What would happen if Bitcoin became a legal currency?

[Taki]

Bitcoin is legal currency in the right moment as well. We don't need to hide that we use it and keep some, right?
But if you mean bitcoin to be on the same level as fiat. Then it would be nothing new in it's using, I think. All this fiat deals would be extended on bitcoin as well and that's it.

[lordquanta]

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

My two cents:
Correct, one of biggest advantage of bitcoin is anonymity which any government would not like at all.
Second factor is difficulty  for Govt in controlling Bitcoin value. Look at china or Venezuela or India situation, china attempted to devalue their own currency to remain top on market. Without bitcoin this move would have affected all china. However with option of bitcoin, many from china moved their fiat currency in bitcoin tried to mitigate loss. This got bitcoin in bad book of govt. On similar note any govt who wish to control complete economy would oppose to the currency which they can not regulate.

Some countries would accept bitcoin some may not.  For bitcoin it is important to remain decentralized and open-source.

[Liang_Kubur]

if this happens, of course, all transactions will be easier. everyone does not need to carry cash or credit cards for purchases, or pay anything. national borders is not a problem because the price they are selling it is easy to us without having to pay a currency conversion. I really wait for this to happen.

[delliaerd]

Bitcoin is legal currency in the right moment as well. We don't need to hide that we use it and keep some, right?
But if you mean bitcoin to be on the same level as fiat. Then it would be nothing new in it's using, I think. All this fiat deals would be extended on bitcoin as well and that's it.

You are right. Bitcoin is already a legal currency in some countries. Be on the same level as fiat or not, let the people determine it. For me bitcoin is more practicaly to use than fiat. Bitcoin will easier to spread in those countries, then the huge mass adoption of bitcoin will make the price of bitcoin rise.
Also if bitcoin became legal currency, so many merchants will accept bitcoin. It will make buying and selling more practicaly.

[noel2123]

If bitcoin became legal currency, all of money papers and coins will disolve or be obsolete. Papers and coins that can be use to buy things, foods and clothing will became bitcoin or became a virtual money. Bitcoin money can depriciate the value of money, it can virtual money or be a high future technology involving money

[oktana]

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 value will be inflation. Must compete from the beginning again with a fiat currency, but will only be temporary because many emerging interest from market, the positive side will appear a lot of new projects are supported and accommodated by the government, and will facilitate any transaction of its people.

You are right. Bitcoin is already a legal currency in some countries.

Which country? Does that country have made law administration of bitcoin?

[BrewMaster]

You are right. Bitcoin is already a legal currency in some countries.

Which country? Does that country have made law administration of bitcoin?

i just answered this to someone else in another topic:
https://bitcointalk.org/index.php?topic=1294465.msg17522642#msg17522642
there are many countries that have announced bitcoin as a legal currency or commodity and these are only big countries with lots of bitcoin user. the rest are aware of bitcoin and said it is legal but didn't announce it big time since there aren't that many users.

you can also see this:
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

[dearbesz1219]

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?

This is obviously that bitcoin will become a secondary legal currency. If this be done all individual bitcoin lovers will become rich instantly, no doubt about that things. because the price value will be like a skyrocket on which will be in favor to all bitcoin enthusiast. In addition to that matter Bitcoin was design to to become an online payment in digital world.

[philggg]

 if bitcoin becomes  a legal tendar  ,it will be a very good thing because a lot of people are accepting bitcoin including online machant website.it will be one of the best currency around

[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.

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

I disagree while there is variation in the price of bitcoin the fact there is a limited number of coins and the rewards are halved means bitcoin is going to gain value as time passes on, fiat does not follow this, the dollar has lost more than 95% of his value in the last century.

[Boss CJ]

if bitcoin becomes  a legal tendar  ,it will be a very good thing because a lot of people are accepting bitcoin including online machant website.it will be one of the best currency around

If bitcoin became a legal tender it really wouldn't change at all. It would continue managing the US dollars value against foreign currencies (like bitcoin) and oversee the financial sector and yes all transactions may come easy especially in buying commodities and rendering services. Hope if that happens a lot of people already familiar with the concept of bitcoin.

[Cyndonald]

I expect this fact happen in the next years. I will get more profits and maybe I will become a millionaire in the future. Bitcoin will be a fiat which has no inflation as the traditional currency caused in the world. No government can print its money in the comfortable way as they want .

[megynacuna]

The world can't wait to welcome this news because it will bring economic transformation in every aspect of our lives. Bitcoin becoming a legal tender will bring freedom in payments , low transactional fees, transparency and security in our payments will be enhanced due to the blockchain technology behind it. I think it will even eradicate income taxes.

[Wandering Soul~]

Well there will be always a postive and  negative effects if that happened .

The positives I can think of are

1). There will be many new bitcoin users or even billions or more than that after a few years .
2). There will be a huge demand leading to its price skyrockets .
3). More business  and merchants will accept bitcoin as a payment .

The Negatives are the governments regulating it and putting tax to it and other laws or rules might come up ragarding that and we users will have have to follow that either way or is it possible that we are not even alive when it happens?

[Seansky]

If bitcoin really become a legal currency, of course we will always see the price in new all time highs. There will also be large fluctuations since many user will use it and if they dump even if 1% of users dump at that time, bitcoin's price will go down and go up when many are massive buying it. Although the probability of this happening because government won't just let it become legal, there's still the chance.

[jovs]

If bitcoin really become a legal currency, of course we will always see the price in new all time highs. There will also be large fluctuations since many user will use it and if they dump even if 1% of users dump at that time, bitcoin's price will go down and go up when many are massive buying it. Although the probability of this happening because government won't just let it become legal, there's still the chance.

If that would happen, then bitcoin's rate will become more consistent than we have now. There would be no huge votality, which is caused by huge investors like China. Yet, it is impossible. Because bitcoin's influence in dark market is huge. Government can't control it and that is an issue. Luckily, in my country it isn't looked as an illegal currency. What we see in bitcoin is a lot of oppurtunities. What ever happens to bitcoin, let us just support it.

[X-ray]

If bitcoin really become a legal currency, of course we will always see the price in new all time highs. There will also be large fluctuations since many user will use it and if they dump even if 1% of users dump at that time, bitcoin's price will go down and go up when many are massive buying it. Although the probability of this happening because government won't just let it become legal, there's still the chance.

If that would happen, then bitcoin's rate will become more consistent than we have now. There would be no huge votality, which is caused by huge investors like China. Yet, it is impossible. Because bitcoin's influence in dark market is huge. Government can't control it and that is an issue. Luckily, in my country it isn't looked as an illegal currency. What we see in bitcoin is a lot of oppurtunities. What ever happens to bitcoin, let us just support it.

the consistency of the rate of bitcoin really have nothing to do with the acceptance of bitcoin as a legal currency and still vulnerable by huge investors, by the way china is ain't investors but country, but people who's chinese and live there might be an investors, bitcoin's price exist because of pure demand therefore even if it's legalized the price still volatile

[deadpoolx]

From the information I have, there are few countries that consider Bitcoin an illegal currency. Moreover, it would not make much difference if a larger number of countries came to declare the currency as illegal, because Bitcoin was designed to function outside the realm of governments, banks or any other centralized institutions.

[nikilavi]

Well first of all bitcoin becoming a currency is not possible at all because the price can't be controlled by any government as currency can have a bit difference but with bitcoin it isn't possible.
Second bitcoin is a investment platform and if it would be a currency then calling it an investment platform or in other words next gold won't be possible.
Third even if somehow it became a currency there wouldn't be sufficient stock as total number bitcoins allowed to be mined is 21 million and 14 million bitcoins are already mined so there would be a shortage in distribution of it.

[slapper]

From the information I have, there are few countries that consider Bitcoin an illegal currency. Moreover, it would not make much difference if a larger number of countries came to declare the currency as illegal, because Bitcoin was designed to function outside the realm of governments, banks or any other centralized institutions.

It is truth. There are few contries dislike Bitcoin and because of that, the governemt decide to forbid Bitcoin. Anyone who has Bitcoin is considered as criminal. Therefore, there are any people using Bitcoin in that country. In my opinion, banning Bitcoin only causes negative effects. If you know how to compromise Bitcoin and the nation economy, that country will be much better