First thing i will do if Bitcoin become legal tender globally

[imamusma]

But in fact, current bitcoin users tend to buy bitcoin because of their interest in investing ^{[short term or long term].} I don't entirely blame his passion, but basically bitcoin was created as better currency than fiat.

I'm investing more in bitcoin than adopting it as a means of payment, but it's always possible for me to spend some of it to pay for something online even if I have to make cross-border transactions. It's obviously possible for anyone, but the two principles you're talking about are what I agree with.

I don't see any problem with their interest, but they just need to know that bitcoin is not only used as an investment asset, but also a currency and legal tender in several countries. I also admit that many people are not bitcoin adopters as a means of payment, but they are traders and investors who use bitcoin to make profit.

But before, I think you need to correct your quote to make it correct, _BlackStar.

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[suzanne5223]

I have always dreamed of having a hardware wallet store and also joining the official hardware wallet reseller network but the stance of the government in my country towards cryptocurrency restricted me from the dream.
If it happens that Bitcoin becomes legal tender globally, I will pursue the dream and also create a business network that will accept Bitcoin as payment.

In the country where you live now bitcoin is well received, most likely in a few years later bitcoin will become a legal tender globally, you can do whatever you want and can plan from now on what you will do, you can collect as many bitcoins as you can also accept bitcoin payments in your shop, but I personally don't think that way at all, because in my country the people's mindset has not been upgraded, just investing in stocks is said to be gambling let alone bitcoin, even to currently bitcoin transactions in my country are very small, only one percent of world transactions.

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.

[Ebede]

What anybody will do if a bitcoin become illegal tender is personally known to that person because I believe that there is no time bitcoin will become a legal tender because of the challenges of government has given to bitcoin so bitcoin it will take many more years before it can take at least 35% of the world so and he is very very difficult for such to happen but that is what you are praying for for be done to become bigger than that but the possibility is very high

[dansus021]

if become global legal tender i will open up service like p2p crypto to fiat, the most hit if bitcoin become legal tender is export and import and global market financial system since they usually do transaction by using US dollar but now they using bitcoin cut a dozen of lot of fee. and transaction across border become easy

[BALIK]

The first thing you should do is purchase a bitcoin, as you will need it to spend on items that fiat currency cannot purchase on that time. Though I can't really think what I will do at that time, I was thinking what will happen to the price at that time; is it going to stabilize? or drops or increases its price. However, if this becomes legal tender, many people will mine it in the same way that we mine gold and other valuable gems in our world. You will know for certain that time that it will be cashless transactions and you will not see any paper money or coins because we are all using bitcoin. 

Based on all the things you have said, I believe that bitcoin will never become a legal tender in all countries around the world. It will never become the world currency. Because all governments would never want their fiat money to disappear or be worthless, especially the major powers. Fiat and its value represent the economic strength of a country, so its complete elimination will never happen. But bitcoin is accepted globally, this may happen in the future.

[nullama]

~snip~
Based on all the things you have said, I believe that bitcoin will never become a legal tender in all countries around the world. It will never become the world currency. Because all governments would never want their fiat money to disappear or be worthless, especially the major powers. Fiat and its value represent the economic strength of a country, so its complete elimination will never happen. But bitcoin is accepted globally, this may happen in the future.

The thing is that Bitcoin is already accepted worldwide. Since genesis actually.

Anyone in the world can generate a key for free. That means that anyone in the world can start selling and buying goods and services with anyone else in the world with Bitcoin.

You don't need permission from any government to do that.

For example, in 2013 the governor of the central bank of Australia said:

In December 2013, the governor of the Reserve Bank of Australia (RBA) indicated in an interview about bitcoin legality stating, "There would be nothing to stop people in this country deciding to transact in some other currency in a shop if they wanted to. There's no law against that, so we do have competing currencies.".

[_BlackStar]

I don't see any problem with their interest, but they just need to know that bitcoin is not only used as an investment asset, but also a currency and legal tender in several countries. I also admit that many people are not bitcoin adopters as a means of payment, but they are traders and investors who use bitcoin to make profit.

I also don't think there is problem with reasons why any user buys bitcoin, I mean your bitcoin are yours and you are free to spend them on whatever you want. Likewise with other users, they are free to hold it as an investment asset or trade it.

The point is that bitcoin itself gives you full rights in terms of managing it, including whether you want to use it as an investment asset, or currency or a means of payment. And of course, bitcoin is a fully decentralized currency that gives you the right to parent it yourself without any authority control ^{[as long as you don't trust centralized third party].}

But before, I think you need to correct your quote to make it correct, _BlackStar.

Yeps, I fixed it - thanks.

[LogitechMouse]

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

First of all, lets look at the quick definition of legal tender on this one:

Legal tender is the national currency, such as paper money and coins, that is declared by law to be valid payment for debts and financial obligations.

I bolded the phrase "that is declared by law" because in order for a specific currency to be a legal tender, it must be declared by the law.

I agree with what they said that "legal tender globally is different from globally accepted". Legal tender means it will be a national currency that is declared by the law and on the other hand, globally accepted means people will accept it whatever the circumstances it will be and there is no law between it.

One thing more is that, I don't see Bitcoin as a legal tender because at first place, the government isn't the one who is creating it and we already saw the definition of legal tender. How will a currency like Bitcoin can be a legal tender if the government didn't do it? Bitcoin will not be a legal tender, but it will be globally accepted if people will starting to accept it.

[Woodie]

china and other countries in Africa and other part of the world that have one or two regulations.

China is a different world when it comes control but for Africa I think these are places that have the does open for the technology as they have more to benefit from it... Btw aren't the biggest economies already using bitcoin, South Africa, Nigeria etc

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.

Going in for the money, but such an undertaking will require some good capital injection because a Bitcoin farm doesn't come cheap!

Btw I think bitcoin and the internet are incomparable as bitcoin is a substitute to fiat while the internet was bringing efficiency and simply rewriting history.

[jokers10]

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.

[nullama]

~snip~
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.

Absolutely.

Bitcoin is available to the entire world (connected to the Internet) since genesis.

Really everyone can participate of Bitcoin freely, they just need to say they accept Bitcoin, and the other person sends the Bitcoin for the goods and services.

There's no need for countries to accept Bitcoin, you only need 2 people, the seller and the buyer. And they can be anywhere in the world.

[Andrew1788]

Bitcoin is available to everyone, it's time to start making money on it

[Nolik_19]

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

Yes, but it will be necessary to think in a slightly different format, since with this moment, many other spheres will appear

[pawanjain]

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.

Open a mining farm ? Do you know how much time, effort and investment it costs to open a mining farm ?
May be you have more than enough money for that but you will still have to put in the time and effort.
If bitcoin becomes a globally accepted legal tender then it would open doors for cross border business opportunities.
So the possibilities are endless. I haven't thought it through but I would certainly end up opening a business for myself using bitcoin.

[suzanne5223]

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.

Only a naive Bitcoiner won't know that Bitcoin is not just an investment asset because its purpose of it was to be a decentralized electronic cash system, not even an investment asset. According to Satoshi Nakamoto's first introduction of Bitcoin he says "I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party."
It's we the Bitcoiner of today that make it an investment asset which is expected since there's more adoption of Bitcoin.

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.

Don't let's feel ourselves with false information by ignoring the fact that if the minority adopt Bitcoin we can still say it is adopted worldwide. How many countries adopt Bitcoin as a payment system? If we count it we have just about 11 and only 2 legalized Bitcoin as legal tender.
If the payment system, CEX, and DEX that will work in the majority you mentioned is not going to be regulated adoption is not possible by the majority

[dezoel]

I do not think that I would do much differently. I mean if it was legal tender in my nation, then I would pay things with bitcoin instead of fiat, that's for sure, but the rest would be the same.

Right now, I spend my salary as little as I could, and save my money to keep it in bitcoin, and that means if I end up with a legal tender society, I would simply just not turn my bitcoins into fiat, will keep them in bitcoin and will go on living like that as long as I possibly could. That's not really a huge change from where I am today though, it is something that I would highly suggest doing even today if you can pay anything with bitcoin, then you should but aside from that it's not a big change.

[nullama]

I do not think that I would do much differently. I mean if it was legal tender in my nation, then I would pay things with bitcoin instead of fiat, that's for sure, but the rest would be the same.

Right now, I spend my salary as little as I could, and save my money to keep it in bitcoin, and that means if I end up with a legal tender society, I would simply just not turn my bitcoins into fiat, will keep them in bitcoin and will go on living like that as long as I possibly could. That's not really a huge change from where I am today though, it is something that I would highly suggest doing even today if you can pay anything with bitcoin, then you should but aside from that it's not a big change.

That's true.

At the end of the day you can pay with Bitcoin or fiat, it doesn't make much difference as you can always buy back the same amount of Bitcoin with fiat, and therefore you end up with the same amount saved in Bitcoin.

That's the key though, saving in Bitcoin instead of saving in fiat.

Having just cash for a long time is simply a bad idea as it will devalue over time.

Sure, having a bit of a buffer for fiat expenses is fine, but that buffer needs to be increased after a while because of inflation.

[jokers10]

...
Don't let's feel ourselves with false information by ignoring the fact that if the minority adopt Bitcoin we can still say it is adopted worldwide. How many countries adopt Bitcoin as a payment system? If we count it we have just about 11 and only 2 legalized Bitcoin as legal tender.
If the payment system, CEX, and DEX that will work in the majority you mentioned is not going to be regulated adoption is not possible by the majority

It's about pessimistic and optimistic approaches: you say that just 11 countries adopted bitcoin, I say that 11 countries adopted bitcoin already and there are many countries in which is allowed what is not prohibitet.

And by the way I don't like when bitcoin becomes a legal tender, its idea is to provide an alternative, a possibility, and not to force to be used. So when it is permissed by law IMO is better then when it becomes mandatory.

[Henrobakkara]

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

If after bitcoin is widely accepted around the world and bitcoin retains its volatility, then I don't think too much will change for me. I will continue to accumulate and invest in bitcoin and will probably use it to pay for a place that accepts bitcoin.
In my opinion, bitcoin adoption globally is going to happen soon, but I do not believe bitcoin adoption will become legal tender globally, that is just not going to happen, they are two completely different concepts.

I however believe that Bitcoin global adoption has already happened but "not going to happen soon" as you said. I don't believe that Bitcoin is not known globally and has also been HODL and traded globally which to me means, it is adopted globally. However, I believe OP was thinking of a Global legal tender for Bitcoin which might not happen, going by the definition of legal tender cos I don't see the Global Government adopting Bitcoin over their Currencies. 

[Flexystar]

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 later one then there is no harm running few miners in the back garage really. If it is big one then one can always go in the location where its 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 lets celebrate, we will be the old players by that time with loads of bitcoins.