What would happen if Bitcoin became a legal currency?

[deisik]

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

I tend to disagree with that claim

As to me, Bitcoin price stability has everything to do with Bitcoin official acceptance and approval by governments. If Bitcoin price jumps from zero to hero and back again, figuratively speaking, why would any sane government want to recognize Bitcoin in that case? If we are to face the facts, recognizing Bitcoin as a currency or commodity by some country (its government) would objectively mean endorsing its use by the citizens of this country. I guess this is one of the reasons why many governments have mainly taken a wait-and-see approach today

[Vaskiy]

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

Several countries make a negative statement over bitcoin as well other virtual currencies just because it cannot be considered equal to the country's own currency and the decentralization. This will slowly get change, a week back too Russian government which has been against bitcoin planned to take the ban as well. Same might happen with other countries which oppose bitcoin when they realize the true potential.

[wahb]

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

i do not think that any body has yet banned bitcoin, i think they are thinking about how to legalize it because the users of bitcoi are increasing everywhere and they are putting pressure on the governments to accept bitcoin as legal currency.

[Pattberry]

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

I clearly did not understand everything what you said here but to tell you the fact the government can ban a bitcoin exchange in the country but that does not mean that they can bar you from using bitcoin and exchange it in a foreign exchange and then transfer the money to your local account.

[dreamsorcerer]

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?

I imagine some problems for betting and casino sites. Also btc poker rooms could have some problems in more country.
This because actually they are "allowed" just because accepting btc only.

[Tanic]

Yes, of course in the case of accepting bitcoin as Legal currency on the same way as fiat the government would put it's hands on bitcoin. I am not sure that this would be good to us bitcoin holders, but this is the possible future for bitcoin, I know that some governments are already preparing the base for accepting bitcoin, but as I heard it brings new fees.

[lionheart78]

Yes, of course in the case of accepting bitcoin as Legal currency on the same way as fiat the government would put it's hands on bitcoin. I am not sure that this would be good to us bitcoin holders, but this is the possible future for bitcoin, I know that some governments are already preparing the base for accepting bitcoin, but as I heard it brings new fees.

Yes it will be good.  The doubt about bitcoin being illegal will be changed and those who are hesitant to use or join Bitcoin economy will adopt bitcoin since for them it is safe to be involved with it since government finally acknowledge bitcoin.  We can see a boom in the economy of Bitcoin and then price will certainly goes up but tax will be implemented.

[jualidbitmixer]

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?

I imagine some problems for betting and casino sites. Also btc poker rooms could have some problems in more country.
This because actually they are "allowed" just because accepting btc only.

Problems ? I don't think bitcoin will make a problem on betting and casino sites. Bitcoin will make online betting and online casinos more better because bitcoin is easy to use and also bitcoin have very low fee for each transaction. It will be a good news if bitcoin became a legal currency.

[X-ray]

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

i do not think that any body has yet banned bitcoin, i think they are thinking about how to legalize it because the users of bitcoi are increasing everywhere and they are putting pressure on the governments to accept bitcoin as legal currency.

even if the bitcoin users are increasing, but i'm sure that it's not even surpasses 5% of population in each country using bitcoin, therefore no pressure for government, and proven so far none i've seen in the media talking about a group of people forcing the government to accept or implement bitcoin in the system,it's kind of BS

[The_prodigy]

Yes, of course in the case of accepting bitcoin as Legal currency on the same way as fiat the government would put it's hands on bitcoin. I am not sure that this would be good to us bitcoin holders, but this is the possible future for bitcoin, I know that some governments are already preparing the base for accepting bitcoin, but as I heard it brings new fees.

Yes it will be good.  The doubt about bitcoin being illegal will be changed and those who are hesitant to use or join Bitcoin economy will adopt bitcoin since for them it is safe to be involved with it since government finally acknowledge bitcoin.  We can see a boom in the economy of Bitcoin and then price will certainly goes up but tax will be implemented.

People here in my country has doudbt that bitcoin is illegal but then they're using it now because many people here in my country see the real future of bitcoin where the ecnomy it self has become more appropriate to those people who using it for now since bank are adopting bitcoin we can sell our bitcoin to banks where they going to deposit it direct to our accounts

[hase0278]

Bitcoin in my opinion cannot become a legal currency, since right now it is not looked upon as a legal currency, but as an investment. If it were to become one though, it would be great since there will be higher demand. Because of higher demand, bitcoin's price will go up and up but there is this problem with the supply so it being a legal currency seems like impossible to me.

[BeGoods]

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

I clearly did not understand everything what you said here but to tell you the fact the government can ban a bitcoin exchange in the country but that does not mean that they can bar you from using bitcoin and exchange it in a foreign exchange and then transfer the money to your local account.

of course very easy for the government to do the blocking to the exchange sites in their country. but you can still access it using a vpn or the like, but the government can not forbid you to not use bitcoin

[bitllionaire]

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

I clearly did not understand everything what you said here but to tell you the fact the government can ban a bitcoin exchange in the country but that does not mean that they can bar you from using bitcoin and exchange it in a foreign exchange and then transfer the money to your local account.

Bitcoin users are increasing day by day and i think the government is not of the view to ban on bitcoin because of immense pressure of masses insisting for keeping continuation of currency so a hope is here exist that the government would compel  and star serious thinking for bitcoin as a legal currency.

[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?

If that happens, perhaps, most of the of the altcoins can disappear little by little and their price value will goes down. And bitcoin enthusiast will be happy of course majority of them will become rich by that time.

[jacaf01]

Bitcoin in my opinion cannot become a legal currency, since right now it is not looked upon as a legal currency, but as an investment. If it were to become one though, it would be great since there will be higher demand. Because of higher demand, bitcoin's price will go up and up but there is this problem with the supply so it being a legal currency seems like impossible to me.

Agreed, I can't see these countries legalising BTC, what they want is control and Bitcoin has taken that from them. For them to legalise Bitcoin then Bitcoin too will trade with some of its features

[jpoker272727]

If bitcoin is not illegal then it means that it is legal (except some countries that stated that bitcoin is illegal)

And because bitcoin is legal I have seen many people that keep tracks of their transaction (and some even pay taxes)

I'm very optimistic that bitcoin will succeed and those countries that made it illegal will change mind.

[Silberman]

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.

The 21 million cap is a non issue we will use very small amount of bitcoins that is all, currently I have my wallet to tell me the amount of mBTC I have, maybe in the future we will count satoshis because bitcoin will be very valuable.

[Ewinsane]

Bitcoin in my opinion cannot become a legal currency, since right now it is not looked upon as a legal currency, but as an investment. If it were to become one though, it would be great since there will be higher demand. Because of higher demand, bitcoin's price will go up and up but there is this problem with the supply so it being a legal currency seems like impossible to me.

But i think that bitcoin will be come a legal currency in the future because you can see that the bitcoin users increasing day by day and there is a lot of services is create on bitcoin and we know that there is a lot of people adopting bitcoin for their business and i hope that the government will be sooner adopt the bitcoin in the future and then bitcoin will be legal currency in the future.

[legendbtc]

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

i do not think that any body has yet banned bitcoin, i think they are thinking about how to legalize it because the users of bitcoi are increasing everywhere and they are putting pressure on the governments to accept bitcoin as legal currency.

Till now no government has banned the bitcoin because bitcoin is completely digital currency and already it has been widely spread to all parts of the world. Even many countries are supporting it and even in some countries many people are paying taxes for using it.

[markyminer]

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

i do not think that any body has yet banned bitcoin, i think they are thinking about how to legalize it because the users of bitcoi are increasing everywhere and they are putting pressure on the governments to accept bitcoin as legal currency.

Till now no government has banned the bitcoin because bitcoin is completely digital currency and already it has been widely spread to all parts of the world. Even many countries are supporting it and even in some countries many people are paying taxes for using it.

yes that is a fact that still bitcoin is not banned by a single country, although it was banned by Russia but now we can see a lot of Russian even in this forum, governments have not yet given any statement about bitcoin but people are using it as legal currency, the number of bitcoin users are increasing continuously therefore it is expected that governments will take decision in the favour of bitcoin.