Is Bitcoin legal?

[manik1996]

It’s understandable to have questions about the legality of using Bitcoin. The platform introduced a brand new paradigm away from the traditional regulators and regulations that govern fiat currency. Unlike illegal, counterfeit money, which is a blatant example of a “currency” that misrepresents itself as legal tender, Bitcoin is entirely different. Nevertheless, it operates in a seemingly gray area when it comes to regulation. However, many of these concerns boil down to misunderstandings or a lack of concrete rules that govern Bitcoin, rather than overt violations of the law.

The question surrounding the relationship between Bitcoin and the law really depends on how the digital currency is being used.

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[DOLONCHAPA]

Every single fiat currency in the world is created, released and controlled by a single entity – in most cases a central bank. By law, ordinary citizens are only allowed to buy, sell or keep the currency. If someone tries to create any amount of money, they will inevitably find themselves behind bars.

When Bitcoin was introduced, it created a completely new and unique paradigm. The world’s first digital, decentralized currency that isn’t controlled by anyone at all. Moreover, the very concept of Bitcoin implies that anyone with enough computing power can create coins by simply being an active part of the community.

As it’s becoming more and more mainstream, law enforcement agencies, tax authorities and legal regulators all over the world are trying to wrap their heads around the concept of cryptocurrency and where exactly does it fit in existing regulations and legal frameworks.

The legality of Bitcoin depends on who you are, where you are in the world, and what you’re doing with it. Here’s our guide on legal issues concerning Bitcoin, where we mostly focus on the US but cover other major countries as well

[Deamindit]

Btcs are a beta topic which is still under experiments in real world so its not yet enforced properly

[Ryzenus]

To summarize everything.....Bitcoin is like a money of course because we give value to it and also it depends on your country, your government, and how you use it in the internet since bitcoin is the major or mainstream cryptocurrency as if it can be called "The Internet's Currency" so Bitcoin can be used in many ways and so like our physical money.

[americanhead]

depends on the country. i know in china, you can't actually hold Bitcoins (or any other cryptos for that matter). you have to go through a service that buys and holds for you

[Artkuz]

The use of cash surrogates involves a high level of risk, primarily due to their unsecured assets, lack of uniform regulation of the issue and legally binding entity. The anonymous nature of the activities for the production of cash surrogates unlimited range of subjects creates conditions for the involvement of citizens and legal entities in illegal activities, including legalization (laundering) of income,this opinion is the famous economist of the Russian Federation, the Transfer of such funds in the currency will be considered illegal and a crime

[Harris Pay]

* Bitcoin is currently the most widely used currency in the world , many Bitcoin investors when they first learn about Bitcoin are asking such questions as " "Bitcoin is scam or multi-level?", leading to the fear of trading Bitcoin. Many people seek self-regulation of Bitcoin, the Bitcoin business

* Is Bitcoin the virtual currency? Is there any other name?

According to the California-Irvine College of Technology and Financial Studies, there is a lot of controversy over this bitcoin virtual currency, especially about its name, how it is called, in its names, each expert. There is a way to call this currency such as: digital currency, digital currency, virtual currency, electronic currency, or cryptocurrency.

With the inventor of this kind of money, Satoshi Nakamoto, he calls Bitcoin money electronic cash, cash is understood in English as conventional money, it is like some kind of cash in casino that conveys its value through color In Satoshi's opinion, it is a conventional electronic money. It is not a multi-level fraud scheme that is simply unlawful, but not prohibited, of course Bitcoin trading, bitcoin digging is also not breaking the law.

[Lhanjhong]

In my country it is legal,and I know some country that bitcoin is legal also.I heard that the are countries that it is not legal.

[Dhanems]

Yes,for my opinion Bitcoin is the mother of all cryptocurrency..yes Bitcoin is legal,since 2009 Bitcoin is alive and start dip again.for those people or goverment politics  are saying Bitcoin is elligal..maybe they don't know really what's is cryptocurrency:) we are on digital era so follow your belief your are on the right path

[bouliboulop]

wow, I am very impressed looking the wikipedia page that so many countries state that bitcoin is illegal :

Algeria, Bolivia, Ecuador, Kyrgyzstan, Bangladesh, Nepal, Cambodia, Vietnam (as payment tool).

Anyway, it's very nice to see it is authorized in so many countries:)

[George Khelashvili]

wow, I am very impressed looking the wikipedia page that so many countries state that bitcoin is illegal :

Algeria, Bolivia, Ecuador, Kyrgyzstan, Bangladesh, Nepal, Cambodia, Vietnam (as payment tool).

Anyway, it's very nice to see it is authorized in so many countries:)

its okay..this is not developed countrys, so...

[diora11]

It all depends on the policy of bitcoin provided by the government of a country. In some countries it legalizes the circulation and use of bitcoin in daily activities, but there are also countries that prohibit and consider bitcoin as an illegal currency. Prohibitions made by each country were different. Some do not allow bitcoin to buy anything but may use it as an investment. There are also countries that do not allow both. So we can conclude that the bitcoin is legal or not based on the regulation of bitcoin in our country of residence.

[fiend91]

In each country, one or another body regulates the legality of Bitcoin, but you will see that many financial bodies are interested in Bitcoin and other virtual currencies, along with regional regulators.

[baguetter]

I hate the fact that this is even a question. There should be some kind of rules to prevent abuse of cryptocurrencies but otherwise the benfits for everyone are just too great to make it illegal anywhere//

[Tendou_Karen]

Not every country legalling Bitcoin, so it's depend on where do you live. A country that ilegally Bitcoin is China, depends on G20 result.

[BabyBoss]

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?

In my country this is not illegal because there is already banks who are accepting bitcoin meaning our society and government accept bitcoin here, so there is no problem for us to use btc it is free to use here. While some countries banned btc I believe btc is already illegal there.

[Gugel]

Depends from the country where you use it

[zacxavier]

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?

I think it is legal but not yet regulated. Legal does not mean it was created by the government but Legal because it is not illegal, simple.

[limun]

try to find government regulations in your region that govern the digital currency

[Woterry]

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?

Just like what everyone did mention here, it depends in the country your at. Main reason is because government won’t allow it because of how bitcoin can turn physical money down. That’s why banks are giving governments a heads up that they will get a lot of disadvantage if bitcoin comuunity grows. But we won’t stol there, we should stay big and get bigger. So governments can also see the values and advantages of cryptocurrencies.