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Author Topic: Is Bitcoin Legal?  (Read 3310 times)
cybersofts
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October 23, 2017, 08:33:07 PM
 #21

It depends on the country where you are living. There are countries that legalized Bitcoin and there are also some countries that banned it. For me, it depends on your purpose. If your purpose in using Bitcoin is for investments, I guess it is legal but if you are using it to hide your identity because you are involve in some crime, that will fall under illegal.
Believe so myself. Some countries don't allow the use of bitcoins and majority allows it. About 90% of the developed countries legalized the use of bitcoin while about 20% of the developing countries are trying to ban bitcoin because they don't fully understand the concept of bitcoin. Yet majority of the under-developed countries don't even know what is bitcoin, how it works or even how it operate. Bitcoin is endorsed by top economies of the world such as U.S and Japan - so what more people want ? the answer to your question might depend on your country on bitcoin legalization.

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October 23, 2017, 08:34:35 PM
 #22

Bitcoin in some countries it is legal to even have a Company with a Bank Account with the sole purpose to trade bitcoins. It depends with the jurisdiction.
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October 24, 2017, 04:11:10 AM
 #23

It is depends on how people work on it. We said that the bitcoin is illegal if we work on it with bad attitudes. For me bitcoin is legal because i believe on it and bitcoin will lead us to become rich and it is better to our future. Bitcoin is easier to withdraw and wallets are secured that's why we cash out our money in good way. Bitcoin legalization is also depends on our country because some countries it is illegal and not accepted.

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October 24, 2017, 04:11:54 AM
 #24

The legality of bitcoin depends on who you are, and what you’re doing with it.
And what country you’re in. Because ignorance of the law excuses no one as every state or country will not ask you what your doing with it even it is totally illegal in that part of the world. Those depend who your are thing, sounds political and influential people not following the law and get away with it.

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There are three main categories of bitcoin stakeholder. Someone may fall under more than one of these categories, and each category has its own legal considerations.

I hope you mentioned that three categories, so that I can make any opinion with it.
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October 24, 2017, 08:20:34 AM
 #25

According to me it is legal or not that depends on the country.
The condition of bitcoins are different in different in nation's ,
Countries like Japan ,  USA or Philippines which are developed , the government donot any friction to crypto currencies.
But the countries which are still under development like India , neither consider bitcoins legal nor illegal.

Though countries like china restrict Bitcoins , but the restrictions is on the transaction passing through banks , like people  cannot convert their bitcoins into fiat. it is not that Bitcoins are illegal , they are just not referred by the government to the people .

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October 24, 2017, 09:16:59 AM
 #26

The legality of one investments can only be proven by an existing law that governs and implement regulation. This is not about someone making illegal things then turn out to be no law to be shown at court. That’s really very hard thing to do, like now many ICO scamming is happening but no or lot of them can’t be taken down or jailed because of lack in laws to pin them down.
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October 24, 2017, 09:17:23 AM
 #27

The legality of bitcoin depends on who you are, and what you’re doing with it.

There are three main categories of bitcoin stakeholder. Someone may fall under more than one of these categories, and each category has its own legal considerations.
It depends on the country you are living. Bitcoin is legal as a currency because it was made as a currency but we are living on a society where there is a Government that exists to create laws and regulation for everyone's "SAFETY". Bitcoin as a currency is legal. Bitcoin as a currency to another country is dependent on the government. Activities with the usage of Bitcoin is legal depending on the Activity that you are doing.

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October 24, 2017, 10:00:44 AM
 #28

The legality of bitcoin depends on who you are, and what you’re doing with it.

There are three main categories of bitcoin stakeholder. Someone may fall under more than one of these categories, and each category has its own legal considerations.

I was hoping to read about the three categories with the relevant explanations as well but unfortunately I am not getting that part but the fact still remains that anywhere you are, you can still use bitcoin even in the United States where some service providers are not extending their services, there is still room to trade in bitcoin, earn it and convert it to cash, but the issue is on the encumbrances one will have to face in doing it the right way in that place compared to other parts of the world where a simple chat on a platform could make the cash land in your bank account in matter of minutes.



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October 24, 2017, 10:27:56 AM
 #29

It depends on your country, and the rules applied for it. If you live in a country where using Bitcoin is not yet too much established like in my case, so it is ofcourse legal because no one would even notice you are using something like this as there aren't any places to use them except on internet. But if you live in a country where Bitcoin has already gotten a bad reputation and is prohibited to be used by the government then it is illegal for you for sure. In some countries, people use their Bitcoins to buy small things outside like coffee or other things, so it is legal for them probably, and some countries are regulating Bitcoin like China did some time ago, so now maybe it is not legal to use Bitcoins in China after that.



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October 24, 2017, 10:34:49 AM
 #30

Legal or illegal. Well, it is neither. In most cases (vary depending on the country) it does not yet have a clear definition of what it is - is it a currency, is it a property, a commodity. Without a definition, laws cannot be issued as there is too much of 'grey area', so many aspects can be interpreted differently. So technically, it makes it legal, cuz nobody says it ain't. But there's a catch. Governments can use this 'grey area' to bite you in the ass. How? They can find many ways how, it's just whether they are interested in you or not. So if you're just a quiet casual dude, selling a bit of bitcoin from time to time, you should be good, for now at least. But if you want to go full in with crypto and you possess big sums - I'm not so sure it is wise to play on the 'not illegal' card. Remember, it is not illegal, but neither it is legal.
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October 24, 2017, 12:28:46 PM
 #31

Bitcoin in some countries it is legal to even have a Company with a Bank Account with the sole purpose to trade bitcoins. It depends with the jurisdiction.

Well here in my place bitcoin is really acceptable and legal, we can easily use bitcoin to transact online, convert it into fiat and so on. Actually some exchanges are planning now to do business here, they are now complying requirements to the government so they can fully operate. Bitcoin is very open here.

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October 24, 2017, 12:36:50 PM
 #32

The legality of bitcoin depends on who you are, and what you’re doing with it.

There are three main categories of bitcoin stakeholder. Someone may fall under more than one of these categories, and each category has its own legal considerations.

i think there are many country that is not giving any statement or any information to their citizen about bitcoin and i think it will make bitcoin in the grey side. but the government maybe give warning to the citizen to use bitcoin for their own risk and if somehow they are loss their money because of bitcoin, they don't have to blame other people. as long as the government don't prohibit bitcoin, then i think we can still use bitcoin and so far, i think many people from different country still using bitcoin too.

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October 24, 2017, 01:54:24 PM
 #33

It depends on the country you live. In some countries it is legal while in some it is neither legal nor illegal. If it is not illegal, then automatically it become legal  Grin
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October 24, 2017, 05:38:06 PM
 #34

Bitcoin is legal or not depend on the way you use and where are you living Cheesy. For example if you use Bitcoin to purchase game or good it's legal but if you use it to buy drug, evade tax or for money laundering it's illegal and you'll have to go to jail if the police find you out. Beside Bitcoin is not legalized in almost countries all over the world but if you use Bitcoin in these countries it'll be fine but if you use Bitcoin in countries that Bitcoin banned it'll be big problem and you'll have a trip to jail for at least 6 months.

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October 24, 2017, 05:59:50 PM
 #35

There are only a few countries in the world which once marked the bitcoin in the legislation. But the bulk of the country interprets the rules to use bitcoin for their own interest. This means that bitcoin is illegal everywhere. The recognition of bitcoin requires the government to take on some commitments. The government do not want. They will continue to take the strategy of waiting.

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October 24, 2017, 06:19:44 PM
 #36

The legality of bitcoin depends on who you are, and what you’re doing with it.

There are three main categories of bitcoin stakeholder. Someone may fall under more than one of these categories, and each category has its own legal considerations.
What are those three categories of Bitcoin stakeholder? I didn't get this part.
Bitcoin stays legal for now in every country. If it would me admitted as illegal we all, forum users, would know about it, it simply would be on the top of the news. So illegal is only the way you use it and nothing more.
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October 24, 2017, 11:32:07 PM
 #37

Bitcoin is legal for me because I can buy Bitcoin, I can trade, I can invest in Bitcoin. If Biycoin was not legal, could I do this? Governments have not yet established legislation for Bitcoin, but Bitcoin has not been identified as illegal.

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October 24, 2017, 11:43:13 PM
 #38

Bitcoin is legal for me because I can buy Bitcoin, I can trade, I can invest in Bitcoin. If Biycoin was not legal, could I do this? Governments have not yet established legislation for Bitcoin, but Bitcoin has not been identified as illegal.

Well bitcoin is really decentralized and also bitcoin is legal in my place we can use it easily. I can easily invest on bitcoin and i believe bitcoin will become more legal in so many places in the future. Bitcoin really helps us to create good money that we can use for a brighter future. 

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October 25, 2017, 12:04:05 PM
 #39

The legality of bitcoin depends on who you are, and what you’re doing with it.
That’s not what I think of,, the legality of bitcoin is determined of who you are and what you used it for.. This is more of what country you came from and what is the status that it is accepted by majority in a society you belong..

Quote
There are three main categories of bitcoin stakeholder. Someone may fall under more than one of these categories, and each category has its own legal considerations.

This categories might include: trader,, users and holder/investors.. I hope that is what your talking about.. And I’ll be just on two and haven’t been a trader myself..

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October 25, 2017, 02:52:11 PM
 #40

The legality of bitcoin depends on who you are, and what you’re doing with it.

There are three main categories of bitcoin stakeholder. Someone may fall under more than one of these categories, and each category has its own legal considerations.

YES bitcoin is legal in most part of the world and of course it depends on who you are and what a person is doing with it. If a person tries to do money laundering then it will be illegal according to the government of the country.

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