How will you feel when your government make BTC legal?

[fuguebtc]

I think I wont feel any difference from what I feel now towards cryptocurrency. First of all Bitcoin or cryptocurrency isnt illegal in my country. What government cares is that I must pay income tax if I get any income. That is all.

The government legalized bitcoin not because they want it to grow but because they want to control and tax those who invest in it. I also don't care much whether my government accepts bitcoin or not because, so far, what the government has done is for their own benefit, never for the people, for the country as it is often said. I am not against the government, but they are human like us, personal interests still come first, so I do not expect any decision from them.

[oktana]

My way to class this morning with some of my lovely course mate, someone raise this question that if our government decide to adopt BTC or make BTC legal how will i feel? I told him that the day our government will announce that BTC is now fully legalized in the country, I will throw a big party to host all the bitcoiners in my environment to join me to celebrate. If your government decide to adopt BTC or make BTC legal in your country, how will you feel?  Will you be among the people that will be angry because i know there are some people in our various places that think BTC is a scam digital currency which is not true, will you go to make them to understand it better in a positive way?

I'm not sure what country are you from, but Bitcoin is legal (ie not illegal) in most countries.
However, if Bitcoin will become legal tender, ie I'll be able to pay for everything I want with Bitcoin if I want to, then I'll be indeed very happy.

I wonder if making Bitcoin legal tender also automatically entails a tax exemption on realized gains? That is probably different from country to country? I would like to understand the legal implications of something becoming legal tender.

Otherwise, making Bitcoin legal tender when you still have to pay taxes on realized gains at the time you make a purchase or pay your tax, there is still too much hassle involved in actually using it to buy stuff.

The label "legal tender" isn't so interesting to me. A tax exemption would make Bitcoin way more useful, even if it is up to a certain limited amount for single item purchases.

In my opinion, Making Bitcoin a legal tender won’t cause any exemptions on taxes, (I can beat my chest to that, lol). Governments that would approve Bitcoin as a legal tender would still want to benefit a way or two from it and as we know, it’s only through taxes they can stand to benefit from Bitcoin transactions. We can not deny that taxes are crucial for the smooth running of any country, and they play a significant role in any country’s economy. As we all know, taxes provide a significant source of revenue for governments, which is used to finance public services, infrastructures, healthcare, education, defense etc. Now look at the benefits, the government would not want to let such pass them as they know a lot of exposed persons will love to transact with Bitcoin.
Nevertheless, without the taxes, it will be very smooth and non time consuming. I see your point but any government will want to seize such opportunity to earn.

[Questat]

I think I wont feel any difference from what I feel now towards cryptocurrency. First of all Bitcoin or cryptocurrency isnt illegal in my country. What government cares is that I must pay income tax if I get any income. That is all.

The government legalized bitcoin not because they want it to grow but because they want to control and tax those who invest in it. I also don't care much whether my government accepts bitcoin or not because, so far, what the government has done is for their own benefit, never for the people, for the country as it is often said. I am not against the government, but they are human like us, personal interests still come first, so I do not expect any decision from them.

That is actually the common view we can see from legalizing Bitcoin. It was sad to say but the government won't take action without expecting returns and benefits and they urge holders/users to pay their taxes once legalized. We are the same, I don't see it was too important to become legalized because as long as it was not banned, people are still free to acquire and use their Bitcoin, and also stores are free to accept payments. But in the moment that the government will have control over crypto, problems may occurs and afraid of being abused.

[Hyphen(-)]

My way to class this morning with some of my lovely course mate, someone raise this question that if our government decide to adopt BTC or make BTC legal how will i feel? I told him that the day our government will announce that BTC is now fully legalized in the country, I will throw a big party to host all the bitcoiners in my environment to join me to celebrate. If your government decide to adopt BTC or make BTC legal in your country, how will you feel?  Will you be among the people that will be angry because i know there are some people in our various places that think BTC is a scam digital currency which is not true, will you go to make them to understand it better in a positive way?

I will be very happy because it will result in massive Bitcoin adoption within the country and will also bring a long-term alternative to the banking system where people will have full control over their wealth because Bitcoin is transparent and does not require any third-party; additionally, the government will benefit from it because they will input tax in any Bitcoin transaction within the country which will help the government to get more funds to aid any of their work.

[John Abraham]

This being said, a lot of wallets are being made lately, some of them very easy to use (albeit some are custodial). Ordinary people pay or get paid with bitcoin. They don't know how it works, all they know is how to use their wallets to pay or get paid. As simple as that.

Okay, I got your point. Let's forget what I know or I don't know. Let's talk about ordinary people. I don't think Bitcoin is simple as other payment methods. Especially if people use the Native chain of Bitcoin. If people use Coinbase to Coinbase or Binance to Binance, that's another thing. But, Native chains transactions are not fast as other payment methods.

People will get used to it once they start using Bitcoin. But, I don't think ordinary people will like Native chain because of the transaction fees and the time it takes to get confirmed. But, if people get used to with Lightning network, it will be revolutionary.

[NeuroticFish]

Okay, I got your point. Let's forget what I know or I don't know. Let's talk about ordinary people. I don't think Bitcoin is simple as other payment methods. Especially if people use the Native chain of Bitcoin. If people use Coinbase to Coinbase or Binance to Binance, that's another thing. But, Native chains transactions are not fast as other payment methods.

People will get used to it once they start using Bitcoin. But, I don't think ordinary people will like Native chain because of the transaction fees and the time it takes to get confirmed. But, if people get used to with Lightning network, it will be revolutionary.

On this you're correct. However, the wallets too are on the right direction. Some of the LN wallets, although I've seen them for now only in short movies on twitter, have impressed me. And LN is fast too (although some will argue that LN is not actual bitcoin because is not on chain), so I expect this is what most people will use.

Of course, most of the more advanced wallets we use for on-chain transactions are not as newbie friendly as we'd like, but yeah, since they are done by people in their free time, we cannot complain. They are far from bad though. Still, I do agree with you, on this chapter there's plenty of room for improvement. PS. The fees aren't that big, you can still send easily at under 1$/transaction. Still, even if they go way up, keep in mind that it should not be feasible to rent an armored car in order to send 10$... and on chain that's pretty much what we do.

[Rana590]

My way to class this morning with some of my lovely course mate, someone raise this question that if our government decide to adopt BTC or make BTC legal how will i feel? I told him that the day our government will announce that BTC is now fully legalized in the country, I will throw a big party to host all the bitcoiners in my environment to join me to celebrate. If your government decide to adopt BTC or make BTC legal in your country, how will you feel?  Will you be among the people that will be angry because i know there are some people in our various places that think BTC is a scam digital currency which is not true, will you go to make them to understand it better in a positive way?

I will never feel happy if the government imposes a high value tax on bitcoin legitimacy. If legalization is given to improve quality of life and provide opportunities for new investment, it will certainly be commendable. As Bitcoin is helping in different sectors and it has a lot of uses, I really want see Bitcoin in a good position in our country.

[Crypto Library]

In my country four million people are connected to crypto currency unfortunately the government of my country has yet to respond positively to it. It was discussed a few times by some positive good among the ministers but it was not implemented. Rather, the hunt is on to take custody of those who are connected with cryptocurrency.And as for me, I work with crypto currency very secretly and with fear. I want to do many things starting from mining to start working on different projects but I don't have any desire or insistence for this illegality.
So after reading this I cannot express how happy I will be when crypto currency is legalized in my country. But happiness will last only when the government taxes it at a tolerable level.

[Inwestour]

In my country four million people are connected to crypto currency unfortunately the government of my country has yet to respond positively to it. It was discussed a few times by some positive good among the ministers but it was not implemented. Rather, the hunt is on to take custody of those who are connected with cryptocurrency.And as for me, I work with crypto currency very secretly and with fear. I want to do many things starting from mining to start working on different projects but I don't have any desire or insistence for this illegality.
So after reading this I cannot express how happy I will be when crypto currency is legalized in my country. But happiness will last only when the government taxes it at a tolerable level.

I am sure that this will be the case, as soon as the cryptocurrency is legalized, we immediately received taxes on all cryptocurrency transactions.

I do not aspire to mine, as I do not have sufficient knowledge and time for this, but I invest money in bitcoin and therefore I would like the cryptocurrency to be legal in my country. Governments ban everything they can't control, that's how it's always been.

[Lanatsa]

My way to class this morning with some of my lovely course mate, someone raise this question that if our government decide to adopt BTC or make BTC legal how will i feel? I told him that the day our government will announce that BTC is now fully legalized in the country, I will throw a big party to host all the bitcoiners in my environment to join me to celebrate. If your government decide to adopt BTC or make BTC legal in your country, how will you feel?  Will you be among the people that will be angry because i know there are some people in our various places that think BTC is a scam digital currency which is not true, will you go to make them to understand it better in a positive way?

We dont actually need it and its really that unlikely that most of governments would really be going into this path considering that BTC is decentralized and something that cant really be controlled totally.

Yes, we've seen that there are places in the world did really regulated and recognized bitcoin but of course they are only be able to touch up those services or platforms which are involved into it and
not directly into it or literally.This is the main reason on why most of government arent really that liking for it to be adopted.

If ever this was ending up on legal in our place or where i do live then its great but i dont see for it to be necessary but for the sake of exposure and recognition then this is what we do need.

[n0ne]

Bitcoin is almost legal in most of the countries. Even the people living in the countries where bitcoin usage is illegal have got the best usage accessibility. For this reason the governments stand on bitcoin won't cause any big change around. Everyone have the same feeling as now. In my view the people who were in fear of using bitcoin and other cryptocurrencies will find it good and make their participation.

Once the legal announcement comes, more number of people will have bitcoin acceptance into their businesses which is one of the best thing and the same helps with the better usage of bitcoin all around.

[Ryker1]

My way to class this morning with some of my lovely course mate, someone raise this question that if our government decide to adopt BTC or make BTC legal how will i feel? I told him that the day our government will announce that BTC is now fully legalized in the country, I will throw a big party to host all the bitcoiners in my environment to join me to celebrate. If your government decide to adopt BTC or make BTC legal in your country, how will you feel?  Will you be among the people that will be angry because i know there are some people in our various places that think BTC is a scam digital currency which is not true, will you go to make them to understand it better in a positive way?

You did not mention if where that country you meant for but it is expected that most countries now are more friendly to bitcoin though it is not yet legal but at least they recognized it as a secondary option to fiat. If your government were to legalize bitcoin, it could have a significant impact on the broader adoption of cryptocurrencies, potentially leading to more widespread use and acceptance. If you are passionate about bitcoin and its potential, you could consider educating those around you in a positive and informative way. Sharing your knowledge and experiences with bitcoin can help dispel misconceptions and build greater understanding and support for the technology. So good luck and enjoy using bitcoin.

[KennyR]

My way to class this morning with some of my lovely course mate, someone raise this question that if our government decide to adopt BTC or make BTC legal how will i feel? I told him that the day our government will announce that BTC is now fully legalized in the country, I will throw a big party to host all the bitcoiners in my environment to join me to celebrate. If your government decide to adopt BTC or make BTC legal in your country, how will you feel?  Will you be among the people that will be angry because i know there are some people in our various places that think BTC is a scam digital currency which is not true, will you go to make them to understand it better in a positive way?

You did not mention if where that country you meant for but it is expected that most countries now are more friendly to bitcoin though it is not yet legal but at least they recognized it as a secondary option to fiat. If your government were to legalize bitcoin, it could have a significant impact on the broader adoption of cryptocurrencies, potentially leading to more widespread use and acceptance. If you are passionate about bitcoin and its potential, you could consider educating those around you in a positive and informative way. Sharing your knowledge and experiences with bitcoin can help dispel misconceptions and build greater understanding and support for the technology. So good luck and enjoy using bitcoin.

Almost people are free to use it and not much restrictions in the name of legality. People are free to use it all around. When the legality of any country is declared people freely openup and this paves path for better progress in the market. The spreading happens in a faster way, as people who were investing in cryptocurrency secretly will talk about it. More unknown people will get to know about it. More positive things could happen associated with bitcoin.

[nullama]

Bitcoin is almost legal in most of the countries. Even the people living in the countries where bitcoin usage is illegal have got the best usage accessibility. For this reason the governments stand on bitcoin won't cause any big change around. Everyone have the same feeling as now. In my view the people who were in fear of using bitcoin and other cryptocurrencies will find it good and make their participation.

Once the legal announcement comes, more number of people will have bitcoin acceptance into their businesses which is one of the best thing and the same helps with the better usage of bitcoin all around.

Yeah, it's mostly legal in the world as you can see here:



And the thing is that, similar to the Internet, even if you try to stop it, you can't really. It's like trying to stop people from drinking alcohol. It just won't happen.

[kotajikikox]

why should i throw a party when i can use those amount to invest and buy more bitcoin ? i would rather keep my money intact inside crypto than being stupid spending with something not in need.
I may conduct a meeting and lure people about how bitcoin can help them but not to spend a single cent about having party lol.

[karmamiu]

First and foremost, Bitcoin is not illegal in most of the countries. Second, although crypto is not encourage for most of the countries as modes of payment due to it's high risk and volatility, it is also not officially banned by most of the countries.

Personally, it's nothing much to me even if the government declares crypto as a legal tender or recognized and be accepted as currency. It's because, if I were in the position to acquire and afford crypto as payment, I would rather keep it due to it's volatility. That aside, if it happens to be legalized, I would be happy to know that if ever something comes up that requires crypto, I would have another option to choose.

[Zanab247]

why should i throw a party when i can use those amount to invest and buy more bitcoin ? i would rather keep my money intact inside crypto than being stupid spending with something not in need.
I may conduct a meeting and lure people about how bitcoin can help them but not to spend a single cent about having party lol.

It is not stupid, if I throw party for the adoption of BTC in my country, It will make people around the environment or the country to know that our government has done something good in the land. No way you can conduct a meeting for people to learn BTC in your environment will not involve money, if truly you want people to have idea on it and also use it in away your government will be happy for the adoption of BTC.

[cafter]

I will throw a big party to host all the bitcoiners in my environment to join me to celebrate.

You don't show your bank balance to anyone , so why you want to show your BTC.

My way to class this morning with some of my lovely course mate, someone raise this question that if our government decide to adopt BTC or make BTC legal

making bitcoin legal tender means this would give bitcoin greater legitimacy as a medium of exchange and could lead to greater adoption of the cryptocurrency by merchants and new individuals. it would also mean that Bitcoin transactions would not be subject to capital gains taxes in the country, where it is recognised as legal tender.

how will i feel?

i will feel great about this, if it will became legal tender in my country.

Will you be among the people that will be angry

no i am not among them.
but there are also some risks and challenges associated with using a highly volatile cryptocurrency as a medium of exchange.

[John Abraham]

Okay, I got your point. Let's forget what I know or I don't know. Let's talk about ordinary people. I don't think Bitcoin is simple as other payment methods. Especially if people use the Native chain of Bitcoin. If people use Coinbase to Coinbase or Binance to Binance, that's another thing. But, Native chains transactions are not fast as other payment methods.

People will get used to it once they start using Bitcoin. But, I don't think ordinary people will like Native chain because of the transaction fees and the time it takes to get confirmed. But, if people get used to with Lightning network, it will be revolutionary.

On this you're correct. However, the wallets too are on the right direction. Some of the LN wallets, although I've seen them for now only in short movies on twitter, have impressed me. And LN is fast too (although some will argue that LN is not actual bitcoin because is not on chain), so I expect this is what most people will use.

I am confused about the Lightning network as well because I never tried it. Sometimes I don't understand what I should say about this. Currently, The Lightning network has over 5490 BTC which is around $130 Million. This is not on the main chain. The maximum supply of Bitcoin is 21M. If you send your bitcoins to any address out of the main chain, it's lost. Is this how it works? I mean, it will be lost from the main net and will be added to the Lightning network? (seems I have to discuss this in another topic since it's going off-topic here).

If people start using the Lightning network, does the main net get benefit from the lightning network?

[samuraijin]

My way to class this morning with some of my lovely course mate, someone raise this question that if our government decide to adopt BTC or make BTC legal how will i feel? I told him that the day our government will announce that BTC is now fully legalized in the country, I will throw a big party to host all the bitcoiners in my environment to join me to celebrate. If your government decide to adopt BTC or make BTC legal in your country, how will you feel?  Will you be among the people that will be angry because i know there are some people in our various places that think BTC is a scam digital currency which is not true, will you go to make them to understand it better in a positive way?

I will never feel happy if the government imposes a high value tax on bitcoin legitimacy. If legalization is given to improve quality of life and provide opportunities for new investment, it will certainly be commendable. As Bitcoin is helping in different sectors and it has a lot of uses, I really want see Bitcoin in a good position in our country.

Maybe it will be good for the upper class people but not for the lower class, who don't understand the use of Bitcoin, if the government makes a decision to legalize Bitcoin as a means for economic growth, then what has to be done is to teach people who don't understand Bitcoin,  from how to use and prospects for the future so they know what they should do when the government really legalizes Bitcoin as the country's currency.