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Author Topic: Legalizing Bitcoin  (Read 5323 times)
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December 04, 2017, 12:04:33 AM
 #281

Do we really want the governments to regulate bitcoin though? I thought the point of bitcoin was that it was money for the people, decentralized, and that no one had control over it.

The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. Whilst the majority of countries do not make the usage of bitcoin itself illegal, its status as money (or a commodity) varies, with differing regulatory implications. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well.
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December 04, 2017, 12:46:55 AM
 #282

Its sad to hear that bitcoin and cryptocurrency is illegal on other country. I think if the people or any bitcoin representative will talk to the government or negotiate with them to tell that bitcoin needs to be legalized because it doesnt mean any harm to the people but rather an opportunity on overcomming financial debts.
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December 04, 2017, 01:15:20 AM
 #283

Its sad to hear that bitcoin and cryptocurrency is illegal on other country. I think if the people or any bitcoin representative will talk to the government or negotiate with them to tell that bitcoin needs to be legalized because it doesnt mean any harm to the people but rather an opportunity on overcomming financial debts.
Actually, the governments are aware already about cryptocurrency. But sad to say that, they just pretending that crypto doesn't give anything help to the community. They can say this just because governments will can never get benefits from here, since bitcoin is tax free and governments also can't control this and prices could never be manipulated by any big personalities.

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December 04, 2017, 02:07:11 AM
 #284

I think no one saying that bitcoin is illegal thing or bad thing. Maybe some countries already block the path for bitcoin or they already banned in their countries but the fact even they block this cryptocurrencies they not mention that this bitcoin or any other digital currencies are violating anything to their countries. And we all know that.

In my country i dont think that bitcoin is totally legal but the government here is approved the operation of some cryptocurrencies company and they do not say anything of that. Thats why a lot of people in my country are also recognizing and knowing and learning the world of cryptocurrencies

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December 04, 2017, 05:01:52 AM
 #285

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 bitcoin can support the economy by means of remittances and currency exchange. Think about it this way, when someone turns their coin into cash, it will be spent on whatever he/she was in. Every cent spent has tax and that will help the economy grow in my opinion. In our country, most of the people use bitcoin as an alternative source of income and it is really helping them financially. We even have college students earning more money compared to a regular employee. That's why I don't agree with other countries who BANNED bitcoin, they were just afraid that something will happen even though its not.

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December 04, 2017, 05:12:14 AM
 #286

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. 

1. In order to regulate the bitcoin, They need to pass a law which specifically to serve as a guide for the people regarding what is the do's and don't s.

2. after legalizing the bitcoin , the government will have the authority to monitor any transactions and they can able to determine and nabbed the person behind the suspicious or illegal transaction aim to fund terrorism activity. aside from that the government will be benefit also in putting tax on every bitcoin transactions which is very in-favor for the possible economic growth of a country.




That's right. In legalizing bitcoin, this need to be regulated well in the government in which this need to go carefully on a due process of passing the law. Making sure to comply with the do's and don't of a certain country. After this, the government will have the rights to monitor the transaction or how bitcoin regulates in that specific country. Legalizing bitcoin could be somehow not that easy. But we don't really know what the future holds and how people in the government will keep their mind open to it until it is being largely accepted worldwide.

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December 04, 2017, 05:29:19 AM
 #287

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 bitcoin can support the economy by means of remittances and currency exchange. Think about it this way, when someone turns their coin into cash, it will be spent on whatever he/she was in. Every cent spent has tax and that will help the economy grow in my opinion. In our country, most of the people use bitcoin as an alternative source of income and it is really helping them financially. We even have college students earning more money compared to a regular employee. That's why I don't agree with other countries who BANNED bitcoin, they were just afraid that something will happen even though its not.
Talking is easy as it seems but doing is really hard, did you know how much people have been avoding taxes alone even by using government backed currency such as your local currency?
There's tons of them. with bitcoin, people will not that easily reveal what they're doing, they will trying to get away from their obligation of paying the taxes. if government want to taxes the usage of cryptocurrency, they need to advance their technology more.


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December 04, 2017, 07:56:57 AM
 #288

the legalization of the bitcoin is very good for the bitcoin, it is very good if it is legal in our country so that we can make trade and make investment in it. if bitcoin became the legal currency it will brought a high change in world which will affect the people of the country.
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December 04, 2017, 08:53:52 AM
 #289

it would be very good to legalize bitcoin so that people could safely use and not consider themselves the criminals...but I'm afraid that a number of rules can follow the legalization that will interfere with the normal trade and use of bitcoin


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December 04, 2017, 08:58:21 AM
 #290

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.
Well, if any country decides not to want to study it to see how they can make the best use of it, they will just be doing themselves more harm. There is so much benefit each country can derive from cryptocurrency or the blockchain technology that they are allowing their old way of doing things cloud their judgment. At the end, since some countries have been taking the huge leap of faith, so many countries will obviously start using them as an example to legalize the currency.

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December 04, 2017, 10:57:32 AM
 #291

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.
What would make all investors to quit. I am really trying to picture that out. Legalizing bitcoin does not mean bitcoin will be controlled by the government. What is going to be controlled is the usage and for any one into illegal means who is not happy with that, then they had better just find other means to make it work. The truth is, using Japan as an example, it would create much more awareness and then we will see more people feeling relaxed in using it instead of being scared of using it as a result of legality.

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December 04, 2017, 05:01:55 PM
 #292

For most governments I think it is not that simple.

First because many people know the word "bitcoin" but not what it represents actually. Then, because allowing such currency means necessarily acknowledging the existence of the iceberg of transactions around bitcoin. Not that easy.

Legalizing bitcoin would be indeed really interesting but I think most governments are not ready  Grin
Even if most governments are ready, it is one step they are trying to cautiously take so they would not end up creating too much attention than necessary for it.

Most governments know they cannot stop bitcoin and the blockchain technology is very promising, which is why we see that rather than coming out openly, they are silently regulating the exchanges while just the few who are using it are monitored through the exchanges and legalizing it will cause more enthusiasts to rush in.
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December 04, 2017, 05:17:33 PM
 #293

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 thing is all these countries are want to regulate bitcoin which is I don't think is possible now so some create their own crypto to them to regulate however as a lot of investors now eyeing to bitcoin some country's still what the option to regulate bitcoin This is also to protect their economy from sudden collapse due to fiat decreased use supply.
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December 04, 2017, 06:20:53 PM
 #294

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 will benefit from bitcoin if it imposes a tax on the activities associated with it. But, in my opinion, it would be better if bitcoin remained "suspended in the air"

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December 05, 2017, 07:12:17 AM
 #295

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.
So many benefits, most especially when we are even relating the tax of converting to fiat alone. No one is asking any government to give up their fiats for bitcoin since we simply know it cannot work for them as they would still want to control it. However, I feel most governments in these countries are fearful that legalizing would create more awareness for the coin and in places where the digital age supersedes, fiats may become redundant.

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December 05, 2017, 08:46:41 AM
 #296

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 first beneficiary is the people if the bitcoin or the whole
crypto regulated,it will be dollected better taxation and if the government
is not corrupt the people of the said country surely benefits that all,because
popularity lf crypto spreads worldwide and been known as helpful and
beneficial for the whole users

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December 05, 2017, 11:36:41 AM
 #297

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 first beneficiary is the people if the bitcoin or the whole
crypto regulated,it will be dollected better taxation and if the government
is not corrupt the people of the said country surely benefits that all,because
popularity lf crypto spreads worldwide and been known as helpful and
beneficial for the whole users
Legalization would mean a lot for us because that means the government is trusting bitcoin, when most countries are widely accepting bitcoin
we might see another surge of price and it will make investors rich within a short period of time.
Also, we are hoping that by legalizing it will benefit us users and the confidentiality of transaction will still remain.

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December 05, 2017, 11:46:30 AM
 #298

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 first beneficiary is the people if the bitcoin or the whole
crypto regulated,it will be dollected better taxation and if the government
is not corrupt the people of the said country surely benefits that all,because
popularity lf crypto spreads worldwide and been known as helpful and
beneficial for the whole users
Legalization would mean a lot for us because that means the government is trusting bitcoin, when most countries are widely accepting bitcoin
we might see another surge of price and it will make investors rich within a short period of time.
Also, we are hoping that by legalizing it will benefit us users and the confidentiality of transaction will still remain.
Legalization will result for more legalization because more and more governments will get influenced by the legalization and that will cause a lot of great things in bitcoin and that will put a lot of progress in bitcoin and that will just become a very great moment for bitcoin and it might become a full legalized cryptocurrency.

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December 05, 2017, 12:31:37 PM
 #299

There hasn't been a country who said that bitcoin is totally "illegal" those who made some regulations are China, Usa and probably the India, but they didnt said that bitcoin is ilegal, a regulation is something completely different. Just remember that China is not killing anyone just because using bitcoins, they are only shutting down some exchanges in their countries, but nothing more.
Bitcoin is legal in most countries all around the world.

Legalizing Bitcoin is subject to a deep research and study. This will depend on what economic system a country applies parallel to what regulation they will imply that would fit their system. Surely, they will consider their existing tax laws or reforms if necessary. They will find ways how to makes this work because we are entering the digital era where everything is done electronically to adopt in future market world.

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December 05, 2017, 12:34:49 PM
 #300

At present, there are still many countries that legalize bitcoin and do not legalize bitcoin.For countries that accept bitcoin,   they will see
bitcoin as a  commodity,  who uses  bitcoin when buying  or selling, they have to pay taxes.I think that's a good way to legalize bitcoin .
That wil support the economic system of the country

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