BITCOIN AS A LEGAL TENDER

[Lucius]

Not really. The 21 million limit will not be reached before the year 2140. That's more than a hundred years from now.

The fact is that we have more than 19 million BTCs already mined, and that in less than 10 years we will reach 99%, which means that 1% (210 000) will remain for the next 100+ years. Therefore, the constant emphasis on the year 2140 is rather meaningless if we take into account that in the very near future we will have just under 21 million BTC mined.

[dataispower]

There are a lot of people who don't want Bitcoin as legal tender especially when they want to use it in their daily lives, there are a lot of things to consider especially the transaction fees if you,

The people that will not like bitcoin to become legal tender is government people. Because of the hatred they have for bitcoins. But for the transaction fees that you suggested as the one of the point bitcoin will not use as a legal tender. I don't think it is current. Because both those once that is legal tender still have charge's.

I don't see it happening in "advanced" countries like China ever. If you have slightest idea on how China functions, you wouldn't have listed them as an advanced country. In countries like Japan, there is still a possibility to have bitcoin listed as legal tender in future. That could happen in European countries as well. But not in dictator led countries like China or Russia. They will rather implement CBDCs over cryptocurrencies.

We are Just seeing them like that. But in the future time you will see that reverse shall be the case, many countries will not rush to accept cryptocurrency as legal tender because of the incubation they kept bitcoin for now. I they say some countries never started practicing buy ing and selling of cryptocurrency for a living

[fiulpro]

Short answer: No
The answer is more concerned with the situation right now which is: 'High Volatility' and 'Price Crash' even countries like El Salvador who adopted bitcoins at the end of the day are facing issues causing probelms with not just the 'Banks' but also causing them probelms on an international basis but then again they just had a meeting with the team from many countries making everything a bit optimistic but I do think that other countries would be more wary of doing it now since it's not running smoothly in El Salvador but in the future when they find the situation to be improving a bit, then for sure.

[Flexystar]

Please I ask the forum do you think Bitcoin can be installed as a means of legal tender in advance county like CHINA, USA , ENGLAND, JAPAN etc...

Yes, for as long as it is not the only legal tender of those countries. Otherwise, it is necessary that a complete paradigm shift in finance and economics will have to happen first. I believe that the prevailing financial and economic systems are largely incompatible with the system espoused by Bitcoin. There will have to be a complete process of restructuring.

Seeing it's getting close to it's mining 21million limit

Not really. The 21 million limit will not be reached before the year 2140. That's more than a hundred years from now.

Oh yeah the hundred year period! This is the actual reason why bitcoin's value is rising all the time considering the timeline since it's inception. I mean on a broad spectrum the prices are always rising from scratch up until now. Moreover, the demand will keep rising as more changes occurs in different countries, as they keep adding up legal tenders or at least taxed use of bitcoin in the future.

With the current rate of acceptance and world wide situation of crisis, its hardly going to be accepted by those developed countries. Definitely it will take time, but uncertain. Better live through it now, gain some stash and stay in peace.

[jrrsparkles]

Please I ask the forum do you think Bitcoin can be installed as a means of legal tender in advance county like CHINA, USA , ENGLAND, JAPAN etc...
Seeing it's getting close to it's mining 21million limit

Japan and other few countries accept bitcoin for payment of even taxes and others meanwhile China and India are acting against the decentralized so they are trying hard to implement the CBDC. The 21 limit is not actually a problem because bitcoin can be divided into parts and the minimum size of bitcoin can be 1 Satoshi.

But when it comes to as legal tender its still far from being accepted which mainly depends on the adoption by the people which only can force the government to accept it as legal tender when they have no choice.