First thing i will do if Bitcoin become legal tender globally

[Ojima-ojo]

I am wondering why op is waiting for the legal tender if they can really start right now with their own mining farm. I dont think it is illegal to open a mining business as long as you are paying taxes for that business with legal business set up in the location where it is accepted.

If someone is setting up a mining farm then it could be either huge setting or small one. If it is a later one then there is no harm in running a few miners in the back garage really. If it is a big one then one can always go to the location where it's completely legal to mine. In fact, businesses keep doing this to benefit from the most viable rules and regulations.

Also if global adoption happens then let's celebrate, we will be the old players by that time with loads of bitcoins. 

Without being legal, even running a few nodes in the back garage could pulse a risk as the authorities may get hints on you for getting involved in illegal operations, so the issue of approval from the government may also witnesses some form of setback since not just paying of tax that makes of for business operation legality we still have other factors contributing to that.

And if the country does not legalize bitcoin, I am afraid citizens will just have to avoid its public usage to avoid persecution from the government.

[alastantiger]

WHAT IS THE FIRST THING YOU WILL DO IF BITCOIN BECOMES GLOBALLY ACCEPTED JUST LIKE THE INTERNET?
For me I will open my Bitcoin mining farm that will be public with a website and registered under the law for clients that will want third-party services that will align with global best practices of cryptography and digital asset management.

I like your line of thought at OP and I often times pondered on it too. Sometimes, I abandon the though when it feels like wishful thinking but one thing that keeps ringing in my head is that the day bitcoin is becomes a legal tender globally is the day that bitcoin becomes heavily regulated worldwide. I do not want it to be a legal tender globally, there's too many downsides to it. I mean it will lose it's power and become no different from the dollar or Pounds sterling or even Euros.

[coolcoinz]

Bitcoin isn't illegal in the EU so if I wanted to do something like OP (open my own mining farm) I could. Saying that you'll do it when it becomes widely accepted seems strange because by that time mining difficulty will be very high and there won;t be many coins left to mine. We also don't know what the price of electricity will be at that time and the cost of mining is going up every year. This would probably be the last thing on my mind in 10 years or so.
When it becomes globally accepted the price will probably be enormously high so the first thing I'll do is book myself a flight to some remote island, rent a cabin and read a book listening to crashing waves. I don't have any business in mind. I'd rather have some fun than start a business.

[mendace]

Bitcoin isn't illegal in the EU so if I wanted to do something like OP (open my own mining farm) I could. Saying that you'll do it when it becomes widely accepted seems strange because by that time mining difficulty will be very high and there won;t be many coins left to mine. We also don't know what the price of electricity will be at that time and the cost of mining is going up every year. This would probably be the last thing on my mind in 10 years or so.
When it becomes globally accepted the price will probably be enormously high so the first thing I'll do is book myself a flight to some remote island, rent a cabin and read a book listening to crashing waves. I don't have any business in mind. I'd rather have some fun than start a business.

It is true that Bitcoin and other cryptocurrencies are not illegal in the EU, and you would be able to open your own mining farm if you wanted to. However, as you mentioned, there are several factors to consider before embarking on such a venture.

First, mining difficulty is likely to be very high in the future, which would make it more difficult and expensive to mine new coins. Additionally, the cost of electricity, which is a major component of the cost of mining, is also likely to increase over time.
You also mentioned that you would rather have fun than start a business. It's important to keep in mind that starting a mining farm is a significant undertaking that would require a significant investment of time and money. It's important to consider whether you have the resources and the desire to take on such a project.

You also pointed out that when Bitcoin becomes globally accepted the price will probably be very high, and you would like to book yourself a flight to some remote island and read a book listening to crashing waves. This is a personal decision and it's important to do what makes you happy.
Although personally I don't think Bitcoin reaches such a very high value as to make us all rich.  Rather, I think that if we don't spend our Bitcoins, the price will hardly increase and mass adoption will take place.

[nullama]

~snip~
It is true that Bitcoin and other cryptocurrencies are not illegal in the EU, and you would be able to open your own mining farm if you wanted to. However, as you mentioned, there are several factors to consider before embarking on such a venture.

First, mining difficulty is likely to be very high in the future, which would make it more difficult and expensive to mine new coins. Additionally, the cost of electricity, which is a major component of the cost of mining, is also likely to increase over time.
You also mentioned that you would rather have fun than start a business. It's important to keep in mind that starting a mining farm is a significant undertaking that would require a significant investment of time and money. It's important to consider whether you have the resources and the desire to take on such a project.

You also pointed out that when Bitcoin becomes globally accepted the price will probably be very high, and you would like to book yourself a flight to some remote island and read a book listening to crashing waves. This is a personal decision and it's important to do what makes you happy.
Although personally I don't think Bitcoin reaches such a very high value as to make us all rich.  Rather, I think that if we don't spend our Bitcoins, the price will hardly increase and mass adoption will take place.

The thing is that if Bitcoin keeps simply being exchanged back and forth with fiat, then there's no real threat to fiat.

The problem for fiat appears when people stop using fiat and instead start trading goods and services directly with Bitcoin, without needing to use any fiat.

If you decrease demand for fiat, you will have more purchasing power with your Bitcoin.

[mendace]

The thing is that if Bitcoin keeps simply being exchanged back and forth with fiat, then there's no real threat to fiat.

The problem for fiat appears when people stop using fiat and instead start trading goods and services directly with Bitcoin, without needing to use any fiat.

If you decrease demand for fiat, you will have more purchasing power with your Bitcoin.

Yes, that is correct. Bitcoin and other cryptocurrencies have the potential to disrupt traditional fiat currencies by providing an alternative means of exchange for goods and services. If more people begin to use Bitcoin as a means of payment, it could lead to a decrease in demand for fiat currencies and a corresponding increase in the purchasing power of Bitcoin. However, it's important to note that this is still a hypothetical scenario and it's uncertain if and when it will happen.

[Maxre]

WHAT IS THE FIRST THING YOU WILL DO IF BITCOIN BECOMES GLOBALLY ACCEPTED JUST LIKE THE INTERNET?

Globally accepted is different than globally legal tender.

Globally legal tender means if someone uses bitcoin to buy your goods at your store, you are not allowed to reject.
Globally accepted means you are free to accept or reject bitcoin as a payment method at your store.

Think more deeply, globally accepted does not mean it will be accepted every where on Earth, at all nations and all locations. Like the US. dollar which is a global currency but maybe you won't be able to use it at every location globally.

I can agree with you mate because legally all over world for Bitcoin is way impossible to imagine and that's because there is nothing else in the world ever that has been accepted in whole world all at once. So we can say that Bitcoin might be accepted 50% to 70% in all over world by once century when most of people might live in outer space. So I can say that If digital crypto might be accepted than all of fiat currency 💲💵 will be dumped and no one might use it.

[The Cryptovator]

Personally, I believe it would take a hundred years before Bitcoin was accepted as legal tender everywhere. because some large nations are opposed to adopting it and making it legal tender. Making Bitcoin legal tender while allowing its use is not the same. However, I will first authorize and accept Bitcoin as a payment method for my business if it is accepted everywhere in the world as legal tender. I'm now unable to do it because it is illegal in my nation. When we can accept Bitcoin, that's how we can grow our little business internationally.

[Faisal2202]

Your question is really a considerable point to be noted so that we can be ready in future. Well if btc got legal tender globally than what can i do, nothing if you want to do something its right now, maybe hodl them or whatever but when things will be streamlined some people will not tend to walk on that road i hope you understand my point. On the other hand BTC is going to become a legal tender because of many technology is like specially metaverse and then web 3. There are more to lists. But for now these will streamline it regulatory restrictions

[mendace]

Your question is really a considerable point to be noted so that we can be ready in future. Well if btc got legal tender globally than what can i do, nothing if you want to do something its right now, maybe hodl them or whatever but when things will be streamlined some people will not tend to walk on that road i hope you understand my point. On the other hand BTC is going to become a legal tender because of many technology is like specially metaverse and then web 3. There are more to lists. But for now these will streamline it regulatory restrictions

Your point is well taken - it's important to be prepared for the future, and it's important to take advantage of opportunities as they arise. If Bitcoin becomes a legal tender globally, it may not change much for those who are already holding it, but it could potentially increase mainstream acceptance and use of the cryptocurrency. The potential adoption of Bitcoin as a legal tender is tied to the development and adoption of new technologies, such as the metaverse and web 3.0, which may help to streamline regulatory restrictions and increase mainstream acceptance. However, it's important to note that the future of Bitcoin as a legal tender is uncertain and it depends on various factors such as government regulations and market conditions.

[jokers10]

...
However, it's important to note that the future of Bitcoin as a legal tender is uncertain and it depends on various factors such as government regulations and market conditions.

Bitcoin's idea was to make something decentralized and free of enforcement. Why should be expect that some governments will force to use it as a legal tender? Don't we believe that bitcoin is competitive enough to become used worldwide even if just not to ban it by law? As from my point of view, it is much better when countries adopt permissive legislation for bitcoin for free use it as what people want and not making it a legal tender.

[Odusko]

Your question is really a considerable point to be noted so that we can be ready in future. Well if btc got legal tender globally than what can i do, nothing if you want to do something its right now, maybe hodl them or whatever but when things will be streamlined some people will not tend to walk on that road i hope you understand my point. On the other hand BTC is going to become a legal tender because of many technology is like specially metaverse and then web 3. There are more to lists. But for now, these will streamline its regulatory restrictions

The indice of Bitcoin varies from nations to nations like in my country, bitcoin is not totally ban and at that, and even though bitcoin is not publicly officially adopted as a legal currency its usage is allowed.
Bitcoin awareness has spread quite well among the youths in my country since they now adopt bitcoin as a mean to move ahead high rate of unemployment as bitcoin trading has generated a lot of work and the educated youth are becoming self financial stability, so already there is an underground awareness and planned event for public adoption like in my case.
The first thing I will do if bitcoin is acceptable in my country's financial system, I will like to own a BTC (POS).

[BitcoinMoses]

Bitcoin is not Illegal Tender .  Why Bitcoin need to be Legal Tender  ?   Bitcoin is Global Decentralised Cryptocurrency Tender.

I don't think Bitcoin need to be like a legal tendered fiat currency. Just treat bitcoin as the digital asset. Let the government regulate Bitcoin trading but no government can regulate Bitcoin and Bitcoin Transaction. It is completely self regulated. Bitcoin is not a fiat currency that need to be legally tendered after minting by the central bank.

[Tommiewill]

I wonder if the supply of Bitcoin is enough for us? If people all over the world use Bitcoin for daily payments, what will the prices be like? Are global prices the same?
The privacy of Bitcoin protects our personal safety very well. Although I would love for Bitcoin to become a global legal tender, I don't think it is realistic.

[wiss19]

I don't think it's a misconception are the ones that they feel but they are only lack of understanding about Bitcoin. Some of them does this intentionally. They can't just accept that Bitcoin is better than their fiat creations and then they can't control Bitcoin. Even though BTC is decentralized, it is still possible for it to be banned. China and others have in fact already done that long time ago and some of them still unbanned BTC.

In which country you are living now huh @OP? As long as BTC is allowed there then you can always start your plan. There is no need for you to wait before BTC becomes a legal tender in your country or on every other countries because BTC being a legal tender doesn't have to do with mining. It's about BTC can be used directly to purchase goods.

[Smartvirus]

being legal tender mainly means its treated as a currency which means a nations government can apply its currency laws to it. this means they can then regulate it

Without considering the globalisation context context the thread and with El-salvador been the first and truly the one nation to have legalised bitcoin for a legal tender, can we say this is what is heen done over there today? Regulating cryptocurrencies? I know they came up with an indigenous wallet at the time and some airdropped satoshi to push adoption but, how is that going with regulations since, Citizens won't sty the part.

as soon as countries declared it a legal currency. government stepped in with their regulation of businesses/services that were swapping btc. by defining those businesses as money service businesses thus those businesses needed to get licences and follow policies and such.

Yeah, taking it on businesses would be one means and practically in form of valued added tax but still, this won't be enough would it.

yes you dont need to get a government to determine btc is legal tender for btc to "go global"
however the laziness of accelerating global use by being an legally acknowledged currency in a country, comes at a cost of allowing that government to underpin some rules of using said currency

You've got that right. The government need not approve but they stand as a catalyst to public acceptance.

[Finestream]

Let us be sincere and clear on this topic. The op is just making an assumption about what people will do if Bitcoin becomes legal tender globally but the reality despite the potential of Bitcoin there's no way the Feds and the institution will allow Bitcoin to be legal tender globally and the only thing they will welcome is to plan to regulate the possible aspect of the market.
About how people feel towards Bitcoin in your area, every investment is gambling no matter how good it may look.

Bitcoin is not just an investment asset, it is a decentralized financial system which anyone can use if wants. And we see how different countries adopt bitcoin as a payment system. So maybe if we look at the world of nowadays nothing will be totally worldwide. But if we talk about adoption by majority it looks possible. So IMO if some minority of countries will still not adopt bitcoin we'll can still say that it is adopted worldwide.

Bitcoin, regardless if it’s globally accepted as a legal tender or not, we can always use bitcoin as a currency but only to those limited stores who accept bitcoin payment. Otherwise, fiat will still be the official currency and will still be used by majority. But bitcoin as an investment, everyone can actually do it as long as they know exactly what bitcoin investment is all about. However, if ever bitcoin will be globally accepted in the future, my plan is to establish a food business that will cater bitcoin payment, and that will also pave way to increase my bitcoin hodlings in my portfolio.

[nullama]

I wonder if the supply of Bitcoin is enough for us? If people all over the world use Bitcoin for daily payments, what will the prices be like? Are global prices the same?
The privacy of Bitcoin protects our personal safety very well. Although I would love for Bitcoin to become a global legal tender, I don't think it is realistic.

Hal Finney in the early days did a rough calculation for Bitcoin being used as the world currency:

    As an amusing thought experiment, imagine that Bitcoin is successful and
    becomes the dominant payment system in use throughout the world. Then the
    total value of the currency should be equal to the total value of all
    the wealth in the world. Current estimates of total worldwide household
    wealth that I have found range from $100 trillion to $300 trillion. With
    20 million coins, that gives each coin a value of about $10 million.

    So the possibility of generating coins today with a few cents of compute
    time may be quite a good bet, with a payoff of something like 100 million
    to 1! Even if the odds of Bitcoin succeeding to this degree are slim,
    are they really 100 million to one against? Something to think about...

So, with 1 BTC at 10 million USD, that still leaves sats at a reasonable price.

[Ryu_Ar1]

Seeing from some of the posts that were actually made, I would clearly think the same as some of the other advertisers here because when that happens, it is likely that there will be a lot of businesses that might make payment options with bitcoin as well as the business that I am doing now and I will definitely do just that.
Even though at this time I am a little hindered by regulations on this matter, but the conditions when bitcoins are received are clear, I will maximize them as best I can to make several options there.

[lalabotax]

WHAT IS THE FIRST THING YOU WILL DO IF BITCOIN BECOMES GLOBALLY ACCEPTED JUST LIKE THE INTERNET?
For me I will open my Bitcoin mining farm that will be public with a website and registered under the law for clients that will want third-party services that will align with global best practices of cryptography and digital asset management.

Although it is very difficult to do as a globally legal tender, I think that I am gonna use it for payment. But, I am not sure about this because I like it more for investing 
In fact, although it is legal tender globally, it may not mean that every country is ready, moreover, it seems to be very difficult to be implemented globally as legal tender because of differences of society and the readiness of the government. in