Legalizing Bitcoin

[Ribad]

Whether it is crypto or any other things we hesitate to adopt new things Say Bitcoin which is the present case. People in the 18th century hesitated to adopt democracy because it was disrupting the old order and It was people who drive the agenda of democracy. Bitcoin is making the same impact as of now the more people get aware of it and started adopting it the better in driving the legalization of Bitcoin. History has shown us the adopting new Idea do take times. So Bitcoin is here to stay and it is a matter of time legalization will be a reality.

[ricky68]

governments afraid or not they cant do anything about it ..its eating away into the very fabric of our decaying society

[Aishiteru]

Bitcoin legalization is possible because every year it develops and it helps many people
 

[Saveplus]

Do you think governments are afraid legalizing bitcoin because it's difficult regulating its use, circulation, determining individual's worth, earnings and may lead to tax evasion?

Government are afraid to legalize bitcoin because it was decentralized and they have no knowledge about cryptocurrency.They cannot imposed tax on it they need a deeply studies about bitcoin.The development of bitcoin is now increasing day by day and it was been popular by other country unlike before that only few of us known by bitcoin.

[Kronos21]

Do you think governments are afraid legalizing bitcoin because it's difficult regulating its use, circulation, determining individual's worth, earnings and may lead to tax evasion?

Government are afraid to legalize bitcoin because it was decentralized and they have no knowledge about cryptocurrency.They cannot imposed tax on it they need a deeply studies about bitcoin.The development of bitcoin is now increasing day by day and it was been popular by other country unlike before that only few of us known by bitcoin.

Your mistake is that you think you are smarter than others. I do not think the government are idiots. All they know and understand. They have no opportunity to prohibit bitcoin immediately. So they think how to legalize with minimal losses in order then to destroy it legally. The lack of control over the production of coins makes bitcoin unacceptable for use in the state economy.

[truecrusader666]

Do you think governments are afraid legalizing bitcoin because it's difficult regulating its use, circulation, determining individual's worth, earnings and may lead to tax evasion?

BTC is legal unless goverments create laws against them, for me is this way how it works.

[iamabasicboy]

why is it illegal ?

Is not, the thing is some contrys make them illegal by its means is not ilegal to hold or posses btc unless your gov says so.

[terrific]

Bitcoin is illegal in some countries but here in my country it is not illegal. For the countries that are implementing ban and illegality to bitcoin is because they can see some bad things about it and it's not new that there are too many countries that are starting to recognize bitcoin as a replacement to some payment methods.

[NikolayRaev]

I don’t know if this answers your question but recently Malaysia’s central bank has started to set guidelines and regulations regarding bitcoins. So I can see it will be declared legal in Malaysia.

[MisterPrada]

Do you think governments are afraid legalizing bitcoin because it's difficult regulating its use, circulation, determining individual's worth, earnings and may lead to tax evasion?

I think the government don't know how to control bitcoin yet. Because in bitcoin people can do dark transactions from dark website.
Bitcoin transactions also can't be tracking, so the government still afraid about that part also.

Bitcoin is digital cash. Someone could avoid taxes in the same way they avoid taxes with physical cash.

The authorities dont have much trouble policing income tax with physical cash so I'm not sure bitcoin would be any different.

[Koadharber]

Do you think governments are afraid legalizing bitcoin because it's difficult regulating its use, circulation, determining individual's worth, earnings and may lead to tax evasion?

I think the government don't know how to control bitcoin yet. Because in bitcoin people can do dark transactions from dark website.
Bitcoin transactions also can't be tracking, so the government still afraid about that part also.

Bitcoin is digital cash. Someone could avoid taxes in the same way they avoid taxes with physical cash.

The authorities dont have much trouble policing income tax with physical cash so I'm not sure bitcoin would be any different.

If you do try to see out on the features of bitcoin specially its anonymity then for sure you would able to say that it can really possibly hidden taxes if you do liked to since they cant really trace you out on whose the one who do hold up that certain wallet. They dont know your transactions completely this is why most people do prefer do store up their assets or money on bitcoin form because they dont really like to be taxed.Legalization would really still need to have of lots of debates for sure on a certain government.

[goaldigger]

the sole purpose of bitcoin is to earn money anonymously. I know that there are some countries that banned bitcoin for some purposes. Im glad that my country wasnt. Maybe if the case is to know the individuals worth and to tax them, the government will make some law that will benefit both government and investor, Else, there would be unequall rights to both parties.

[Enjorlas]

It's not illegal but and we want to avoid to make it too much public because the whole purpose of Bitcoin is to not be controlled by anyone

[arrmia11]

It might be, because bitcoin is far more greater that fiat currencies which possess tax unlike in bitcoin, it is very hard to impose tax on it and the number of people that using it is unidentifiable. One manifestation also is that other countries banned bitcoin and one of the reason maybe is because of lack of control to the users. Come to think of it, people would prefer transactions that doesn't have tax compare to the other way around. In short, legalizing bitcoin is very hard.

[biskitop]

Do you think governments are afraid legalizing bitcoin because it's difficult regulating its use, circulation, determining individual's worth, earnings and may lead to tax evasion?

Yes, that is the right reason. So far, no country has actually provided a rule on bitcoin. If there is one country that actually regulates bitcoin, and the government approves it, then another country will do the same and no longer need to be afraid.

[Lancusters]

I doubt that all countries will follow the example of the country which first legitimizes bitcoin. Now there are many offshore States. But the rest of the state is not in a hurry to reduce taxes. It is easier to lose profits from the richest people than to make a sensible tax policy for all citizens. Will also be with bitcoin.

[Crina75]

And there are physical places where we buy and sell bitcoin. There are times when there are even banks issuing bitcoin payment cards. I do not think it will rule to ban bitcoin. (Maybe she'll be at some time) He reminds me of the time the internet has appeared, it took years to conquer the whole world. That was the internet  And bitcoin is money and that's big money, and that's actually what the government most likes. She just has to figure out how to deal with him, because the government is bitcoin too much, and she is aware of it ...

[Felix1]

In ten years a bitcoin will have increased in value by a factor of ten or more, or it will be worth nothing. If the world's governments engage in a concerted effort to close exchanges and to de-anonymize bitcoin transactions by regulating the block chain bitcoins will be worthless except as a moment in the history of money--perhaps a seminal one, because the idea of digital crypto currency is too sound not to survive in some (probably state sanctioned) form.

[entrepmind23]

Do you think governments are afraid legalizing bitcoin because it's difficult regulating its use, circulation, determining individual's worth, earnings and may lead to tax evasion?

Some government opt to make cryptocurrencies illegal in their country because they do not like the nature of it being anonymous which would make it easier for those people who has illegal intentions to carry out what they are planning to do. Though it is hard to track the people who uses such coins but then the government can still have a way to know the people behind it by just having an access to the exchanges the people are using to buy or sell the cryptocurrencies.

The government can just require its local exchanges to pay them taxes or even ask them the names of the people who has funds in their accounts because these exchanges are still registered under the government. The exchanges can still contest what are the information they can disclose or not depending on what laws are applicable. People can still chose not be known though by storing their coins in their wallet and not on the local exchanges.

[wisdomcn]

Well government knows that it won't be easy for them to regulate bitcoin use, because of it's anonymous nature. Also the risk involve in handling bitcoin and monitoring transaction through bitcoin user is difficult to handle. It will be hard for government to officially legalize bitcoin.