can bitcoin overcome the actual currency? will the wolrd bank allow it?

[Virtue]

last couple of months i've noticed bitcoin is already running in some places, industry and even money transactions like foriegn exchange. the usage of bitcoin is still growing. you cannot call bitcoin as a legal tender says the IRS, but if bussinessmen and some people in high industry countinue using crypto-currency there's a posibility that someday it may

[williamj2543]

last couple of months i've noticed bitcoin is already running in some places, industry and even money transactions like foriegn exchange. the usage of bitcoin is still growing. you cannot call bitcoin as a legal tender says the IRS, but if bussinessmen and some people in high industry countinue using crypto-currency there's a posibility that someday it may

Of course its possible, and the world bank wouldn't want it to happen, but if the world decides to use bitcoin and stops using fiat, then it will overcome. The way that bitcoin will overcome is for the public to see its true values and reasons of creation, instead of seeing only bad things on the news. Bitcoin also needs to see some more company adoption, other than the tech industry (Dell.com, newegg, tigerdirect accept it now). Starbucks accepting would be cool, integrated with their starbucks card, fast would would be nice, just about everything would be better with bitcoin.

[AliceWonder]

Bitcoin will never be legal tender but it doesn't need to be.

All that matters with any currency is if you can buy stuff with it.

In some places, they use prepaid cell phone minutes as currency.

It's not legal tender but people accept it for payment and that is all that ever matters.

Legal Tender I believe just means that if you owe money to someone, and the law is brought in, what you have to pay is expressed in that currency.

[Beliathon]

It's not the decision of the world bank, it's the decision of the world.

[yitingyou]

China would be the first one to stand up to ban it

[qwerty555]

Bitcoin will never be legal tender but it doesn't need to be.

All that matters with any currency is if you can buy stuff with it.

In some places, they use prepaid cell phone minutes as currency.

It's not legal tender but people accept it for payment and that is all that ever matters.

Legal Tender I believe just means that if you owe money to someone, and the law is brought in, what you have to pay is expressed in that currency.

+1

You can already buy almost anything with it using one of the many available sites

world bank and nations will eventually copy it with their own as its is a faster cheaper more accountable (and eventually) more secure and less open to fraud system.

In fact its already started..no doubt there will be hiccups on the way as with anything new but most will eventually adopt a similar system ( with or without the ability to "print" more coins)

https://www.google.com.ph/search?q=nations+creating+their+own+crypto&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a&channel=sb&gfe_rd=cr&ei=_GjYU9KgBOjF8gfR0oDQBw

[lesnod11]

The IRS is calling it 'property' and wants to tax it..... don't get me started on the IRS, but as for btc: I would say the fact that it's raising questions and that organizations like the IRS are addressing it, shows that it's moving in the direction where banks like the 'wolrd' bank have to both address it and I believe at some point start treating it like a currency.

[qwerty555]

The IRS is calling it 'property' and wants to tax it..... don't get me started on the IRS, but as for btc: I would say the fact that it's raising questions and that organizations like the IRS are addressing it, shows that it's moving in the direction where banks like the 'wolrd' bank have to both address it and I believe at some point start treating it like a currency.

yes..It is possible that they will reverse that at some point but it is more likely that the USA will introduce their own legal tender crypto in the future(monetary reform)...decimalization (monetary reform  ) in the  1970.s UK was effected without too much disruption but its doable WHEN they want to.

As property in the USA ...only the increase in value attracts tax...so if the price is stabilized very little tax is payable..if the value goes down then I assume you can offset the loss and reduce your total tax payment due..if it is mined then the mining cost (currently allegedly $500/ coin ish) then costs are offset against tax..a good accountant could probably compute a zero tax liability..

Or just move transactions out of USA jurisdiction..what are Cayman Island  Jersey accounts for fiat used for if not to avoid tax


to put it in context

The current total value of bitcoin of 8B worldwide is a drop in the bucket for the IRS..they will/should use resources available on bigger problems

ps  a National crypto currency system could very well reduce the shadow economy and tax avoidance/evasion considerably...i think that has "clicked" with the powers that be and is the future of money...It will not be bitcoin due to the "anonimity" but bitcoin will probably co exist.

http://www.theguardian.com/news/datablog/2013/sep/27/tax-evasion-how-much-does-it-cost-a-country

[oceans]

I would never rule out the possibility of bitcoin becoming an actual currency, the banks more than likely will try to prevent it however it's not about what the banks want but more what the public use more. If bitcoin becomes more popular with the public and becomes used more by businesses it could be that more people use it over their own Country's currency. One day I feel that banks may just have to accept it as a currency whether they like it or not.

[blatchcorn]

I would never rule out the possibility of bitcoin becoming an actual currency, the banks more than likely will try to prevent it however it's not about what the banks want but more what the public use more. If bitcoin becomes more popular with the public and becomes used more by businesses it could be that more people use it over their own Country's currency. One day I feel that banks may just have to accept it as a currency whether they like it or not.

I actually think that game theory will come into play here and Bitcoin will eventually gain acceptance among banks.  What I mean by this is that if all banks collude to reject Bitcoin they will be successful.  But what will actually happen is one bank will realize the profit to be made from embracing Bitcoin and start providing Bitcoin services. After making high levels of profits, the other banks will follow their decision. 

But of course that is just in theory 

[Whitehouse]

It doesnt even matter whether some government officially recognizes it as legal tender. It's a currency and people are using it so we don't need their consent. If people believe it has worth and is a currency then it is one. Let the people decide, not corrupt governments.

[qiuxiang]

I think it will, based on recent trends.

[jonanon]

I think the beauty of bitcoin is that the it is not up to single organisation to 'allow' it or not, they can't stop it from taking hold. It is down to the people to choose it as a superior tool for monetary purposes.

[DreadIsBack]

May be soon we'll see absolutely new cryptocurrency that will kill bitcoin. It could be...

[blatchcorn]

May be soon we'll see absolutely new cryptocurrency that will kill bitcoin. It could be...

Unlikely within the next 5 years

[dzexo]

Bitcoin after few years will become the international currency 

[Meuh6879]

stop using bank to store your money.
it's the first step to kill world bank inflation profits.

in others words, DO A BANK RUN !

[DoubleBEE]

stop using bank to store your money.
it's the first step to kill world bank inflation profits.

in others words, DO A BANK RUN !

if everything was so easy