What would happen if Bitcoin became a legal currency?

[bitbunnny]

In most countries Bitcoin is not illegal, just it isn't legaly regulated. These are two different things.
Maybe the question is what would happen if bi becomes the official currency in one of the countries in the world, although this is not very likely because of changing the whole economy system.
But with lehgal regulation we would do no harm to Bitcoin, just split legal of illegal use of it so that could help us all.

[PanZerrr]

  So, all of who owns the Bitcoin is in an irregular situation! This is totally inconsequential. We did not get this money by criminal activities
  Or rather most of us gain this money by hard work and sleepless nights and the constant thought.

Definitely,we do not earned it in easiest way, by means of hardwork and tiring days to cope up the deadlines.Its  not easy to earn bitcoins,if you have it we must see to it that it will go in a good way.If it will become a legal currency then it will be the benifits of everyone who totally save it and earned it.So things might have been going smoothly with every transactions we made.

if you look from the legal side, and it turns out - all received Bitcoin is illegal income. That is why it is very important that the government passed a law which will determine the status of s cryptocurrency

[deisik]

  So, all of who owns the Bitcoin is in an irregular situation! This is totally inconsequential. We did not get this money by criminal activities
  Or rather most of us gain this money by hard work and sleepless nights and the constant thought.

Definitely,we do not earned it in easiest way, by means of hardwork and tiring days to cope up the deadlines.Its  not easy to earn bitcoins,if you have it we must see to it that it will go in a good way.If it will become a legal currency then it will be the benifits of everyone who totally save it and earned it.So things might have been going smoothly with every transactions we made.

if you look from the legal side, and it turns out - all received Bitcoin is illegal income. That is why it is very important that the government passed a law which will determine the status of s cryptocurrency

I don't see how it can turn out that way

From the legal side exclusively all income obtained from activities which are not explicitly prohibited is considered legal. Otherwise you would have to explicitly allow selling of every possible item out there (adding something new every other day), starting with tires and ending with diapers, and that would be hell. If the turnover of Bitcoin is not regulated specifically, it should be considered as a generic intangible asset and treated appropriately

[sportis]

In most countries Bitcoin is not illegal, just it isn't legaly regulated. These are two different things.
Maybe the question is what would happen if bi becomes the official currency in one of the countries in the world, although this is not very likely because of changing the whole economy system.
But with lehgal regulation we would do no harm to Bitcoin, just split legal of illegal use of it so that could help us all.

I wouldn't say that bitcoin is not regulated because in many countries is not considered as currency but as agreement that is as form of payment between two parties. For this reason there is no regulation. Furthermore, there will not ever be any government to adapt bitcoin as official currency of his country because is not centralized. That means she cannot have the control on their citizen's wealth.

[SHAWN-MIDWAYS]

-snip-

I wouldn't say that bitcoin is not regulated because in many countries is not considered as currency but as agreement that is as form of payment between two parties. For this reason there is no regulation. Furthermore, there will not ever be any government to adapt bitcoin as official currency of his country because is not centralized. That means she cannot have the control on their citizen's wealth.

In deed most countries do not recognize crypto currencies like bitcoin to be an acceptable mode of payment, and making it legal will give confidence to traders and exchangers to use btc more often and influence a better price of btc.

[ZrCoin]

The first thing - It depends if Bitcoin will be accepted just in one country or worldwide.

I suppose it means that we would be able to use bitcoin as secondary, official currency, for buying/selling things, many merchants would accept Bitcoin, we would have more Bitcoin ATM's, bitcoin debit cards etc.

[Silberman]

Bitcoin is not going to become legal currency and it is better this way that way governments cannot impose the same regulations that other currencies have.

[zidanw]

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?

bitcoin can replace fiat (my opinion) bitcoin highly desirable although not yet accepted in some countries, because bitcoin provide more benefits to users and the price of bitcoin is only affected by supply and demand

[jseverson]

Bitcoin is not going to become legal currency and it is better this way that way governments cannot impose the same regulations that other currencies have.

You have a point but we can't say bitcoin is not going to become legal currency especially now it's becoming famous but bitcoins will need a lot of time to be recognized as legal currency.

[Xester]

Bitcoin is not going to become legal currency and it is better this way that way governments cannot impose the same regulations that other currencies have.

I support this statement that bitcoin will not going to be a legal currency or a legal tender nt only because of its volatile nature but the government and the banks will not allow it. The government will not like a currency that is not controllable by them since it has a negative impact on society and governance. A currency that cannot be controlled will only give way to money laundering and tax evasion that will lead a country to economic crisis.

[bravehearth0319]

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?

In this case the price will explode and everyone who owns a decent amount of btc will be rich,but i don't think this will happen very soon.

That's true, many of the bitcoin enthusiast will become rich for sure. But the big question is this really possible to be happen? If yes, I think it will take more, more years before it happen. Because many of the people all the around world are still not aware in bitcoin.

[Berns]

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?

In this case the price will explode and everyone who owns a decent amount of btc will be rich,but i don't think this will happen very soon.

That's true, many of the bitcoin enthusiast will become rich for sure. But the big question is this really possible to be happen? If yes, I think it will take more, more years before it happen. Because many of the people all the around world are still not aware in bitcoin.

you are right, it will take many years. We need to be patient. Better yet, make a long-term investment, and to convey our reserves Bitcoin grandchildren. That is for them it will be super profitable

[coinplus]

  So, all of who owns the Bitcoin is in an irregular situation! This is totally inconsequential. We did not get this money by criminal activities
  Or rather most of us gain this money by hard work and sleepless nights and the constant thought.

Definitely,we do not earned it in easiest way, by means of hardwork and tiring days to cope up the deadlines.Its  not easy to earn bitcoins,if you have it we must see to it that it will go in a good way.If it will become a legal currency then it will be the benifits of everyone who totally save it and earned it.So things might have been going smoothly with every transactions we made.

If bitcoin becomes legal and become a thing that everyone uses in their daily lives than it will a big benefit for us the users who have supported it for a long term, we now suffer from the lack of usage of bitcoin, and with more people using the more places we could spend it on and the more it becomes a good thing.

[Bitcoin0916]

Of course this is the very thing I was waiting, when many issues concerning fiat money, of course, must find the best way to handle it. And for the current, bitcoin is the best solution for it. So, I very much agree if bitcoin be legal currency.

[Mr. Big]

Of course this is the very thing I was waiting, when many issues concerning fiat money, of course, must find the best way to handle it. And for the current, bitcoin is the best solution for it. So, I very much agree if bitcoin be legal currency.

So what will happen if it becomes legal and become a substitute to solve issues concerning fiat money?

Anyway, for sure it will not happen that fast and if it happens, I'm sure something in bitcoin has already change.... We might not experience the thing that we always say "bitcoin is freedom"... Probably it will be gone since bitcoin will be adopted by countries and for sure there will be a regulation that will happen... 

[Shady]

Bitcoin built on the passion for boom and a creative economy, the likelihood of official adoption vs where we are now as a whole would surely become essential to remain on its current path because of the reduction of risk as well as a better reality.

No matter what countries use as fuel, BTC will always be a better international alternative to USD for digital and exotic goods becaus of the conversion fees.

[agamasrori]

Of course this is the very thing I was waiting, when many issues concerning fiat money, of course, must find the best way to handle it. And for the current, bitcoin is the best solution for it. So, I very much agree if bitcoin be legal currency.

Me too.  if bitcoin being legal currency, so many online business will grow faster if bitcoin payment system is implemented in it. Online business usualy use paypal or money broker that really difficult and make the customer confuse. Bitcoin will make the transaction more practicaly.

[achow102]

Of course this is the very thing I was waiting, when many issues concerning fiat money, of course, must find the best way to handle it. And for the current, bitcoin is the best solution for it. So, I very much agree if bitcoin be legal currency.

Me too.  if bitcoin being legal currency, so many online business will grow faster if bitcoin payment system is implemented in it. Online business usualy use paypal or money broker that really difficult and make the customer confuse. Bitcoin will make the transaction more practicaly.

I am sure that the business is to be a positive change. But there are drawbacks - Bitcoin lose anonymity. And the government will require payment of taxes

[Silberman]

Bitcoin is not going to become legal currency and it is better this way that way governments cannot impose the same regulations that other currencies have.

I support this statement that bitcoin will not going to be a legal currency or a legal tender nt only because of its volatile nature but the government and the banks will not allow it. The government will not like a currency that is not controllable by them since it has a negative impact on society and governance. A currency that cannot be controlled will only give way to money laundering and tax evasion that will lead a country to economic crisis.

While you can do all of that bitcoin will also allow us to do good things like having a currency that appreciates in value instead of one that loses value over the long term.

[X-ray]

Bitcoin is not going to become legal currency and it is better this way that way governments cannot impose the same regulations that other currencies have.

I support this statement that bitcoin will not going to be a legal currency or a legal tender nt only because of its volatile nature but the government and the banks will not allow it. The government will not like a currency that is not controllable by them since it has a negative impact on society and governance. A currency that cannot be controlled will only give way to money laundering and tax evasion that will lead a country to economic crisis.

While you can do all of that bitcoin will also allow us to do good things like having a currency that appreciates in value instead of one that loses value over the long term.

If you are reffering the words "one that loses value over long term" to fiat then it's actually wrong, bitcoin and fiat is the same and both have the time to have its price to increase and decrease, if you ever have done trading in both fiat and cryptocurrencies then you must have already know about this. it's the matter of circumstances, demands, and any other factor