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Author Topic: Is Bitcoin legal?  (Read 441 times)
teterunit
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January 17, 2018, 08:09:08 AM
Last edit: January 22, 2018, 09:41:19 AM by teterunit
 #1

I knew that there are a great many of people in my country use Bitcoin but I dont know whether Bitcoin is legal or not?
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bitcoin8x
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January 17, 2018, 08:26:02 AM
 #2

That depends on where you live. Read this Wikipedia article to check whether or not it is legal in your region: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

The reality is that bitcoin is a decentralized asset, meaning governments cannot really control it. Even if it's illegal, you can still use it with a low possibility of the government ever finding out. https://www.privacytools.io could be used to harden your privacy and make it close to impossible for the government to be able to figure out that you use cryptocurrencies.

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robertefron19
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January 17, 2018, 08:44:10 AM
 #3

The good answer is It's totally depend on governments. If governments say it's legal so it's legal. One more point is governments can't generate own benefits so they can't legal it. Mostly governments doing same in there country's.     
RektEx
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January 17, 2018, 10:12:03 AM
 #4

If you are in Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and Nepal then yes. If not then it's likely legal to varying degrees.
teddy5145
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January 17, 2018, 11:28:53 AM
 #5

The legality of Bitcoin itself depends on where do you live
Some countries allows bitcoin, others do not, and the rest doesn't really have any stance on bitcoin itself.

In my place, bitcoin itself is placed within gray zone, you are allowed to use them for payment gateway, but if I somehow got scammed I don't have any protection from the governments and its laws.
You can check the legality by consulting your local government or from this wikipedia article, they're really useful Wink

https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
pwetnimarilou
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January 17, 2018, 11:30:00 AM
 #6

Bitcoin is of interest to law enforcement agencies, tax authorities, and legal regulators, all of which are trying to understand how the cryptocurrency fits into existing frameworks. The legality of your bitcoin activities will depend on who you are, where you live, and what you are doing with it.
Proletarian
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January 17, 2018, 11:50:38 AM
 #7

Bitcoin as of now is illegal in the following countries: Algeria, Morocco, Bolivia, Ecuador, Kyrgystan, Bangladesh and Nepal. As mentioned earlier in this topic it still very hard for these countries to even find out if you have bitcoin. I think you should also keep in mind that a lot of countries have not yet decided a way to monitor the amount of bitcoin in their country, and new rules might come into place soon e.g. you might see some european countries placing new laws on bitcoin holders.
Damsel_7
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January 17, 2018, 11:52:33 AM
 #8

Thank you for the link. Based on the wikipedia it's legal in my country Philippines.
procopiapao
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January 17, 2018, 12:46:17 PM
 #9

There are many countries that banned bitcoin because of their rules and laws. When it is ban to your country, then bitcoin is then illegal.
Nailya
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January 17, 2018, 12:48:19 PM
 #10

I knew that there are a great many of people in my country but I dont know whether its legal or not?
It depends on country, but in many countries it's neither legal yet, nor illegal, somewhere in a grey area, because governments are deciding it now
Dek Aireen
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January 17, 2018, 01:13:53 PM
 #11

Some countries in the world such as bangladesh, singapore, thailand assume that the use of bitcoin is illegal. The main reason for this ban is due to the uncertainty of the value of this digital currency. Another reason is the fear that the digital currency is used as a financing for terrorism

Apeshifter42
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January 17, 2018, 01:15:55 PM
 #12

At some countries bitcoin is considered legal and being used as currency. Some countries like china they otherwise and banned the use of bitcoin. Some of the countries meanwhile don't care or haven't heard yet of bitcoin.
ADVME1
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January 17, 2018, 01:18:46 PM
 #13

I read that regualtives comes this year. But many said that this is not legal 100%
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January 17, 2018, 02:18:21 PM
Last edit: January 17, 2018, 02:41:12 PM by bizul
 #14

Who decide what should be legal and what shouldn't be? Is there a guideline to follow? It is us, Human, who come up with these decisions. What I consider legal can be, through someone else's perception, illegal. A group of people that are more powerful than us (as individuals) with authority, can enforce their regulation.

Bitcoin has many shortcomings (slow, high fees, public transactions). Think outside the box. There are privacy altcoins that protect their users by hiding their identities. If you can't identify transaction origins you can't point the finger. Do your research and avoid centralized and closed-source crypto-currency.


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jan wanst
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January 17, 2018, 02:39:27 PM
 #15

From the information I received, I realized that bitkoyn is illegal in those countries where it is banned. At the same time, this is legal, where it was not banned.
change7
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January 17, 2018, 03:14:35 PM
 #16

The good answer is It's totally depend on governments. If governments say it's legal so it's legal. One more point is governments can't generate own benefits so they can't legal it. Mostly governments doing same in there country's.     



Exactly, it depends on the Government
Igor Kapy
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January 17, 2018, 03:22:29 PM
 #17

I do not see the point of prohibiting bitcoin. The government is going through losing control over the money? Or worry that citizens can get rich, and start living freely? Participation in the state lottery - please, and buy a profitable investment is prohibited? Absurd.
mcguire1905
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January 17, 2018, 03:53:05 PM
 #18

The legalities of bitcoin mainly depends on who you are, where you live, and what you are doing with it. But for the most part bitcoin remains relatively safe to use as long as it is not tied to illicit purchases or activities. However, some countries have completely banned bitcoin such as Iceland as well as some countries in Northern Africa, South America, central and South Asia.
Apeshifter42
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January 18, 2018, 10:17:45 AM
 #19

I do not see the point of prohibiting bitcoin. The government is going through losing control over the money? Or worry that citizens can get rich, and start living freely? Participation in the state lottery - please, and buy a profitable investment is prohibited? Absurd.

Yeah, because the government always wants to control their people. They cannot control the economy of their people if bitcoin still exist in their country.
Insanerman
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January 18, 2018, 10:26:46 AM
 #20

It actually depends on where you are living. Some of the countries  legalize bitcoin as a new and innovative payment method. But there are some countries that bans bitcoin because it is vulnerable in corruption even though it is a decentralized.
2nd reason is that Cryptocurrencies do not have any commodities unlike fiat money.
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