What would happen if Bitcoin became a legal currency?

[xCryptoManiaX]

The price will go beyond moon! This will never happen tho, some people would never let something like this happen.

[Allan Ramanda]

I think that will never happen, if bitcoin becomes legal, bitcoin can threaten currency in every country, but if bitcoin really becomes legal in every country, surely everyone is very happy, because they can freely use bitcoin to transact and shopping in the restaurant

[SensorGIass]

I think it is very difficult to occur because the government doesn't know anyone who retains bitcoin but when it might be lawful forex certainly a far more value than bitcoin like a currency will be removed like decentral and every transaction must consist of personal information

[szpalata]

I think that will never happen, if bitcoin becomes legal, bitcoin can threaten currency in every country, but if bitcoin really becomes legal in every country, surely everyone is very happy, because they can freely use bitcoin to transact and shopping in the restaurant

It will be very expensive if it is globally declared a legal tender, people will crave  for it the more because with it they can travel anywhere in the world  and spend and that is what might drive a crazy demand  for it and  an astronomical increase in its value.

[sunnex100]

Well, Bitcoin becoming a legal currency will bring about a new era in international financial transactions. However, this is highly dependable on the level of legalisation and adoption. We need to be very clear if we are talking about global legalisation or a situation were just a country or region legalised Bitcoin. But by and large if Bitcoin is legalised, one thing that is clear apart from making Bitcoiners instantly rich is that buying and selling will get much more easier.

[Gotottack]

If Bitcoin becomes a legal currency, it would have to submit to governmental regulations. Meaning, Bitcoins would have to be transparent about all Bitcoin transactions. In this case, I do not think the goal of Satoshi will be met mainly because the business of Bitcoins is anchored on its ability to cover anonymous transactions by and between anonymous people. It revolves around a world where identities need not be divulged because it is a self-sustaining currency for that matter.

[BlueStackz]

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 think there is no need for bitcoin to be legal in a country, the government will just make things complicated because ploitician will have their own personal interest. I just love how bitcoin works in our coubtry, its not legal but it is accepted as a form of payment. It works well without government interference. But if government would help the crypto become develop and advance, then maybe that would be a good advantage of becoming legal.

Yes it will be good if that could be happened.  The rumors 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 in the economy of Bitcoin and then price will certainly goes up but tax will be implemented.

It has been done in some countries, you can check the government of the United States, Japan ... are taxing Bitcoin Miners and Bitcoin Exchange. Although they want to collect taxes on Bitcoin users, it is not easy for some users to not use KYC.

Yes the legalization of Bitcoin is not something new in this world .There are many countries who have already considered this cryptocurrency to be one of the legal forms of capital. I think that this would be causing harm to those who are having many Bitcoins saved up beside for their personal use because legalization means the involvement of government and obviously it would pose tax on the bearers.

[dali_masmoudi]

It is really a good and beneficial thing for the Bitcoin community. But what will happen if it becomes legal ?
I think that its value will drop a lot because gouvernements thinks that the value is inflated.

[Qunetick]

It is really a good and beneficial thing for the Bitcoin community. But what will happen if it becomes legal ?
I think that its value will drop a lot because gouvernements thinks that the value is inflated.

If I will based it in my country, probably if bitcoin will become a legal currency in the country then it is possible that we will be deducted with labor taxes because this time there's no tax in every amount of bitcoin we could earn from any campaign. But if it will become a legal currency, the government will also make something to benefit from it and may not allow us to earn bitcoin if we will not give taxes from it.

[The Alchemlst]

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 more investors would pour in and the amount of services and markets that accepts bitcoins will increase drastically. I think if bitcoin would be legalize then its market will flourish even more and so its price and if that time comes it would be a really good news for us bitcoin investors, traders and enthusiasts a like. I just hope bitcoin would still remain the same and its system even after being legalize.

[shezu007]

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 more investors would pour in and the amount of services and markets that accepts bitcoins will increase drastically. I think if bitcoin would be legalize then its market will flourish even more and so its price and if that time comes it would be a really good news for us bitcoin investors, traders and enthusiasts a like. I just hope bitcoin would still remain the same and its system even after being legalize.

if bitcoin become legalize then the most important step will happen that every where bitcoin will accept for payment which make the life of bitcoin holder easy but there will be a disadvantage that when bitcoin become legalize then it will come under government and then government will surely apply taxes on bitcoin holder.

[Jedzkie050617]

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 will surely benefit if ever this will happen since we've known bitcon for long making us more able to adopt to the wide change that is coming. We will surely be beneficial in a way that we don't have to work that hard anymore since we have already bitcoin in our pocket. A lot of things will change starting from the method of payment and buying up to the process of transactions from different places in the world.

Bitcoin is a crypto currency that lives in cyberworld. Yes, definitely a lots of things will change due to the help of bitcoin, we can buy what we want, changing our lifestyles and also we can help to those needs our help especially our love ones. I would say by converting to fiats money is easier, as of this days since its never benn legal to the supermarket and ordinary stores on most countries.s

[Magic Sarap]

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 think, it will be infavor for Bitcoin and its users. Surely , its market demand will be high so as its market value since it will be used on the daily basis of more people. It might be less volatile because its market value will continuously rise in that way. And also, huge profit will be to its users as i market value climb its way up.

[salihno71]

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?

At the moment following issues prevent this from happening:
1. fee - too expensive for low priced purchases
2. confirmation time - if mempool is large, it takes hours to confirm
3. scalability - bitcoin cannot handle transactions amount which would be present if it would be widely used at the moment
4. no support - what should an average user do if he/she runs into some kind of problems with transaction?

So still a long way to get there.

[Alalex]

Some countries and their governments also accept it, probably in the future most of what I know and in my country do not accept bitcoin for legal currency. Maybe it will happen in the future all over the world who know about bitcoin and use it all said that bitcoin is the second official currency circulating in the coolest technology in the online world for future development.

[kobmat]

For me bitcoin will be more popular if that will happen, because we all know that even bitcoin is not legal there are many people who are joining and who have interest in bitcoin, so whats more if iit became legal, i think many people will trust bitcoin and many people will benefits if the bitcoin will became legal currency.

[Visbay]

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 will surely benefit if ever this will happen since we've known bitcon for long making us more able to adopt to the wide change that is coming. We will surely be beneficial in a way that we don't have to work that hard anymore since we have already bitcoin in our pocket. A lot of things will change starting from the method of payment and buying up to the process of transactions from different places in the world.

Bitcoin is a crypto currency that lives in cyberworld. Yes, definitely a lots of things will change due to the help of bitcoin, we can buy what we want, changing our lifestyles and also we can help to those needs our help especially our love ones. I would say by converting to fiats money is easier, as of this days since its never benn legal to the supermarket and ordinary stores on most countries.s

I think bitcoin is already legal in some countries because the way it’s going so fast and its transition are also become fast so I think that bitcoin can be legal in other countries as well because world need bitcoin and its use is going to increased day by day so coming time of bitcoin is very important for world to accept bitcoin and make it legal.

[bucker steemit]

of course this is good news for all those who hold bitcoin first, they will become rich, if this really happens everyone will find ease in looking for money imagine, everyone not work to the company. they prefer to mine bitcoin just looking for money. it is hard to imagine the government being lonely.

[Naturalnock]

Bitcoin to become a legal forex is way away from truth, its just a sweet dream. I do not think present form of bitcoin can be a legal currency because of a number of obstacles like charges, scaling, mini repayment issue and more. If we want to see bitcoin be something that may even accept at cafe then we have to re-design it, Segwit certainly.

[anelenaniku]

Not much, if you really think what bitcoin is nothing more that an inefficient database, so legal or not after a hype will make people realize what it is and invest to real asses not to liabilities, investing to bitcoin you investing to wasted energy and hardware. You pay in fiat the cost to run. So I don't see if becoming "legal" what would change.