Is Bitcoin legal?

[dg0065]

Bitcoin is a computer-based math problem.

So, yes, since math is the basis for EVERY law in the natural universe; I’m going to have to say Bitcoin is LEGAL.

To elaborate a bit more; Bitcoin is a CURRENCY, like the US dollar. As such; still legal.

To elaborate further; Bitcoin is DECENTRALIZED; meaning that, when I accumulate, save and spend my own Bitcoins, I didn’t ask the government’s permission to do any of that; I don’t have to because there isn’t a government on the planet who has any more influence over legit bitcoin mining pool than I do. Therefore; still legal.

And, one final point, if I start Rev’s Video Arcade online and create a special Token that allows you to play a game on my site when you redeem it; and I charge you $1 to buy one of those Tokens; I have essentially created my own currency. No one is forcing you to buy it; no one is forcing me to accept it; it is what it is; a choice for us both. The fact that we both choose to use it makes it viable. And, to my knowledge, there is nothing illegal about that setup. It is actually basic contract law throughout most of the world. In a contract; both parties receive something of value. In this scenario; you give me $1, I give you a Token; which you use to play the game. You got to play (your takeaway/benefit) and I got $1 (my takeaway/benefit). Neither of us was harmed and we both got something we wanted; contract honored… Same goes for Bitcoin and/or any other crypto… It’s personal contracts being described as currency; all LEGAL.

So, let’s review…

Math problems are legal.
Currency is legal.
Decentralization removes government influence and nullifies any question of legality because that’s what a free economy means.
Contract law says that if we both got something of value and no one was harmed then a transaction is LEGAL. So, again, as a non-attorney who is NOT offering legal advice, and, as a guy who uses Bitcoin on a daily basis; YES, Bitcoin is legal!!!

[ryap12]

Bitcoin for me is illegal when we judge it base from the original meaning of "LEGAL".
Legal in the dictionary means- 1) of, based on, or concerned with the law. 2) permitted by law.

So it all depends on the kind of government of which you have in your country.
As years passes by, some countries have started accepting bitcoin and making them legal.
Maybe by next decade, majority will accept bitcoin and legalized it.

[labonikhatun]

You are right that it is usually up to the government of the country where you live to decide whether it will be legal or not. However, it will take a long time for Bitcoin to become legal. In many countries the government does not support decentralized transactions and the government has no control over it. However, if legal, the demand for crypto will increase further.

[kulkhan]

Yes I Think Bitcoin Is Legal Because Recently Many Countries Decleared It As A Legal Currenchy. Gradually We Are Going Digitalization Ear. Where We Will Enjoy Up To Date Lifestyle, So Economical Revolation Will need, I Think Then Bitcoins Nessasity Will Big For Us. And Bitcoin Is More Secured Abd Easy To Transfer. So I Think It Will Legal All Over The World Within Few Years.

[highnayem34]

Bitcoin is a computer-based math problem.

So, yes, since math is the basis for EVERY law in the natural universe; I’m going to have to say Bitcoin is LEGAL.

To elaborate a bit more; Bitcoin is a CURRENCY, like the US dollar. As such; still legal.

To elaborate further; Bitcoin is DECENTRALIZED; meaning that, when I accumulate, save and spend my own Bitcoins, I didn’t ask the government’s permission to do any of that; I don’t have to because there isn’t a government on the planet who has any more influence over legit bitcoin mining pool than I do. Therefore; still legal.

And, one final point, if I start Rev’s Video Arcade online and create a special Token that allows you to play a game on my site when you redeem it; and I charge you $1 to buy one of those Tokens; I have essentially created my own currency. No one is forcing you to buy it; no one is forcing me to accept it; it is what it is; a choice for us both. The fact that we both choose to use it makes it viable. And, to my knowledge, there is nothing illegal about that setup. It is actually basic contract law throughout most of the world. In a contract; both parties receive something of value. In this scenario; you give me $1, I give you a Token; which you use to play the game. You got to play (your takeaway/benefit) and I got $1 (my takeaway/benefit). Neither of us was harmed and we both got something we wanted; contract honored… Same goes for Bitcoin and/or any other crypto… It’s personal contracts being described as currency; all LEGAL.

So, let’s review…

Math problems are legal.
Currency is legal.
Decentralization removes government influence and nullifies any question of legality because that’s what a free economy means.
Contract law says that if we both got something of value and no one was harmed then a transaction is LEGAL. So, again, as a non-attorney who is NOT offering legal advice, and, as a guy who uses Bitcoin on a daily basis; YES, Bitcoin is legal!!!

You can not say bitcoin is legal or not. But you can say is cryptocurrency legal or not. Most of the country's accepting cryptocurrency as a global payment term, for them it is legal and 4 other countries it is illegal. On internet it is legal or illegal both bcs of economical terms.

[highnayem34]

Yes I Think Bitcoin Is Legal Because Recently Many Countries Decleared It As A Legal Currenchy. Gradually We Are Going Digitalization Ear. Where We Will Enjoy Up To Date Lifestyle, So Economical Revolation Will need, I Think Then Bitcoins Nessasity Will Big For Us. And Bitcoin Is More Secured Abd Easy To Transfer. So I Think It Will Legal All Over The World Within Few Years.

Hmm. Do not you see how hacker is asking money in bitcoin payment terms. There is many negative impact on bitcoin localisation. But mostly time it will face negative thought in human minds. 

[Hometown]

Which countries accept bitcoin as their government support and bank support, those countries bitcoin legal and legimate. Japan, Australia, India, Canada, Estonia, Malaysia, Singapore, dubai, Iran, etc countries government directly support bitcoin.

[Rafiq]

Every region of the world is part of one state or another. Each state has its own laws, some states have already legalized Bitcoin through their laws; As such, Bitcoin is legal in all those countries. The popularity and acceptance of Bitcoin as a cryptocurrency is increasing day by day. More or less people in every region of the world are now using bitcoin. So I hope that in the next decade, Bitcoin will be legalized all over the world.

[Selina31]

Yes definitely. Sometimes depend on regulations of their respective countries.

[Tanimariya]

Bitcoin is legally allowed if. Then the popularity of Bitcoin will increase. But Bitcoin users are not guaranteed. But many countries have already approved Bitcoin. Some countries did not give any approval. But they will approve. Because Bitcoin will be the universal cryptocurrency. So the popularity of Bitcoin will increase many times more if Bitcoin is legally approved. There is no doubt about that. Banks will support bitcoin transactions.

[gunhell16]

To be honest, Bitcoin in some of the countries it was legal like in Japan, Australia, Singapore, Canada, Philippines, India and more, but majority of the nations nowadays are not adapting it so far. I think it will take times more before the whole countries
will accept it as legal currencies.

[Tnoy30]

If we look at the developed countries of the world. Then we see that they have legalized Bitcoin. There are legal transaction opportunities. There are smaller countries that have not approved bitcoin. Because they think that if Bitcoin is legally traded in their country, their country's economy will be threatened. But they do not know how the country will prosper if Bitcoin is approved. So I think all those countries should think about bitcoin. A thoughtful decision should be made. These issues should be taken into consideration. We've already seen a lot of events in the outside world.

[hair]

Many countries legalize bitcoin as a digital asset traded on exchanges, but only a few countries legalize bitcoin as a legal means of payment

[Coinmama7824]

Yes it's legal because right now, I will say it's the source of income to most of us.

[CryptoLaila]

Bitcoin  is legal generally but  countries have limited it to some affect so it won't distrupt their Fiat system generally.
However , some countries banned it entirely while some even legalised it generally as a means of payment along with their Fiat system, many are still on making this bold decision  but above it all Bitcoin is a Legal digital  currency