Is Bitcoin legal?

[Wiseman]

As noted by the author of this topic is not unimportant that when I want to use money I just take and use them without asking anyone, it should not be, but in our reality if you want to withdraw or transfer a large amount in the bank, you can even refuse or you will have to wait or prove the origin of this money and you have paid tax on them.

[Power420]

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

There are many countries that are fully using Bitcoin. For example, El Salvador has recognized Bitcoin as their economic currency. By recognizing Bitcoin as legal tender in 2021, all kinds of opportunities have been created for all people to learn about Bitcoin.

[doc]

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

There are many countries that are fully using Bitcoin. For example, El Salvador has recognized Bitcoin as their economic currency. By recognizing Bitcoin as legal tender in 2021, all kinds of opportunities have been created for all people to learn about Bitcoin.

El Salvador allows Bitcoin, apart from being an investment, also as a payment method. In many countries bitcoin is only permitted as an investment. Actually, the legality of Bitcoin is important, but it depends on the country's government.

[Learn Bitcoin]

As noted by the author of this topic is not unimportant that when I want to use money I just take and use them without asking anyone, it should not be, but in our reality if you want to withdraw or transfer a large amount in the bank, you can even refuse or you will have to wait or prove the origin of this money and you have paid tax on them.

That's why Satoshi Nakamoto said Bitcoin is going to be your bank. Where no one will ask where you received it or what is the source of your fund. But things are changing these days. People use centralized exchanges to buy/sell their Bitcoin, and those exchanges sometimes ask users about their funds.

A few weeks ago, a mixer was seized, and one of the mixer participants was asked to give some documents of the funds that they transferred to their exchange account, which is terrible. If you have legal money, you should not have problem with providing documents on initial transfer. But, if they ask for documents every time you do a transaction. This is annoying.

[armanda90]

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

There are many countries that are fully using Bitcoin. For example, El Salvador has recognized Bitcoin as their economic currency. By recognizing Bitcoin as legal tender in 2021, all kinds of opportunities have been created for all people to learn about Bitcoin.

Since make bitcoin as legal tender in 2021 and keep active for investing right now El Savador earned much profitable with their bitcoin investment. Many positive aspect got by El Savador when making bitcoin as legal currency transaction from reduce criminal cases there, increasing of tourism visit there until profitable earned from their bitcoin investing.
I don't know why other country not make research and looking with positive or negative side from Bitcoin have adopted since 2021, in my country Indonesia get difficult to see bitcoin become legal currency although our government have make regulation with taxes payment transaction more than 0.11% each time transaction.

[Z-tight]

As noted by the author of this topic is not unimportant that when I want to use money I just take and use them without asking anyone, it should not be, but in our reality if you want to withdraw or transfer a large amount in the bank, you can even refuse or you will have to wait or prove the origin of this money and you have paid tax on them.

That is the permissionless and censorship resistant nature of BTC, you can send and receive BTC without anyone's permission and if you don't use custodial services, nobody can also confiscate your coins. The problem is that many people store their BTC in centralized exchanges and they allow these services control their money, your funds should only be stored in self custodial wallets, so you will be in total control.

[Vx1]

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.

I agree with this opinion, but that doesn't mean illegal Bitcoin is impossible. The weakness of Bitcoin which is also an advantage is that its price fluctuates. On the other hand, this is very profitable for Bitcoin investors and traders, but this would not be good if BTC was used as a means of payment because if the price of Bitcoin falls we will be reluctant to make purchases and pay with BTC.

[Metha Wulandarin]

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.

To legalize Bitcoin itself is not easy because there are definitely pros and cons, if for those of us who already understand and are familiar with Bitcoin, we certainly accept it well but for people who have no knowledge of crypto, they must ask what Bitcoin is and why it should be legalized.
So it takes careful preparation to be able to legalize Bitcoin, especially if Bitcoin is used as a means of payment, there are definitely many problems that the government must solve.

[Wiseman]

As noted by the author of this topic is not unimportant that when I want to use money I just take and use them without asking anyone, it should not be, but in our reality if you want to withdraw or transfer a large amount in the bank, you can even refuse or you will have to wait or prove the origin of this money and you have paid tax on them.

That's why Satoshi Nakamoto said Bitcoin is going to be your bank. Where no one will ask where you received it or what is the source of your fund. But things are changing these days. People use centralized exchanges to buy/sell their Bitcoin, and those exchanges sometimes ask users about their funds.

A few weeks ago, a mixer was seized, and one of the mixer participants was asked to give some documents of the funds that they transferred to their exchange account, which is terrible. If you have legal money, you should not have problem with providing documents on initial transfer. But, if they ask for documents every time you do a transaction. This is annoying.

Yes, I agree, demanding documents is not good but it happens now and you should know about it, if you do not want to be asked for documents you should use decentralized exchanges and do not test your fate, there is now the same as on centralized exchanges.

[Learn Bitcoin]

Yes, I agree, demanding documents is not good but it happens now and you should know about it, if you do not want to be asked for documents you should use decentralized exchanges and do not test your fate, there is now the same as on centralized exchanges.

Not only me. But I guess everyone hates it when banks or other platforms ask for documents to release your own funds. I have a logic. It's my own hard-earned money. Why do I have to provide information when I want to withdraw my money or want to spend it somewhere? The banks already asked for the source of the funds when we deposit the money. Why do I have to tell them about where I am going to spend it? I have translated a thread in Bitcoin where a Romanian guy was asked to provide information about what he would do with his money which is terrible.

[yohananaomi]

Not only me. But I guess everyone hates it when banks or other platforms ask for documents to release your own funds. I have a logic. It's my own hard-earned money. Why do I have to provide information when I want to withdraw my money or want to spend it somewhere? The banks already asked for the source of the funds when we deposit the money. Why do I have to tell them about where I am going to spend it? I have translated a thread in Bitcoin where a Romanian guy was asked to provide information about what he would do with his money which is terrible.

Of course, it is not appropriate for a bank to ask for documents for something that we have at the bank to take. Of course, we will have a reason before it goes into our savings account. If someone feels strange, they can carry out an investigation by asking or following the rules that apply to banks. Not after it is already in the bank account and when we want to take it, it is complicated by having to prepare supporting documents which should no longer be done by the bank. There is no urgency at all for the bank to ask in detail because all of these are rights that they own and cannot be regulated by anyone other than themselves.

[Wiseman]

Yes, I agree, demanding documents is not good but it happens now and you should know about it, if you do not want to be asked for documents you should use decentralized exchanges and do not test your fate, there is now the same as on centralized exchanges.

Not only me. But I guess everyone hates it when banks or other platforms ask for documents to release your own funds. I have a logic. It's my own hard-earned money. Why do I have to provide information when I want to withdraw my money or want to spend it somewhere? The banks already asked for the source of the funds when we deposit the money. Why do I have to tell them about where I am going to spend it? I have translated a thread in Bitcoin where a Romanian guy was asked to provide information about what he would do with his money which is terrible.

This happens very often if we are talking about European banks, I have a card from an Asian bank, although I live in Europe and use it to withdraw funds and personally it is much easier for me, but others are very difficult with this and as you said they can demand proof of receipt of money.

[antonyyu3]

It depends on where you're at because some countries have restricted rules against Bitcoin. But what is 'legal' anyway? As long as it is against the region's or countries' interests, anything can be illegal.

[therozaq]

It depends on where you're at because some countries have restricted rules against Bitcoin. But what is 'legal' anyway? As long as it is against the region's or countries' interests, anything can be illegal.

 Yes, every country has a policy regarding Bitcoin, some allow it to be used and some restrict it. The government certainly has many considerations for legalizing bitcoin and other cryptos. but my prediction is that bitcoin will become legal in the future.

[Learn Bitcoin]

This happens very often if we are talking about European banks, I have a card from an Asian bank, although I live in Europe and use it to withdraw funds and personally it is much easier for me, but others are very difficult with this and as you said they can demand proof of receipt of money.

Not only in Europe. But, these things happens in ASIA too. I am from Asian country and I also know how they treat customers when it comes to withdraw a large amount of money. You have notify your bank a week ago if you want to withdraw a big amount of money which is terrible. Banks ask for documents each time someone want to deposit cash money through cash counter. They give a form to fill up and some ID card as well. The country is moving cashless slowly. I hope that will help a lot. But, virtual transactions has a limit.