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Author Topic: Bitcoin Legality effect  (Read 748 times)
Asmonist
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November 03, 2019, 12:15:44 AM
 #101

It is somehow helpful and seemingly may affect the standards of how it will be run. Legality is something regulated by the government and that will definitely change everything. Unless the government just declare its legality and certain rules are more favorable to the usual processes of it. Definitely, certain regulations will have conflicts with bitcoin policies and procedures and taxes may occur. Hopefully only illegal purposes will be decline.

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November 05, 2019, 06:42:58 PM
 #102

The possibility for that is very difficult to happen even though maybe all countries have recognized that bitcoin is a legal payment tool. because all countries also wish to be the best and get recognition, which will probably become obstacles later. uniting in a legal currency for an entire country might be difficult because of the culture and feel of a decisive country.
I think this is why those countries actually need to leave the idea of them creating their own currency because it will just be unnecessary competition everywhere, they all have one common goal, and that is their responsibility to the human being that has been placed in their hand to control, and having one single currency will only unite majority of these brings in different part of the world together.

This is what many of these big countries like china, Switzerland, south Korea, France and the rest have seen that is making them to now give a thought to cryptocurrency, even though they are still, kind of shaky about it, but I am sure that soon than later, they will all give in to bitcoin usage as one coon currency amongst them all which I don’t think that it will have any negative effect on any of them, except for their selfish nature.

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November 06, 2019, 04:44:21 AM
 #103

It is very difficult to see which country will rise to the economy when Bitcoin has a legal rule. But we can see which country uses the most transactions with bitcoins.

These 5 countries are the most Bitcoin holders :
1. United States
2. Romania
3. Czech Republic
4. Spanish
5. China

It could be that among the 5 countries, one of them will generate economies when Bitcoin has a rule of law

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November 06, 2019, 06:13:34 AM
 #104

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 i think bitcoin have a great effect in the economy and society of a country the legality of bitcoin was always on the line as we know bitcoin cannot be banned completely in a country anyone could is bitcoin anywhere in the world. Bitcoin is just like internet the government is cannot banned internet but they could blocked people from using it. Also bitcoin is completely legal to use  in many country but not everyone knows about it and the government was not sure about it.

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November 06, 2019, 06:17:02 AM
 #105

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
Bitcoin and other cryptocurrencies could be an another form of payment for a certain country but I doubt that it will be replace fiat. Bitcoin is already been recognize across the world but some of them aren't ready for this kind of technology. Yeah this could be slightly improve the economic status of one country since crypto is known of having speed transaction and speed is necessary for this business industry.

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November 06, 2019, 07:22:03 AM
 #106

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
You should also think that not everyone can afford to own internet, pc. You also have to keep in mind that not everyone has the ability to learn technology today, because even with the simple use of mobile phones, many people still find it difficult. So in my opinion the fiat currency will still remain and will not be lost, it will continue to be available to us for a long time.
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November 06, 2019, 08:03:36 AM
 #107

You should also think that not everyone can afford to own internet, pc. You also have to keep in mind that not everyone has the ability to learn technology today, because even with the simple use of mobile phones, many people still find it difficult. So in my opinion the fiat currency will still remain and will not be lost, it will continue to be available to us for a long time.
Bitcoin is not created to be the sole currency in the world but it can be used for global trade without converting your base currency to different currencies and if you look at bitcoin in that aspect then you will understand that bitcoin can be used parallel to the fiat currency. There are many third world countries where they cannot afford all the luxuries but majority have mobile connection and if we have more companies with good user friendly application then everyone can use.
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November 06, 2019, 08:07:30 AM
 #108

If the bitcoin will be regulate and will be accepted around the world then the fiat will be useless because bitcoin will be the one who will regulate and circulate around the world. There would be some country that will benefit on implementing it and there is also a possibility that their economy will grow and evolve because of bitcoin and cryptocurrency.
There would also some negative effect of regulating this because if the bitcoin regulate all over the world then maybe some person would be hard to use it because until now there are people who don't have mobile phones or gadgets to be use in able to transact and use the digital currency.



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November 06, 2019, 10:37:14 AM
 #109

In my opinion, bitcoin requires legality and bitcoin must also be recognized by the world. As one of the currencies, at this time not all countries can accept bitcoin as a legal payment instrument because if it happens it will conflict with existing laws and regulations.
A possible effect of the legality of bitcoin is the reduction in fiat currency transactions for a small population of a country and will develop over time. But I am not sure that fiat currency will completely disappear and be replaced with bitcoin in the near future.
To get bitcoin, we still need fiat and maybe it will last a long time.

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November 06, 2019, 11:46:04 AM
 #110

In my opinion, bitcoin requires legality and bitcoin must also be recognized by the world. As one of the currencies, at this time not all countries can accept bitcoin as a legal payment instrument because if it happens it will conflict with existing laws and regulations.
A possible effect of the legality of bitcoin is the reduction in fiat currency transactions for a small population of a country and will develop over time. But I am not sure that fiat currency will completely disappear and be replaced with bitcoin in the near future.
To get bitcoin, we still need fiat and maybe it will last a long time.
in my opinion the effect of legalizing bitcoin does not affect fiat currency and fiat currency will remain and no one will replace it because fiat currency is a symbol of the country, and both will go together to complement each other and money to buy bitcoin and bitcoin to get money, to use wherever you are.
and besides that not everyone can use bitcoin for a reason and you all know the reasons and obstacles?

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November 06, 2019, 12:12:26 PM
 #111

I honestly don’t think so. Imagine a world where even if you buy a drink and you would wait for a few minutes for your transaction to be processed and on top of that you would be paying the transaction fee which we know is not that worth it to do so considering the hassle. I think Bitcoin or any other cryptocurrencies are better to be used and is more beneficial in international level rather than domestically.
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