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Author Topic: What does bitcoin do to get legitimacy across the world?  (Read 112 times)
Rj Manik
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November 04, 2017, 02:17:31 PM
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Bitcoin is Decentralized virtual cryptocurrency in whole world.But Bitcoin can't get worldwide legality still now.So how can Bitcoin get legitimacy in all countries.What makes Bitcoin all the legality of the country?If Bitcoin taxes the government or identifies people who do money laundering, then will be the get  legality of Bitcoin?
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November 04, 2017, 02:27:19 PM
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If Bitcoin taxes the government or identifies people who do money laundering, then will be the get  legality of Bitcoin?
There are 100s of centralized payment gateway for this, it will just turn bitcoin into another payment processor out there which can ban/freeze or even charge heavy fees on transfers.

Bitcoin trading can still be taxable and many governments have their own regulatory terms for this, but there are still many countries out there which either don't have enough man power or technology to regulate bitcoin or they simply are too afraid of bitcoin taking over whole financial system.

Bitcoin's success is more in its store of value aspect rather than paying for goods nowadays, its like digital gold which is untraceable and with finite supply. Many countries add tax on it just like in other commodity. Legality only matters if you want to exchange large amount of bitcoin through regular bitcoin trading/exchange platform.
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November 04, 2017, 02:47:16 PM
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Bitcoin is Decentralized virtual cryptocurrency in whole world.But Bitcoin can't get worldwide legality still now.So how can Bitcoin get legitimacy in all countries.What makes Bitcoin all the legality of the country?If Bitcoin taxes the government or identifies people who do money laundering, then will be the get  legality of Bitcoin?
identifying launderer wont make crypto world legaly adopted by all of the government,first if the community can name names those laundering means our privacy wasnt that private anymore,it only tells us all that anyone that bitcoin want to expose will be exposed.

 And why need to push taxing bitcoin user when we are taxed whenever we withdraw our bitcoin converted into fiat.another thing just like banking policy that the depositor has the rights of privacy we bitcoin user has our own too.here in crypto

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November 04, 2017, 03:19:57 PM
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It's up to the lawmakers to properly define bitcoin. Right now, bitcoin looks like a shady alley since lawmakers are unsure what it really does and how would they label it. If these lawmakers from the government come with a concrete definition of bitcoin then surely they would be able to regulate it correctly without any hocus pocus just to tax the hell out of any gains from it. The only reason I see why investment firms that handles traditional assets and the common public scared from touching bitcoin is because they can't see anything that could save them once shit goes down the drain. These type of people always look for assurance before they spend their money on to something, and the assurance in these case are the regulations and whatnot.

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November 04, 2017, 03:35:35 PM
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Bitcoin is Decentralized virtual cryptocurrency in whole world.But Bitcoin can't get worldwide legality still now.So how can Bitcoin get legitimacy in all countries.What makes Bitcoin all the legality of the country?If Bitcoin taxes the government or identifies people who do money laundering, then will be the get  legality of Bitcoin?
oh, I think this is a question that probably no one can answer. The only thing we can do is waiting. If btc is really good, and it's the inevitable trend of the world then surely btc will appear everywhere, be used by everyone regularly.

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November 04, 2017, 04:14:50 PM
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Bitcoin is Decentralized virtual cryptocurrency in whole world.But Bitcoin can't get worldwide legality still now.So how can Bitcoin get legitimacy in all countries.What makes Bitcoin all the legality of the country?If Bitcoin taxes the government or identifies people who do money laundering, then will be the get  legality of Bitcoin?

There is no easy way for bitcoin to get legal status worldwide. Because bitcoin is not structurally built for that. While the economy runs on the idea of centralization, bitcoin is decentralized. That's the basic factor for bitcoin which may not be accepted by many countries. Also banks and organized financial institutions have already started seeing bitcoin as a big threat to their business. So the governments will receive a huge pressure from them not to make bitcoin legal. That's another bottleneck.

Instead governments can issue a separate tax ID for the bitcoin users in their country. Whose transactions will be tracked and can be taxed according to their revenue. This move can make bitcoin legal in many countries. I am sure a lot of people like me will not mind paying tax on the bitcoin revenue and get a legal status in return.

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Naoko
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November 04, 2017, 04:21:09 PM
 #7

Instead governments can issue a separate tax ID for the bitcoin users in their country. Whose transactions will be tracked and can be taxed according to their revenue. This move can make bitcoin legal in many countries. I am sure a lot of people like me will not mind paying tax on the bitcoin revenue and get a legal status in return.
I agree...the state will always be against freedom...and the freedom hadn't led to anything good - only to anarchy...therefore the only way is to come up with a solution how to control the cryptocurrency, then it will be legalized everywhere
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November 04, 2017, 04:28:08 PM
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I think this is unnecessary as it has a lot of disadvantages for Bitcoin users such as: being under the control of a bank and government, being taxed, and so on. And that is why the user From cash to use Bitccoin, everything is free and authorizes the account holder. Bitcoin continues to grow, users still can earn money from Bitcoin, the market is expanding and more and more people are joining Bitcoin, the world will soon accept Bitcoin.


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