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Author Topic: Legalizing Bitcoin  (Read 5335 times)
Indai24
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April 22, 2018, 05:43:24 AM
 #501

Bitcoin is now used in correlation with a lot of new tokens and if it gets legalized the convertion to fiat money will be way easier. For me more countries should look to do that quicker

I would say that bitcoin is not legal nor illegal, shall we say it's not accepted by the government nor recognized. But I guess it's not possible because it's a big threat to all banks.

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April 22, 2018, 11:36:47 AM
 #502

Bitcoin is now used in correlation with a lot of new tokens and if it gets legalized the convertion to fiat money will be way easier. For me more countries should look to do that quicker

I would say that bitcoin is not legal nor illegal, shall we say it's not accepted by the government nor recognized. But I guess it's not possible because it's a big threat to all banks.
Each country has its own rules in the country. So, if Bitcoin wants to be legal and used as a legitimate transaction tool, it must enter into their rules. Actually, the government does not benefit from bitcoin. As from the tax sector and others.
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April 22, 2018, 12:08:25 PM
 #503

Actually it is simple. The government just have to make rules about Bitcoin. What's allowed and what's not. That's how you regulate things. And if the government legalized Bitcoin, the government could get benefits from Bitcoin, such as taxes payment.

But who would want to pay those taxes and how will governments be able to collect them and control. Even with bitcoin's pseudoanonymity that is nearly impossible as you cannot alter the blockchain in any way.

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April 22, 2018, 02:27:56 PM
 #504

Without a doubt, if the cryptocurrencies start to be regulated by the state, this will only affect them in a positive way. First of all, it will create the basic for use of cryptocurrencies instead of fiat money, and in the second the media will begin to fully reveal the advantages of cryptocurrencies, which in turn will increase the demand for them hundreds of times.
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April 22, 2018, 02:48:11 PM
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 #505

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 need 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?  
To legalize bitcoin, it will undergo a lot of process, regulations, and conditions for the welfare of the whole country. I guess it would not be easy to make btc legal because of some other important aspects. Of course, it will also help the people but there are also some certain conditions we need to consider.

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April 22, 2018, 02:56:29 PM
 #506

I do not really understand what is happening in my country, a bitcoin purchase transaction is prohibited in my country when bitcoin will help the state economy, the government only needs to manage the taxes from our deposit and withdrawals, I am sure it will be very useful for the country
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April 22, 2018, 03:43:40 PM
 #507

Actually it is simple. The government just have to make rules about Bitcoin. What's allowed and what's not. That's how you regulate things. And if the government legalized Bitcoin, the government could get benefits from Bitcoin, such as taxes payment.

But who would want to pay those taxes and how will governments be able to collect them and control. Even with bitcoin's pseudoanonymity that is nearly impossible as you cannot alter the blockchain in any way.
It's the bitcoin users itself that will voluntarily reporting their capital gains to the government and then by that the government can tax them.
If they refuse to do so, there's also punsihment awaits and sanction aswell. It's like the government giving us a chance to tell the truth or lying.


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April 22, 2018, 03:44:56 PM
 #508

I do not really understand what is happening in my country, a bitcoin purchase transaction is prohibited in my country when bitcoin will help the state economy, the government only needs to manage the taxes from our deposit and withdrawals, I am sure it will be very useful for the country
that's the government's tactics, before they pull taxes from bitcoin then they make it difficult for us first, their reason because they do not want to lose in approving the bitcoin is outstanding.

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April 22, 2018, 03:57:29 PM
 #509

I do not really understand what is happening in my country, a bitcoin purchase transaction is prohibited in my country when bitcoin will help the state economy, the government only needs to manage the taxes from our deposit and withdrawals, I am sure it will be very useful for the country
that's the government's tactics, before they pull taxes from bitcoin then they make it difficult for us first, their reason because they do not want to lose in approving the bitcoin is outstanding.

this is a good move of the government if they legalize bitcoin because it involved a  big amount money that they may earn from taxes of bitcoin transactions.
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April 22, 2018, 03:57:59 PM
 #510

I do not really understand what is happening in my country, a bitcoin purchase transaction is prohibited in my country when bitcoin will help the state economy, the government only needs to manage the taxes from our deposit and withdrawals, I am sure it will be very useful for the country
that's the government's tactics, before they pull taxes from bitcoin then they make it difficult for us first, their reason because they do not want to lose in approving the bitcoin is outstanding.
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April 22, 2018, 04:07:55 PM
 #511

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. 
illegal or not bitcoinnya, will not stop someone using bitcoin. and I think the government should support the use of bitcoin, but before that must prepare the law that the user must pay taxes from its use. maybe this will help the country's economy a bit.
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April 22, 2018, 05:03:07 PM
 #512

I hope that more and more countries are legalizing bitcoin, this is because transactions with bitcoin are easier, more practical and cheaper when compared to transactions in banks.

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April 22, 2018, 06:11:45 PM
 #513

Everyone here would want bitcoin to be legal. But it all needs the support of the investors and us to believe in the government and all the countries of the world. However bitcoin will be legalized if the government sees the positive impact and corresponding function of the bitcoin.
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April 22, 2018, 06:34:18 PM
 #514

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.
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April 22, 2018, 06:42:46 PM
 #515

There are also some countries that legalize this bitcoin but more countries are banning it than legalizing, even though the government does not need to ban bitcoin but simply control it to avoid misuse and if the government approves bitcoin then the government will be able to withdraw taxes from bitcoin users.

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April 22, 2018, 06:44:28 PM
 #516

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.  

Some other country's declared bitcoin as legal tender in their country's like japan is the first country that accept bitcoin as legal tender interms of all business transaction.This country's are very progressive because their governtment is not involved in corruption. If all country's are like this maybe bitcoin is not hard for them to welcome in their country's and many people around the globe will gain this binifits of this creation the bitcoin.  
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April 22, 2018, 08:48:27 PM
 #517

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.  

Some other country's declared bitcoin as legal tender in their country's like japan is the first country that accept bitcoin as legal tender interms of all business transaction.This country's are very progressive because their governtment is not involved in corruption. If all country's are like this maybe bitcoin is not hard for them to welcome in their country's and many people around the globe will gain this binifits of this creation the bitcoin.  

Yes its a good idea for me. Our country should legalized it because i didnt see something bad or illegal in bitcoin theyre just not know the features and the ability of bitcoin theyre not believing that bitcoin can give you big income in just a short period of time. Some countries banning bitcoin because maybe they dont want because they didnt know. And it is decentralized meaning no one managing it. So theyre not believing on it. Theyre thinking that its just a scam.

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April 22, 2018, 08:54:38 PM
 #518

Legalization means government will have the power over bitcoin, the same principle applied to fiat currencies. Tax will be implemented in every transaction, this way government will have additional source of income for public fund. 

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April 24, 2018, 08:33:55 AM
 #519

Bitcoin is currently the most widely used currency in the world in general and in Vietnam in particular, many Bitcoin investors in Vietnam when they first inquired about it always ask such questions as: Bitcoin is legal are not? Many countries use this currency but they do not accept BTC legalization. The Russian government has also stated: "Never legalize bitcoin."


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April 24, 2018, 08:52:04 AM
 #520

It doesn't matter whether it legal or not, Day by day Bitcoin and blockchain system is becoming a popular and strong platform in the monetary world, people are becoming involved in this platform for the ready-made benefit. It's true that people usually want to make a rich person through the shortcut way. so they are taking this risk by investing money in the blockchain system. So legalization is not a big deal for this issue.
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