Bitcoin Legality effect

[Rufsilf]

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.

We can't say that adoption must be abrupt, it only gradually increases the numbers of people who could appreciate Bitcoin. The legality of bitcoin isn't a question since we/everyone needs it as our assurance.
We could say that the majority are still using fiat at this time and we can't deny it but eventually, we are adopting into the new form of technology that could even help us more and fasten transactions which people appreciated it.

[1715304386]

1715304386

[1715304386]

1715304386

[1715304386]

1715304386

[1715304386]

1715304386

[1715304386]

1715304386

[Astvile]

Legalization is important, it is the secret to achieve a massive adoption. 

Exactly, future bitcoin users are hesistant because of the fact that bitcoin isn't legal yet and not acknowledge by the government and some supporters that have companies or business that wants to promote bitcoin are getting stopped by the legality issues thinkin that they might get sued for it.
Whatever the government announced legal the community  will follow and get curious about it and try it. This is the key factor to mass adoption.

[Leyss]

Bitcoin, most likely, will eventually be legalized by most countries of the world, but it, like other types of cryptocurrencies, will not be used more actively by government bodies and business structures than other means of payment. Cryptocurrency, most likely, will mainly be used by individuals and will become one of many types of means of payment.
The national money of states, even in the distant future, will not disappear. The cryptocurrency will develop together with the regular currency and people will use various combinations of their joint circulation.

[jootn2kx]

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

There will be no currency difference, yes, but more importantly, over a billion of people will be included in the global economy. Those who are underbanked or completely unbanked can now participate thanks to crpyto. Of course, the arrival of regulations that would make Bitcoin legal is only the first step, and people then must actually be willing to adopt it and use it. They need to be educated about it. There is a lot more to do, even after the legal issue has been handled. Which, by the way, needs to be done throughout the world, as a single jurisdiction or even a few of them won't be enough.

[slaman29]

There will be no currency difference, yes, but more importantly, over a billion of people will be included in the global economy. Those who are underbanked or completely unbanked can now participate thanks to crpyto. Of course, the arrival of regulations that would make Bitcoin legal is only the first step, and people then must actually be willing to adopt it and use it. They need to be educated about it. There is a lot more to do, even after the legal issue has been handled. Which, by the way, needs to be done throughout the world, as a single jurisdiction or even a few of them won't be enough.

Really? A billion people? There are about twice that number of unbanked people and yes, most of them are like this simply because banks cannot give them accounts, because they either do no live near facilities or they even cannot have status like us normal citizens.

But I don't think crypto is the automatic answer for them. You think they can use Bitcoin easily if they cannot use normal money easily?

[samcrypto]

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

All values of currency will never be the same, we have to accept that every country have their own pride just like the US and China. Legality of bitcoin will affect so much its price and I'm confident if bitcoin becomes legal on every country its value will be more high and fiat money will just become a second option for us to pay our expenses. It can happen soon, let's believe on this and it will happen but it requires a lot of support from the investors and patience.

[Mike Mayor]

How can there be no currency difference?

There will be no currency difference, yes, but more importantly, over a billion of people will be included in the global economy. Those who are underbanked or completely unbanked can now participate thanks to crpyto. Of course, the arrival of regulations that would make Bitcoin legal is only the first step, and people then must actually be willing to adopt it and use it. They need to be educated about it. There is a lot more to do, even after the legal issue has been handled. Which, by the way, needs to be done throughout the world, as a single jurisdiction or even a few of them won't be enough.

Really? A billion people? There are about twice that number of unbanked people and yes, most of them are like this simply because banks cannot give them accounts, because they either do no live near facilities or they even cannot have status like us normal citizens.

But I don't think crypto is the automatic answer for them. You think they can use Bitcoin easily if they cannot use normal money easily?

Ahhh yes, You just that people cannot get access to baking since they have no facilities or make enough to afford to keep one open. Being able to use normal money has nothing to do with it at all. Bitcoin is much easier to use and access and it is much cheaper.

[Mandoy]

There will be no currency difference, yes, but more importantly, over a billion of people will be included in the global economy. Those who are underbanked or completely unbanked can now participate thanks to crpyto. Of course, the arrival of regulations that would make Bitcoin legal is only the first step, and people then must actually be willing to adopt it and use it. They need to be educated about it. There is a lot more to do, even after the legal issue has been handled. Which, by the way, needs to be done throughout the world, as a single jurisdiction or even a few of them won't be enough.

Really? A billion people? There are about twice that number of unbanked people and yes, most of them are like this simply because banks cannot give them accounts, because they either do no live near facilities or they even cannot have status like us normal citizens.

But I don't think crypto is the automatic answer for them. You think they can use Bitcoin easily if they cannot use normal money easily?

We may not hit a billion people but with legalization at hand we will expect tremendous increase of people who will join into the bitcoin community. We may not reach a billions but a million additional users all around the globe is a very big thing for bitcoin. Though we cannot have all people in the world gain access and use bitcoin but at least we can start wit the urban areas and that will be the start of bitcoin mainstreaming. Not only the adults will use if but soon their offsprings and thus in the end we may just hit that billion account in the far future.

[teosanru]

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 think fiat and cryptos are two absolutely different things. Even if regulators decide to legalize it and bring regulation on it they would definitely not make it a currency for day to day use and replacement of fiat they would only use it as an asset or security in which people can invest and earn returns or hold them for a period of time and such a thing would not have that much effect on fiat. They will still exist and no economy around the world would be hampered with this. Countries too would work normally I think there won't be any change in world economy at all with mere regulation of such kind Only that people would start considering Bitcoin as an investment option.

[skarais]

I think fiat and cryptos are two absolutely different things. Even if regulators decide to legalize it and bring regulation on it they would definitely not make it a currency for day to day use and replacement of fiat they would only use it as an asset or security in which people can invest and earn returns or hold them for a period of time and such a thing would not have that much effect on fiat. They will still exist and no economy around the world would be hampered with this. Countries too would work normally I think there won't be any change in world economy at all with mere regulation of such kind Only that people would start considering Bitcoin as an investment option.

In some countries, bitcoin can already be used as payment instrument. But not to replace the whole, because in everyday life bitcoin and fiat can be used but the role of fiat is higher when compared to bitcoin. besides being used as a means of payment, bitcoin is also used as a valuable investment asset and also as a place to store value.
Bitcoin and fiat are both payment instruments, but regulations prohibit them from being used in various countries. For example Indonesia, they still prohibit bitcoin as a legal payment tool.

[iMark]

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 dare to guarantee that the legality of bitcoin will definitely be made for the whole country, the proof is that several countries have made regulations and legalized them under government authority. What do you mean, there is no currency diference? I think even though bitcoin is legalized, it does not mean there is no difference for each currency, all currencies will still be different, all values are different, the legality of bitcoin will not equalize all rates in currencies. and bitcoin becomes the currency or commodity that will depend on the rules that will be made in each country.

[Apes]

if cryptocurrencies are legalized throughout the world, fiat currencies will be extinct replaced with cryptocurrencies in a simpler form without having to require a blockchain network in each transaction. the state is actually disadvantaged if the cryptocurrency is legalized because they cannot print money as they wish. and the citizen get benefits because the money value not affected by inflation.

[ChrisPop]

Similar to how the things work now, Bitcoin will obviously have different purchasing power in various countries. Most probably in Africa you will be able to buy a Villa with the BTC you can buy a car in US or Europe for example. Bitcoin is flexible enough as it has up to 8 subdecimals and I'm sure they could be extended if needed through consensus. But I don't think that will be needed in the near future 

Bitcoin is legal in many countries at the moment, but it requires adoption. When BTC will be used more often than fiat currencies, that's when major economic changes will happen.

[Natalim]

We don't know what would be the effect as even if bitcoin will be accepted worldwide but if fiat is still the most powerful bitcoin will still be limited and users will have to follow the rules created by the government, we might be using a standard rules for that and it will be the centralized government that will regulate us.
maybe if one day a certain country will decide to dump their fiat and will use crypto instead, it might bring some positive result to their dying economy.

[Oneandpure]

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.

Government keep aware with legal bitcoin as transaction payment because bitcoin price can't control by any one else, government do not fault if make bitcoin legal many people invest and price down will be government because very wrong with their legal for bitcoin as transaction, if bitcoin can be stable price maybe government want to adopt bitcoin as transaction payment.

[barabarian1]

it is possible that bitcoin will become a global currency. but I think it will take a long time. because now there are still many countries that reject bitcoin and there are still many people who don't understand bitcoin. and I think fiat money will remain until later. because fiat money has been used a long time. and in my opinion there will be positive and negative impacts for the countries of the world. and in the future bitcoin will be a good store of value, an investment tool and also a payment tool.

[Herbet Fry]

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.

I don't think it will be a second currency I just think it will be one choice of many. Personal preference. It will be very exciting to see cryptocurrencies one the same payment options or logo outside stores.
It will then be widespread.

Already you can use bitcoin at many places alongside paypal. However, paypal is an option much more often then bitcoin even though bitcoin has a larger cap then Paypal. I would like to see more bitcoin payment options and not just Paypal. Sometimes even crypto-related things accept only PayPal and it is crazy.

[ReiMomo]

Well, If cryptocurrency will become legal all over the world, I think fiat currency will still exist. They won't throw or replace it easily because of bitcoin is very volatile compared to fiat that has a fixed supply. Also, they can think that fiat is still useful since it has a more stable value compare to bitcoin and it's more convenient for daily use. Maybe in the long run bitcoin might be able to replace fiat currency but it might take a long time before that happens even if it's already legal.

[nankers]

my personal opinion if bitcoin is recognized and becomes legal throughout the world, I think bitcoin will become a tool of world trade transactions used by various countries in the world. for example in the case of export and import, maybe every country will use bitcoin as the value of the import-export trade. or maybe bitcoin will later be the basis of the value of fiat currencies like bitcoin today which is the basis of the value of all cryptocurrency. but please note, all this is just my personal opinion

[Oceat]

Fiat will always going to work and I think it will never cease to exist but I don't know in the future, though. Bitcoin wouldn't work without fiat these days because most of the economy in the country are depending on fiat. What would be the crypto do in the economy Bitcoin is not a stable coin in the first place?

Trying to make it as a global currency is impossible IMO since every country has a different leader with different vision that they want to accomplish.