What would happen if Bitcoin became a legal currency?

[palle11]

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?

What will happen first is that, bitcoin would have succeeded in making so many people mega rich. Again, it will reduce the roll of banks in the society and make extra charges go away. It will make financial transactions faster because you don't need banks to tell you come today nor tomorrow in trying to make a transaction etc. 

[Pab]

Big problems i guess,regulations,kyc etc,high cost for exchanges etc.Europe has good terms for bitcoin
In Europe bitcoin is like a money,enough to be legal without puting too much obstacles
In China bitcoin is recognised ike digital goods,now it has to be changed on Biggest China problem

[wahb]

I believe it would happens in 5-10 years for sure
New revolutions in World

That is true that it will take some more time. It will in fact depend on the increasing population of bitcoin users, which will surely put pressure on their governments to take a step about legalization of bitcoin, which in in fact too much important in modern time. Some countries have already taken a step wile the other are going to follow them.

[dewi91]

if  bitcoin become a legal currency of course the prices of bitcoin will be very high, bitcoin users will incerased, transaction become easier, and I think bitcoin can give affect the value of conventional currency.. too difficult for bitcoin become a legal currency in the world because the use of Bitcoin is still considered too risky because the exchange rate fluctuations are too extreme.

[kirilld]

Sure, of system in the circumstance of accepting bitcoin as Lawful forex on the very same way as fiat the govt would put it is arms on bitcoin. I am not sure that this would be great to us bitcoin holders, but this is the attainable future for bitcoin, I know that some governments are presently making ready the foundation for accepting bitcoin, but as I listened to it delivers new costs.

[coin_1122]

it is possible to make bitcoin as a legal currency but would take a relatively long time because nowadays not fully everybody in this world knows and can do transaction with bitcoin, this is of course because bitcoin legality factor still not fully get recognition from various countries in world .

I think it's won't be hard because already many countries have legalized the Bitcoin in their country for better economic growth. Offcourse many people don't know about because some countries didn't declare about Bitcoin acceptance.

[Visbay]

it is possible to make bitcoin as a legal currency but would take a relatively long time because nowadays not fully everybody in this world knows and can do transaction with bitcoin, this is of course because bitcoin legality factor still not fully get recognition from various countries in world .

Yes I agree with first thing which I don’t understand it’s not illegal as we are thinking bitcoin is openly available on internet and people are using it openly even in some countries bitcoin has a credit card and they are also using it openly if it was illegal how is it possible they any country can accepted it and some countries have already accepted bitcoin.

[yvesp110]

it is possible to make bitcoin as a legal currency but would take a relatively long time because nowadays not fully everybody in this world knows and can do transaction with bitcoin, this is of course because bitcoin legality factor still not fully get recognition from various countries in world .

Yes I agree with first thing which I don’t understand it’s not illegal as we are thinking bitcoin is openly available on internet and people are using it openly even in some countries bitcoin has a credit card and they are also using it openly if it was illegal how is it possible they any country can accepted it and some countries have already accepted bitcoin.

That happens mostly with every emerging thing. You can satisfy yourself with the history of all those things that have developed immediately. Once they were of no use and now see them they are regulating one main portion of world. Likewise, bitcoin have emerged so early so now same will happen with it, it take time but will be legal in all countries over the world.

[dmamigo]

it is possible to make bitcoin as a legal currency but would take a relatively long time because nowadays not fully everybody in this world knows and can do transaction with bitcoin, this is of course because bitcoin legality factor still not fully get recognition from various countries in world .

I think it's won't be hard because already many countries have legalized the Bitcoin in their country for better economic growth. Offcourse many people don't know about because some countries didn't declare about Bitcoin acceptance.

Bitcoin will surely be legalized, but in most countries it will come with a cost, known as regulation. Implementing KYC is still fine for me, but restricting or other implementations will be a bad thing to happen. Already China, Russia and India indicated that they are coming up with plans and will make it legal soon. If it get legalized, it will remove fear and the user base will gradually increase and thus the price may also increase.

[yrreg ger]

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?

It's a great idea that bitcoin will be use in buyibg if some things online or actual. For me it is good because of preventing to know by the bad person (holdaper) that you have huge amount of money.

I can also compare it to the china who banned the bitcoin, it is already accepted in china but it was banned, I think it is because of competition of currency, some countries banned the bitcoin because it affects in the currency  of that country. The government lose some income on those demand currency so that they need to ban the bitcoin.

[jeanpadel14]

If someday and i hope to become the legal currency of our country but not only here but for whole world it's better for me and for everyone because wherever you go you will not fear that you lose money because in bitcoin security is the best.

[BitcoinGirl.Club]

Bitcoin being legal wouldn't change its face value much because even the current situation allows users to  freely use it where any internet connectivity can be accessed, of course having it as a legal digital asset would instill confidence in investors and the big market players would instantly sign up

[croTek4]

It'd make bitcoin gain an order of magnitude's worth of marketcap. When I talk with my coworkers, most of them don't really know, or just don't own bitcoin because they don't think it's something that'll stand the test of time. If bitcoin becomes legal, it'd prove to all theses people that Bitcoin can be trusted, and that will make them think twice before saving up some coins.

[cleofila]

I remember US dollar was illegal currency in former the Soviet Union until 1993. That time US dollar holder Soviet resident would be put to jail. It is hardly believe but it is true. Now BTC is becoming legal in Japan. Then other countries would legal it... The history wheel.

[MiF]

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 you are talking about bitcoin will be a legal currency to a certain country only then it would be the safest and the most convenient way of transactions because you are always bringing an amount in which anytime and anyday you could use it even in case of emergency plus it would become the safest because nowadays it not safe bringing money in the streets due to lot of bad people are always roaming in the streets that might steal not only your money and also your credits cards unlike bitcoin you will just bringing your username and passwords in your mind.

[Mrsmants]

From the info I have, there are handful of countries that think about Bitcoin an illegal forex. Additionally, it would not make a lot big difference if a more substantial quantity of nations around the world came to declare the forex as unlawful, because Bitcoin was developed to perform exterior the realm of governments, banking institutions or any other centralized establishments.

[ekoice]

If bitcoin becomes a legal currency,then definitely its user volume would go very high and also its rate would go very high as its demand increases.People would gain more confidence in buying bitcoins.Retailers would come forward to accept bitcoin as payment.In japan,after legalization,we saw thousands of retailers started to accept bitcoin payments.

Bitcoin would even become familiar to unknown people.But,if it gets legalized,then surely it would be taxed by government and we could no more enjoy tax free income from  bitcoin.

[denny27]

This surely tend will be increase the number of people using bitcoin, many companies receive bitcoin payments, and maybe even some colleges will provide a course on the development of internet technology that talks about bitcoin. Seems that's what happens if bitcoin is legalized in a country where I live. The point is definitely a country that has legalized bitcoin, bitcoin will be more popular and more closer to the community and the government will definitely provide the service agency that regulates / controls on using of bitcoin like in Japan.

[STEVEN 888]

will have High Demand and Fixed amount that mean price will up to moon

[MAHNOOR]

From the info I have, there are handful of countries that think about Bitcoin an illegal forex. Additionally, it would not make a lot big difference if a more substantial quantity of nations around the world came to declare the forex as unlawful, because Bitcoin was developed to perform exterior the realm of governments, banking institutions or any other centralized establishments.

I wish that happened because a lot of people dreams that bitcoin become legal and they use bitcoin, if that happened a lot of lives of people will change because a lot of people sitting all over the world having a lo fog bitcoins but they don’t use it right and cant get profit from it so their lives will change and poverty will goes down that’s why people wishes that one day bitcoin will legalized and their life will change with happiness.