Latest news: 
Shop
Show Posts
1
Bitcoin Forum / Is Bitcoin legal?
« on: September 02, 2020, 11:15:43 AM »
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!!!
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!!!