General use of bitcoin as a legal currency

[Sandeep24]

Its depend on the country where you are using Bitcoin for general use because some countries are not allowing/accepting Bitcoin as a legal crunncy.

[Tigorss]

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?

After the launch of the digital currency was found several problems from start Not Stable, very risky lost or stolen, Bad Investments and many others so that some countries rethink to receive the digital currency is feared will harm the country.

[kaizerblitz]

I think for now bitcoin discussion about to legal or not is a main topic in any country in the world because bitcoin is powerful and they know the bitcoin could do that in there country.

[senin]

At the state level, the overall use of bitcoin as a currency is not possible due to its high volatility. It is impossible to overcome it yet, and the absence of a stable price will prevent the use of bitcoin in trade transactions.
At the same time, citizens can use bitcoin as a single currency among themselves. However, in practice this is also unlikely to happen, since now there are a lot of different types of crypto currency, which are much better for this than bitcoin.

[marcbitcoins]

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?

Not anymore because Japan, France and Germany are now using the fullest potential of Bitcoin as a currency in their country like Japan in which Bitcoin now can be an option for their workers as form of salary payment, In France and German the Bitcoin can be use anywhere with free of tax so therefore their citizens can now enjoy to join the investments and use it as currency with tax exemption.

[KorakPawon]

The exchange rate of bitcoin can rise from 23 million to 184 million in one hour only and of course also can fall back also within one hour. This phenomenon can certainly make a person become rich and poor only in a very short time. Instability of bitcoin exchange rate is what makes some countries forbid the use of bitcoin as a digital currency in transactions in those countries.

[olubams]

The discussion around general use is not something that should be talked about at the moment because at this time, its about acceptance and acknowledgment which is something being battled with in almost every climes of the society where they have access to the internet. It is when this has been settled, before we then move on to the point of whether it will be use for general purpose or not.

[darkangel11]

The exchange rate of bitcoin can rise from 23 million to 184 million in one hour only and of course also can fall back also within one hour. This phenomenon can certainly make a person become rich and poor only in a very short time. Instability of bitcoin exchange rate is what makes some countries forbid the use of bitcoin as a digital currency in transactions in those countries.

What are you talking about? What is this exchange rate that you're talking about? Do you mean the volume? because you aren't speaking about the price nor the market cap. You can't become poor with BTC in the matter of hours, where did you get this from? The most extreme crashes can cost you maybe 5% per hour, but that's still extremely rare.

[deklitt]

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 there are various factors that make the government not accept bitcoin as a legal currency especially bitcoin Decentralization system, because this system can't be controlled by the government so that this allows criminal acts by its users.

[KorakPawon]

it is true the use of bitcoin depends on the legality of each country when it is really legal there is a set and there is a liberating like UEA that legalize the use of bitcoin as a means of transaction.

[DeadCoin]

Just a fear of value loss to their fiats if crypto gains more values in the currency market. All is about a business between fiat's and crypto currencies. Bisiness plays a main role here.  A country's economy growth depends on its local currency's value.  So the fear stops the government to adapt bitcoin

[Colt22]

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 will take some time as it is the start of this coin and they will need to do many changes in their economy sector and in their accounting section and their documents for doing that.

Just a fear of value loss to their fiats if crypto gains more values in the currency market. All is about a business between fiat's and crypto currencies. Bisiness plays a main role here.  A country's economy growth depends on its local currency's value.  So the fear stops the government to adapt bitcoin

It the reason is not the fear of value lose but the reason is the way they will need to adopt and the trained personalities will be needed for that while in many countries even their rules do not know that how to manage bitcoin for their state. It will need a more educated leadership for the state.

[KorakPawon]

Just a fear of value loss to their fiats if crypto gains more values in the currency market. All is about a business between fiat's and crypto currencies. Bisiness plays a main role here.  A country's economy growth depends on its local currency's value.  So the fear stops the government to adapt bitcoin

it does not matter if the fiat really will disappear for the next few years because it's fiat now is not too influential on our economy including the price of crypto.

[labhsikh123]

This is new innovation of decade. It will be accepting all countries in the world with proper rules and regulation.

[marielbeckham]

I totally agree that it is one of the greatest inventions seen lately. And probably one of the main reasons why countries refuse recognizing and using BTC is the fact it is capable to promote decentralization.

[goaldigger]

We cannot blame other countries for not legalizing bitcoin because they have these reasons applicable to their own. I believe government are just protecting its people toghether with its country. But in what ive seen now, its possible that those crypto-banning countries will open themselves soon. A lot of countries started to recognize crypto and its the start.

[Thanasis]

The exchange rate of bitcoin can rise from 23 million to 184 million in one hour only and of course also can fall back also within one hour. This phenomenon can certainly make a person become rich and poor only in a very short time. Instability of bitcoin exchange rate is what makes some countries forbid the use of bitcoin as a digital currency in transactions in those countries.

The price of bitcoin and other crypto currency will change from one exchange to another based on its demand and supply volume and the price swings maybe extreme sometimes,it can reach upto 10% in a day or even more but it is not a normal scenario,which is about 5% or less is normal price swing rate.
But the country forbids the crypto currency because of they afraid that it can be used for illegal activities in their country and some think that it is a ponzi.

[denny27]

The average is caused by certain considerations related to the financial system of government that's still worried about the risk that can be received by the country. Well but it's possible later that it will be further deepened to be able to support it because anyhow this is a discovery that's already more visible useful and can be used as a living complement in terms of financial or financial problems among many people which can generate profits and various other benefits that can be useful for daily needs also the progress of the country.

[Harlot]

As far as I know no country has recognized Bitcoin as a currency which is second to their own. But for the countries who accept Bitcoin they recognized it as a allowable mode of payment in their country. Majority of the counteies are not recognizing Bitcoin or any other cryptocurrency as a legal cyrrency because their own fiat currency is protected by their constitution. Which means recognizing other currency outside of their own is unconstitutional.

[KorakPawon]

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.

when bitcoin is legal it means there is a habit that they continue to use bitcoin with a large enough user capacity when it happens then the fate of conventional money will be questioned because the majority of the population uses bitcoin as a means of transaction.