Is Bitcoin legal?

[Tribalchief]

It is my sincere hope that other nations which have declared bitcoin to be illegal will eventually reconsider their position to make it legal for their citizens

The legality and illegality of Bitcoin all comes from how the government of a nation sees it. Some of this government clearly understand what Bitcoin stands for, and it's benefit to the common man, which might lead to any decision of their choice. While other government don't understand how Bitcoin works, but would rather choose to declare it as an illegal currency.

The whole situation boils down to the government of the state. How they view it makes them make decision on who to use it.

[Wiseman]

In many countries bitcoin is not legal and this is more countries, where it is allowed, still if you use it for example as a trader and do not pay taxes, it is also not legal, if you just hold bitcoin in the country where it is allowed, when you sell it you will have to prove where you got the money to buy it and when you bought it and only then you can pay taxes on it and legally withdraw the money.

It would be better if the government should legalize bitcoin because they can get taxes from their transactions. because bitcoin has become increasingly popular even though it is banned in a country, I am sure its citizens will still invest in bitcoin. because bitcoin is very profitable for investment

I agree with you, it would be good, but there are always obstacles, it depends on how much interest will have to pay when withdrawing officially cryptocurrency, if they will not be large it will be right, but if they will be very small people will launder money through cryptocurrency, we need to find a golden mean where people will be happy and the state.

[DAMKAR]

It is my sincere hope that other nations which have declared bitcoin to be illegal will eventually reconsider their position to make it legal for their citizens

The legality and illegality of Bitcoin all comes from how the government of a nation sees it. Some of this government clearly understand what Bitcoin stands for, and it's benefit to the common man, which might lead to any decision of their choice. While other government don't understand how Bitcoin works, but would rather choose to declare it as an illegal currency.

The whole situation boils down to the government of the state. How they view it makes them make decision on who to use it.

They are too hasty to say bitcoin is illegal, they don't see the benefits of using and investing in bitcoin. The initial Bitcoin launch in many major countries banned and deemed bitcoin illegal. And it turns out that now they allow their citizens to invest in bitcoin. it seems funny..

[Altcoin1998$]

There are different countries in the world and different countries use different currencies and have free trade regimes but they apply to that country's local currency. Bitcoin is not such a local currency but it is a digital and virtual currency whose formulas and mathematical algorithms are so complex that experts from different countries of the world fail to understand the geometry of this currency.has been Especially in low income countries like my Bangladesh the use of bitcoins is completely prohibited because the use of these currencies here will completely destroy the banking system. Moreover, since it is not possible to fully list the transaction system of these currencies, the possibility of money laundering will increase a lot. Therefore, the government of my country has considered the overall situation of the country.It has been banned till now.

[Aanuoluwatofunmi]

Bitcoin being legal or not could mean a lot of interpretation and it could have been more that we go more into details of how the word legal could be interpretated in various context, first of all, bitcoin is a legal ten only in El-salvador and Central African Republic, secondly, bitcoin is being recognized as a legal currency and a means of exchange for payment of goods and services, so the context in which we are taking it from will determines the meaning and interpretation we may apply to it.

[Learn Bitcoin]

They are too hasty to say bitcoin is illegal, they don't see the benefits of using and investing in bitcoin. The initial Bitcoin launch in many major countries banned and deemed bitcoin illegal. And it turns out that now they allow their citizens to invest in bitcoin. it seems funny..

Some other countries consider Bitcoin users as criminals. If I talk about my country, Bitcoiners are considered criminals because they banned all kinds of cryptocurrency users. Because no one can know who sent the money and who received the money. They believe cryptocurrency increase money laundering and only criminals pay through cryptocurrency.

If you are a cryptocurrency user, that's mean you are a criminal. Even if you are just an innocent investor or a general Bitcoin user, they will make it look like you did a big crime. Bitcoin is still illegal in a big part of the world.

[Metha Wulandarin]

In my place bitcoin is legal but cannot be used for non-crypto transactions or no one accepts payments using Bitcoin, but now Bitcoin has begun to be accepted by the wider community, although there are still many people who do not know what Bitcoin is.

[armanda90]

There are different countries in the world and different countries use different currencies and have free trade regimes but they apply to that country's local currency. Bitcoin is not such a local currency but it is a digital and virtual currency whose formulas and mathematical algorithms are so complex that experts from different countries of the world fail to understand the geometry of this currency.has been Especially in low income countries like my Bangladesh the use of bitcoins is completely prohibited because the use of these currencies here will completely destroy the banking system. Moreover, since it is not possible to fully list the transaction system of these currencies, the possibility of money laundering will increase a lot. Therefore, the government of my country has considered the overall situation of the country.It has been banned till now.

Difference countries has difference regulation with bitcoin, has any countries supported bitcoin as commodity assets and allowing for investing or trading only and not get regulation using for currency transaction payment.
I am lucky with my country regulation bitcoin is not prohibited although not allowing for payment currency transaction, we can trade, invest and withdraw bitcoin fund trough back account then many exchange market have get regulation directly from government for listing any kinds of altcoins.

[kulkhan]

Specifically answer of this topic is very tuff. Because Some country announced Bitcoin as legal currency and Some country consider Bitcoin as a illegal currency. Although some years ago Bitcoin was illegal currency for most of the countries. But gradually it being legal i think.

Because gradually world wide people and government understanding of Bitcoins importance. It’s usability increasing rapidly. So many country declared bitcoin as legal currency and also many country’s government are thinking how to legalized it. Huge Bank and other big big investor including and investing on bitcoin. So i think gradually Bitcoin will be legal.

[dekafee79]

There are different countries in the world and different countries use different currencies and have free trade regimes but they apply to that country's local currency. Bitcoin is not such a local currency but it is a digital and virtual currency whose formulas and mathematical algorithms are so complex that experts from different countries of the world fail to understand the geometry of this currency.has been Especially in low income countries like my Bangladesh the use of bitcoins is completely prohibited because the use of these currencies here will completely destroy the banking system. Moreover, since it is not possible to fully list the transaction system of these currencies, the possibility of money laundering will increase a lot. Therefore, the government of my country has considered the overall situation of the country.It has been banned till now.

Difference countries has difference regulation with bitcoin, has any countries supported bitcoin as commodity assets and allowing for investing or trading only and not get regulation using for currency transaction payment.
I am lucky with my country regulation bitcoin is not prohibited although not allowing for payment currency transaction, we can trade, invest and withdraw bitcoin fund trough back account then many exchange market have get regulation directly from government for listing any kinds of altcoins.

I read a lot of comments from members above the average in their country, the government allows investors in bitcoin but is not permitted for payment currency transactions. I think this is a good development for Bitcoin this year, which was previously banned.

[Cryptsafe]

Specifically answer of this topic is very tuff. Because Some country announced Bitcoin as legal currency and Some country consider Bitcoin as a illegal currency. Although some years ago Bitcoin was illegal currency for most of the countries. But gradually it being legal i think.

Because gradually world wide people and government understanding of Bitcoins importance. It’s usability increasing rapidly. So many country declared bitcoin as legal currency and also many country’s government are thinking how to legalized it. Huge Bank and other big big investor including and investing on bitcoin. So i think gradually Bitcoin will be legal.

From the inception of Bitcoin, there have been lot's of argument over the legality of Bitcoin and the face behind the innovation. Till date, that question is still very much unanswered but bitcoin has gained more popularity than most of the nations still doubting and being sceptical about the existence.
However, government and nations are still observing it while some are already implementing it and integrating Bitcoin into their system as an asset, investment and lots more that could be of benefit to their nation as a whole.
So therefore, be it legal or illegal, Bitcoin has come to stay and has made way for itself till time. The adoption rate is fast increasing with speed and in less than no time, the world would be speaking the Bitcoin tone.

[yohananaomi]

Everyone may be aware of technological advances which include bitcoin, but the readiness of each country is certainly different. You always have to prepare all the regulations before you can accept them, because regulations are important so that they don't cause difficulties for the government later.

It is true that there are still many countries that have not accepted it, but technological progress cannot be stopped. One day they will also be able to accept it once the regulations are in place and ready.

You are right bitcoin and crypto are technological progress, nothing can be stopped. But to accept bitcoin and crypto the government must have clear rules, where the rules can protect its citizens so they feel safe and comfortable. In several countries, they have started accepting bitcoin even though it has not been legalized and has not been used as payment in transactions, but it is permitted to invest in bitcoin.

A good government is able to protect every citizen from something that might be detrimental. So that when renewable technological advances occur, which include crypto, a good government can always provide regulations that are right on target and can be useful for its citizens. Progress cannot be prevented, but clear regulations can be implemented so that it does not cause harm, because the government will also bear the consequences of this development.
You are right, there are still many countries that have not legalized crypto, but some can be traded but cannot be used as legal tender.
Actually, there is no need for a ban, because with existing developments, they will actually fight against doing it illegally. If it is approved, of course, the state will also benefit because it can collect taxes from every trade.

[dekafee79]

In my place bitcoin is legal but cannot be used for non-crypto transactions or no one accepts payments using Bitcoin, but now Bitcoin has begun to be accepted by the wider community, although there are still many people who do not know what Bitcoin is.

yeah, bitcoin is legal for investment but not for payment transactions. When you are allowed to invest with Bitcoin, this is good enough for us as crypto lovers. Maybe in the future it will be legalized as a payment method

[Metha Wulandarin]

In my place bitcoin is legal but cannot be used for non-crypto transactions or no one accepts payments using Bitcoin, but now Bitcoin has begun to be accepted by the wider community, although there are still many people who do not know what Bitcoin is.

yeah, bitcoin is legal for investment but not for payment transactions. When you are allowed to invest with Bitcoin, this is good enough for us as crypto lovers. Maybe in the future it will be legalized as a payment method

If indeed Bitcoin will be legalized in payments, maybe this will take a long time because it needs a lot of authorization from the local government, especially the fluctuating price of Bitcoin so it will be even more difficult to put a fixed price on an item.

[joe234]

The government should legalize bitcoin, because bitcoin is very beneficial for our lives.  Crypto technology can be adopted for various human interests and needs.  Because many say crypto is the technology of the future.  No worries about it.