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Author Topic: Legalizing Bitcoin  (Read 5322 times)
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October 29, 2017, 06:00:59 PM
 #41

Well legalization doesn't mean to made it legal or illegal. As everybody wants to know about the bitcoin and how can we make some good benefit from it, as everybody knows that government can control over it if they start making some regulations and that's why the every government is trying to take neccesitive measurable steps in order to control the bitcoin or their personal coin in their respective country. If bitcoin is made legal then slowly inflation will reduce and the taxation will be improved and the commission fees will be reduced during export & import.

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October 29, 2017, 06:32:27 PM
 #42

Why do you need legalization? I can't understand. You used to live in obedience and without it can not? Bitcoin has provided you with the opportunity to live and earn money without the involvement of your government. If the government will take control of bitcoin it will become Fiat. We need to resist it. If the government does not like bitcoin let them create the conditions under which it is advantageous to use Fiat. Can be will be less to steal and will be able to reduce taxes.
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October 29, 2017, 06:46:29 PM
 #43

My country took the first step to legalize Bitcoin. Recently, a bill on the regulation of the Crypto-currency was adopted. I think that this is a big step for promoting crypto currency in my country and in the world

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October 29, 2017, 07:06:04 PM
 #44

1.Bitcoins in now way are supposed to be regulated , the main feature of bitcoins includes the fact that they are decentralized, allowing government to regulate bitcoins will only lead to centralization of bitcoins.
Yes they can put forth some laws to regulate the users and set some norms but obviously they can't regulate bitcoins in any way.

2. Many governments who have made bitcoins now legal are getting benifit from the taxes that people are supposed to pay, bitcoins are taxable in most countries thus they would be benifited in this way, also there won't be any hidden income thus people won't be able to escape taxes.

3.Bitcoins can provide a global economy to mould into one,thus globalization will be another benifit that they can get through bitcoins.

4. Governments can be assured that they are uptodate and providing people freedom, I think thats an achievement in itself because government works for the people ! Thus they would be benefiting the bitcoin community a big way , because through showing support it will increase the price of bitcoins as it will get more creditable.
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October 29, 2017, 07:09:16 PM
 #45

Bitcoin is already legal everywhere. In needs to be declared illegal, otherwise it is legal!

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October 29, 2017, 07:29:28 PM
 #46

It's not like most of the countries declares if bitcoin is illegal or legal, most of the country doesn't  have any position against or for bitcoin, they usually give a warning about the digital currency and the risks of trading it, but they are not supporting or disallowing it.


Some countries(usually not democratic countries) are disallowing bitcoin, and are punishing those who caught using it, and some like Japan are allowing trades in bitcoin and recognizes it as a currency, but not as a legal tender.

It is really hard to regulate bitcoin nowdays.

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October 29, 2017, 08:03:41 PM
 #47

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 same situation is in my country, If they declare Bitcoin as Legal then they can get good income through Tax and trading commission. Apart from that their is service tax in my country for trading so they can gain that also.
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October 29, 2017, 08:17:53 PM
 #48

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 same situation is in my country, If they declare Bitcoin as Legal then they can get good income through Tax and trading commission. Apart from that their is service tax in my country for trading so they can gain that also.

Realistically though, it is extremely difficult for any country to reliably trace Bitcoin enough to be able to tax everyone that uses it.

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October 29, 2017, 08:49:26 PM
 #49

Bitcoin is already legal everywhere. In needs to be declared illegal, otherwise it is legal!
Undoubtedly the same number of nations give a green flag to bitcoin like assume one of them United State , United Kingdom , Europe , Pakistan , India , Australia , Africa these nations give a green flag excessively bitcoin and they are tolerating bitcoin as an installment strategy as well even in there watch , CNG station bitcoin are tolerating as an installment technique.


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October 29, 2017, 08:59:06 PM
 #50

So in the most countries, bitcoin is neither declared legal or illegal. 

I like a country like that, in my country, we were able to use bitcoin freely. However, recently, the government began to ban bitcoin, we are having trouble using bitcoin. That's bad!

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October 29, 2017, 11:22:14 PM
 #51

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. 

When the government will formally legalized it, then they need to set the rules and regulation about using bitcoin in the country. Maybe the government will benefit by implementing tax in every income, but i don't know how can the government do that when bitcoin is decentralized.

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October 29, 2017, 11:46:04 PM
 #52

Bitcoin is already legal everywhere. In needs to be declared illegal, otherwise it is legal!
yes thats what i though also since bitcoin adopted whenever banks  that we can covert our bitcoin into cash .so this is not obvious that bitcoin is not tottally illegal and also  there are some company that support this currency. so if this is  stuff is illegal why some people continued to play with bitcoin? And also i am wondering why we are not get arrested by sharing its information to social media without hiding our edintification on it.  So otherwise it legal!


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October 29, 2017, 11:58:06 PM
 #53

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 very much want my country to legalize bitcoin, however, at present, they have issued a formal ban, and this is really bad for all of us who use bitcoin.

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October 30, 2017, 12:51:10 AM
 #54

In America, Bitcoin and other cryptocurrencies are legal. My understanding is that the government currently treats cryptocurrencies as commodities rather than currencies for tax purposes. This means that if You buy Bitcoin, it gains value compared to the US dollar and then you sell it, you owe taxes on the gain just like you would with a stock or mutual fund.

This is probably what other countries will do as well so they can get taxes off of the profits. It’s a way of controlling cryptocurrencies a little bit. I don’t particularly like this way of taxing us, but at least they aren’t banning it.
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October 30, 2017, 01:04:05 AM
 #55

An interesting discussion.
Basically, bitcoin exists because of the individual's desire to create his own bank, which the bank can do for transactions and the similar.
However, as popularity progresses, bitcoins have been miss used, including money laundry, drugs dealing, etc.
The government will find it difficult to track offenders in this transaction.
So the government has only 2 options, let bitcoin exist in the country or banned existence of bitcoin itself.
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October 30, 2017, 02:52:38 AM
 #56

An interesting discussion.
Basically, bitcoin exists because of the individual's desire to create his own bank, which the bank can do for transactions and the similar.
However, as popularity progresses, bitcoins have been miss used, including money laundry, drugs dealing, etc.
The government will find it difficult to track offenders in this transaction.
So the government has only 2 options, let bitcoin exist in the country or banned existence of bitcoin itself.
Manage your financial economyc, So the crypto absed on the decentralized economic and that's the advantage by use the crypto. But as the bank is centralized and the crypto system will against the bank system.
Bitcoin can't be banned by the way. That will be useless to ban the bitcoin because the network of bitcoin runs by the nodes around the world. Another important thing about just like china still do offline trade.
And the bitcoin will be existing in the future.

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October 30, 2017, 03:58:50 AM
 #57

An interesting discussion.
Basically, bitcoin exists because of the individual's desire to create his own bank, which the bank can do for transactions and the similar.
However, as popularity progresses, bitcoins have been miss used, including money laundry, drugs dealing, etc.
The government will find it difficult to track offenders in this transaction.
So the government has only 2 options, let bitcoin exist in the country or banned existence of bitcoin itself.

Yeah thats right.  Legalizing bitcoin from self confuse country are totally hard to implement,  because its not just to being had/involve on some bad activity to be done, but its hard to them to find the bad people who using bitcoin on such illegal activty and they dont want to tolerate that on their own country so they decided to banned bitcoin from that reason. But for me i want to them to implement the legalization of this bitcoin worldwide for more convenient to us.

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October 30, 2017, 04:20:53 AM
 #58

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. 
Regulating this would be such pain to those who is responsible to do so . But for in my country they regulate it by having asupport that you can actually cashout in many branches and has a limit of ranks too, to what you can earn and cashout day by day it is a good idea to have credentials too . To have a more secure and prevent some suspicious transactions from every users ofcourse we bitcoin users have to becareful on our movements to not have highly suspicious acts.

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SiNeReiNZzz
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October 30, 2017, 05:35:12 AM
 #59

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 same situation is in my country, If they declare Bitcoin as Legal then they can get good income through Tax and trading commission. Apart from that their is service tax in my country for trading so they can gain that also.

Realistically though, it is extremely difficult for any country to reliably trace Bitcoin enough to be able to tax everyone that uses it.
I do agree with you. There would be a lot of process before bitcoin will become legal in ones country, so therefore it has to be analyze carefully and it does need the participation of the users before imposing some rules and regulations, it will be also hard for the users much likely when the taxes will be implemented.


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hase0278
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October 30, 2017, 05:40:28 AM
 #60

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 order for a country to fully regulate bitcoin, they need to gain the support of it's users to abide with their rules and regulations. They can benefit from legalizing bitcoin because transactions on it daily are done in huge volumes and from those transactions they can gain money from tax that can be used to help the economic system of a country. They can also benefit from it because legalization of bitcoin will help them gain more tax from it via acceptance of bitcoin to local stores.

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