Bitcoins Legality By Country

It is nice to see that Bitcoin is around to stay.  After months of drama, the coins have finally made their way to the position of acceptance.  Like a red-headed stepchild being torn apart by the arms, Bitcoin has fared quite well.  Is the battle over?  Not even close.

In fact, as the coin gains more acceptance, new challenges to administer and regulate the system will pose many restrictions that are currently enjoyed by its users.  All the fun and excitement of having money to play with will suddenly fall under the monetary regime of governance and control.  This saddening perspective should not get BTC users dismal just yet, since there are plenty of great things that will come about with regulations and administration.

First, the currency will gain a status that is accepted by financial institutions, since in reality, this is already happening via transfers and conversions, and as all businesspeople know, if there is a dollar to be had, the banks want to be in on it.  When will this happen?  It is already underway.  New York is accepting applications to get an exchange started, and other micro-exchanges are popping up around the globe.

Banks will get involved once the risk of the currency is mitigated, which is essentially any day now.   In some paradoxical way, the risk is also a measure of protection because it keeps the banks and investors out, those people who do not want to take the chance of losing their investments.  The farmers and miners who are producing coin still have an edge on these guys because they can draw from the production side rather than the investment side, thus cutting risk.

Once BTC is up and running, it is only a matter of time before it climbs in price, and other regulations start popping up including taxes, and other administration fees.  Point in case:  go hard my friends, while the going is good!