What would happen if Bitcoin became a legal currency?

[Kisanaq]

The most obvious impact is legal currency will dissapear because everyone will divert to the bitcoin, simple things is because with bitcoin all online transactions can be faster than real money.

[mornabo]

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.

There will be many questions when bitcoin is properly legalized by the world, what will happen next? Yeah how to control bitcoin? And there are many other questions. One thing that will make bitcoin in legalized is the government can manage or control bitcoin

[dokinna]

The first thing I think about if bitcoin becomes legal is the bitcoin price will be higher, and I can take profit from it, most people use bitcoin as an investment tool and look for profit. It is very reasonable

[PokerFace3]

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 is legal almost all across the globe barring a select few countries, which however cannot regulate its use.
It is not about being legal, it’s about acceptance by the big players and waiting for one spark by one big corporate to light up everything.

When most of world population will be opting in favor of using bitcoins, I guess governments will be having no other go except legalizing it. I am sure one day or another this is going to happen but we cannot set any time frame for it to exactly when to happen.

[bitbob82]

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 is legal almost all across the globe barring a select few countries, which however cannot regulate its use.
It is not about being legal, it’s about acceptance by the big players and waiting for one spark by one big corporate to light up everything.

When most of world population will be opting in favor of using bitcoins, I guess governments will be having no other go except legalizing it. I am sure one day or another this is going to happen but we cannot set any time frame for it to exactly when to happen.

yes that is also right to say that bitcoin is really a legal currency and the countries just need to accept its legality, just like japan, and i think very soon other countries are going to accept bitcoin as legal currency.

[bncbnc]

The most obvious impact is legal currency will dissapear because everyone will divert to the bitcoin, simple things is because with bitcoin all online transactions can be faster than real money.

but to me i think even if all the counties of the world declare bitcoin as legal currency still fat currency will survive for a long long time. because it will take a lot of time when all the people of the world will know about bitcoin and then learn how to start using bitcoin. i think fiat will continue to survive for a long long time and it is not so easy that to convert all our uses to bitcoin from fiat and let fiat useless.

[machinek20]

The most obvious impact is legal currency will dissapear because everyone will divert to the bitcoin, simple things is because with bitcoin all online transactions can be faster than real money.

but to me i think even if all the counties of the world declare bitcoin as legal currency still fat currency will survive for a long long time. because it will take a lot of time when all the people of the world will know about bitcoin and then learn how to start using bitcoin. i think fiat will continue to survive for a long long time and it is not so easy that to convert all our uses to bitcoin from fiat and let fiat useless.

Even the government legalize bitcoin, fiat will still be used, to balance the country economics situation bitcoin is not suitable and bitcoin got a limited supply and spread all over the world, it will be disaster if the country doesn't had a fiat and then the bitcoin supply for that country is not enough, it will lead to a huge inflation, so fiat is really important for the country and will be irreplaceable

[Sled]

The most obvious impact is legal currency will dissapear because everyone will divert to the bitcoin, simple things is because with bitcoin all online transactions can be faster than real money.

but to me i think even if all the counties of the world declare bitcoin as legal currency still fat currency will survive for a long long time. because it will take a lot of time when all the people of the world will know about bitcoin and then learn how to start using bitcoin. i think fiat will continue to survive for a long long time and it is not so easy that to convert all our uses to bitcoin from fiat and let fiat useless.

Even the government legalize bitcoin, fiat will still be used, to balance the country economics situation bitcoin is not suitable and bitcoin got a limited supply and spread all over the world, it will be disaster if the country doesn't had a fiat and then the bitcoin supply for that country is not enough, it will lead to a huge inflation, so fiat is really important for the country and will be irreplaceable

Yes that is right because fiat has an unlimited supply and it can supply all the needs of people in terms of money while bitcoin is very limited so it will not have the enough supply for the possible future demands of the people and if the demand will not be well distributed by supply then there will be chaos and bitcoin will just end up being a dead currency.

[Yatsan]

The most obvious impact is legal currency will dissapear because everyone will divert to the bitcoin, simple things is because with bitcoin all online transactions can be faster than real money.

but to me i think even if all the counties of the world declare bitcoin as legal currency still fat currency will survive for a long long time. because it will take a lot of time when all the people of the world will know about bitcoin and then learn how to start using bitcoin. i think fiat will continue to survive for a long long time and it is not so easy that to convert all our uses to bitcoin from fiat and let fiat useless.

Even the government legalize bitcoin, fiat will still be used, to balance the country economics situation bitcoin is not suitable and bitcoin got a limited supply and spread all over the world, it will be disaster if the country doesn't had a fiat and then the bitcoin supply for that country is not enough, it will lead to a huge inflation, so fiat is really important for the country and will be irreplaceable

Yes that is right because fiat has an unlimited supply and it can supply all the needs of people in terms of money while bitcoin is very limited so it will not have the enough supply for the possible future demands of the people and if the demand will not be well distributed by supply then there will be chaos and bitcoin will just end up being a dead currency.

chaos and dead currency is so overreacting, The supply and demand law is not works in that way if the bitcoin supply will be lessen just like what's happening these days the price will go up and in terms of legality if that will happen the n the price of the bitcoin will go all the way up I think 50,000$ or more because that how supply and demand works. There will be no chaos or something that so impossible to happen hahahahaha.

[Polar91]

The first thing I think about if bitcoin becomes legal is the bitcoin price will be higher, and I can take profit from it, most people use bitcoin as an investment tool and look for profit. It is very reasonable

That's the normal thing that will happen. However, government would certainly interfere with that since it's legal and they should have regulate it which can cause taxation but hopefully it won't happen. However, in terms of transaction, government could not affect blockchain transaction since they don't have a control with it.

[emezh10]

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?

The price of the bitcoin will go to the moon because many people will buy bitcoin in that situation because the bitcoin is accepted and legalized in every manner that will be the best and the largest pump of the bitcoin that will happen. Because you can use bitcoin in every transactions.

[bit1]

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?

The price of the bitcoin will go to the moon because many people will buy bitcoin in that situation because the bitcoin is accepted and legalized in every manner that will be the best and the largest pump of the bitcoin that will happen. Because you can use bitcoin in every transactions.

And would also cause a total revolution in the way of doing business, I really can not imagine a thing of that magnitude, to clarify, I do not say it will happen or not, what I say is that such a thing would present many sudden technical and social challenges whose effects would be very difficult to predict or even to imagine.

[NEWGOODOUBLE]

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.

Certainly there are many people who are trying to make bitcoin become legal in all countries. But they understand that it is not easy. Because of course the government will refuse when they can not benefit from bitcoin

[theunbeatable]

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.

But it takes of a lot of time before traditional currency will totally face out. Lot of people still depend on it even government used as their money from collecting taxes because they didn’t control bitcoin. Still in a good side if it became legal, lot of people will used it and accept it. Bitcoin prize will rapidly increase like the time when japan already accepts it.

[Pattart]

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.

Yeah I'm sure there are lots of bitcoin users who do that. They will definitely try to get the bitcoin acceptable or legalized. But the government's requirement for bitcoin to be controlled is something that is impossible to do because of the nature of the already existed bitcoin decentralization

[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?

If bitcoin becomes legal,every one would get confidence to buy and would start using it.It could create a huge demand for bitcoins just as it happened now in japan which made bitcoin price rise.Bitcoin earnings would be taxed and hence bitcoin transactions would be monitored by governments.People need not search for exchanges to buy or sell bitcoins.They could easily do it any where.

[ipungadhi]

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.

Perhaps one way is to make bitcoin users manageable, so bitcoin users can be seen by government and government can provide control and rules. The way is possible with bitcoin bank. With it bitcoin can be legalized #imo

[19Nov16]

Surely the world would be welcomed, when many transactions with real money (using rate from strong currency as USD, EUR, JPY and etc) certainly gives rise to the strengthening that currency so the value of the local currency steadily rectified.

[ilovefeetsmell]

If this happens, I would still be poor tho. I didn't stack too many bitcoins yet. Give me more time please before this happens. But if it did, I would be using bitcoin as my primary medium of paying for anything. But this would probably happen way into the future. Also, I don't think it would be Bitcoin at that time because I feel that the government will create its cryptocurrency to replace fiat currency.

It is the same mine, want to save money then I will convert into fiat cash if it would happen someday. Government always plan to beat and overcome bitcoin to have profit from it.

Definitely you don't need to be poor or rich if bitcoin will become a legal currency.. and it will take a lot of time or years before it will happen so as early as now you still have a time to save more bitcoins for your future.

Absolutely correct! The better you can do now is to save your bitcoin. We will become rich if we save more 10 bitcoins. Just to save and you will be lucky in the near future. Don't waste your time to make money, stay focus on what you want then it will gonna happen.

[Ipwich]

Surely the world would be welcomed, when many transactions with real money (using rate from strong currency as USD, EUR, JPY and etc) certainly gives rise to the strengthening that currency so the value of the local currency steadily rectified.

If it will be a legal currency it will not be this popular, what we like about bitcoin is because it's decentralized and
we have the privacy when transacting, but if this will become legalize like a currency, everything will be eliminated.
Transparency will take place.