There are many countries that prohibit or at least limit foreign currency. Usually they do not legalize the virtual currency including Bitcoin. This digital currency is now increasingly more popular. With the easiness, people can make transactions more easily and freely. However, you have always to remember that this digital currency is not controlled by the government or any other institution. So, it can be said that it is not legal. However, it does not mean that this is prohibited.
Bitcoin for Illegal Activity
As it is mentioned above, Bitcoin is not controlled by the government or even any institution. So, it is not legal. From this status, people worry that this digital currency is used for illegal activities. It may be possible. However, money whether it is cash or not such as credit card and banking can also be used for illegal activities. For example, people use their money to buy weapons. Therefore, Bitcoin legacy does not affect the activity because it depends on how people use it.
The Regulation of Bitcoin
This digital currency allows the users to use the software freely depending on their desire. So, there is no one or institution that can regulate it. However, some countries prohibit Bitcoin. So, the regulation may depend on the rules in your own countries and different countries have different rules. The rules may also be easy or not. Overall, Bitcoin regulation should be adjusted to your own country.
The Tax of Bitcoin
Digital currency is different from conventional currency. It is only available in digital world. For the real currency, have to pay some taxes such as profit, salary, selling, or other taxes. However, this digital currency is not a legal currency so that everyone who uses it has no obligation to pay any tax. You may only need to pay administration or transaction fee but it is also very low because the fee depends on yourself. It becomes the greatest benefit of Bitcoin.
The Protection for the Users
There are many users of this digital currency over the world. However, it allows all the users to make transactions with their own rules. So, all the transactions become their own responsibility. If there is something unexpected such as the address or wallet of your Bitcoin is hacked or stolen, there is no one who is responsible except you. Therefore, you have to keep and protect your privacy such as the password of the wallet.
Description: Bitcoin is not legal because it is not controlled by the government or any institution. So, you have to make transaction rightly and keep your privacy to make your wallet safe.