What would happen if Bitcoin became a legal currency?

[SHAWN-MIDWAYS]

Might help make life better if bitcoin becomes legal currency. Many parties will benefit from bitcoin. But for a country less able to protect value of currency, it may be an inflationary disaster for the country and its people.

Bitcoin is representing a technology that can disrupt with how we do things most especially in the financial sector and so far blockchain technology is praised as a very innovative way. There are now many countries who recognized Bitcoin as form of a currency...some are doing it for taxation purpose and some are laying down regulatory requirements and platform inorder to make sure that Bitcoin is not being used for illegal purposes.

Adoption of Bitcoin for all countries can take time though even in countries where Bitcoin is still illegal to own I am sure that there are those who have Bitcoin secretly.

Agreed. If Bitcoin became a legal currency we would see improved crypto services, also a shift of interest from fiat to cryptocurrencies as everyone wants to get to enjoy financial freedom and which could possibly cause some disruption in the money market for some local currencies.

In the coming years, I am sure we can see a big boom for Bitcoin most especially if the scaling problem can be solved once and for all.

Very valid insight legalization would bring high demand and a problem to the bitcoin network if a scaling solution is not brought forward

[ladydark]

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?

People would get more confident in using bitcoin since it has been made legal.Demand for bitcoins would rise and probably,its price would rise high.Tax would be levied on bitcoin earnings.Banks would loose more revenues which they get from money transactions.

[Beparanf]

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?

People would get more confident in using bitcoin since it has been made legal.Demand for bitcoins would rise and probably,its price would rise high.Tax would be levied on bitcoin earnings.Banks would loose more revenues which they get from money transactions.

Being legal means having tax,it may cause really a great increase in its value, but will lessen our net earnings due to taxes.

[Ronaldcoin2017]

It should be a great opportunity to the one who has a big amount of bitcoin as  of now.because if bitcoin become legal.there is a great possibility that many people use it.it will be having a great demand to all users therefore the posibility to rise is 99.9%

[crazycatwoman03]

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 ever that bitcoin became a legal currency, all of us who have been waiting for that to happen will be. Bitcoin will now be legally used in online transactions. Bitcoin must be recognized by other countries for it to become a legal currency. The process of becoming a legal currency would take years before it happened I know that this situation is worth the wait.

If ever that bitcoin became legal, bitcoin must be recognized by the government. Although, becoming legal would be of greater used, I think that it will also be dangerous. We all know how the use of bitcoin is very convenient in performing online transactions ANONYMOUSLY. It will be dangerous since bad people can also use it to perform illegal transactions.

[tristan1960]

It price just would go to the moon really to the moon... Even some reasonable rumors on becoming legit of bitcoin could make a boom here.

[Afnan_faizah]

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?

Probably when it is happen, fiat will not used anymore. I just worried about the transaction time that might be longer than usual because bitcoin will get huge mass adoption.

[freedomno1]

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 video
https://www.youtube.com/watch?v=s4g1XFU8Gto
In other words it would reduce intermediary parties and give people direct control over their currency of course people can still use the middlemen but it does remove the primary need for one.

[bitcoinmasterlord]

I think if that happens, surely from something that happens there is a good side and there is also a downside. Depending on how to do it well or not, how to manage it, manage it and expand it to avoid any decline or disadvantageous.

Of course there is a positive effect and a negative effect if bitcoin becomes a legal currency? After all the question is which country will receive bitcoin and legalize bitcoin in their country? That is the question of many people

If bitcoin become legal currency, then the bitcoin users will get the negative impact, and it is positive for the governament. Yes the govt will take control on BTC transaction then we must pay tax on our transaction then this is an advantage for govt and disadvantage for bitcoin users. Now we are paying one minimum fee and converting our BTC to fiat. If the govt accept, then we have to pay a fee to every transaction.

[michietn94]

It will be very usefull for who had invest bitcoin earlier , for example : they can rent or stay at hotel with bitcoin or pay restauran't bill with bitcoin without being worried and tax free
Also it will affect on bitcoin supply and demand globally !

[bitcoin31]

If this happen for sure the price of bitcoin will increase more. As of now the price down at $2200 and if bitcoin become legal currency for sure the price will hit $10,000 and I hope it will happen. I hope soon bitcoin become legalize.

[Finestream]

If this happen for sure the price of bitcoin will increase more. As of now the price down at $2200 and if bitcoin become legal currency for sure the price will hit $10,000 and I hope it will happen. I hope soon bitcoin become legalize.

Bitcoin has been considered as a legal payment system but not a legal currency and I don't think it will happen sooner or later.
The fact that it is not created by the government, it will never pass under the law for review and we should all know that bitcoin has its limitation.
What bitcoin has recently achieve is already a big success, and this will continue but will never be as popular and as big as the real currency.

[hawkins]

Well, of course this would be a glance investor to invest with much on bitcoin. It will make very much money for them; in fact, bitcoin prices can get very high beyond current prices. Many things will happen when bitcoin becomes legal,

[NEWGOODOUBLE]

I think if that happens, surely from something that happens there is a good side and there is also a downside. Depending on how to do it well or not, how to manage it, manage it and expand it to avoid any decline or disadvantageous.

Yeah if that's true there's going to be good things and bad things to come, you know bitcoin decentralized and anonymous. So if everyone uses bitcoin it means there will be a lot of embezzlement as many people will definitely take advantage of the anonymity of bitcoin

[wuvdoll]

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?

People would get more confident in using bitcoin since it has been made legal.Demand for bitcoins would rise and probably,its price would rise high.Tax would be levied on bitcoin earnings.Banks would loose more revenues which they get from money transactions.

Being legal means having tax,it may cause really a great increase in its value, but will lessen our net earnings due to taxes.

Yes, currently we are paying no taxes to the government on the earning of the bitcoin but if it is legalized the government will demand tax on the earning of the Bitcoin and this will really be a hard time for the people earning the bitcoin.

The net earnings will definitely be decreased and it may not be the favorite mean to earn anymore. People like the bitcoin for the reason that they don’t have to pay any taxes from the earning of the Bitcoin.

[webtricks]

Well, of course this would be a glance investor to invest with much on bitcoin. It will make very much money for them; in fact, bitcoin prices can get very high beyond current prices. Many things will happen when bitcoin becomes legal,

Indeed. There was conception in people's mind that legalisation of Bitcoin gonna has adverse impact of decentralization aspect of Bitcoin but successful legalisation in Japan has proved that it is profitable. So if Bitcoin gonna legalized in major countries, undoubtly its price and utility gonna rise many times.

[Ewinsane]

Might help make life better if bitcoin becomes legal currency. Many parties will benefit from bitcoin. But for a country less able to protect value of currency, it may be an inflationary disaster for the country and its people.

Yes I agree making it a legalize currency is not an easy task for the countries though I am sure in many countries the economists will be working on it currently to how to deal with the bitcoin for to making it legal. It will benefit mostly the public because it is something related to the common man. The bitcoin have a very much positive effect on the life of a common man.

[raven7886]

Might help make life better if bitcoin becomes legal currency. Many parties will benefit from bitcoin. But for a country less able to protect value of currency, it may be an inflationary disaster for the country and its people.

Bitcoin is representing a technology that can disrupt with how we do things most especially in the financial sector and so far blockchain technology is praised as a very innovative way. There are now many countries who recognized Bitcoin as form of a currency...some are doing it for taxation purpose and some are laying down regulatory requirements and platform inorder to make sure that Bitcoin is not being used for illegal purposes.

Adoption of Bitcoin for all countries can take time though even in countries where Bitcoin is still illegal to own I am sure that there are those who have Bitcoin secretly.

Agreed. If Bitcoin became a legal currency we would see improved crypto services, also a shift of interest from fiat to cryptocurrencies as everyone wants to get to enjoy financial freedom and which could possibly cause some disruption in the money market for some local currencies.

In the coming years, I am sure we can see a big boom for Bitcoin most especially if the scaling problem can be solved once and for all.

Very valid insight legalization would bring high demand and a problem to the bitcoin network if a scaling solution is not brought forward

Yes, bitcoin scaling is a real issue that the bitcoin is facing. In current situation I don’t think the Bitcoin has the strength to deal all at once with the legalization. It can better be possible if the countries one by one accepts it and legalize it so that the Bitcoin get the time to upgrade its system to bear the increased transactions as we already are facing the transactions delay in the bitcoin.

[HashieNewb]

Well, of course this would be a glance investor to invest with much on bitcoin. It will make very much money for them; in fact, bitcoin prices can get very high beyond current prices. Many things will happen when bitcoin becomes legal,

If Bitcoin becomes a legal thing to use on a global scale then the people that use other currencies will try to drop portions of what they have into Bitcoin. The price of Bitcoin will go up because of the amount of people getting into Bitcoin and the people that invested a while back will try to sell their coins while making a profit though they will not be successful doing so.

[JoMarrah Iarim Dan]

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?

hhhmm .. If ever bitcoin became the legal currency of all the countries and cash totally face out, the disadvantage of converting money in other country will also disappear. Anywhere you go especially if you / we travel to another country like Philippines to Korea, or Dubai to America, we don't need to convert our money from peso to dollar or any currencies. With bitcoin, you can use it in paying or buying anything.