How far bitcoin can progress in the financial world without legal acceptance

[AAKODI]

We all know at the moment bitcoin is not a legal currency in the world and it has many political barriers but still it continues to grow for years among general public and the business world so my concern is how far it can go or how far governments and other significant organizations will allow bitcoin to continue its journey without being accepted as a legit currency?

You can State what do you think because your bitcoin investment depends on that

[pooya87]

bitcoin may not be a legal "currency" in most of the  world but it is legal "something else". for example in US it is a legal commodity. as long as it is not illegal the growth will easily happen because it doesn't matter much what the government calls bitcoin. in the end bitcoin i still the same currency and continues to be adopted. that is the point of a decentralized currency anyways.

[AAKODI]

bitcoin may not be a legal "currency" in most of the  world but it is legal "something else". for example in US it is a legal commodity. as long as it is not illegal the growth will easily happen because it doesn't matter much what the government calls bitcoin. in the end bitcoin i still the same currency and continues to be adopted. that is the point of a decentralized currency anyways.

Do you think there is a boundary line that is drawn by governments for any commodity that haven't gone through under regulations and owns the legit label

[VickyRobin]

as long as possible because we can see, bitcoin is acting without legal acceptance and it already did a good job to maintain its development. I think bitcoin still can progress more in the financial world

[Twinscoin2017]

bitcoin may not be a legal "currency" in most of the  world but it is legal "something else". for example in US it is a legal commodity. as long as it is not illegal the growth will easily happen because it doesn't matter much what the government calls bitcoin. in the end bitcoin i still the same currency and continues to be adopted. that is the point of a decentralized currency anyways.

Yes I agree on that, I believe that bitcoin can help everyone on the financial aspect and many more in the near future will be surprising. There are countries that support and do not support bitcoin so I think it depends upon the country on how rand when they make a suport on it because it is really decentralized ad it doesn't need a country or maybe government to rise.

[KrishaBitcoin]

There are now very few countries that not declaring Bitcoin legal but not ban so i guess the time of free Bitcoin is very limited now. Most of these countries are now regulating and accepting Bitcoin already specially if the certain country was benefited well of the existence of Bitcoin. So i guess by next 2 to 3 years there is no more neutral government for Bitcoin but mostly they legalize it.

[pat4cryptoreal]

If the government remains neutral without disturbing it citizens for using bitcoin it will go far. We are not sleeping again waiting for government to salvage us, we wait to take our destiny by our hands.

[audaciousbeing]

We all know at the moment bitcoin is not a legal currency in the world and it has many political barriers but still it continues to grow for years among general public and the business world so my concern is how far it can go or how far governments and other significant organizations will allow bitcoin to continue its journey without being accepted as a legit currency?

You can State what do you think because your bitcoin investment depends on that

The extent of growth is not going to be easy yo establish at this time but one thing is sure that the growth will be limited to mainstream acceptance because of the lacking of approval from government. However the growth would not be significantly stunted in that it would still be growing at an incremental rate for two reasons

1. The blockchain which is the back bone of bitcoin itself. This technology which is being developed to be applied to business operations would continue to provide unending solutions to problems. There is no way we talk about blockchain, and bitcoin would be irrelevant.

2. There would always be quasi approval and that would make the growth a constant thing. Of course regulations would be rolled out to ensure actors in the market are playing according to the rules and investors fund is secure, it does not mean its legalised as a legal tender.

[Sandus_Cryptolover]

After thorough thinking, I'm forced to ask where was SEC when Bitcoin has consistently been growing from 2008 until 2017 where it hits 20,000$? Surely we all know this is www achieved without SEC. So I strongly feel with(out) regulations,Bitcoin will surely pull through.

[vfrcbv911]

I think that now there is a process of accepting bitcoin and it is good. Without the legalization of bitcoin, the whole industry becomes in the shadows and people are afraid to invest.

[Hell-raiser]

We all know at the moment bitcoin is not a legal currency in the world and it has many political barriers but still it continues to grow for years among general public and the business world so my concern is how far it can go or how far governments and other significant organizations will allow bitcoin to continue its journey without being accepted as a legit currency?

You can State what do you think because your bitcoin investment depends on that

If there is no active involvement of government in such matters, either positive or negative, bitcoin and other cryptocurrencies will likely reach a level of saturation after a while where it will be staying for many years to come. It will take its niche as a specific means of payment and investment or speculation vehicle, mostly in the Internet, but it won't be able to undermine fiat as an established currency, the one which is actively used for payment everywhere. There will be a certain sphere of application, a crypto economy of sorts, with borders, but it will be limited.

I think this is the most realistic scenario.

[gowobonyok]

bitcoin will continue to look monotonous, with the same system and with the same investment value. the price will drop when demands decrease, and increase when demands rise. without recognition from the law, bitcoin will be difficult to go further due to regulatory issues.

[pakhitheboss]

How do you classify illegal and legal?

Why are you so concerned about the legality of Bitcoin?

What evidence do any goverment of a country has to prove Bitcoin is involved in illegal activity?

From 2009 till date Bitcoin and Blockchain technology has grown significantlly. I do not think Bitcoin need any kind of legal acceptance. Those who understand the concept and are aware about the Pros and Cons do not care about it. People are still investing and making profits.

This scenario of regulating Bitcoin has been created by the goverments in order to take control of the Cryptoworld. I am sure many members here will feel the same as I do.

[Faroxx]

Bitcoin cannot move on without legalization. Blockchain technology needs mass adoption otherwise it will not reveal its full potential.

[Marcel666]

Bitcoin has grown in value over the years, in adoption and mainstream acceptance, not so much.
Bitcoin of itself is not termed illegal, but it can easily be used for illegal activities.
And it offers total anonymity to the community. And is also decentralized. Which are qualities not usually associated with a financial symbol.

But this qualities can be applied in other areas of society that needs, transparency and decentralizatiom.
I believe gov'ts are more considered about how to apply the blockchain to other areas like conducting a poll, to an election. It can facilitate the transfer of information and commodities o
To any part of the world.

Bitcoin has gotten it's community who prefer the alternative currency. And I think k that's enough to push it up. How high, we shall see.

[jemarleon]

As long as it is not considered as "illegal" in most of the country I think there is no big deal, every new technologies starts in small community and time by time this community will get bigger and no one can stop it until it is known by most of the people living just like social media.

[ammolv]

Just don't declare it illegal and we, as a community, can make them accept it. Governments, etc can only deny this for so long especially if the popularity and usage increases. We have the power to make this work, not 'them'...

[The.Bet.Group]

I believe Bitcoin is among the sustainable things out there that does not have to work with legal acceptance. As long as it does not cross the illegal border, it should be fine. I think there are a few parameters Bitcoin has to overcome should it seek global acceptance. It might give up some of its unique characteristics in the process, but I do hope that it can still be set apart from fiat.

[Hell-raiser]

I believe Bitcoin is among the sustainable things out there that does not have to work with legal acceptance. As long as it does not cross the illegal border, it should be fine. I think there are a few parameters Bitcoin has to overcome should it seek global acceptance. It might give up some of its unique characteristics in the process, but I do hope that it can still be set apart from fiat.

But Bitcoin has been the same since its inception for most practical intents and purposes, right? So how exactly do you define "as long as it does not cross the illegal border"? As I see it, it is not and will never be Bitcoin's fault if it "crosses" that illegal border. This border is not defined by Bitcoin, whether it is legal or illegal is defined by neither the community not the devs behind Bitcoin. It is defined by people who essentially have nothing to do with Bitcoin other than declaring it "illegal". Which is to say, who is actually crossing the borders here?

[AAKODI]

As long as it is not considered as "illegal" in most of the country I think there is no big deal, every new technologies starts in small community and time by time this community will get bigger and no one can stop it until it is known by most of the people living just like social media.

You think bitcoin has the ability to progress with the current world and I too believe that and I think bitcoin can expand more in the future but with a more acceptance from legal parties which we should wish that will happen in the  future because bitcoins is the worlds first digital currency as we know and if it becomes legit it can open a whole new page in the world for cryptocurrencies and that is why I think achieving legit label for bitcoin is very important not just for it but to make a real difference