First thing i will do if Bitcoin become legal tender globally

[Ojima-ojo]

We all will agree that most countries around the world have had a misconception about bitcoin which has lowered the rate of Bitcoin adoption globally, various countries with their own mode of Bitcoin view the authoritarian states like china will have a total ban on Bitcoin even though it is an impossible thing since bitcoin is decentralized uncontrollable and independent.

Even with all this, Bitcoin has continued to consistently thrive to pursue its true mandate and even though a few numbers of Bitcoin adopters and bitcoin have been perceived as illegal, and public display of Bitcoin can be prosecuted through states laws that ban Bitcoin authoritatively e.g china and other countries in Africa and other part of the world that have one or two regulations.

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.

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[tranthidung]

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.

[dimonstration]

I believe I will open my own business and accept Bitcoin as payment method since people will surely excited to use Bitcoin for their purchase. There will be a demand for business that accepts Bitcoin that time which is very good to earn more profits from the Bitcoin craze.

Also buying goods on our super market using Bitcoin as direct payment is cool. Imagine you are going on the wet market to buy fresh fish while local sellers accepts Bitcoin payment for small purchase. I just hope that transaction fee that time will be cheaper through the use of more developed lightning network because there will be a problem on huge fee if this kind of mass adoption really happened.

[bittraffic]

I believe I will open my own business and accept Bitcoin as payment method since people will surely excited to use Bitcoin for their purchase. There will be a demand for business that accepts Bitcoin that time which is very good to earn more profits from the Bitcoin craze.

Also buying goods on our super market using Bitcoin as direct payment is cool. Imagine you are going on the wet market to buy fresh fish while local sellers accepts Bitcoin payment for small purchase. I just hope that transaction fee that time will be cheaper through the use of more developed lightning network because there will be a problem on huge fee if this kind of mass adoption really happened.

A lot of businesses will also be accepting BTC, it's a race to accumulate BTC locally and not through trading which is really at the adoption level with LN makes tx fees close to nothing.

I might also provide services accepting BTC, I have plans to do it a long time ago but none in my neighborhood knows BTC either. But if all things come and people in my area learn to use BTC, I will definitely start selling aquarium fish with BTC.

[jokers10]

Mostly nothing: I guess there will be lots of steps previously, so I will do all I want much earlier then it becomes a global currency. Now already I spend fiat money first if I have enough on everyday purposes (and it could be one of effects of adoption). I'm sure I could spend bitcoin directly in most cases years before it will be globally adopted as different stores are starting accepting it all the time. So I have no exact plans on that day.

[uneng]

I will continue doing what I already do at this moment. Probably just would increase the frequency I use BTC as currency for payments, but in general not too much would change, because Bitcoin represents a main role in my financial life nowadays, even though we don't have BTC accepted as legal tender in my country.

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.

Well, there are many public mining farms on the internet, where people use their CPU/GPU power to earn fractions of satoshis. That is not profitable at all...

I suggest you focusing on the call center which will allow people clearing their doubts out and acquiring knowledge about the best crypto and financial practices. Mining farm is a risky investment and many people willing to do this have already lost money, due to the costs of the mining operation being superior to the income made mining cryptocurrencies, so be careful.

[Ojima-ojo]

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 it.
Globally accepted means you are free to accept or reject bitcoin as a payment method at your store.

There is indeed a difference between legal tender and globally accepted, I may have used the two phrases misconceptionally but now I know since you pointed t my attention that and you also made a vivid explanation of both phrases.

Globally adopted then will lead to a more wider discussion so I will edit the part and replace it with the right phrase since legal tender is more or less limited in scope since it only refers to just a country e.g El Salvador made bitcoin a legal tender sometimes in 2021

[Rruchi man]

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

First thing is that I will be  excited about it definitely, and then plan to increase the amount of bitcoins I have.

With the acceptance, there will be lots of persons who will be seeking for how to learn more about bitcoins, I will try to fill in that gap by providing free lectures and seminars around me where people can learn the basics and also basic safety practices with the bitcoins they have. I understand scammers can take advantage of those seeking to learn about bitcoins and buy bitcoins, so the free lectures and seminars can help in reducing the number of victims.

This is another action that can be adopted by other forum members when bitcoins become globally accepted.

[franky1]

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.

correct

to refine your point

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

yep bitcoin 2009-2014 was defined as private property. much like for instance pokemon cards that could be swapped without hassle from government intervention.
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.

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

[klidex]

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.

If Bitcoin can be legalized as a legal means of payment globally then I prefer payment using fiat currency and will keep Bitcoin until it really reaches a very high price because with Bitcoin being used globally automatically many people adopt it and make its supply exhausted so that it becomes rare and has a high selling value.
But it seems like it will take a very long time for Bitcoin to be accepted legally globally considering that there are several countries that are still anti and prohibit crypto users in any form. However, I am sure that one day Bitcoin will be accepted in various places and countries.

[sbrys]

Probably opening a bank that stores BTC for customers 

Also start lending some that I don’t have to create virtual extra BTC and ask to repay more. If it fails I will ask government to bail me out 😊

If all goes south Somebody will create a new system

[BitcoinPanther]

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

As much as I would love to open a mining farm, my country electricity charges is too high to profit from the said activity.  I guess I will continue what I have been doing with my BTC and that is using it to pay for services or products online.  I am too lazy to setup stores that accept Bitcoin because I don't have interest in establishing them and it needs a lot of work to maintain the service.  So yeah, I will be just another Bitcoin user.

[ajiz138]

I am very pessimistic about this, but I will be happy if this really happens globally.

The first thing of course in my business it will be used in bitcoin payments and everyone will be happy if all the shops also accept this, but the important thing for me is to accumulate as many bitcoins as possible because this is part of my goal, but with various products on sale/ buying with bitcoin will make it easier for us to do it, then what about fiat money? It is difficult for people to leave because of their physical form because of their comfort so far.

We will see in the future how the new system will operate.

[franky1]

but lets play scenarios..

in a world where bitcoin is common and allowed
countries with higher electric will not be mining centres of industry.
these countries will try to accumulate coin via investment spot market and also through retail acceptants via merchants/supermarkets/businesses

counties with low electric will become mining centres where majority of accumulating coin will be via mining and less so from market investment and merchant acceptance

this is becasue if they can mine in say norway at $17k/btc and hawaii at $90k/btc

norway wont want to local-domestically use btc at supermarkets at $17k local value rate . because retailers will want to  sell goods at the $17k area as thats its local value... so you wont see many miners want to spend btc locally if they can sell their coin for higher on international exchange speculative spot markets

hawaii cant mine so they will buy cheaper on speculative spot markets and then happily use as currency domestically in supermarkets knowing their mining market sees bitcoin worth upto $90k but able to buy products for less than this and supermarkets happy to accept less than this

[Yatsan]

I believe I will open my own business and accept Bitcoin as payment method since people will surely excited to use Bitcoin for their purchase. There will be a demand for business that accepts Bitcoin that time which is very good to earn more profits from the Bitcoin craze.

Also buying goods on our super market using Bitcoin as direct payment is cool. Imagine you are going on the wet market to buy fresh fish while local sellers accepts Bitcoin payment for small purchase. I just hope that transaction fee that time will be cheaper through the use of more developed lightning network because there will be a problem on huge fee if this kind of mass adoption really happened.

But have you looked with the possibility that even if Bitcoin would be accepted to more countries, the demand won't be as big as with iur expectations? Like at the present to counteies wherein it is already accepted; many people are still not engaging because they are simply worried with their welath in relation to market price volatility. And I somehow agree, in terms of businesses and payments. As long as the prices of your products are fiat based, there won't be an aquity between price and capital because profit would be conditional. Think of buying a $5 pants in btc. If your capital is $3 in fiat (assuming that you bought it thru fiat), and you are planning to sell it in btc for $5. If there is a bullish trend market value won't be stationary, it could either be loss or profit. And same thing goes with the ideology of doubt towards using this technology in businesses.

[serjent05]

But have you looked with the possibility that even if Bitcoin would be accepted to more countries, the demand won't be as big as with iur expectations?

But I am sure that the demand would be way bigger than the demand right now.  After all, we are talking about global acceptance.

Like at the present to counteies wherein it is already accepted; many people are still not engaging because they are simply worried with their welath in relation to market price volatility.

 

But isn't the price volatility one of the reasons why Bitcoin become a sensational topic for investors and traders?  If the hindrance as country's restriction is lifted, I am sure more and more people will come to trade Bitcoin.

And I somehow agree, in terms of businesses and payments. As long as the prices of your products are fiat based, there won't be an aquity between price and capital because profit would be conditional. Think of buying a $5 pants in btc. If your capital is $3 in fiat (assuming that you bought it thru fiat), and you are planning to sell it in btc for $5. If there is a bullish trend market value won't be stationary, it could either be loss or profit. And same thing goes with the ideology of doubt towards using this technology in businesses.

The volatility of the price in relation to business establishment had long been solved.  Converting Bitcoin real-time will remove the worry you are stating.  And in the given scenario of this thread, I believe fiat currency and Bitcoin will work for hand in hand here.

[DoublerHunter]

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

^Becomes worldwide currency like fiat, all stores, and online merchants are free to use BTC and must accept BTC.
Probably Satoshi Nakamoto is happy to see that his/their creation was successfully accepted worldwide as their goal because you can purchase BTC anywhere by increasing the number of BTC ATM machines everywhere in your place since it is fully legal.
I will do nothing with my BTC, hold some spend some because that is the reason why BTC was created to become an alternate to fiat that no one entities that control.

[Pmalek]

We all will agree that most countries around the world have had a misconception about bitcoin which has lowered the rate of Bitcoin adoption globally, various countries with their own mode of Bitcoin view the authoritarian states like china will have a total ban on Bitcoin even though it is an impossible thing since bitcoin is decentralized uncontrollable and independent.

The way the all mighty and powerful nations view bitcoin is no different in China than it is in The EU or the USA. Don't make the mistake to think that. They all see BTC as a threat to their own economy and the never-satisfied hunger they have for control. A nation with the freedom to choose their own money isn't their agenda. Expect more and more centralized and government-owned national currencies to pop up in the future. Especially in the civilized western democracies.

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

It already is globally accepted, but this question of yours doesn't fit in with the subject. No currency is global tender and bitcoin won't be either. I don't know where you live, but is there a government agency there that can prevent me from sending BTC to an address you give me? Is there one in China, Afghanistan, Cuba, Nigeria...? No one needs to give you permission to accept bitcoin. The code and software gives you the needed access rights.     

[PrivacyG]

Realistically speaking.  I would probably not change my behavior.

I can use Bitcoin today as if it was legal tender.  I can take care of most of my monthly expenses with it.  Only thing changing is I would not need to purchase Gift Cards to pay for stuff.  I would not need to access Third Parties to pay for some expenses.  And I would not need a Cryptocurrency Debit Card.  So what changes is I would save a few dozen dollars monthly.

Do you really think everyone would go crazy if Bitcoin became legal tender.  Realistically most of them will not care.  Skeptics will go on with their skepticism.  Haters will keep on hating.  Bitcoin will continue living.  That is it.

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Regards,
PrivacyG

[Wakate]

The way I. Looking at it, I don't think Bitcoin would ever be generally excepted looking at the way way many countries had been antagonizing the adoption of Bitcoin. There are some countries who had already bam Bitcoin activities including mining and investing in Bitcoin. It is just too bad for now that the government are planning to regulate Bitcoin which is against the original goal why it was invented.

I hope soon the government would see good reasons of investing and going for the adoption of Bitcoin which is going to be a huge success to all endeavours to ensure that people are good reasons why to invest in Bitcoin.