Is Bitcoin legal?

[LUCKMCFLY]

Technological advances such as Bitcoin are the development of a digital currency that is so popular that governments in certain countries will never be able to control its circulation. Many people have bought Bitcoin so it is impossible for the government to continue to ban Bitcoin circulation. Imagine when all governments start legalizing Bitcoin as an alternative transaction, the price of Bitcoin will increase very sharply.

Yes, in fact it is already happening, only that governments invent regulations because they at least want to get a slice of what this technology represents, and for me they do not deserve a single dollar coming from this technology, for me politicians are very liars, they all in general seem to be like that, it's just that I do not defend any politician because it is very easy to read their intentions, that is why I will never agree with crypto regulations, the more they can evade I think the better, in fact Satoshi created bitcoin so that the more they can stick their noses in there, if we allow them we are giving them free rein to continue with their oppressive yoke.

[Mr. Magkaisa]

But once I heard this story shared by a Niegrian Citizens on BTT that his bus was stopped by Local Police, and when they checked his phone, they forced him, beat him, and asked him to give them some of the crypto funds he have in his wallet or they will do harm to him. I am unable to find the source link to that now.

         -   I'm just a bit curious here. A bus was stopped by the police. Why do all the passengers on the bus check the police's phones? Then how did the police know that the person or passenger had cryptocurrency? It seems like this story is messed up, and then the police forcefully took the crypto asset balance from his wallet on the phone? Why? do the police have a crypto wallet that needs to be sent? To whom will the person's crypto funds be send?

Doesn't the story seem unrealistic and not well written? Also, if cryptocurrency is banned in a country, they shouldn't have local exchangers that accept cryptocurrency or bitcoin under the regulation of their government, right?

[Makus]

But once I heard this story shared by a Niegrian Citizens on BTT that his bus was stopped by Local Police, and when they checked his phone, they forced him, beat him, and asked him to give them some of the crypto funds he have in his wallet or they will do harm to him. I am unable to find the source link to that now.

         -   I'm just a bit curious here. A bus was stopped by the police. Why do all the passengers on the bus check the police's phones? Then how did the police know that the person or passenger had cryptocurrency? It seems like this story is messed up, and then the police forcefully took the crypto asset balance from his wallet on the phone? Why? do the police have a crypto wallet that needs to be sent? To whom will the person's crypto funds be send?

Doesn't the story seem unrealistic and not well written? Also, if cryptocurrency is banned in a country, they shouldn't have local exchangers that accept cryptocurrency or bitcoin under the regulation of their government, right?

I kinda grab what faisal2202 was saying, a security force was formed named SARS in Nigeria and they due to the restriction policy set by the government and few persons who was I to cyber crime, they started checking the devices of some youths based on their appearance, and if caught with cryptocurrency they'll assume you are a fraudsters. Due to the restriction it was almost impossible to make cryptocurrency p2p transaction as there were no alternative to make deposit to an exchange from the traditional fiat bank. However there is an 80% chance that story is correct, because the SARS become so committed and aggressive to the extent of harassing and killing the youths, but a general protests was  done 2020-10-20 that latter lead to the banning of that agency. You can make your research, #END SAR PRROTEST

[EluguHcman]

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.

Bitcoin is generally a legalized financial system with no limited boundary where it may exist or not.

It is Only left for a government to decide that the do not want it due to its decentralized blockchain and then, banned it to be an illegal within its region.

[Makus]

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.

Bitcoin is generally a legalized financial system with no limited boundary where it may exist or not.

It is Only left for a government to decide that the do not want it due to its decentralized blockchain and then, banned it to be an illegal within its region.

Bitcoin is indeed a legal currency, but most hackers tend to use its decentralised nature as an advantage to steal some coins or conduct some illegal activities. The intentions of Satoshi Nakamoto when he created bitcoins is pure and solid but then the government just started envying Bitcoin because they could not control it or use their power to manipulate or regulate it. Satoshi is a wise man to have kept his identity secret else he would have received threats of his life and other criticisms. It took some huge critics time to realise that Bitcoin is genuine and trust me they regretted all those years waisted try to fight Bitcoin network.

[doc]

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.

Bitcoin is generally a legalized financial system with no limited boundary where it may exist or not.

It is Only left for a government to decide that the do not want it due to its decentralized blockchain and then, banned it to be an illegal within its region.

Bitcoin is indeed a legal currency, but most hackers tend to use its decentralised nature as an advantage to steal some coins or conduct some illegal activities. The intentions of Satoshi Nakamoto when he created bitcoins is pure and solid but then the government just started envying Bitcoin because they could not control it or use their power to manipulate or regulate it. Satoshi is a wise man to have kept his identity secret else he would have received threats of his life and other criticisms. It took some huge critics time to realise that Bitcoin is genuine and trust me they regretted all those years waisted try to fight Bitcoin network.

This consideration is what makes governments in several countries prohibit or not allow bitcoin as a payment method or investment, because there is fear of the use of bitcoin in those areas. no one can control bitcoin, this is a technology created by sathosi nakamoto.

[JunaidAzizi]

Legality means the things that are coming under the control of government, or we can say the thing is legal because the government has control over it. So in the case of Bitcoin, I said it is illegal (in governmental affairs) because Bitcoin is based on a decentralized system which is beyond the power of the government, or the government has zero control over it, and in this case, some governments declare it illegal. Also, governments are afraid of it because it will crash their national currency, and that's why some governments don't allow it in this country. But now things are changing, and governments are understanding its benefits, and they have legalized it. It will take some more time for other states to make it legal, and soon the whole world will use Bitcoin as a global currency.

[snowpega]

<snip>

Besides all these facts you have shared, we can see another big example of it which also proves now it is a legal asset. We all know that Trump has started a crypto campaign in America for his political affairs, where he shows interest in the Bitcoin and the main motive of this campaign is crypto donation using Bitcoin, and these facts lead us to the point that Bitcoin is becoming a more reliable and trusted investment. On the same side, this may increase the popularity of Bitcoin more and more, and we will see more adoption of Bitcoin in the coming days.

And if Trump's governance will come into power, we may see Bitcoin at the better place in the coming days and it all depends on on how trump will treat it after coming into the power so all depends. Trump already has gathered a lot from this donnation campaign, as in my view, he knows the power of the crypto industry, which is why he targeted it and said that he will support Bitcoin if he will elected.

[bee]

Legality means the things that are coming under the control of government, or we can say the thing is legal because the government has control over it.

Not everything that the government legalizes can be completely controlled. Paper money is legal but the government can't control its flow, there are also several other examples in the category of physical means of exchange such as gold.
Bitcoin can't be controlled, but the government (alternatively) controls its users to some degree.

[Gurujebs]

Not everything that the government legalizes can be completely controlled. Paper money is legal but the government can't control its flow, there are also several other examples in the category of physical means of exchange such as gold.
Bitcoin can't be controlled, but the government (alternatively) controls its users to some degree.

The government can control the flow of money but can't really control how it can be use. The government can wake up today and decide to reduce the fiat in circulation by increasing the interest rate to discourage borrowing from cooperate bodies and companies and they can decide to increase the supply if there is need for it but they can't control how money is use by some people because it's a free currency people came change for anything.

[Metha Wulandarin]

Don't think too much about illegal and legal issues because I have never encountered anyone being arrested for playing crypto, unless there will be new regulations that prohibit everyone from playing crypto, that's what you have to think about.

I think it's not wise to say we should not be worried about the legality of BTC, I know it's legal in most of countries as according to my knowledge only 51 countries have not yet legalized BTC out of 195 (source). And my country is one of these. I also never encountered (live) a person being arrested for only an involvement in crypto. But once I heard this story shared by a Niegrian Citizens on BTT that his bus was stopped by Local Police, and when they checked his phone, they forced him, beat him, and asked him to give them some of the crypto funds he have in his wallet or they will do harm to him. I am unable to find the source link to that now.

Overall, you are right, until the governments don't impose some law against crypto users until then we are good to use it. But still consulting with some lawyer as a neutral person for the information sake, is a best thing. At least a person will have the idea of what tips he should follow in order to safe himself from any unexpected raid or problems.

To be honest, I haven't seen or read any article that talks about the case as you said or maybe I'm too busy that I don't have time to pay attention to the news about crypto.
But I've seen news on television that there are people who are arrested by the police for showing off their crypto income and this news is enough to provide new lessons and experiences for me that life privacy is very important, for me it's enough for me to know what I do and what I know.
Home wherever we are still a person who seems to know nothing, let them talk about what they know as if we don't understand what they are talking about and this way I always apply when I gather with people who understand crypto.
don't show off too much what we have, this is my mindset.

[Mr. Magkaisa]

          -     At this time, it can be said if Bitcoin is really legal because it is recognized by most countries now, especially since it was approved by the US SEC about the Bitcoin spot Etf recently.

And even though it hasn't been approved yet, this bitcoin is recognized because big investors can see its potential when it comes to long-term investment. And there are our big companies that accept and recognize Bitcoin as an investment and also as a way to pay for their business.

[bee]

~

Well, that's what I mean. The important point remains that governments do not necessarily have complete control even over their own self-published entities.

But I've seen news on television that there are people who are arrested by the police for showing off their crypto income and this news is enough to provide new lessons and experiences for me that life privacy is very important, for me it's enough for me to know what I do and what I know.

In the meantime, if the legal status of Bitcoin in your country is still unclear, just think about whether your Bitcoin is being used for something legal or illegal. Because that will make you deal with the law.

[Metha Wulandarin]

But I've seen news on television that there are people who are arrested by the police for showing off their crypto income and this news is enough to provide new lessons and experiences for me that life privacy is very important, for me it's enough for me to know what I do and what I know.

In the meantime, if the legal status of Bitcoin in your country is still unclear, just think about whether your Bitcoin is being used for something legal or illegal. Because that will make you deal with the law.

In my country, Bitcoin is legal for trading, not for payment, and as far as I know, there are no products that support payment using Bitcoin, so I have nothing to fear as long as I don't show off what I have.

[doc]

But I've seen news on television that there are people who are arrested by the police for showing off their crypto income and this news is enough to provide new lessons and experiences for me that life privacy is very important, for me it's enough for me to know what I do and what I know.

In the meantime, if the legal status of Bitcoin in your country is still unclear, just think about whether your Bitcoin is being used for something legal or illegal. Because that will make you deal with the law.

In my country, Bitcoin is legal for trading, not for payment, and as far as I know, there are no products that support payment using Bitcoin, so I have nothing to fear as long as I don't show off what I have.

If it's just for investment, I think it's safe to have Bitcoin in our wallet. Maybe in some countries it is still prohibited, it is possible that the government of that country still has concerns about legalizing bitcoin. but remember, time will tell. They will legalize bitcoin in the future.