General use of bitcoin as a legal currency

[Baoo]

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?

Actually, Many countries are afraid of problems that may be realized after the recognition of Bitcoin. As well, in a way of logic, I don't think that the governments do not want to benefit of digital currencies (especially Bitcoin) Because there are many economic problems spread in many countries (particularly the poorest one in Africa and Asia).

In addition to that, the countries cannot control the transactions because it is digital, that's why they refuse it. Furthermore, I think in the near future, there will be a solution to these problems and then the mojority of countries will recognize Bitcoin and other digital currencies as a legal coins.

[DerekGT]

They started to accept it. It is not an easy job for them. If you want to make a good job and maintain the system in your country you need regulations. And regulating cryptocurrency is not at all. And we have other factors like rich corrupted people that don't want to share their power with no one.

[MCVXYZ]

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?

First of all there are goverments where bitcoin and other cryptocurrencies are not considered as a currency,in many countries its considered as a units of account and they think that bitcoin is not a legal tender,So your question's answer is that there is no common institutional behaviour and special norms from legislative body,which is natural because its so hard to accept  something which is not observed absolutely,but in my personal opinion there will be everything fine  from the theoritical point of view, because goverments will understand that blockchain technology is a very useful for their social goals.

[andreijoaquin]

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?

I think the main reason why many countries does not in favor of legalizing bitcoin is because of the fact that they will lose control over fiat the moment bitcoin will be adopt, since it is decentralized no one can even control it which governments doesn't want to happen in their economy.

[galaxing]

the government is still learning first, because the government is still afraid they can not control bitcoin.
I hope the government will legalize bitcoin, so all the scammers die.

[Oasisman]

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.

Exactly! Governments are the biggest robbers in most of the countries. This is also the reason why there are rebels who against the Government, because they knew some bad businesses going on around which majority of the normal people do not know. Bitcoin is like a way of rebellion, rebellion against the Governments financial regulations, because people are sick of being deprived by their financial freedom.

Governments are afraid of losing control of citizens ' incomes. This is the main reason.

This is the brief answer for the OP's question.

[entrepmind23]

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?

There are countries that are oppose to the idea of decentralization which is what the cryptocurrency is because they don't want to lose control. If you observed, the government is the one who has the right to set the prices of any product and any financial transactions should be taken into account so that government will be able to take their share of the profits through taxes. With cryptocurrency, they would not be able to monitor all the transactions because although there is transparency of the funds, the people behind those addresses are anonymous so it would be hard to pinpoint who is who.

There is also the risk of using the cryptocurrency as a mode of payment in illegal activities because bitcoin become more famous due to the silk road incident and those who are against it is using that reason why they don't want to get involved with crypto. That is just one side of crypto but it is already evolving and more companies are using it as mode of payment legally but still it would be the prerogative of the government then if they want to recognize crypto as legal or not.

[richminded]

Governments are afraid of losing control of citizens ' incomes. This is the main reason.

This is the brief answer for the OP's question.

They're trying to control cryptocurrency but it seems like they really can't. Cryptocurrency are almost new in the market so I think this is the reason why government can't tell its people to use also because of the risk. We need more time, let's not rush things because this kind of technology will have a big impact on one economy so I think this is a huge issue for the government.

[Rajamuda]

Invention? I think it's not an invention.. but something that's created and well developed, it also gets a lot of supports from many people as well as the interest of many people.
It's just not all that bitcoin.. is really well responded to overall from each countries, there are still many negative things that can be done in terms of excess bitcoin as well the government hasn't been able to really decide due of many considerations about related with the country's economy.

[ballerin and giroud]

Bitcoin is a new product in the technology world, so the government is still reviewing to regulate bitcoin. The volatile nature of the price and anynomous users that make it difficult for governments to monitor bitcoin transactions. Because the transaction process bitcoin can only be seen by the sender and the recipient only. In addition, every country has its own currency, so later when bitcoin is legitimately feared that people would prefer the bitcoin in the country's currency appeal. Maybe that is at least government consideration that prohibits bitcoin.

[izanagi narukami]

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!

You may be mistaken, your government decide to not legalize bitcoin because they want all people safe from bad things that can happen because of bitcoin usage ( money laundry , terrorism funding , etc )

It's reasonable and most country also thing about this but for who had legalize bitcoin, they think that their civilian are not easily being attract for bad things that bitcoin cause

[MCVXYZ]

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!

You may be mistaken, your government decide to not legalize bitcoin because they want all people safe from bad things that can happen because of bitcoin usage ( money laundry , terrorism funding , etc )

It's reasonable and most country also thing about this but for who had legalize bitcoin, they think that their civilian are not easily being attract for bad things that bitcoin cause

But why do they need such strict restrictions/bans when investigate authorities  can investigate criminal activities  by cryptocurrencies? there are a lot of examples and hundreds of cyber criminals which are arrested because of money laundry,etc...So I just want to say that if goverment can use more liberal approach to regulate this why not? We all know that its not absolute anonymous and anonymity can be revoked if appropriate structures need it..But If goverment(national/federal bank) has no special resources to control 'doubtful' transactions by monitoring service of course in this situation it will good to not legalize.

[Rooster101]

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?

In Japan, bitcoin is recognized as a legal tender and some well known Japanese businessmen started accepting bitcoin payment and a business owner even suggested that he might pay part of his employes' salary in bitcoin if they wish. Japan is already known to have use bitcoin for their general use of while other countries are still looking for some ways on how to legalized the use of cryptocurrencies in their area. Many governments don't really like the idea of allowing a decentralized currency in their economy because they have no control on it. The only way to allow such kind of decentralized currencies is by imposing a regulation so they can monitor and control the flow of the cryptomoney.

[BitHodler]

You may be mistaken, your government decide to not legalize bitcoin because they want all people safe from bad things that can happen because of bitcoin usage ( money laundry , terrorism funding , etc )

That doesn't make much sense at all. Whether governments legalize Bitcoin or not, in no shape or form will it stop people from abusing Bitcoin for their own shady practices.

Governments only use terrorism funding and money laundering as a lame excuse. If they really cared about that, they should do something about cash money as well, because that's the main root of evil.

Bitcoin doesn't provide any anonymity at all, which is why criminals no longer strictly use Bitcoin, but more and more revert to coins like Monero. I find people using Bitcoin for shady practices even dumb with that in mind.

[Virtual miner]

Undoubtedly Bitcoin is the greatest invention of the decade. And our bitcoin community has benefitted alot from this trendsetter digital currency.

When it comes to the governments legalizing and adopting Bitcoin as their legal tender, the process seem quite slow. This is due to many reasons:

● Bitcoin is a decentralized and an open source platform where nobody can really control its flow. So governments definetly feel reluctant to take up such a thing.

● Bitcoin is subject to uncertainties and fluctuations. Acceptance of this currency as a means of general medium of exchange might lead to certain other problems that governments might not want to entertain.

● Another thing that I hear is about the high transaction fees associated with Bitcoin. This is a key drawback which the community also feels might hamper the Bitcoin's acceptance on national levels.

[daoquanghuan]

I think bitcoin has its real value. This moment is still the beginning of it. Over time it will be improved to be used as a legal and widely accepted payment method

[Faeton]

Although bitcoin, as one of the types of crypto currency, is a new and convenient technological solution for financial settlements between individuals and legal entities, it poses a rather serious danger for any state, since it can not control the movement of money both inside the country and especially beyond it. In addition, due to the large volatility of bitcoin, it is very difficult to enter into transactions in it and conduct calculations that require a long period of time. but sometimes it is impossible. Therefore, bitcoin, I think, can only go along with the usual fiat money.

[biboy]

Although bitcoin, as one of the types of crypto currency, is a new and convenient technological solution for financial settlements between individuals and legal entities, it poses a rather serious danger for any state, since it can not control the movement of money both inside the country and especially beyond it. In addition, due to the large volatility of bitcoin, it is very difficult to enter into transactions in it and conduct calculations that require a long period of time. but sometimes it is impossible. Therefore, bitcoin, I think, can only go along with the usual fiat money.

This should not be an argument, for me it is better to use bitcoin the way it is used as of today, just imagine if the bitcoin has been use as a legal currency then the tendency is that it will not increase in value unlike what is happening today where in the value depends entirely on the law of supply and demand.

[YED]

Many companies are accepting bitcoins, many are not we can take the exemple of one off biggest shopping website in the world .

[Rooster101]

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?

I think It is not easy for some governments to accept a currency that they can't control or effectively regulate. Several countries like Japan has already allowed bitcoin as legal currency but it still some impose regulations to prevent or monitor the unlawful use of the cryptocurrency. Bitcoin is used mostly in online transactions and and in remittances in some countries.