General use of bitcoin as a legal currency

[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?

I think the government has no control over digital money, so there will be barriers.

Why do you think that the government does not have the ability to control users of cryptocurrencies? All cryptocurrency exchanges require users to submit the same set of documents that are required to open a Bank account. I am confident that this data will be made available to the government on demand. Cryptocurrencies are anonymous only until the user has used the exchange for Fiat.

Yes of course it’s possible for special investigate authorities to take users personal data for their investigations,if it wasn’t right there would be a big risks and problems related to public safety. Even,if exchanges have not the requirements ( personal information) they can find the author of transactions because of its pseudo anonymous nature, but its not about coins such as monero,zcash,etc.

[Gadhoh]

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 government has no control over digital money, so there will be barriers.

Why do you think that the government does not have the ability to control users of cryptocurrencies? All cryptocurrency exchanges require users to submit the same set of documents that are required to open a Bank account. I am confident that this data will be made available to the government on demand. Cryptocurrencies are anonymous only until the user has used the exchange for Fiat.

the government is not without the ability only they know how the risk of bitcoin if spread outside without any supervision because it would be very detrimental to the country.

[Binugon]

from an article I read about why the state has not legalized digital money, one country's central bank says the digital currency has disrupted the current financial system, and some say more and more virtual currencies are used in crime, such as drug trafficking , but over time tomorrow may be different story ..

[lokanot0]

Bitcoin isn’t a currency and unless it becomes one it could be worthless. Bitcoin is in decline. Not its price, which has almost reached 20k US dollars per unit last year, but its actual use as a currency. And this makes its rapid appreciation all the more puzzling. In my opinion, government agency should start implementing laws to accept bitcoin as currency before its too late.

[Palmerson]

Bitcoin isn’t a currency and unless it becomes one it could be worthless. Bitcoin is in decline. Not its price, which has almost reached 20k US dollars per unit last year, but its actual use as a currency. And this makes its rapid appreciation all the more puzzling. In my opinion, government agency should start implementing laws to accept bitcoin as currency before its too late.

Why do you think that the government needs to save bitcoin? Lol. They will observe from the side without losing anything at the same time. They never acknowledge it as a currency to prevent trade with bitcoins. Such operations are difficult to control. Governments do not make efforts to destroy bitcoin only because we spend bitcoins only after the exchange for Fiat.

[Ozero]

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?

Bitcoin and other decentralized crypto currency can not be fully controlled by the state. In addition, it has high volatility. Therefore, it is very inconvenient for the state, including for use by state bodies. It is very convenient for citizens, but not for legal entities and authorities. Therefore, the state can allow its circulation in its  territory, but it will never take practical measures to maintain it. Most likely, the states will further use their centralized crypto currency.

[Bitknick]

For countries to start transactions in bitcoin, an appropriate legal document is needed in each country!

[USDOLLAR]

Use of Bitcoin as a legal currency if it is possible then it will be a revolution. If we want to make an effective approach to maintain the system in our country so we need regulations first. In my views, if the government can take a more liberal approach to regulate this then why not it is possible? The government would always be the first to go against anything either set of rules and regulations or control the systems which are going to adopt.

[pabpete]

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?

Cause nowadays still lots of goverments/ people/ countries don't know and couldn't understand how crypto is working and how they could improve their economy thanks to that, just wait some years and they will find out possitive aspects and make crypto legal and more usefull in their countries.

[Dendamma]

The whole idea behind bitcoin is rather young, and since it is revolutionary, it takes time to spread. Also, cryptocurrencies are governed by people, not institutions, and this is why some countries are doubtful.

[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?

there are some countries that legalize bitcoin and some countries that do not legalize bitcoin, This happens because each country has a different policy. The nature and habits of different country people. Why Japan is allowed because policymakers see the conditions of each country, no speculation and terrorism, and why there is a country that does not allow bitcoins to enter because of some country deficiencies that can be exploited for bad people and that will only cause problems for the country.

[Amanda Green]

It is a good asset right now, but, everything could happen. Therefore, the smartest way to invest in digital assets is to build a well-diversified portfolio based on your risk preference and investment goals. Such a portfolio would likely include a substantial holding in bitcoin and small exposure to promising tokens. I found a really good Token Sale - Socratus.  It is a digital platform for insurance companies. So any insurance company can connect the platform to become the part of Insurance Digital Ecosystem. They are aiming to create a win-win insurance whereby you get instant claim payment,  fair and transparent dealing and friendly prices. I think this is really cool and it seems like an innovative and demanded project.

[marseille]

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.

not all countries can accept bitcoin, and general payments that use bitcoin as a means of transactions occur only in some countries that are legalized bitcoin, ranging from stores to properties, but unlike countries that have not legalized bitcoin, they can only make bitcoin as an investment asset them and melt income on the trade.

[Zohina]

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 countries that still reject the use of bitcoin because the country's technology is inadequate, and the possibility of the country's financial management system has not been integrated with one another, and bitcoin is feared as a place for money laundering, most of which are corruptors in the country. but that does not apply to countries whose financial systems are very modern and technology from that country is already very advanced, surely the country accepts crypto currencies, especially bitcoin, for example Japan, America and other developed countries.

[Vektrum]

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?

Crypto currency as an invention in the financial sector of the economy is more interesting for ordinary people. Decentralized types of crypto-currency for state structures and, in general, the state as a whole, it does not matter much. Moreover, decentralized crypto currency is simply not profitable for the state, since it does not allow monitoring the movement of cash flows in the crypto currency. In addition, decentralized crypto currency has such a large volatility that it is even problematic to use as a kind of money. It can only be used along with national paper money.

[mornabo]

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 government has no control over digital money, so there will be barriers.

Why do you think that the government does not have the ability to control users of cryptocurrencies? All cryptocurrency exchanges require users to submit the same set of documents that are required to open a Bank account. I am confident that this data will be made available to the government on demand. Cryptocurrencies are anonymous only until the user has used the exchange for Fiat.

Thats right, I think the government can take advantage of it to control the users, you know many exchanges that ask for verification of data like id cards even photo owners to get good facilities in exchange, of course the government can exploit it and bitcoin can be legalized

[Andrew S]

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?

All because many countries are afraid to take bitcoin in their home.  And bitcoin needs to be regulated, but other countries agree on this.

[erikjoy]

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 countries that still reject the use of bitcoin because the country's technology is inadequate, and the possibility of the country's financial management system has not been integrated with one another, and bitcoin is feared as a place for money laundering, most of which are corruptors in the country. but that does not apply to countries whose financial systems are very modern and technology from that country is already very advanced, surely the country accepts crypto currencies, especially bitcoin, for example Japan, America and other developed countries.

Yeah true enough. There's still quite a way to go until it will be adequate to be a part of daily commerce. It has some use in limited transactions, like for services, but it cannot be used to the extent that visa can where millions of people are making trasactions around the world at any moment in time.

The doom and fear also has a big part to play as well as mainstream media tends to portray it as a cash vehicle for money launderers, weapons salesmen, drug dealers, rapists... blah blah blah. They like to paint it black any way they can because it's unconventional and it threatens the current power system.

[KorakPawon]

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

maybe everything needs a process and maybe the process for the state to be biting into the currency is not an easy thing, since most countries already have their own currencies, so I think that's quite difficult and may know when it can happen, but we pray that all countries can see the rapid development of bitcoin.

[deppil]

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

maybe everything needs a process and maybe the process for the state to be biting into the currency is not an easy thing, since most countries already have their own currencies, so I think that's quite difficult and may know when it can happen, but we pray that all countries can see the rapid development of bitcoin.

Yeah of course it all takes a very long process. the government will not easily accept bitcoin as a legal means of payment.
see they have a valid local currency as well. maybe a few years to come they will change his point of view? or not at all