General use of bitcoin as a legal currency

[phdilanuom]

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

[cynical]

Im sure you mean, why countries DONT accept bitcoin in transactions?
because at the moment only a handful of countries have recognised it as a form of payment,
but not to replace any fiat currency.

I can understand some peoples thinking that if and when bitcoin is regulated by countries maybe there is a chance it woild be accepted as legal tender but i cannot see it happening.
Countries will simply create their own regulated crypto.

[avikz]

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country accept this as a legal currency in their general transactions?

I'm sure a "Don't" is missing in your statement. The main question is that "why every country don't accept this as a legal currency". To understand that, you need to first understand the basic idea of crypto currency. Cryptos are based on the idea of de-centralization which is strictly against the rules of centralization. All governments on the earth function on the idea of centralization. They have a central bank which regulated their economy and circulates the money to the people through all scheduled banks. Cryptos are not centralized and don't have a central authority to regulate of circulate bitcoins among the people. That's the main contradiction here.

No government will want their economy to be mixed with any de-centralized monetary system. Only few progressive governments like Japan and USA is seriously thinking about it and trying to bring in a framework for the crypto users in their country. Rest all are skeptical about it and trying to guess the depth of the water. 

[phdilanuom]

Yeah I meant Every country don't take it as a legal currency to do their general transactions..

[Sir Cross]

No country has taken bitcoin as a legal currency for general transactions because of the complications that go along with it. It cannot be adopted yet in that way because it is still too volatile and for now, the transaction fees are too high. Imagine if you were at your local grocery store and upon paying your bill, you would have to pay almost half of your total bill just to process your transaction and on top of that, it takes hours to confirm. Also, since bitcoin is very volatile and its possible that upon paying, the price would change. It would still be a hassle to use.

[Zackgeno96]

I've heard many of my companions say the bitcoin is the greatest invention in the decade..

Yes, there is no doubt about that.

But I wonder why every country don't accept this as a legal currency in their general transactions?

It is quite simple, government don't have any control on the bitcoins and it is a biggest threat for the fiat currency backed by the governments. Regulations are really required in order to consider the bitcoins as a legal tender, which seems quite difficult at the moment.

[mrcash02]

Take in consideration Bitcoin and its technology are something relatively new in the world and governments don't act without thinking a lot about the consequences first. For people of this forum, Bitcoin is already a well known currency, but for people out of this forum and probably out of internet, Bitcoin is unknown and many governments only discovered about it on the last year or so...

They are studying the best way to adopt Bitcoin and/or its technology. As was said here, they want a currency they can control and it's hard to control Bitcoin, so they must think about it: "Legalize Bitcoin or not? What are the another options do we have?"

By the end of this year we will have many news about this subject in the media.

[thrylos]

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

This is the normal response from the government for bitcoin is threat to the economy of a country. This will cause every bank into a big crash moment, because once that bitcoin becomes legal it will atract more investors because the possibility that the price of bitcoin will rise uncontrollably and if this will happen surely government bank will lost the big shares of investors. The present condition is a proof to this, majority of countries don't support bitcoin but it the price is rising so how much more if government will back up it.

[xuan87]

For government Bitcoin can be see as threat, because all the transaction is hidden and the volatility of the price causing Bitcoin as a dangerous investment, plus there are many scamming ICO, the government just need more time to learn about it, it doesn't imply that Bitcoin is not accepted

[samcrypto]

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

Because its too risky to use for and some people can't afford to use this, why? Simply because not all people know how to use technology and not all here in my place have a signal to surf online. What I mean is, fiat money are still convenient to use for, and government still need to study more about cryptocurrency so they can protect its people from being scammed.

[lili song]

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

Because some country have a regulation differently, some government still afraid they can't control the bitcoin and some people can use bitcoin for illegal transactions. As we know bitcoin transaction is anonymous, so that some government concern also about that. But I hope some day in the future, some country can accept bitcoin and legalized by government. So if more country accept bitcoin, I believe bitcoin will grow more faster.

[tweetbit]

Just think about it, we as citizens of a sovereign country we want our own identity, we are proud of it. In cryptocurrency the government like the idea but the fact that they can’t own it, is a big deal for all of us. That’s why most of the time they’re debating on it not because it is bad economically but because of profits sharing. They want to have they’re own to monopolies the money or crypto.

[Theb]

It mainly depend on their own interpretation or understanding of their laws. Some countries think that Bitcoin or other crytpcurrencies are in violation of their law as it is totally avoiding the use of their own fiat currency. Some countries like India and Indonesia only allow Bitcoin to be traded and mined but it can never be allowed as a mode of payment. But the good thing about the law is it can be amended in order for the government and its people to adjust if they see the benefit of Bitcoin in other countries' economy then we might see a change in their laws.

[qwertyup23]

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

You need to understand that there are a lot of implications when adapting bitcoin as a general currency in the country. Below are some of my opinions on why countries cannot fully adapt a digitalised system of payment:

• Due to economic discrepancies between developed and developing countries, adapting a digitalised form of currency may be prejudicial to developing countries as their technological advancement is behind as compared to developed countries;
• Cryptocurrencies in general is prohibited by some of the top countries. Using this as an alternate currency would conflict laws and may potentially create disaster;
• Cryptocurrencies' nature are on the internet; having a stable internet connection is mandatory which I believe some countries are behind;
• Due to its volatile and decentralised nature, it would be very difficult to set a standard in the price of products as compared to fiat; and
• Transactions involving cryptocurrencies are relatively slow. This means that acquiring products/services would take time as compared when transacting fiat.

It is without a doubt, however, that bitcoin is indeed considered one of the revolutionary innovations created as of date. Having to transact digitally around the world while providing anonymity is truly remarkable but we have to consider some factors before we adapt into it. I believe that in the inevitable future when countries are able to embrace this system, bitcoin would be the gateway towards this idealism form of transaction.

[semobo]

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

Every country has their own fiat currency and the virtual currencies are very new and totally against them it can cause the death for the fiat currencies in some years so the governments will be out of revenue since the cryotocurrency transaction are non traceable so they can't implement perfect tax system for like fiat money so many governments don't want to accept it as a legal tender.

[silent2]

I think they are frightened by its cost, they are simply afraid of change, and of course they do not want everyone to become rich, nobody will manage!

[sunsilk]

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

It's because its popularity isn't yet broad but we are going there for now its not that popular in some countries.

But for progressive countries and even third world countries who recognize bitcoin, they can accept it as a legal currency and/or an investment.

And for countries that banned it, they are scared of the use of bitcoin as it promotes, decentralization and anonymity.

[matuson]

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

Money is needed not only to buy goods. You have a primitive notion of money. Fiat is part of the economy. With their help, banks lend to enterprises and develop the real sector of the economy. How to do this with bitcoins? Governments and bankers will do all they can to stop the advance of cryptocurrencies.

[VelascoMark20]

I think it's because not all country can control the bitcoin society. In bitcoin there are scammers and people who can manipulate the digital world in there hands. Countries that are lack of intelligence in the internet can't control those people who can take advantage in bitcoin. In this lack of intelligence, government may not be able to track these people.

[Basmic]

I think it's because not all country can control the bitcoin society. In bitcoin there are scammers and people who can manipulate the digital world in there hands. Countries that are lack of intelligence in the internet can't control those people who can take advantage in bitcoin. In this lack of intelligence, government may not be able to track these people.

Do you really think that the state cares about the financial condition of its citizens? Lol. Modern governments are themselves major fraud. They Rob the whole country all the time. These scales are much larger than the actions of amator fraudsters. Governments are afraid of losing control of citizens ' incomes. This is the main reason.