What will be the next five countries which allow Crypto as legal tender?

[TEXITcoin]

I see on CMC that they have a voting page      /legal-tender-countries/
where they list

Paraguay
Venezuela
Anguilla*
Ukraine
USA

as the next most likely countries (in order)
to allow Crypto as legal tender.

Do you agree or disagree, and why?
If and as Bitcoin becomes legal tender in each country, does that automatically make it uniformly tax-exempt—or would governments opt to tax it like foreign currency?"
If Paraguay were to make Bitcoin legal tender first, would that force everyone else’s hand?

(Note  Anguilla is a small British Overseas Territory located in the Caribbean. It’s part of the Leeward Islands in the Lesser Antilles, northeast of Saint Martin and the Virgin Islands)

[zasad@]

Unfortunately, Bitcoin is a very inconvenient coin for payments due to the long time it takes to confirm a transaction. If an analogue of the system as it was implemented in El Salvador is implemented there, then I don’t see the point. It’s probably easier to make a crypto exchange and crypto debit cards, and tax these operations.

[Lucius]

Bitcoin does not have to be literally legal tender to be a legal means of payment in a country - because in most democratic countries BTC is accepted as a means of payment without being regulated in any special way. What any country in the world can learn from El Salvador is that nothing should be imposed by force, and my opinion is that BTC should be left as an alternative, not as some kind of obligation.

Unfortunately, Bitcoin is a very inconvenient coin for payments due to the long time it takes to confirm a transaction. If an analogue of the system as it was implemented in El Salvador is implemented there, then I don’t see the point. It’s probably easier to make a crypto exchange and crypto debit cards, and tax these operations.

As a rule, on-chain transactions are not instant, but there is an LN that enables instant and super cheap transactions, and this is exactly what El Salvador used, so the problem was not in the speed or price of transactions, but in the fact that people simply did not accept Bitcoin as a better alternative to the US dollar, which is the official currency in that country.

[YOSHIE]

What will be the next five countries which allow Crypto as legal tender?

I want, legally legitimately I want to see all countries using bitcoin payment tools legally legally and rules, if that happens to all countries, I think people are reluctant to use bitcoin to pay a cup of their coffee.

I think Bitcoin is good to use as an investment, trade, open as a means of payment, taxes, more expensive costs with the goods you buy.
Coffee price is $ 2 while your tax and cost spend $ 5 dollars, it's a real joke that must be faced by Bitcoin users.

[avikz]

Unfortunately, Bitcoin is a very inconvenient coin for payments due to the long time it takes to confirm a transaction. If an analogue of the system as it was implemented in El Salvador is implemented there, then I don’t see the point. It’s probably easier to make a crypto exchange and crypto debit cards, and tax these operations.

Unless we start using LN, we will always have to face the delay and cost issues which is a real challenge. Being a Bitcoin user of more than 10 years, I wouldn't honestly prefer bitcoin payment over a debit card. Simply because a debit card payment is cheaper and faster.

However, it is always beneficial to have a favorable legal framework. It usually paves the way to bring in innovative solutions to the table.

[WatChe]

Unfortunately, Bitcoin is a very inconvenient coin for payments due to the long time it takes to confirm a transaction. If an analogue of the system as it was implemented in El Salvador is implemented there, then I don’t see the point. It’s probably easier to make a crypto exchange and crypto debit cards, and tax these operations.

Bitcoin scalability issue can be mitigated by moving to Layer-2 solutions like LN, which addresses the scalability issue and also reduces the fee. The real issue in bitcoin adoption is that government's not willing to allow any financial system to operate which they can't monitor and manipulate. What we have seen so far is that government's are adopting only centralised Bitcoin, i.e., bitcoin going through centralised exchanges with KYC.

[Z-tight]

I don't know why people are concerned about BTC being a legal tender, take note that this is something that is not in our hands and we have no control over, it is up to the respective country to decide if they want to make BTC a legal tender. Currently, there is no country were BTC is even a legal tender, because El Salvador has revoked their BTC legal tender law.

BTC is already legal in most countries, and in my opinion that is enough, as long as people can use and spend BTC. I am even shocked to find the U.S. on the list, they are the last country that could make BTC a legal tender, for obvious reasons.

[ContentWriter]

Unfortunately, Bitcoin is a very inconvenient coin for payments due to the long time it takes to confirm a transaction. If an analogue of the system as it was implemented in El Salvador is implemented there, then I don’t see the point. It’s probably easier to make a crypto exchange and crypto debit cards, and tax these operations.

It is possible that any of those countries could adopt Bitcoin as a payment tool irrespective of confirmation time. It is not very correct to say that the payment confirmation time for BTC is too long. Afterall, the network can notify the recepient when a transaction has been detected and even state how much was sent. I think that this function can be improved further, especially if it was ascertained that the sender paid enough fees to enable confirmation of the transaction. This notification should be enough incentive to approve the transaction at merchant level.

[WatChe]

I don't know why people are concerned about BTC being a legal tender, take note that this is something that is not in our hands and we have no control over, it is up to the respective country to decide if they want to make BTC a legal tender. Currently, there is no country were BTC is even a legal tender, because El Salvador has revoked their BTC legal tender law.

BTC is already legal in most countries, and in my opinion that is enough, as long as people can use and spend BTC. I am even shocked to find the U.S. on the list, they are the last country that could make BTC a legal tender, for obvious reasons.

Bitcoin was introduced as an independent entity for p2p electronic cash transfer without involvement of middlemen. With passage of time, people from around the world join the Bitcoin community and this resulted in increase in it's price and adoption. So far there are many countries where Bitcoin is not legal compared to countries which have allowed use of Bitcoin but that's not a concern for Bitcoin since it has grown and survived without the aid and support of governments. If any country is adopting Bitcoin as legal tender then it's their own choice not Bitcoin request.

[Z-tight]

So far there are many countries where Bitcoin is not legal compared to countries which have allowed use of Bitcoin

That is not true, BTC is legal in most countries, i don't mean a legal tender, it is legal because the citizens can buy, sell, trade and even spend BTC with merchants that accept it, however merchants are not obliged to accept it as they would with a legal tender.

If any country is adopting Bitcoin as legal tender then it's their own choice not Bitcoin request.

There would be many countries setting up a BTC reserve and getting involved with BTC in someway, but it would be difficult to think of a country that would want to make BTC a legal tender.