Bitcoin Legality effect

[Distraction]

my mind always asks, if one day bitcoin gets legal regulation, and is recognized all over the world. will fiat currencies continue to work? which country will be saved by the economy? and which countries are negatively affected? Or not effect in country. because in my opinion. when the legality of bitcoin is recognized throughout the world. There will be no currency difference. all values ​​are the same. or will become commodity items such as gold etc. Give me your opinion

In my opinion, Bitcoin will be regulated by most countries one day in the future and fiat currencies will start to evolve into something different. I think the governments will start to create their digital fiat money.

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[dimox]

my mind always asks, if one day bitcoin gets legal regulation, and is recognized all over the world. will fiat currencies continue to work? which country will be saved by the economy? and which countries are negatively affected? Or not effect in country. because in my opinion. when the legality of bitcoin is recognized throughout the world. There will be no currency difference. all values ​​are the same. or will become commodity items such as gold etc. Give me your opinion

i agree. when the world make regulation about bitcoin and all of country agree about it, i think crypto wont have value. and maybe they have value from other coin like rank.
effect will be apply to country that have big user. and when there is no crypto user, i thing it wont give big effect to that country

[GreenStox]

indeed legality is not very important in bitcoin because bitcoin has free price movements and no one can control bitcoin so that when there is legality bitcoin will automatically make the condition of bitcoin prices rise because demand will increase.

[CLS63]

my mind always asks, if one day bitcoin gets legal regulation, and is recognized all over the world. will fiat currencies continue to work? which country will be saved by the economy? and which countries are negatively affected? Or not effect in country. because in my opinion. when the legality of bitcoin is recognized throughout the world. There will be no currency difference. all values ​​are the same. or will become commodity items such as gold etc. Give me your opinion

I don't see too much future for fiat currencies in the long run. The world is evolving into a digital place. The future is on the digital currencies. I think we will see a big economic crisis in the future and that will speed up the process that fiat currencies lose their value.

[DabsPoorVersion]

my mind always asks, if one day bitcoin gets legal regulation, and is recognized all over the world. will fiat currencies continue to work? which country will be saved by the economy? and which countries are negatively affected? Or not effect in country. because in my opinion. when the legality of bitcoin is recognized throughout the world. There will be no currency difference. all values ​​are the same. or will become commodity items such as gold etc. Give me your opinion

I don't see too much future for fiat currencies in the long run. The world is evolving into a digital place. The future is on the digital currencies. I think we will see a big economic crisis in the future and that will speed up the process that fiat currencies lose their value.

Fiat will continue in a long run, it is indeed that the world is evolving into a digital place, but it doesnt mean that fiat will be replaced by cryptocurrency, we will still be needing fiat. without having a physical money, it is indeed be hassle free and convenient to anyone, but not every part of the world can adapt to the development of technology if this will happen even in fiat.

[crossabdd]

my mind always asks, if one day bitcoin gets legal regulation, and is recognized all over the world. will fiat currencies continue to work? which country will be saved by the economy? and which countries are negatively affected? Or not effect in country. because in my opinion. when the legality of bitcoin is recognized throughout the world. There will be no currency difference. all values ​​are the same. or will become commodity items such as gold etc. Give me your opinion

I believe that the world might end up using a single, digital currency, but not as soon as in a decade or two. Maybe in 50 or so years, or maybe even longer than that. Is that currency going to be Bitcoin? Maybe, but not likely. If anything, Bitcoin will evolve into a store of value, and something else will become a currency for everyday use. However, to answer your question, I expect that crypto and fiat will coexist for a long time before fiat finally goes extinct. It will have to happen eventually, but the process will be slow. At first, cryptos will be something used by a rare few, even though it will be accepted by most merchants and services. Then, people will start using it more, and in the end, fiat will likely be a back-up currency, most likely existing only in bank accounts and spent via the credit cards. We are becoming more and more cashless with each passing year, and the change is inevitable. All that remains to see is how long it will take.

yes guys, i feel it too. every day the use of fiat money began to decrease, and switch to debit and credit cards. Fiat currency changes to the number display on the screen. so the possibility of paper money and coins will be destroyed in some future time. because all systems have entered the internet network.

[abel1337]

my mind always asks, if one day bitcoin gets legal regulation, and is recognized all over the world. will fiat currencies continue to work? which country will be saved by the economy? and which countries are negatively affected? Or not effect in country. because in my opinion. when the legality of bitcoin is recognized throughout the world. There will be no currency difference. all values ​​are the same. or will become commodity items such as gold etc. Give me your opinion

I believe that the world might end up using a single, digital currency, but not as soon as in a decade or two. Maybe in 50 or so years, or maybe even longer than that. Is that currency going to be Bitcoin? Maybe, but not likely. If anything, Bitcoin will evolve into a store of value, and something else will become a currency for everyday use. However, to answer your question, I expect that crypto and fiat will coexist for a long time before fiat finally goes extinct. It will have to happen eventually, but the process will be slow. At first, cryptos will be something used by a rare few, even though it will be accepted by most merchants and services. Then, people will start using it more, and in the end, fiat will likely be a back-up currency, most likely existing only in bank accounts and spent via the credit cards. We are becoming more and more cashless with each passing year, and the change is inevitable. All that remains to see is how long it will take.

yes guys, i feel it too. every day the use of fiat money began to decrease, and switch to debit and credit cards. Fiat currency changes to the number display on the screen. so the possibility of paper money and coins will be destroyed in some future time. because all systems have entered the internet network.

I do have the feeling that paper money and coins won't be destroyed, Paper money does a large part on economy and it will be hard if paper money disappears. We know that if we want to have fewer hassle transactions in real life we do need fiat than credit card especially that not every store is accepting credit card or crypto. Imagine how would each government get rid of every fiat and coins in their own country. I believe that fiat will stay and It will be joined by cards, cryptocurrency and other payment methods available in the future.

[crossabdd]

If bitcoin become legal across the globe that will be the start of the bitcoin mainstreaming and bitcoin will be used as a legal tender. But even with the legalities bitcoin needs to overcome some big issues such as slow confirmation rate, areas without electricity and internet connection, poor people who cannot even buy computer or smartphones. So possibly it bitcoin is legalize the usage of bitcoin will still be limited in urban areas with people who can afford to purchase computer and smartphones. The problem will hit the extreme poor people and the people in far flung areas that has no access to electricity and internet connection.

it makes sense, would be a major problem about internet needs in areas that are not affordable. but I think in the future, all regions will be affordable for the internet. and there will be lots of atm for bitcoin. so they can use or without a card.

[jarhed]

If bitcoin become legal across the globe that will be the start of the bitcoin mainstreaming and bitcoin will be used as a legal tender. But even with the legalities bitcoin needs to overcome some big issues such as slow confirmation rate, areas without electricity and internet connection, poor people who cannot even buy computer or smartphones. So possibly it bitcoin is legalize the usage of bitcoin will still be limited in urban areas with people who can afford to purchase computer and smartphones. The problem will hit the extreme poor people and the people in far flung areas that has no access to electricity and internet connection.

it makes sense, would be a major problem about internet needs in areas that are not affordable. but I think in the future, all regions will be affordable for the internet. and there will be lots of atm for bitcoin. so they can use or without a card.

I agree with you Bitcoin ATMs can solve the problem with the popularization of cryptocurrencies around the world. Perhaps in a few years we will no longer recognize the cryptocurrency market.

[squatter]

my mind always asks, if one day bitcoin gets legal regulation, and is recognized all over the world. will fiat currencies continue to work?

Why wouldn't they?

The sustainability of fiat currency has little to do with Bitcoin. They are orthogonal. Bitcoiners tend to lean towards the Austrian end of the economic philosophy spectrum -- most will tell you that fiat currencies are destined for collapse either way. I think they're probably right about that.

Furthermore, gold is still probably the leading candidate for underpinning a post-fiat monetary system, not Bitcoin.

[DabsPoorVersion]

If bitcoin become legal across the globe that will be the start of the bitcoin mainstreaming and bitcoin will be used as a legal tender. But even with the legalities bitcoin needs to overcome some big issues such as slow confirmation rate, areas without electricity and internet connection, poor people who cannot even buy computer or smartphones. So possibly it bitcoin is legalize the usage of bitcoin will still be limited in urban areas with people who can afford to purchase computer and smartphones. The problem will hit the extreme poor people and the people in far flung areas that has no access to electricity and internet connection.

it makes sense, would be a major problem about internet needs in areas that are not affordable. but I think in the future, all regions will be affordable for the internet. and there will be lots of atm for bitcoin. so they can use or without a card.

I agree with you Bitcoin ATMs can solve the problem with the popularization of cryptocurrencies around the world. Perhaps in a few years we will no longer recognize the cryptocurrency market.

As the technology evolves, even urban areas will be reached by this technology in the future. Bitcoin ATM can help, but it will also require its users to stay using physical money.
also, if bitcoin will be recognized as a currency around the globe, I bet that this wont be the primary currency that we will all be using. Money from different countries have different value, it will never be equal to any other country.

[Kakmakr]

National sovereignty stand in the way of Bitcoin becoming a global reserve currency, so do not expect Bitcoin to replace any Fiat currency anytime soon. Most countries have a very personal and close relationship with their own reserve currency and they have spend years to manipulate and strengthen these fiat currencies. 

Something that you might see in the future are countries developing their own Blockchain based digital currencies or even some Alt coin linked to some asset to use as a reserve currency. 

[lobat999]

my mind always asks, if one day bitcoin gets legal regulation, and is recognized all over the world. will fiat currencies continue to work?

Assuming Bitcoin achieved global adoption and acceptance, I think fiat currencies will still exist because there will always be a demand for it as a medium of exchange! Hypothetically, as long as there is one person in this world willing to accept or prefer fiat as a payment or a medium of exchange, then I guess fiat will never go extinct because there is  still a demand for it.

[Murat]

There is no way to form this type of platform following the current world situation, but in the future, the legality of Bitcoin regulation will bring a positive view toward the platform, I think then cryptocurrency will also work simultaneously, it will be a healthy competition for the  cryptocurrency and this platform surely will bring a lot of benefit for the people, not only that but also for the shake of this platform's sustainability, legal regulation must be needed. I wish this legal regulation will form soon then the popularity of Bitcoin will increase rapidly, but one currency's theory is not comfortable to me, I don't think this will bring any positive thing within this system.

[lionheart78]

This doesn’t make any sense. For one, bitcoin is a deflationary currency with a fixed supply. Sure enough governments can’t really do much using it for fixing their economies and would still need something that does the job pretty well which is fiat. They can go as to dividing whatever bitcoin reserves they have in their arsenals to the tiniest bit but that’s about it, and it would still be dependent on the current valuation of bitcoin for them to make things work.

I think Bitcoin can help fix a country's economy.  We all know that Bitcoin is an emerging currency and with it, is the blockchain technology.  Any country that became friendly to Bitcoin offers a good deal with it and start-ups can boom on that country which means, more job, taxes that can help in terms of livelihood and funds.  It can help the country to appear in the world in a sense that news everywhere will pop up regarding Bitcoin start-up booming in this country thus tourism in that country may boom too depending on how the country take advantage of the exposition.  It is a domino effect.

[nienzer]

my mind always asks, if one day bitcoin gets legal regulation, and is recognized all over the world. will fiat currencies continue to work? which country will be saved by the economy? and which countries are negatively affected? Or not effect in country. because in my opinion. when the legality of bitcoin is recognized throughout the world. There will be no currency difference. all values ​​are the same. or will become commodity items such as gold etc. Give me your opinion

Most likely, Bitcoin will remain an asset, a means of storing value. The authorities do not want to replace fiat money with Bitcoin. Bitcoin kills centralisation, so it kills power, no one Big wants it. However, in my opinion, some countries still recognize Bitcoin and it will be legal there.

[eaLiTy]

my mind always asks, if one day bitcoin gets legal regulation, and is recognized all over the world. will fiat currencies continue to work?

Even if all the countries recognize and regulate bitcoin fiat currency will continue to perform what they usually does, even if you are looking for a completely digitized world you cannot think that everyone will be transacting using bitcoin as not everyone will be planning to pay a fees with every transaction .

which country will be saved by the economy? and which countries are negatively affected?

Countries who have trade restriction could overcome their restrictions by trading in bitcoin and the power houses who impose those restrictions cannot do anything which means it will be a free trade for everyone and there will be no restrictions.

[Digitalbitcoin]

my mind always asks, if one day bitcoin gets legal regulation, and is recognized all over the world. will fiat currencies continue to work?

Even if all the countries recognize and regulate bitcoin fiat currency will continue to perform what they usually does, even if you are looking for a completely digitized world you cannot think that everyone will be transacting using bitcoin as not everyone will be planning to pay a fees with every transaction .

No in such scenario Bitcoin will be the prime or master currency and other altcoins will be used for doing such transactions with blazing speed. because using Bitcoins for transaction could charge more fees, even take more time to confirm.

which country will be saved by the economy? and which countries are negatively affected?

Countries who have trade restriction could overcome their restrictions by trading in bitcoin and the power houses who impose those restrictions cannot do anything which means it will be a free trade for everyone and there will be no restrictions.

The legalization of Bitcoin all over the world is a bit challenging thing for not only just governments but also corporates, bureaucrats and even individuals also. to accept and implement it in day to day world.

In my opinion, By making Bitcoin legal government must have to show interest and give time to educate their people to enhance their knowledge about the digital economy. But it's still a challenging thing for the government to provide a supported environment considering current global conditions about network connectivity and knowledge about usage of Bitcoin.

[pixie85]

The success of bitcoin is largely due to it being unregulated. You want it to become regulated thinking that it will increase its value but the history is telling us otherwise.

When New York was forming its bitlicense many bitcoiners were happy because they thought that regulation will pave way for institutional investors but it scared everyone away from NY.

Countries with less laws but no or low taxes like Malta and Estonia are what attracts investors.

[Kyraishi]

my mind always asks, if one day bitcoin gets legal regulation, and is recognized all over the world. will fiat currencies continue to work? which country will be saved by the economy? and which countries are negatively affected? Or not effect in country. because in my opinion. when the legality of bitcoin is recognized throughout the world. There will be no currency difference. all values ​​are the same. or will become commodity items such as gold etc. Give me your opinion

It's already recognized all of the world, and it's been subject to a bunch of regulations. A lot of companies are able to accept and real with bitcoin in the current state.

The problem is adoption - not that legal issues. We just don't have enough people who want or are interested in accepting crypto-currencies as a payment method.

People don't like change. Using fiat is much easier and habit for them, which is why BTC might only ever be a secondary currency and it'll likely never replace the top coin.