Is Bitcoin legal?

[Evgenklm]

I believe Bitcoin is legal because its foundations - mathematics, decentralization - confirm its legality. Bitcoin operates on mathematical algorithms, making it a digital asset rather than a physical one. Its decentralized nature eliminates the influence of governments and central banks on its use. Additionally, contractual law affirms Bitcoin's legality as its use is based on contractual relationships among network participants. These factors make Bitcoin a lawful and legitimate means of exchange and investment.

[Mr. Magkaisa]

         -   I think that at this time there are many countries that are gradually recognizing and accepting the contribution that bitcoin can make to the economy. Because if El Salvador is able to make it a legal tender in their country, other countries will also be able to do it.

Because most of the countries are open to blockchain technology, in fact, they don't want it because, apart from not getting any benefits from it, they also don't have the power to control it. That's why they want to regulate bitcoin, which is impossible to happen in truth.

[dekafee79]

I think that at this time there are many countries that are gradually recognizing and accepting the contribution that bitcoin can make to the economy. Because if El Salvador is able to make it a legal tender in their country, other countries will also be able to do it.

Yeah many countries start to allow bitcoin, although not much. I heard elsavador and Argentina has allowed bitcoin for payment. In my country  just allow to investing. But I believe bat the next several years again, we will see many countries accept bitcoin and crypto currency.

[Doctor]

I think that at this time there are many countries that are gradually recognizing and accepting the contribution that bitcoin can make to the economy. Because if El Salvador is able to make it a legal tender in their country, other countries will also be able to do it.

Yeah many countries start to allow bitcoin, although not much. I heard elsavador and Argentina has allowed bitcoin for payment. In my country  just allow to investing. But I believe bat the next several years again, we will see many countries accept bitcoin and crypto currency.

Keep calm, the government will allow bitcoin soon, I think they just learn and plan the regulation for crypto currency, especially bitcoin. Honestly, I don't care about  bitcoin will be legalized, because in my country not legalized but allow for investment, So not problem

[Google+]

Yeah many countries start to allow bitcoin, although not much. I heard elsavador and Argentina has allowed bitcoin for payment. In my country  just allow to investing. But I believe bat the next several years again, we will see many countries accept bitcoin and crypto currency.

As far as I know, Elsavador will accept Bitcoin transactions in its country starting on June 7, 2021.In the country of Argentina, which will accept Bitcoin as legal tender in December 2023, this means that more and more governments from several countries are accepting payments using Bitcoin, which will trigger an increase in Bitcoin prices soon.

[Learn Bitcoin]

The thread is four years old and I don't know who bumped it (even I do not want to know). LOL. I would love to answer the question. It exclusively depends on the place you live in. You could be from the US, or you could be from El Salvador, or a third-world country like Bangladesh where Bitcoin and all other crypto's are banned.

It's already a legal tender in El Salvador and you could say in the US too. Very recently, the US approved Bitcoin ETF and now it's trading there as well.

[Carbitcoin]

The thread is four years old and I don't know who bumped it (even I do not want to know). LOL. I would love to answer the question. It exclusively depends on the place you live in. You could be from the US, or you could be from El Salvador, or a third-world country like Bangladesh where Bitcoin and all other crypto's are banned.

It's already a legal tender in El Salvador and you could say in the US too. Very recently, the US approved Bitcoin ETF and now it's trading there as well.

And thank God that this issue has already been closed and we are not worried about the legality of our activities and our income. But the question of taxation will remain, because governments really want to get a piece of this pie.

[de_prof]

And thank God that this issue has already been closed and we are not worried about the legality of our activities and our income. But the question of taxation will remain, because governments really want to get a piece of this pie.

Actually, we don't need to discuss whether Bitcoin is legal or not, because this is an old problem and is always discussed in every crypto forum. If I look at several countries that have paved the way for bitcoin, the US with the SEC has approved a bitcoin ETF.

[Learn Bitcoin]

Actually, we don't need to discuss whether Bitcoin is legal or not, because this is an old problem and is always discussed in every crypto forum. If I look at several countries that have paved the way for bitcoin, the US with the SEC has approved a bitcoin ETF.

Not everyone from this forum is from the US, right? Bitcoin is still illegal in major parts of the world. I can speak for my country where Bitcoin and all kinds of cryptocurrencies are banned here. So, it's not like we don't have to discuss if Bitcoin is legal or not. We could discuss if Bitcoin is legal everywhere or not. How about that?

About tax, I am glad that Bitcoin is banned here and I could still use Bitcoin privately without paying a penny to the government. But, if it becomes legal in the future, we have to start paying tax as well.

[IyemRoker]

Bitcoin where I live is illegal if used in daily transactions and if you want the transaction to use Fiat, you cannot use Bitcoin.
But if in my place there are people who understand cryptocurrency and want to buy goods with Bitcoin, that could happen if the seller also understands cryptocurrency.

But overall, cryptocurrencies including Bitcoin have a local market and can be said to be not banned.
Unless what is prohibited is transactions in real commodities that are used every day using Bitcoin trading, this is dangerous and prohibited in my place.

[armanda90]

Bitcoin where I live is illegal if used in daily transactions and if you want the transaction to use Fiat, you cannot use Bitcoin.
But if in my place there are people who understand cryptocurrency and want to buy goods with Bitcoin, that could happen if the seller also understands cryptocurrency.

But overall, cryptocurrencies including Bitcoin have a local market and can be said to be not banned.
Unless what is prohibited is transactions in real commodities that are used every day using Bitcoin trading, this is dangerous and prohibited in my place.

Its mean bitcoin legal as commodity assets and your country has local currency supported deposit and withdrawing directly to bank account. The same in my country bitcoin illegal for digital payment currency but we can use for trading and investing. Has difference respond in my country with bitcoin have been legal as commodity and government adopt taxes transaction trough local currency up to 0.11% each time transaction and we are paying around 0.22% each time buy and sell coins.
Need new revolution of world viewed about bitcoin, I think all countries have try to give chance for bitcoin become legal currency and looking the positive and negative side after making legal payment.

[yohananaomi]

It seems that I agree with you. With the developments that are taking place, we cannot avoid the fact that technology has begun to advance. The government should provide space to be able to accept the arrival of progress, not prohibit it, because the government provides facilities, taxes can be taken from every transaction that occurs, and the government also benefits. I think the state should protect its citizens to be able to use this progress; hopefully, in your country, you will do it soon because it is for a good cause.

Bitcoin is the future technology, we all see many altcoins have good technology. But I confuse why the government didn't allow yet ?
We also heard bitcoin  has been banned at several countries. The government should support this technology and adopt this.

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.

[therozaq]

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.

[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.

[elbans89]

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