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Author Topic: Legalizing Bitcoin  (Read 5322 times)
mifanmuzny
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November 08, 2017, 07:32:55 PM
 #161

If they legalize BTC in my country it will gradually increase the comfort of my nation. There is no doubt about it
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November 08, 2017, 08:51:31 PM
 #162

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 government should just stay off hand with bitcoin because at the very beginning it is decentralized so if the government would take responsibility on it, then some investors will surely go away. The only way I think the government can benefit from bitcoin is though banks where we transmit our money to. It can support the economic system of a country I think by making more and more people rich.

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November 08, 2017, 08:54:39 PM
 #163

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. 
Legalizing bitcoin is not as easy as we think it is, it can either give us good outcomes or bad. On the other hand, the government will be the one to blame if ever thing go wrong with bitcoin because the only time that they should analyze it is when bitcoin is already sytematized with the run or flow of a country. By this way we can make sure that legalizing bitcoin would not cause any trouble and we and the government will benefit.

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November 08, 2017, 08:56:09 PM
 #164

Bitcoin is legal everywhere. The issue only is regulations !!
They are not talking about regulating bitcoin users or bitcoin peer-2-peer users but exchanges !!
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November 11, 2017, 05:18:52 AM
 #165

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.
The legalization of bitcoins needs a serious consideration on the behalf of a government and there is a requirement of complete set of policies before actually announcing bitcoins under the heading of legal currency form in the world.

But I personally don’t  support this idea because being decentralized and illegal add up to its market value and hence there is no bound of taxes and heavy duties to be paid to the government in terms of transactions and no limitations of use as well.

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November 11, 2017, 07:07:02 AM
 #166

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.
As you said, legalization is not that much easy for a government. Reason is, if they do so, they have to make themselves out for the economy that involve the transactions in bitcoins. And the only thing that governments can’t do is this one.

But still, we are so much hopeful for the time when there will be more bitcoins in society and it will be legalized in all aspects for better race.

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November 11, 2017, 10:39:59 AM
 #167

It's good to legalize bitcoin so that maximum people can uses bitcoin and it becomes one of the gaint currency in the world

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November 11, 2017, 11:20:19 AM
 #168

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.
Bitcoin is already officially legalized in most places and its usage is already being regulated. Even though in some places it is unofficial but bitcoin is still being used. I am not sure you understand what legalize means, because at the end, it is either bitcoin is declared legal by a country which is legalization or declared illegal.

Hence, you saying that you do not think it can be legalized is improper cause the only way the government can accept it totally is to regulate it and that means they accept its usage but under some circumstances. Unless we want to just keep using bitcoin without the government saying anything about it, then we would be joking.

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November 11, 2017, 11:27:36 AM
 #169

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. 
in our country, there were many rumors etc, about bitcoins, flashing news in every networks on how bitcoin changes our daily lives. Some are positives, some are negatives.But think they will do something on how to have some benefits on bitcoins...
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November 11, 2017, 11:36:46 AM
 #170

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. 
Only few countries (less than 5 countries) have called out bitcoin to be illegal. Rest of the countries allow its people to use bitcoin without causing much trouble.
If government starts regulating bitcoin, then it won't have its current value anymore. It loses one of its key features - decentralization. The government will take over bitcoin  if it starts regulating it.
The economic system won't be effected much due to bitcoin.


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November 11, 2017, 12:01:46 PM
 #171

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. 
This is really a big problem for the bitcoin whether it is legal or not . In many countries people are using bitcoin with blind eyes , they don't know whether it is legal or not .
Here in my country people are using bitcoin , but with the use they are saying that bitcoin is not legal Because government have not yet made any rule for the bitcoin , but opposite of this government rules are saying that you need to pay tax according to your income .
But here question is that , if you can't give permission to use bitcoin than for which thing you want get tax .
The condition for the legality of the bitcoin is totally at the mid of the descion by the government , either they should ban it or regulate it , so that people can use it openly and pay tax to use with full proud and in that way country's economy can easily grow .

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November 13, 2017, 03:24:53 AM
 #172

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 .
True! Illegal practices has always been on right from the onset and it is just the state of the mind of those who wish to be illegal that makes them practice it as long as they can use the tools at those moments. Before bitcoin, corruption has been going on and I really do not know why people now think that bitcoin would help increase it.

There would always be a control except that it would be limited, but the activities’ surrounding it is one thing we cannot expect the government to just look away from.
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November 13, 2017, 04:07:44 AM
 #173

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.
Maybe I am just not getting your point or you did not explain it enough but I do not see how legalizing will make people abusing it. Legalizing something is making something permissible by the government's law and if bitcoin is permissible, that would create more awareness and will help the government find ways to regulate its usage so it is not used for corrupt practices.

Legalizing bitcoin may not have big differences in applications of bitcoins but legalizing will help in boosting bitcoin adoptions, hence it is highly preferable one but only until bitcoin hits to the level of main stream adoptions.

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shalnark
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November 13, 2017, 04:23:32 AM
 #174

Legalization of bitcoin in the market for now is not applicable, due to decentralization of crypto currency in the world. Maybe it was possible to happen if the government of each country take over the authority to make a decision for bitcoin. Since government are not part of crypto currency, I think and believe that this is not happen.

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November 13, 2017, 04:34:07 AM
 #175

Legalizing bitcoin in a country is not that easy. It may take years before it become legal, after government made their decision. This matter will be discussed in the office of one agency which is assigned by financing or momey issues. Those who have positions in the government will discussed it well, they will do research about it. They will find reasons why is it right to legalize bitcoin in their country. Laws, rules and regulations will be provided to, so that it will be use in a right way it must.

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November 13, 2017, 05:44:21 AM
 #176

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 they want to regulate bitcoin then they need to make an order or law that will let the people know that there are limits in using bitcoin and they can benefit in legalizing bitcoin by having a chance for an option to experience faster and more secured kind of transaction and it can also help the other people to gain more profit because bitcoin is a good way also to grow money.

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November 13, 2017, 06:52:46 AM
 #177

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. 

I think this is quite a good idea. The government will now acknowledge the use of bitcoin, so the people will do it as well. One thing can start as small and turn out to be big. It is the same with bitcoin. I believe it will dominate the world.
When bitcoin become well known it is not declared that bitcoin is illegal. In order bitcoin to legalized there are many things to consider and to follow. A government can help the economic system by collecting tax from all users. Yes it will acknowledge bitcoin and I think if this would happen there are many rules to follow as a user.
Is this due to legalization of the countries that bitcoin price is growing day by day? I think bitcoin doesn’t need any legalization of any country or institution because decentralization factor is enough for bitcoin to win the masses heart/well and rule over the world. If governments legalize bitcoin so it will be in government favor because government will collect taxes from people.

Eventually government will compel by masses pressure/insist and will legalize because a government is due to people where government cannot ignore the people well.
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November 13, 2017, 06:56:09 AM
 #178

i agree if our govenment here will legalize the bitcoin into the fullest... but sadly they were doing some negative outcomes base on what they saw into crypto currency world here in philippines.
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November 13, 2017, 06:58:37 AM
 #179

Not all country legalize bitcoin like my country which is philippines,bitcoin is not legal but its better that bitcoin is not legal in my country because if its legal the government can have the power to control bitcoin and the value of it will definitely drop because their are alot of taxes and charges that they will implement so that they will have a big part or big income in bitcoin.

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November 13, 2017, 07:02:37 AM
 #180

I think legalizing Bitcoin is unique in every State or country of jurisdiction. Its process varies. But one thing is for sure, it is more complex than it was imagined. Why? It is because Bitcoin (or other cryptocurrencies alike) came to existence whereby it totally changes the fiat system. It does away with the norm as regards regular banks, government back ups, among others. In short, it is a class of its own. Moreover, it changes over time because day by day there are new developments that come with it making governments unable to come up or foresee substantial changes. To legalize it would be tantamount to carrying the burden of studying it and carefully foreseeing how it is going to be in the next days, weeks, months, or so.
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