General use of bitcoin as a legal currency

[glorybtc]

bitcoin isn't accepted on many countries because every country has its own central bank that has authority to set the currency used and the laws of many countries usually require their citizens to use the domestic currency for transactions

[ranman09]

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 because simply because they can't handle it for every people in their county to benifit. Yeah, I'm talking about taxes.

[erikjoy]

Since Bitcoin is a digital currency and highly volatile i.e. it's real value changes so fast that if we're paying it as general transaction it would change in value in no time hence governments are still watching and thinking of the future of Crypto as a legal currency. And as some countries have legalized Bitcoin as a mode of regular transactions Bitcoin will soon become a legal tender in India and other countries.   

I don't know, I think that the volatility would be reason not to use it as a currency for daily payments and such. It's too hard to measure the value of something if it keeps changing like this. Standard fiat currencies are lucky to see 2% a day, while these cryptos see 20% or more. It's hard to pay for your groceries accurately if the value of your money moves so much.

And India is moving in the opposite direction these days I thought. They're trying to ban the banks from using crypto because they're afraid it'll escape taxation. India has been quite strict on its people about tax obligations, and bitcoin is one more way that they are tightening the screws.

[KorakPawon]

I think this does not mean it has not received yet everything needs to process and should be a lot of consideration, if talking into this currency may be very difficult because all countries already have their own currency, but in this world nothing is impossible.

[Luke101]

They said it was not illegal either, that's why for now only people who are into Bitcoin can accept.abitcoin from people because it is the same with mutual understanding.

[Zohina]

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.

very true, there are still many countries that have not approved bitcoin as a legitimate payment instrument in their country, first bitcoin cannot be regulated and supervised by any party, so for countries with very high crime rates it is very potential for money laundering, the second reason to keep the eye the country's own money, the three financial systems of the country have not supported and have not been well integrated.

[Girlsbit]

How can they accept what is, in principle, not in their competence.  They did not create the currency, the government did not do anything for the crypt.

[qwerty12]

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?

Yes, bitcoin is a great discovery in this century, however, on the one hand, this has created confusion for policy makers from various countries in taking steps to provide regulations for individuals and businesses on how to integrate this new technology with formal financial system regulations. I think it's only a matter of time until eventually bitcoin can be accepted as legal currency in public transactions in various countries.

[KorakPawon]

all countries have different policies and all countries already have currencies in their respective countries so even though bitcoin is a big invention it all requires a process that must be passed and the process is not easy.

[rosymadaan7]

It is difficult to use bitcoin as general and legal currency
Because in general and legal currency
Price of currency is fixed there will be no change in values of currency. But in case of bitcoin prices are not stable and change again and again that's why it is difficult to do genral use of bitcoins

[Tapyaks72]

all countries have different policies and all countries already have currencies in their respective countries so even though bitcoin is a big invention it all requires a process that must be passed and the process is not easy.

As of now  bitcoin is having difficulties to become  legal tender because, aside  from being volatile, it is also anonymous in nature and being an crypto currency it is difficult to implement because of lack of infrastructure that would cater bitcoin coin in local market.

[greeklogos]

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?

The point is in politic and laws, by some of them it is forbidden to use another currency on the territory of the country and by another one bitcoin does not admitted as payment instrument. Every country has it own reasons to not give total freedom to crypto, but as we can see on the example of India, which  is planning to legalize bitcoin (by the latest gossip news) that the first opinion and decision about crypto may be changed.

[longyenthanh]

bitcoin isn't accepted on many countries because every country has its own central bank that has authority to set the currency used and the laws of many countries usually require their citizens to use the domestic currency for transactions

I think that it is still to early to make i a currency, we will need to be patient a little bit more for changes like this but in future, who knows, maybe we will be able to make every day shopping using only a crypto.

[YinShuiSiYuan]

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.

Because cryptocurrencies are managed by people, governments do not show much willingness to legalize them. They can not control the crypto so they try to introduce restrictions in using the crypto. Crypto verification will be a long term process requiring proper regulation.

[KorakPawon]

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?

the one who can answer for a while is the country where you live, why not accept bitcoin, but in this case the country has a reason why not / does not accept bitcoin in terms of payment.

but even if the government accepts bitcoin it requires a short process and time.

[Capt00]

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.

Because cryptocurrencies are managed by people, governments do not show much willingness to legalize them. They can not control the crypto so they try to introduce restrictions in using the crypto. Crypto verification will be a long term process requiring proper regulation.

That's the reason now some countries did not put regulation in bitcoin, they direct to regulate the users of bitcoin by implementing KYC that who used bitcoin. As far as I know, nobody manages on this bitcoin currency the price goes down and up because of the demand by those traders in the market and the holders as well who used daily in bitcoin.

[tamarakent22@yahoo.com]

i believe the population don't know about this and it's no getting enough credit

[romarry]

I think legality is an obstacle for bitcoin for that. because there are several countries that strictly prohibit foreign currency. Also, there are countries that restrict certain currency entity permits such as the Bitcoin exchange.

[passeroutpass]

Because it is still very risky. It is necessary that the crypto currency is more stable, because its volatility can harm the economy.

[miramax-10]

Because this revolutionary technology has not yet been studied by the ruling states. Adopting a crypto currency as a legitimate currency is a cardinal change. Therefore, everything should be well planned and taken into account all the risks, because the consequences can be irreversible.