General use of bitcoin as a legal currency

[CBANX Ltd.]

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, Some countries accept the bitcoins and another is not accepted. Because every country has different policies. General use of bitcoin is you can do all transactions of money transfer over the world. All transaction through by using crypto exchange platforms.

[Buttermellow]

BItcoin is more on payment system and as an asset. This is a new twist of investing money in a system where utilization is through p2p and with a volatile value. If it would be legal for sure many people around the world will store bitcoins and keep it over time as other investors did nowadays. However, it may also varry accdg. on the market trends with its ups and downs.

[Patient_Zero]

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.

bitcoin for small transactions is not very profitable, and there are still a few countries that allow bitcoin to transact at home, but if transactions are on a global scale and there is trade between countries then bitcoin will be very profitable, first a non-convoluted system does not require third parties in transacting and which are guaranteed to be very secure, then bitcoin is only suitable for large and global transactions, so bitcoin becomes an alternative currency.

[Cupomi]

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.

the authorities of a country would want to monitor the movements of their citizens' currencies, so the government tries to be able to control bitcoin in their respective countries, if a country does not approve bitcoin as a payment tool then the government still has difficulty monitoring bitcoin on the market, the country certainly wants get added value from bitcoin if used in their country.

[Dirk2017]

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 every country but only few countries are left to choose to not support Bitcoin as most of these few are still did not see the benefits of adapting Bitcoin and the other few are just close minded government. In general, most of the countries in the whole world are now legalized Bitcoin and not any one of them have take back or have withdrawn their decision of support as they are really enjoying the benefits of having this currency.

[Cryptobiter]

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 don't know , but where are you from

[basyang]

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 my opinion, some country did not want to accept bitcoin because of some reason. Some reason is because Bitcoin price is decentralized and the price is also volatile. Some Government think that it could be a reason to use in some illegal activities and they want to avoid it.Nowadays, many people are using Bitcoin and Government is still discussing it in their country.

[basyang]

the concept of bitcoin has actually been created for a long time. but we must admit that btc is currently developing very fast. To make bitcoin recognized by each country it is difficult. but someday I believe that bitcoin will be recognized as the single currency used in the world

Indeed. Cryptocurrency is hard to reocgnized by some country because some country did not want to accept it, because of some reason just like they want to avoid to have a possiblities of entering some illegal activities using cryptocurrency in their country. But some country are open to try cryptocurrency to have a better economic, because it can help to improve economic though it depends on how they used it.

[Aramazdi]

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.

right there is no country that uses bitcoin for all transactions in their country, but we have to see that bitcoin has been widely used to make payments between countries, only in certain segments, and this is global, if bitcoin is used in traditional trade it is not right, because Traditional traders are usually small scale so it is more appropriate to use paper money, in contrast to buying and selling between countries on a large scale, this is more suitable to use digital currency, so all currencies have a portion of each in the world of commerce.

[coldplay3r30]

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.

in any country that recognizes bitcoin as a currency, bitcoin is only used as an alternative currency, because they still use fiat currency, because the use of bitcoin can only be done in areas that have an internet connection, while not all regions of the world are connected to an internet connection , so fiat currencies will always be used, while bitcoin will become an alternative currency.

[BLAST2MARS]

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 just read an article about this issue and only 10 countries announced bitcoin is illegal. You see guys, it's the tech of the century and you still doubt that it is a scam or going to die and now it's going back again breaking the $4k mark. This time, bitcoin will definitely end the year with a new ath.

[jabrix]

the concept of bitcoin has actually been created for a long time. but we must admit that btc is currently developing very fast. To make bitcoin recognized by each country it is difficult. but someday I believe that bitcoin will be recognized as the single currency used in the world

When bitcoin is legal in a country, it means that bitcoin can be used to pay for anything as long as the seller wants to receive it. That is not against the law.
Different if in a country that prohibits the use of bitcoin, payment transactions using bitcoin occur that means breaking the law. The difference is very clear in the regulations issued by central banks in each country.

[olliecrypto]

person to person transactions occur in places where you can't necessarily buy a house with bitcoin, so i am curious what you feel is "general use of bitcoin as a legal currency"
if you choose to not report every single transaction as a taxable event, you technically are breaking the law.
keeping in step with the taxation of your bitcoin is what might separate you from using bitcoin as a legal currency.

[Pattart]

the concept of bitcoin has actually been created for a long time. but we must admit that btc is currently developing very fast. To make bitcoin recognized by each country it is difficult. but someday I believe that bitcoin will be recognized as the single currency used in the world

Of course it is very difficult to convince the government to do that, because every country already has its own legal currency, it is not possible to use 2 legitimate currencies in 1 country, so one way out is to legalize bitcoin as a commodity, not as a currency

[imstillthebest]

the concept of bitcoin has actually been created for a long time. but we must admit that btc is currently developing very fast. To make bitcoin recognized by each country it is difficult. but someday I believe that bitcoin will be recognized as the single currency used in the world

Of course it is very difficult to convince the government to do that, because every country already has its own legal currency, it is not possible to use 2 legitimate currencies in 1 country, so one way out is to legalize bitcoin as a commodity, not as a currency

no one said that bitcoin will replace the countries traditional currency but we only seek for governments acceptance so that bitcoin can be used legally without any hassel and also for the awareness of people on that country  . 

there is no problem for bitcoin using it as a currency aside from an asset use because bitcoin is actually helpful especially for the people that are always on the go . why cant every government see this  ? or maybe they hate bitcoin just because it cant be controll directly , you know tax matters  .

[hen cet]

BItcoin is more on payment system and as an asset. This is a new twist of investing money in a system where utilization is through p2p and with a volatile value. If it would be legal for sure many people around the world will store bitcoins and keep it over time as other investors did nowadays. However, it may also varry accdg. on the market trends with its ups and downs.

Legally in countries that legalize bitcoin, the use of payment transactions, trade, and investment is legal. This is because the regulations implemented already accommodate the interests of the government and bitcoin provides added value to the country.
Whereas in countries that prohibit the use of bitcoin, bitcoin transactions and investments violate the law and users can be penalized.

[BeGoods]

the concept of bitcoin has actually been created for a long time. but we must admit that btc is currently developing very fast. To make bitcoin recognized by each country it is difficult. but someday I believe that bitcoin will be recognized as the single currency used in the world

For bitcoin to spread smoothly, you can't force people to just adopt bitcoin as a currency, let users choose what they want in bitcoin.
whatever bitcoin functions in general, bitcoin is free to use for anything you want #imo

[Pattart]

the concept of bitcoin has actually been created for a long time. but we must admit that btc is currently developing very fast. To make bitcoin recognized by each country it is difficult. but someday I believe that bitcoin will be recognized as the single currency used in the world

Yes indeed, bitcoin does have the concept of becoming a future currency, but over time the function of bitcoin can change, and we cannot stop it, bitcoin is increasingly being used as an investment and commodity and that is not something we should be prevent

[cipherhut]

Scalability and regulations are two major barriers among the path of Bitcoin to be used as a legal currency.

[dodops]

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 my opinion, some country did not want to accept bitcoin because of some reason. Some reason is because Bitcoin price is decentralized and the price is also volatile. Some Government think that it could be a reason to use in some illegal activities and they want to avoid it.Nowadays, many people are using Bitcoin and Government is still discussing it in their country.

In my opinion soon moon