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Author Topic: Legalizing Bitcoin  (Read 5327 times)
cryptojac17
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November 07, 2017, 12:32:46 PM
 #141

legalizing cryptocurrency in country is a difficult, it depends on users cryptocurrency and bitcoin, "how cryptocurrency users participate in state regulation, and demands legalization, by judicative means.". cryptocurrency legalization statistics is very dynamic, and when you see some effort to start receiving bitcoin, it signifies the global elite has received bitcoin as a means of payment.
Legalizing cryptocurrency is not difficult as far as I am concerned and some countries have already done that. It just has to do with passing some laws which would also regulate it and then activities revolving around bitcoin becomes allowed.

It does not have anything to do with global elites and if they want to get involved eventually by utilizing the currency, then it is the same as any other person who would.
Legal or illegal any type of currency can be used for some unscrupulous activities I remember there is a saying that says that money is the sources of all evil, may opted to do bad things because only few were in control or having big shares of money, I don't even know if there is a  currencies that could help mankind for  being slave from high taxes and government control .

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November 07, 2017, 12:34:09 PM
 #142

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country. 
We all know that legalizing bitcoin can bring us a lot of benefits and convenience but we should still consider that the legalization of it is not as easy as we think it is. The government should focus on settling things between the banks within the country and blockchain. They should also declare that the use of bitcoin for payment is allowed. If this things would be tolerated, bitcoin for sure will not be hard to be accepted by the society which may lead to legalization.
I know we are all contented of what is bitcoin right now, legalizing bitcoin is not really we wanted. Instead, the only thing we ask is to be accepted and be supported by the government. Legalizing bitcoin could lead into a big change of bitcoin concept and the way it runs.

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November 07, 2017, 12:56:19 PM
 #143

the legality of bitcoin as a exchange like real money is depend on state policy, various considerations will be used before bitcoin can be recognized and given legality in a country.

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November 07, 2017, 01:16:21 PM
 #144

this is not good idea for anyone especially to bitcoin. bitcoin is the most valuable and most high price in the crypto currencies right. if the people let this coin to be legalized for sure there will be more people who will abuse it.
I dont think that bitcoin would be legalized so dont worry. Many of us know about bitcoin and that is one factor to legalized bitcoin the awareness of people but we cant deny that bitcoin  is not yet popular especially in the remote areas. Bitcoin takes a long period of time to make it legalized.

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November 07, 2017, 01:18:32 PM
 #145

In fact legalization of BTC in various countries are resulted from its major economy drivers, if you look into wiki, you would find that countries that relies very much on traditional exports like natural resources would most likely ban bitcoins as there would be harmful when big transaction could be done without any traces, it directly promotes money laundering and schemes from big players. Small countries are more likely to allow bitcoins as it's like an indirect investment into their land when their people has more buying power through wealth from cryptocurrencies, promoting alts? it's very unlikely for government to publicly support alts, they are not the same like bitcoin which are publicly recognized by Japan as 'Internet Money'.

It's possible to regulate bitcoin when buyers are surging, particularly in local service provider for buy/sell bitcoins, like my country a standard KYC is enforced when transaction are exceeding a certain amount, you need to provide identification papers and get audited to secure your deals and that's already a big impact for us considering the ownership of bitcoin are supposed be to anonymous. Government would benefit mostly from taxation, like how stock market they could obtain GST for 'allowing' bitcoins to operate in their land. The most understandable example how bitcoin could help is within countries that run mainly on tourism, accept bitcoin and meanwhile you could enjoy its growth.

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November 07, 2017, 01:19:51 PM
 #146

this is not good idea for anyone especially to bitcoin. bitcoin is the most valuable and most high price in the crypto currencies right. if the people let this coin to be legalized for sure there will be more people who will abuse it.
I dont think that bitcoin would be legalized so dont worry. Many of us know about bitcoin and that is one factor to legalized bitcoin the awareness of people but we cant deny that bitcoin  is not yet popular especially in the remote areas. Bitcoin takes a long period of time to make it legalized.

I agree, if ever it will be implemented it probably has a lot of things required before it would be legalized. And I'm sure a lot would also oppose the decision to make bitcoin legal and the fact that especially if the governments are going to take control of it, for sure it will be abused or misused.
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November 07, 2017, 01:20:42 PM
 #147

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country. 
We all know that legalizing bitcoin can bring us a lot of benefits and convenience but we should still consider that the legalization of it is not as easy as we think it is. The government should focus on settling things between the banks within the country and blockchain. They should also declare that the use of bitcoin for payment is allowed. If this things would be tolerated, bitcoin for sure will not be hard to be accepted by the society which may lead to legalization.
I know we are all contented of what is bitcoin right now, legalizing bitcoin is not really we wanted. Instead, the only thing we ask is to be accepted and be supported by the government. Legalizing bitcoin could lead into a big change of bitcoin concept and the way it runs.
You said the only thing we want is for bitcoin to be accepted and supported by the government. The last time I checked, that is excactly what legalize means and except people are getting the wrong picture here, legalization is a good thing. Legalization would definitely usher in regulation of the activities surrounding bitcoin usage but that would not make it less of a decentralized currency and regulation is not something we can run away from if we want to go mainstream.
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November 07, 2017, 01:22:15 PM
 #148

legalizing cryptocurrency in country is a difficult, it depends on users cryptocurrency and bitcoin, "how cryptocurrency users participate in state regulation, and demands legalization, by judicative means.". cryptocurrency legalization statistics is very dynamic, and when you see some effort to start receiving bitcoin, it signifies the global elite has received bitcoin as a means of payment.
Legalizing bitcoin was not that easy to pass. There are many things that need to be consider first. Users also needed here and not only the government they must know how to used it properly and not in evil ways. I think if bitcoin would legalized by the government many currency would rise and it will help the economy if users would help the government by sharing their bitcoins to it. Being greedy wont result to a negative effect and that is the no. One that need to be think when it is legalized.

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November 07, 2017, 01:23:32 PM
 #149

this is not good idea for anyone especially to bitcoin. bitcoin is the most valuable and most high price in the crypto currencies right. if the people let this coin to be legalized for sure there will be more people who will abuse it.
Are you sure? what about the japanese that already legalized the bitcoin as a legal payment and it's a bit ridiculous to see you are saying about that will not become a good sign to the bitcoin. The regulate will bring the more money will be going to the bitcoin or crypto market capitalization.

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November 07, 2017, 06:53:35 PM
 #150

I think until something is declared illegal it is legal. That's how the law works. People need to understand the difference between being legal and being a legal currency, a legal currency will mean that it has to be accepted within the country by law.
That is right! And once it is accepted by law, it totally means you are free to use and that even creates more awareness for the usage of the coin. However, not declaring any status or not including the usage in the law in any country does not still make it illegal and one way or the other, we will still have to assume it is legal until otherwise. After all, it has to be one of the two.
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November 07, 2017, 09:08:36 PM
 #151

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country. 
A country can create all kind of laws and tackle political decisions related to bitcoin regulation. To benefit from incomes, it is simple, they just put some taxes. I'm masking my self what would a government, thru their political conception, do to sustain or encourage the bitcoin transactions.

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November 07, 2017, 09:28:29 PM
 #152

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country. 
It can actually push forward engagements and deals with other countries that deals with bitcoin such as china and other middle east country , thus making import and export transactions much easier through bitcoin payment and in consequence helping both countries to develop their relationships , promote their products and benefit from each other resources in a way that improves the respective economy of both countries . It would make easier payments since there'll be a mutual currency that both use and accept and both won't have to convert their money to dollars to make any payment . All business will be traceable and counter bond will have much harder time to get into both countries .
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November 07, 2017, 10:22:53 PM
 #153

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country. 

if bitcoin benefits a country, it must be bitcoin legalized, but legalizing bitcoin is not as easy you imagine, there must be a rule of mutual benefit, bitcoin if legalized can increase the purchasing power of local people, so that the economy can be helped by bitcoin
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November 07, 2017, 10:31:04 PM
 #154

isn't it legal ? as long as there no law that will abide the bitcoin around the world you may consider it legal! and if a country will stop bitcoin like what china did ! people will find way to have bitcoin in other country, therefore banning bitcoin will reduce your fellowmen and wwilll give other country a good source in the near future !

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November 07, 2017, 10:32:12 PM
 #155

They can benefit and regulate bitcoin using third party websites that support's converting bitcoin into their own fiat currency and tax that bitcoin user into cashing out his/her converted bitcoins and at the same time you can get the information of that specific bitcoin user. But if they want to regulate the blockchain ledger then it would be impossible.

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babysweetTiger0401
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November 07, 2017, 10:34:01 PM
 #156

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country. 

The popularity of bitcoin nowadays, cannot be stop right now and its really trending where even the scammer taking the advantage to used bitcoin as front to their bad intentions to scam others. And where other country decided to make it legalize like in Japan, korean, Vietnam, India, And other upcoming country.


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hpmp
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November 07, 2017, 11:27:33 PM
 #157

isn't it legal ? as long as there no law that will abide the bitcoin around the world you may consider it legal! and if a country will stop bitcoin like what china did ! people will find way to have bitcoin in other country, therefore banning bitcoin will reduce your fellowmen and wwilll give other country a good source in the near future !
The ability to move money to another country doesn't make Bitcoin legal, no sir.
Banning Bitcoin is making it illegal. That is exactly what China did.
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November 08, 2017, 03:08:15 AM
 #158

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country. 

The popularity of bitcoin nowadays, cannot be stop right now and its really trending where even the scammer taking the advantage to used bitcoin as front to their bad intentions to scam others. And where other country decided to make it legalize like in Japan, korean, Vietnam, India, And other upcoming country.

With the growing population of countries that bitcoin legalize this certainly brings a good impact to the progress of bitcoin also also bring a better economic change for the country and at least the change can be felt by bitcoin users in the country.

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November 08, 2017, 08:03:42 AM
 #159

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country. 

For me once bitcoin become legalize. Probably it could have a restriction and laws about the bitcoin users and holder of bitcoin every time they make a transactions, of course once the government handle it can have tax deduction anyway..
Hmmm I doubt they will be able to tax a bitcoin transaction that happens within a bitcoin network since the government has no control over it however what they could do is put tax on exchanges and impose a law  that they could use to control your transactions when you are planning to convert your bitcoins into cash
All of us being the Bitcoin holders never ever want it to become a legalized currency because we all know that if it would become possible in future then the freedom one has to use Bitcoins in his business investment or other dealings would ultimately decrease.

The government would start to take the whole matter in its hands and it would obviously lead to the payment of heavy tariff in return of Bitcoin exchanges funding and many other processes required for earning money to the cryptocurrencies.

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November 08, 2017, 06:24:11 PM
 #160

the legality of bitcoin as a exchange like real money is depend on state policy, various considerations will be used before bitcoin can be recognized and given legality in a country.
Apparently, a whole lot would have to be put into consideration before bitcoin is legalized by any country. Most countries have already put two and two together and some are already following the same thread. Putin said the other day, that blockchain technology is a good thing but as long as it is not regulated like some top countries are already doing, it would become a threat. So many people complaining about the legalization of crypto today actually have some things up their sleeves.
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