mean if we have to pay some tax, that should be the way to make bitcoin legal, how much it could be, and with that we would loose our anonymous situation, and those could bring problems, imagine a person holding 5000bitcoins, and someone be able to know your adress.... for other side it would allow people to use bitcoin without worry as well could be used as an asset.

[CyberKuro]

if i am not mistaken the correct phrase is regulated. because bitcoin is a legal currency but there are no rules set for businesses to use them. so i assume that if that day comes there will a big growth for bitcoin in adoption and as a result in price.

How about, bitcoin become an official accepted payment.
Whatever it is if bitcoin is spread widely and many countries legalized/regulated about bitcoin payment will have big impact for bitcoin world and mass adoption, higher demand would bring us to what we are waiting for all this time. What is more encouraging than if you have a lot of bitcoin and easily spend it which has highest price than any currency in the world.

[deisik]

if i am not mistaken the correct phrase is regulated. because bitcoin is a legal currency but there are no rules set for businesses to use them. so i assume that if that day comes there will a big growth for bitcoin in adoption and as a result in price.

How about, bitcoin become an official accepted payment

That won't happen any time soon

Whatever it is if bitcoin is spread widely and many countries legalized/regulated about bitcoin payment will have big impact for bitcoin world and mass adoption, higher demand would bring us to what we are waiting for all this time. What is more encouraging than if you have a lot of bitcoin and easily spend it which has highest price than any currency in the world.

On the other hand, Bitcoin may not yet be ready for that kind of adoption, namely, a run-away adoption as I would call it and which is what you seem to mean. Right now, it is already overstretched to process the number of transactions that hit the Bitcoin network daily. So would it be able to process twice as many transactions if we see the adoption rates hitting the sky thanks to, say, some government choosing it as an "officially accepted payment" (a purely hypothetical assumption)?

I guess the answer is a definite no

[Mario274]

if i am not mistaken the correct phrase is regulated. because bitcoin is a legal currency but there are no rules set for businesses to use them. so i assume that if that day comes there will a big growth for bitcoin in adoption and as a result in price.

How about, bitcoin become an official accepted payment

That won't happen any time soon

Whatever it is if bitcoin is spread widely and many countries legalized/regulated about bitcoin payment will have big impact for bitcoin world and mass adoption, higher demand would bring us to what we are waiting for all this time. What is more encouraging than if you have a lot of bitcoin and easily spend it which has highest price than any currency in the world.

On the other hand, Bitcoin may not yet be ready for that kind of adoption, namely, a run-away adoption as I would call it and which is what you seem to mean. Right now, it is already overstretched to process the number of transactions that hit the Bitcoin network daily. So would it be able to process twice as many transactions if we see the adoption rates hitting the sky thanks to, say, some government choosing it as an "officially accepted payment" (a purely hypothetical assumption)?

I guess the answer is a definite no

Yes, this will never happen. The government does not want to completely change the economic system. They and so profitable.

[Umotand]

if i am not mistaken the correct phrase is regulated. because bitcoin is a legal currency but there are no rules set for businesses to use them. so i assume that if that day comes there will a big growth for bitcoin in adoption and as a result in price.

How about, bitcoin become an official accepted payment

That won't happen any time soon

Whatever it is if bitcoin is spread widely and many countries legalized/regulated about bitcoin payment will have big impact for bitcoin world and mass adoption, higher demand would bring us to what we are waiting for all this time. What is more encouraging than if you have a lot of bitcoin and easily spend it which has highest price than any currency in the world.

On the other hand, Bitcoin may not yet be ready for that kind of adoption, namely, a run-away adoption as I would call it and which is what you seem to mean. Right now, it is already overstretched to process the number of transactions that hit the Bitcoin network daily. So would it be able to process twice as many transactions if we see the adoption rates hitting the sky thanks to, say, some government choosing it as an "officially accepted payment" (a purely hypothetical assumption)?

I guess the answer is a definite no

Yes, this will never happen. The government does not want to completely change the economic system. They and so profitable.

For the poor people, the current system is bad. Their wealth is removed gradually by the inflation now.

[simpler2016]

if i am not mistaken the correct phrase is regulated. because bitcoin is a legal currency but there are no rules set for businesses to use them. so i assume that if that day comes there will a big growth for bitcoin in adoption and as a result in price.

How about, bitcoin become an official accepted payment

That won't happen any time soon

Whatever it is if bitcoin is spread widely and many countries legalized/regulated about bitcoin payment will have big impact for bitcoin world and mass adoption, higher demand would bring us to what we are waiting for all this time. What is more encouraging than if you have a lot of bitcoin and easily spend it which has highest price than any currency in the world.

On the other hand, Bitcoin may not yet be ready for that kind of adoption, namely, a run-away adoption as I would call it and which is what you seem to mean. Right now, it is already overstretched to process the number of transactions that hit the Bitcoin network daily. So would it be able to process twice as many transactions if we see the adoption rates hitting the sky thanks to, say, some government choosing it as an "officially accepted payment" (a purely hypothetical assumption)?

I guess the answer is a definite no

Yes, this will never happen. The government does not want to completely change the economic system. They and so profitable.

For the poor people, the current system is bad. Their wealth is removed gradually by the inflation now.

Poor countries can not now fully use Bitcoins. Not developed infrastructure there. It is possible to earn, but no place to spend

[MMA]

I would say that life will get a lot easier, because I don't have to bring a wallet (a physical one, that is). I only would need my phone and an internet connection to pay for anything I need. Also, I can send money to anyone who I know because this time they all have bitcoin addresses too. This would really be glorious!

i think these facilities are already provided by bitcoin, you just need your mobile and internet connection and you can surely buy anything using bitcoin, i think if bitcoin become a legal currency bitcoin will become more popular, and the use of  bitcoin will increase too much,

[raja2sumi]

If bitcoin become a legal currency the price of bitcoins would increase a lot and the price of commodities would decrease a lot .and there would not be any black money at all .it would be eradicated .

[Fireblade]

If bitcoin become a legal currency the price of bitcoins would increase a lot and the price of commodities would decrease a lot .and there would not be any black money at all .it would be eradicated .

to me if bitcoin become a legal currency people will put more trust on bitcoin and so they will invest more and more their assets, and so the price of bitcoin will also be affected and will go so high.