Legalizing Bitcoin

[Majharul Saiif]

Bitcoin is the world's first crypto currency. So,it's called the mother of all crypto currency.But it is a matter of sorrow that many country are not accept Bitcoin as a currency and some government had banned Bitcoin yet.But I think,it is not harmful for any country.It's a blessing for all country. For those reason, it is very needed for all country to legalize Bitcoin.

[hiscall]

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 only need to proof ID to use bitcoin , government can earn from Mining (electric power),new payment method , taxes for exchange office

[guoyu78]

The issue of bitcoin legality that I think will be quite difficult because in some countries fear bitcoin can weaken the value of their country's currency and will make a monetary crisis. I think bitcoin is better to be a commodity as it is today.

Wise government who are sincere to give their citizens a better earning chance they never see any trouble in bitcoin and that’s true those who are negative thinkers they see the negativity's which never exist being neutral, bitcoin is the best chance to get development in the country and to raise the economy points and bitcoin promises to give profit and all these thing attracts the good governments that’s why they legalize.

[Activitycoin]

Governments can easily legalize bitcoin by passing a law, but I think it would be difficult for them to control bitcoin transacctions since bitcoin is anonymous. For users it would be clarifying in order to change bitcoin to fiat, but if the network can function by itself and make transacctions p2p I don't see what the role of states will be and what justification they can invent to tax activities.

Actually this is main reason. Governments know better what the advantages bitcoin is carrying along are but they only waiting for the time that may be in upcoming future bitcoin’s feature i.e. decentralized would be changed and all these governments can control the yes and no of bitcoin. But we hope a time come in near future when all this happens and we would be enjoying the perks.

Well I think bitcoin will be lucky when all the countries make bitcoin legal because its will be good for bitcoin if bitcoin become legal so the users will be increased and some investors and traders will also be increased and as some countries have already make bitcoin legal so their benefits are high than any other countries because bitcoin is accepted in their banks and transitions are also very fast so I wish bitcoin will be legal in rest of countries soon.

[Activitycoin]

Governments can easily legalize bitcoin by passing a law, but I think it would be difficult for them to control bitcoin transacctions since bitcoin is anonymous. For users it would be clarifying in order to change bitcoin to fiat, but if the network can function by itself and make transacctions p2p I don't see what the role of states will be and what justification they can invent to tax activities.

Actually this is main reason. Governments know better what the advantages bitcoin is carrying along are but they only waiting for the time that may be in upcoming future bitcoin’s feature i.e. decentralized would be changed and all these governments can control the yes and no of bitcoin. But we hope a time come in near future when all this happens and we would be enjoying the perks.

Well I think bitcoin will be lucky when all the countries make bitcoin legal because its will be good for bitcoin if bitcoin become legal so the users will be increased and some investors and traders will also be increased and as some countries have already make bitcoin legal so their benefits are high than any other countries because bitcoin is accepted in their banks and transitions are also very fast so I wish bitcoin will be legal in rest of countries soon.

[marsmyname]

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's actually not that hard for government to regulate bitcoin in their country. In fact, if they want to, they will. They just need to propose a bill and have a talk and agreement with the national bank about the regulation and legalization of bitcoin. Bitcoin is actually not illegal, but some people has a wrong impression on it being illegal because of those "deep web" stories. Countries like Philippines, USA, and Australia is already regulating bitcoin in their countries.

The issue here is not actually the bitcoin as cryptocurrency, but it is how and who use it. If ever government put tax in using bitcoin, I think the users or holders won't be the one who will suffer, but those businesses and exchanges that are running the bitcoin business in a certain country. In that way, the taxes from these establishments can be utilized by the government in creating projects that will benefit the country as a whole.

If bitcoin system will be implement and soon this will happen taxation will be easy and many of people are saying that its anonymity will give problem to the government so their maybe a check on the transactions and this will really help to solve out this concern and more of it the governments who had accepted btc now they are doing progressive works in their regions and btc is best way to development.

[Kasabus]

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's actually not that hard for government to regulate bitcoin in their country. In fact, if they want to, they will. They just need to propose a bill and have a talk and agreement with the national bank about the regulation and legalization of bitcoin. Bitcoin is actually not illegal, but some people has a wrong impression on it being illegal because of those "deep web" stories. Countries like Philippines, USA, and Australia is already regulating bitcoin in their countries.

The issue here is not actually the bitcoin as cryptocurrency, but it is how and who use it. If ever government put tax in using bitcoin, I think the users or holders won't be the one who will suffer, but those businesses and exchanges that are running the bitcoin business in a certain country. In that way, the taxes from these establishments can be utilized by the government in creating projects that will benefit the country as a whole.

If bitcoin system will be implement and soon this will happen taxation will be easy and many of people are saying that its anonymity will give problem to the government so their maybe a check on the transactions and this will really help to solve out this concern and more of it the governments who had accepted btc now they are doing progressive works in their regions and btc is best way to development.

It's hard for the government to enforce tax collection to bitcoin users because bitcoin is decentralized and they can always hide their money.
Unlike putting your money in the bank where you need to comply with the KYC policy and you are force to give your information, that way it's easy for the government to monitor their transactions.

[putrisa]

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 all depends on how a country receives bitcoin and can see the benefits of playing bitcoin, there are countries that ban bitcoin and some are legalize bitcoin, many local banks are working with the government to ban bitcoin because they will be afraid if humans do not save money in the bank again.

[sumangs]

There will be already taxation on bitcoin once it is legalized. Since people will find ways on using bitcoin and the government instead of banning it, it is better to get a little from those users.

[Suguha]

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 having bitcoin legalized all over the world will surely give us good benefits but just like all the innovations being made, it has bad effects which we should consider as an important thing to give solution to. It will surely still take a lot of time and innovations for all of us to overcome all the sttuggles bitcoin may face in the future when it comes to being legalized.

[criza]

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 will only be able to generate benefit from bitcoin in their country if all of them has an idea about this but still the idea should be factual and not opinionated. Bitcoin may get legalized on a certain time wherein the innovations made was more than enough and the regulations and rules are set and ready to be spreaded, there bitcoin should be exposed to everyone in the world.

[ekans45]

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.

It is quite true that is hard to deal with legalization of bitcoin in terms of transaction to a particular country. But it is possible becasue there are some countries specifically the economical competent country who deals to accept bitcoin and to facilitate a circulation on the market with the used of regulation and system on transactions.

[JTASSOCIATES]

I don't bother about the legalizing bitcoin why I should worry about the legalizing bitcoin so far I am not stealing nor cheating so I am more confident that no one control bitcoin payments. If all the government accept bitcoin it is benefit to government only . We are not legalize fair enough to grow with out cheating.

[mornabo]

Governments can easily legalize bitcoin by passing a law, but I think it would be difficult for them to control bitcoin transacctions since bitcoin is anonymous. For users it would be clarifying in order to change bitcoin to fiat, but if the network can function by itself and make transacctions p2p I don't see what the role of states will be and what justification they can invent to tax activities.

Actually this is main reason. Governments know better what the advantages bitcoin is carrying along are but they only waiting for the time that may be in upcoming future bitcoin’s feature i.e. decentralized would be changed and all these governments can control the yes and no of bitcoin. But we hope a time come in near future when all this happens and we would be enjoying the perks.

Well I think bitcoin will be lucky when all the countries make bitcoin legal because its will be good for bitcoin if bitcoin become legal so the users will be increased and some investors and traders will also be increased and as some countries have already make bitcoin legal so their benefits are high than any other countries because bitcoin is accepted in their banks and transitions are also very fast so I wish bitcoin will be legal in rest of countries soon.

of course it's not only beneficial for bitcoin, but it will also benefit all bitcoin users, think about what will happen to bitcoin prices if bitcoin is legitized in different countries. of course there will be many people who then believe in bitcoin and of course will happen mass adoption and make the price of bitcoin soaring high

[suvo05]

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 don't think banning bitcoin will help any gov. Because now a bitcoin owner has lot of options to convert his bitcoin into flat. He can convert it in a foreign country where bitcoin is legal and transfer it through paypal or payza.
But if a gov could track , regulate and legalize bitcoin then it will be good for bitcoin holders ( not for the black money holders ). I think that will be good for the economics of the country.

[farwellbit]

Legalization of bitcoin can be difficult because it requires the will of the government, the regulation and taxation. There is a lot of work to do. Also, the government would like to have control over the transactions.

Good governments who work for sake of their regions progress they already legalize bitcoin and they are now facilitating their citizens to take interest into bitcoin because earning chances are much higher in bitcoin as compared to other investments and there are some points that are bothering governments that’s why they are not legalizing it that are anonymity of bitcoin ad soon their concerns will be sorted out to starting it.

[super5star]

The issue of bitcoin legality that I think will be quite difficult because in some countries fear bitcoin can weaken the value of their country's currency and will make a monetary crisis. I think bitcoin is better to be a commodity as it is today.

Wise government who are sincere to give their citizens a better earning chance they never see any trouble in bitcoin and that’s true those who are negative thinkers they see the negativity's which never exist being neutral, bitcoin is the best chance to get development in the country and to raise the economy points and bitcoin promises to give profit and all these thing attracts the good governments that’s why they legalize.

There is no doubt in this fact that governments can simply earn form bitcoin as well by putting taxes on it, by opening their own mining hubs and so on. Bitcoin has been definitely made legal in many developed countries whose governments are sincere with their public. We all know that bitcoin has provided new avenues of earning livelihood to those who were unemployed even after holding degrees or were not happy with their respective bosses.

[Dudeperfect]

Governments will have to legalize it in order to at-least monitor the flow of funds otherwise there is a threat of the increase in the black market and it will create a huge nuisance for the government and the country. I am not against taxation or monitoring but I oppose the control of my wealth. Legalizing would allow the government to legally seek the information about cryptocurrency market and flow of funds but that too without any right to control the things. It will be like healthy market environment without losing the freedom.

[usorin]

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 that Governments are not in the situation to take a lot of expensive measures to legalise Bitcoin, but the problem is, like in the oil industry, there are the big banks who rules the economic space of a country and they always have something to say, it is just a question of Bank profits.

[mitchr4]

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. 

Bitcoin cannot be regulate, regulating Bitcoin as well as regulating the value. Bitcoin can stand alone without any government regulation. This currency is decentralized and if it changes to centralization it may be easy to regulate the value and Bitcoin users will leave this currency.