Bitcoin Forum

Bitcoin is legal Tender in USA ?

Bitcoin is acceptable in United States but not a legal tender. The only two countries that bitcoin is a legal tender are El Salvador and Central Africa Republic. Also accepted on an island in Honduras.

Bitcoin do not have to be a legal tender before you can spend it, not a legal tender in my country, but I have used it to make few transactions, especially with friends.

Legal tender is the form of payment that must be accepted by law for debts and taxes. (wiki (https://en.wikipedia.org/wiki/Legal_tender)) In the US, legal tender is limited to US dollars only - sorry, Bitcoin!  ;)

But seriously, although Bitcoin and other cryptocurrencies aren't considered legal tender in most countries, they can still be used as a form of payment. However, in some cases, you may be required to pay taxes on your cryptocurrency transactions. For example, if you're an American citizen and you make purchases with Bitcoin or another cryptocurrency, the IRS considers this a capital gain or loss.

No, but it is taxable. Either as a legal Tender, it is something that will not happen in the near time, or it may not happen at all.
you can buy and use bitcoin in USA, and some of your trading deals are under tax
you can real all details from here --> https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions RS issued Notice 2014-21, 2014-16 I.R.B. 938

Not a chance  ;D

US would probably be one of the last countries to accept this from happening (Just like most Governments that want to keep control of the people). Imagine Bitcoin replacing the US Dollar, that would mean the financial power and control of the market by the US would vanish overnight.

As far as I know El Salvador and Central African Republic are the only two countries that have accepted bitcoin as a legal tender. However bitcoin isn’t illegal in the United States, you can still buy bitcoins in the US and in most parts of the world. I think China is the country with the strictest laws on bitcoin but recently they permitted bitcoin in Hong Kong. It is possible the United States may change their opinion on the subject someday.

The overall crypto situation in the US is a bit complicated. As the state does not recognize any digital currency as a legal tender (under a legal clause), but at the same time it allows the activity of companies operating in the field of cryptocurrencies. It means that US citizens can engage in activities related to digital currencies and adopt service companies such as trading platforms that have legal licenses for activity.
The biggest problem facing any country that wants to legalize cryptocurrencies is challenges in the field of combating money laundering and combating the financing of terrorism and its control.

It took me like 5 seconds of using Google to have a rough answer, and a few more minutes just to make sure that the information in the Google results snippet is accurate.

Like, come on.

A full report about the USA regulations on Bitcoin is there. Cryptocurrency regulations around the world (https://complyadvantage.com/insights/cryptocurrency-regulations-around-world/).

It is acceptable and legal in the USA. but regulations vary by states.

There are regulated by different authorities like SEC, CFTC and there are debates in the national Congress too. At least Bitcoin and cryptocurrency are not illegal there.

From the data I saw on coinmarketcap.com (https://coinmarketcap.com/legal-tender-countries/), there are only two countries at the moment that have legalized Bitcoin. These countries are El Salvador and the Central African Republic, for others it may soon follow because based on Bitcoin users around the world it is very clear that there are many people who really like Bitcoin so there is a possibility that the US will do the same thing as by the two countries I mentioned earlier.

Please saw it right.

Legal and Legal tender are different but unfortunately you considered they are the same.

Countries Which Allow Cryptocurrency As Legal Tender (https://coinmarketcap.com/legal-tender-countries/). On coinmarketcap, it is about countries that make Bitcoin legal tender.

Illegal means you can not use Bitcoin in that nation legally. If you use it and get caught, you will be put into jails.
Legal means you can use Bitcoin without risk to put into jail because of illegal prohibition in that nation.
Legal tender means you can not reject if someone brings bitcoin to your store, business and want to exchange it to you to get a candy, book, whatever they want to buy from your business.

They are countries that make Bitcoin legal tender, a far step than make Bitcoin legally.

There are many countries in the world where Bitcoin is not legal.El Salvador you mentioned I am discussing a bit about bitcoin legality in this country. El Salvador is so far the only country that recognizes Bitcoin as legal tender. Before this move, it was recognized as a risk for investors. Bitcoin as legal tender in any country is a great phenomenon that deserves all the press. There is no doubt that El Salvador's move could be a significant precedent in history if other countries around the world are encouraged to adopt Bitcoin in the future.

I really wonder why some people take so long to use some resources that are readily available

For example, interactive AI chatbots like ChatGPT could help OP figure out what he may have wanted to know. The ChatGPT may not be 100% accurate at this time, but it can help one get an idea of what they need to know.

https://i.imgur.com/kOslldO.png

People have answers right under their noses by the can still see them.

Allowed to use as other said but never declared legal or illegal so free to use this without worries as long as government didn't put any restrictions on it who knows maybe soon Bitcoin became a legal tender on USA. BUT Don't expect to much since this is long way battle before this to happen as there are still politician doesn't trust bitcoin maybe because of its past controversy and volatility.

Bitcoin in some countries are illegal but not in United States and other neighboring countries. Bitcoin has a lot of uses specially when it comes to transactions. Bitcoins in USA isn’t illegal that’s why it is okay to use but not totally legal like fiat currency since it was not declared legal or illegal.

I believe your post lacks clarity. If you say that Bitcoin is not entirely legal in the USA, what exactly do you mean? As you stated earlier, it's not illegal, so it must be considered legal. Right? Or did you mean that its legality status can be open to interpretation depending on the specific circumstances and jurisdiction?