What would happen if Bitcoin became a legal currency?

[notyours]

Well its happening now, that bitcoin is becoming a legal currency. Recently, Australia approves already and it is effective July 1 of this year.What will happen is that people will be buying a bitcoin at least, to have or own one just in case. It will create more demand, and bitcoin price will significantly rise.Good news to bitcoin holders.

And also will result to transaction congestion in Blockchain that will result for others to pull out and find something better that is if this issue is not addressed effectively which as I said would turn the table. Don't get me wrong because I agree that it is a good thing that many countries have decided to recognize and legalize Bitcoin and might as well the other cryptocurrencies but let's hope that Bitcoin can also cope with the demands.

[Bionicgalaxy]

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 bitcoin was accepted as legal currency without converting it people who use bitcoin will definitely go shopping in online. And bitcoin would be more popular and the people who use bitcoin will increase.

[Lady Coquet]

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 bitcoin was accepted by the government and declared as a legal currency without converting it into a real money. the number of people who is using bitcion will increase and bitcoin will be more popular .

[geegaw]

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 bitcoin was accepted as legal currency without converting it people who use bitcoin will definitely go shopping in online. And bitcoin would be more popular and the people who use bitcoin will increase.

Yes, but in addition, there will be a lot of problems can occur. If bitcoin is legal, this proves that the government has accepted it, so they will certainly tax it and when they tax it, our income will decrease. The next is money laundering and speculation, many people will use the black money to buy bitcoin then keep many bitcoins to influence the market, this will greatly affect the economies of many countries around the world. Bitcoin become popular and widely used than is good but the consequences it brings is too big, so I did not expect it to become legally

[deisik]

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 bitcoin was accepted as legal currency without converting it people who use bitcoin will definitely go shopping in online. And bitcoin would be more popular and the people who use bitcoin will increase.

Yes, but in addition, there will be a lot of problems can occur. If bitcoin is legal, this proves that the government has accepted it, so they will certainly tax it and when they tax it, our income will decrease. The next is money laundering and speculation, many people will use the black money to buy bitcoin then keep many bitcoins to influence the market, this will greatly affect the economies of many countries around the world. Bitcoin become popular and widely used than is good but the consequences it brings is too big, so I did not expect it to become legally

That would largely depend on Bitcoin status

If it is accepted as a currency (e.g. like any other currency out there), I don't think we will have to pay any taxes apart from capital gain tax, which you would still have to pay whenever you convert a foreign currency to a local one for a profit. But this is not a given either since in some jurisdictions currency exchange operations (and profits earned therewith) are not taxable. If Bitcoin is accepted as a commodity (or property), this is an entirely different matter, and thus you may have to pay additional taxes (e.g. a property tax)

[zeze18]

Maybe this will happen but we do not know for sure the government's interest in bitcoin legality, and if the government gives legality to bitcoin then there will be many changes that occur in bitcoin, such as bitcoin transactions will certainly require additional costs and of course there are regulations that require us to pay Ownership and business taxes. Which has a source of income from bitcoin

[olliedickman]

Bitcoin to become a legal currency is far away from truth, its just a sweet dream. I don't think present form of bitcoin can ever be a legal currency due to several obstacles like fees, scaling, micro payment problem and more. If we want to see bitcoin be something that could even accept at coffee shop then we need to re-design it, Segwit indeed.

I do agree with you. I dont think that Bitcoin will be accepted widely since there are many problems with Bitcoin and people can not stand it anymore. The confirmation time, the transaction fee, those ridiculous things make more and more people feel disappointed in Bitcoin

[rchstr]

Bitcoin to become a legal currency is far away from truth, its just a sweet dream. I don't think present form of bitcoin can ever be a legal currency due to several obstacles like fees, scaling, micro payment problem and more. If we want to see bitcoin be something that could even accept at coffee shop then we need to re-design it, Segwit indeed.

I do agree with you. I dont think that Bitcoin will be accepted widely since there are many problems with Bitcoin and people can not stand it anymore. The confirmation time, the transaction fee, those ridiculous things make more and more people feel disappointed in Bitcoin

yeah but some point. japan embraces bitcoin even if they know that it has flaws. but do you think that would be the end of bitcoin? not exactly right, but japan knows that they can get a resolution about those matters and they believe in some point in the future bitcoin will be the official crypto currency around the world.

[arpon11]

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?

we are all waiting for that day were crytocurrency especially bitcoin will become acceptable currencies and also being recognised worldwide as money. That when there will be financial correction all over the world.

[rchstr]

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?

we are all waiting for that day were crytocurrency especially bitcoin will become acceptable currencies and also being recognised worldwide as money. That when there will be financial correction all over the world.

yes correction might happen but what we would see after the correction? If you're talking about bitcoin. After the correction a big outbreak would happen thats why we are so lucky the we know bitcoin even we are the early majority adaptors.

[Przemax]

For bitcoin to be treated as a legal currency it have to be a legal tender to pay the taxes with. That would mean that either:

1. Payment in the public sector would be partialy payed in bitcoin.
2. And or bitcoin departament should be made. Its job would be manage the bitcoins colected as taxes.
3. The central bank that issue the money for government must accept the bitcoin.

The third option in my opinion won't happen, and the 2 others are highly unlikely.

[dothebeats]

Bitcoin to become a legal currency is far away from truth, its just a sweet dream. I don't think present form of bitcoin can ever be a legal currency due to several obstacles like fees, scaling, micro payment problem and more. If we want to see bitcoin be something that could even accept at coffee shop then we need to re-design it, Segwit indeed.

It's not a dream anymore since Australia is making huge steps to legalize bitcoin and treat it as a legal currency side-by-side with AUD, with NO TAX at all, from 1st of July. The thing I'm worried about this move is the scalability issues that we're having and tz confirmation times due to spam attacks. In any case, we're nearing acceptance from governments, not just the Aussies, but Japan and SoKor seems to be following next.

[lionheart78]

Bitcoin to become a legal currency is far away from truth, its just a sweet dream. I don't think present form of bitcoin can ever be a legal currency due to several obstacles like fees, scaling, micro payment problem and more. If we want to see bitcoin be something that could even accept at coffee shop then we need to re-design it, Segwit indeed.

What do you call Japan acknowledging bitcoin as money?  And now Australia?  Unless I am reading a different news article, I won't be mistaken that Bitcoin had been considered as legal currency.  Care to share the information about Bitcoin being far from becoming legal currency? 

[deisik]

For bitcoin to be treated as a legal currency it have to be a legal tender to pay the taxes with. That would mean that either:

1. Payment in the public sector would be partialy payed in bitcoin.
2. And or bitcoin departament should be made. Its job would be manage the bitcoins colected as taxes.
3. The central bank that issue the money for government must accept the bitcoin.

The third option in my opinion won't happen, and the 2 others are highly unlikely.

I basically agree with all three options you enumerated

And also with that they are unlikely to be implemented any time soon by any major government out there. That said, there is still a lot of room for movement on the government's part (let's call it Bitcoin tax maneuver, as they say in some countries). For example, they may not accept Bitcoin as a universal legal tender for payment of all taxes (public debts, etc), but they still could agree to accept Bitcoin for Bitcoin ("an eye for an eye" approach, so to speak). That is, they could take bitcoins as a payment for Bitcoin related taxes. Say, you increased your capital from 10 to 15 bitcoins within a year, i.e. you earned 5 BTC of pure profits annually, and the government might hope that you will want to pay them something like 10% of your profits (0.5 BTC in this case) as bitcoins, not as dollars or whatever

[cryp24x]

Probably this past weeks had shown you what will happen if Bitcoin became a legal currency.  An adoption of Japan acknowledging Bitcoin as money had broken several ATH in just a span of time.  This mean, Bitcoin will skyrocket in price of Bitcoin became a legal currency and acknowledge by the world.

[stripykitteh]

Probably this past weeks had shown you what will happen if Bitcoin became a legal currency.  An adoption of Japan acknowledging Bitcoin as money had broken several ATH in just a span of time.  This mean, Bitcoin will skyrocket in price of Bitcoin became a legal currency and acknowledge by the world.

Man, there would be chaos in the street, the people that have cash would be scrambling around trying to exchange their fiat for Bitcoin because it would be a major Currency that mostly everyone would want to use. Fiat would be really decreasing in value even more than it is right now.

Bitcoin is only going to get more famous at that point and the people that use it won’t want to spend as much money because they will notice that the price of Bitcoin is going up in value.

[grermezter]

If bitcoins does eventually become a legal currency, i wonder on which country's economy will the currency be based on and also are they going to print money or even will a bank for bitcoins be established, so many questions.

[DrGuns4Hands]

Well, if Bitcoin became a legal currency that would be great! If all countries accepted it and engaged it to legalized it's a big advantage. Bitcoin absolutely help people. For my standpoint, bitcoin is the future. It must be legalized for helping many people. Bitcoin is not only a currency but an asset.

[MB boss]

Recently bitcoin has became the legal currency of Japan and the result can be easily found from the price of bitcoin that its price started to increase so much faster and it reached to $1800 and if it is made a legal currency by all other countries then we will be millionaires with our bitcoins.

[ipungadhi]

Well, if Bitcoin became a legal currency that would be great! If all countries accepted it and engaged it to legalized it's a big advantage. Bitcoin absolutely help people. For my standpoint, bitcoin is the future. It must be legalized for helping many people. Bitcoin is not only a currency but an asset.

If bitcoin is legitimate it will certainly provide many advantages for its users, including the price to be bolted, users will increase, etc. It will definitely be very influential for bitcoin