Is Bitcoin legal?

[jonathancool220]

I just told you a little about the situation of Bitcoin where I live and Bitcoin is open to the public but cannot be traded for commodities in the public, such as buying vegetables, candy, snacks, fruit, etc.
What I mean by Bitcoin being open to the public is that it has its own market, namely the Centralized Exchange (CEX), I don't want to explain it further because that's my privacy and I have been working with the Centralized Exchange (CEX) since it was founded.
This regulation is also supported by all financial institutions, ministries of finance, government financial audits, etc., the only difference is that as I said at the beginning, Bitcoin cannot be traded to buy vegetables, fruit, candy, but Bitcoin must first be converted into Fiat.

[armanda90]

Legality for the use of cryptocurrency should not be too necessary, but basically every country wants to regulate the circulation of cryptocurrency in its country and tries to make money from cryptocurrency trading commodities. Only a few countries provide the freedom to carry out transactions using cryptocurrency. Even though the main purpose of creating Bitcoin is to create a digital currency whose circulation cannot be controlled by anyone, including the government.

I think legality with bitcoin as digital payment currency depend on government viewed, if they are happiness with bitcoin give positive side of taxes transaction its not problem to make bitcoin as legal payment currency transaction. But have difference way for government earn benefit with cryptocurrency give space for legalizing as commodity assets and bitcoin can't use as payment digital transaction.
Main purpose of bitcoin to be investment assets in the future, I don't think problem when bitcoin not legal as payment currency if government have legal as commodity assets.

[pacar_tiri]

I think legality with bitcoin as digital payment currency depend on government viewed, if they are happiness with bitcoin give positive side of taxes transaction its not problem to make bitcoin as legal payment currency transaction. But have difference way for government earn benefit with cryptocurrency give space for legalizing as commodity assets and bitcoin can't use as payment digital transaction.
Main purpose of bitcoin to be investment assets in the future, I don't think problem when bitcoin not legal as payment currency if government have legal as commodity assets.

Yes, the government should not interfere with the circulation or legality of Bitcoin in each country. However, it seems that every country is trying to control the circulation of Bitcoin, and of course, this will provide many benefits for countries that accept the legality of Bitcoin as a legitimate payment alternative so that it will increase usage. Bitcoin is and will become very expensive as it becomes increasingly difficult to get it.

[vegasus]

In my opinion, what makes something legal or illegal is because we are in a certain legal area. So whatever it is, what determines whether it is legal or not is the legal body or institution that has authority in the region or country in which we live. Yes, math is legal, but it's not just about this. And when a country formulates whether something is legal or not, it is not only seen from whether it is computer based or not. but to the fundamentals, underlying, and so on which makes them formulate a law in their area.

But fortunately I live in a country where Bitcoin and other cryptocurrencies are legal, but only as a commodity asset, not as a means of payment.

Legality for the use of cryptocurrency should not be too necessary, but basically every country wants to regulate the circulation of cryptocurrency in its country and tries to make money from cryptocurrency trading commodities. Only a few countries provide the freedom to carry out transactions using cryptocurrency. Even though the main purpose of creating Bitcoin is to create a digital currency whose circulation cannot be controlled by anyone, including the government.

Unfortunately the situation is like that. The state wants to control everything that its citizens do. Especially if this is related to the financial system, money and income. That's why some countries don't legalize crypto because basically it can't be controlled 100%. But when they can at least create regulations regarding crypto, its services, transactions, and other activities, they definitely have a specific goal. And maybe one of the goals is to get income from crypto for the country, one of which is through taxes. And it's true, in my country, tax has been imposed on crypto transactions, and it is deducted directly when we make buying and selling transactions on local exchanges. Not only that, every exchange in this country is also required to exist under the auspices of state institutions and comply with applicable regulations. So it is very clear that the government has certain goals and certain control over activities or businesses in crypto.

[dekafee79]

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.

Yeah, I think It's the reason why the government didn't legalize bitcoin and crypto currency because  crypto cannot be controlled.
fear of being used for money laundering crimes
In  my country the government didn't legalize bitcoin , but also didn't ban crypto currency.

[Amphenomenon]

I just told you a little about the situation of Bitcoin where I live and Bitcoin is open to the public but cannot be traded for commodities in the public, such as buying vegetables, candy, snacks, fruit, etc.
What I mean by Bitcoin being open to the public is that it has its own market, namely the Centralized Exchange (CEX), I don't want to explain it further because that's my privacy and I have been working with the Centralized Exchange (CEX) since it was founded.
This regulation is also supported by all financial institutions, ministries of finance, government financial audits, etc., the only difference is that as I said at the beginning, Bitcoin cannot be traded to buy vegetables, fruit, candy, but Bitcoin must first be converted into Fiat.

We have similar situation in my country but I will like get a clarification from you about if the government specifically set the law that you can`t use bitcoin to get vegetables, candy and the likes?
My reason for this question is because in my country Nigeria there is no such restriction by the  government, once both agree to accept bitcoin then you can pay with it but the only barrier i see here is when the fee is too high for such transaction like it is now and they are not using same CEX, which usually require little or no fee transferring coins from one user account to another, while this barrier comes when they both agree to use bitcoin  as means of payment but the fact is those retailers who sell these commodities in Nigeria, do not have knowledge about bitcoin and so would opt for fiat instead

[goaldot]

Yes, it is legal. It is a legal tender. In some places it is a means of payment. You can not say it is illegal while it has been promoted on social media and some broadcasting stations. Any illegal activity can not be broadcasting on air. Even my own government knows about it.

[fruktik]

Yes, the government should not interfere with the circulation or legality of Bitcoin in each country. However, it seems that every country is trying to control the circulation of Bitcoin, and of course, this will provide many benefits for countries that accept the legality of Bitcoin as a legitimate payment alternative so that it will increase usage. Bitcoin is and will become very expensive as it becomes increasingly difficult to get it.

Well, why don't you try to control it? How can those in power let such cash flows pass them by, left unattended? It's not part of their agenda. Naturally, their task is to take everything under their gaze. In addition, taxes from crypto should be paid to the state treasury. This is the most important priority for officials.

And here's the thing. Cryptans freely use crypto projects, hiding their earnings and income. Do you know how this hurts the state? It's infuriating.

[therozaq]

Yes, the government should not interfere with the circulation or legality of Bitcoin in each country. However, it seems that every country is trying to control the circulation of Bitcoin,
~

Well, why don't you try to control it? How can those in power let such cash flows pass them by, left unattended? It's not part of their agenda. Naturally, their task is to take everything under their gaze. In addition, taxes from crypto should be paid to the state treasury. This is the most important priority for officials.

And here's the thing. Cryptans freely use crypto projects, hiding their earnings and income. Do you know how this hurts the state? It's infuriating.

You're right, the main factor why the government want to interfere bitcoin because they take the tax and reduce the misused of crypto currency.
They worry, bitcoin will be used for illegal activities or criminals.
No one can control bitcoin, no power can do it.
Although they are whales, they just decrease the price but it's temporary.
Bitcoin price will go up again.

[CryptoLaila]

You're right, the main factor why the government want to interfere bitcoin because they take the tax and reduce the misused of crypto currency.
They worry, bitcoin will be used for illegal activities or criminals.
No one can control bitcoin, no power can do it.
Although they are whales, they just decrease the price but it's temporary.
Bitcoin price will go up again.

And we all know they arn't getting it anytime , Bitcoin is trying to create a complete decentralized system but they are against  it as you've said because of their tax system probably favoring  them , there's no way  we are getting to a centralized system unless we continue to use custodial wallet which might later provide an indirect tax system later.
 

[retreat]

I just told you a little about the situation of Bitcoin where I live and Bitcoin is open to the public but cannot be traded for commodities in the public, such as buying vegetables, candy, snacks, fruit, etc.
What I mean by Bitcoin being open to the public is that it has its own market, namely the Centralized Exchange (CEX), I don't want to explain it further because that's my privacy and I have been working with the Centralized Exchange (CEX) since it was founded.
This regulation is also supported by all financial institutions, ministries of finance, government financial audits, etc., the only difference is that as I said at the beginning, Bitcoin cannot be traded to buy vegetables, fruit, candy, but Bitcoin must first be converted into Fiat.

Most countries globally allow Bitcoin to be used as a trading instrument rather than a means of payment, because this is to protect the fiat currency owned by the country and protect the banking economy. I think it makes sense too because we see how Bitcoin is now considered more as a trading instrument by many people, rather than as a means of payment. People also don't seem too eager to use Bitcoin as a means of payment because of its fees and transaction speed, so government regulations to make Bitcoin a trading instrument make more sense.

[bitterguy28]

Legality for the use of cryptocurrency should not be too necessary, but basically every country wants to regulate the circulation of cryptocurrency in its country and tries to make money from cryptocurrency trading commodities. Only a few countries provide the freedom to carry out transactions using cryptocurrency. Even though the main purpose of creating Bitcoin is to create a digital currency whose circulation cannot be controlled by anyone, including the government.

I think legality with bitcoin as digital payment currency depend on government viewed, if they are happiness with bitcoin give positive side of taxes transaction its not problem to make bitcoin as legal payment currency transaction. But have difference way for government earn benefit with cryptocurrency give space for legalizing as commodity assets and bitcoin can't use as payment digital transaction.
Main purpose of bitcoin to be investment assets in the future, I don't think problem when bitcoin not legal as payment currency if government have legal as commodity assets.

Government will never allow something that they cannot control and that is what happening in our days now , government is trying to take their piece of cake  in crypto assets like Bitcoin and other coins as well and since bitcoin is a decentralized asset then for sure they will keep this treatment instead.
but lets see in the future if the crypto will win over their hardening in cryptocurrency.

[DabsPoorVersion]

Legality for the use of cryptocurrency should not be too necessary, but basically every country wants to regulate the circulation of cryptocurrency in its country and tries to make money from cryptocurrency trading commodities. Only a few countries provide the freedom to carry out transactions using cryptocurrency. Even though the main purpose of creating Bitcoin is to create a digital currency whose circulation cannot be controlled by anyone, including the government.

I think legality with bitcoin as digital payment currency depend on government viewed, if they are happiness with bitcoin give positive side of taxes transaction its not problem to make bitcoin as legal payment currency transaction. But have difference way for government earn benefit with cryptocurrency give space for legalizing as commodity assets and bitcoin can't use as payment digital transaction.
Main purpose of bitcoin to be investment assets in the future, I don't think problem when bitcoin not legal as payment currency if government have legal as commodity assets.

Government will never allow something that they cannot control and that is what happening in our days now , government is trying to take their piece of cake  in crypto assets like Bitcoin and other coins as well and since bitcoin is a decentralized asset then for sure they will keep this treatment instead.
but lets see in the future if the crypto will win over their hardening in cryptocurrency.

It still depends. Different countries have varying views on Bitcoin. Some nations fully embrace it without attempting to regulate Bitcoin because they can see the future and many possibilities in using/supporting Bitcoin, while others view it as a threat and seek to take advantage of it. Some even see potential financial gains in Bitcoin to their advantage.

[Mayajal]

Everyone knows that Bitcoin is real, because it has been performing well honestly for 14 years. Because many Altcoins have been destroyed from the market but Bitcoin is on its rightful way to improve. By seeing this we should realize that Bitcoin is really legal, its price is always going up and down from where thousands of investors are investing huge money and realizing maximum profit from investment. This is why we can introduce Bitcoin as a trusted coin.

[0t3p0t]

Legal or not it doesn't matter as it is decentralized asset so governments has no control of it. It has become legal nowadyas because SEC recently approved Bitcoin ETF. Our country is Bitcoin friendly so I can say that it is legal here though central banks regulated local and international crypto exchanges but it's all good.