My way to class this morning with some of my lovely course mate, someone raise this question that if our government decide to adopt BTC or make BTC legal how will i feel? I told him that the day our government will announce that BTC is now fully legalized in the country, I will throw a big party to host all the bitcoiners in my environment to join me to celebrate. If your government decide to adopt BTC or make BTC legal in your country, how will you feel? Will you be among the people that will be angry because i know there are some people in our various places that think BTC is a scam digital currency which is not true, will you go to make them to understand it better in a positive way?
I'm not sure what country are you from, but Bitcoin is legal (ie not illegal) in most countries.
However, if Bitcoin will become legal tender, ie I'll be able to pay for everything I want with Bitcoin if I want to, then I'll be indeed
very happy.
I wonder if making Bitcoin legal tender also automatically entails a tax exemption on realized gains? That is probably different from country to country? I would like to understand the legal implications of something becoming legal tender.
Otherwise, making Bitcoin legal tender when you still have to pay taxes on realized gains at the time you make a purchase or pay your tax, there is still too much hassle involved in actually using it to buy stuff.
The label "legal tender" isn't so interesting to me. A tax exemption would make Bitcoin way more useful, even if it is up to a certain limited amount for single item purchases.
In my opinion, Making Bitcoin a legal tender wont cause any exemptions on taxes, (I can beat my chest to that, lol). Governments that would approve Bitcoin as a legal tender would still want to benefit a way or two from it and as we know, its only through taxes they can stand to benefit from Bitcoin transactions. We can not deny that taxes are crucial for the smooth running of any country, and they play a significant role in any countrys economy. As we all know, taxes provide a significant source of revenue for governments, which is used to finance public services, infrastructures, healthcare, education, defense etc. Now look at the benefits, the government would not want to let such pass them as they know a lot of exposed persons will love to transact with Bitcoin.
Nevertheless, without the taxes, it will be very smooth and non time consuming. I see your point but any government will want to seize such opportunity to earn.