[2019-01-25]Just Because Cryptocurrency Isn’t ‘Legal Tender’ Doesn’t Make It Ill

[ppblockchain]

Central bank warnings about crypto assets may give the impression that cryptocurrency is illegal, especially since these entities often cite reasons as to why they’re uncomfortable with virtual currencies encroaching on their turf. But their assertions are often inaccurate, particularly when it comes to determining the legality of cryptocurrency.


Read more : https://paperblockchain.com/just-because-cryptocurrency-isnt-legal-tender-doesnt-make-it-illegal/

[Kakmakr]

How can you stop people from bartering? It is the same as when I trade my old DVDs and CDs for say a Notebook, the DVDs and CDs becomes a currency in this scenario.

Note that I am not saying a reserve currency, because that is something different. A reserve currency of a country is the widest acceptable method to pay for goods and services and it is regulated and manipulated by the government.

Bitcoin is just a token of value that are being used to barter for goods and services. <An alternative payment option, like PayPal>

[gentlemand]

In the UK 'legal tender' is pretty goddamn shaky.

England, Scotland, Northern Ireland, Isle of Man and the Channel Islands all have their own forms of cash. Most of the time they'll be refused if you try to pay for them outside their locale. I've never been able to spend a Scottish note in England and the article points out they're not even legal tender in Scotland.

Similarly I've never been able to spend a £50 note anywhere. They've all been turned down.

If you try to pay a largish sum in coins most places will refuse you.

As long as two individuals agree that they're exchanging value it don't matter what the legal definition is.

[odolvlobo]

England, Scotland, Northern Ireland, Isle of Man and the Channel Islands all have their own forms of cash. Most of the time they'll be refused if you try to pay for them outside their locale. I've never been able to spend a Scottish note in England and the article points out they're not even legal tender in Scotland.
Similarly I've never been able to spend a £50 note anywhere. They've all been turned down.
If you try to pay a largish sum in coins most places will refuse you.
As long as two individuals agree that they're exchanging value it don't matter what the legal definition is.

Many people assume that legal tender must be accepted for payment, but that is not correct.

Legal tender has a very narrow and technical meaning, which relates to settling debts. It means that if you are in debt to someone then you can’t be sued for non-payment if you offer full payment of your debts in legal tender.

Spending money in a shop is not the same as paying a debt.

[magneto]

None of the financial instruments used by investment bankers are legal tender. Options, futures, swaps etc. aren't legal tender at all. Gold and silver aren't legal tender. Shares aren't legal tender.

So what? Something not being legal tender doesn't mean that you can't use it in a transaction legally. People who cite this as a negative of bitcoin obviously don't know what they are talking about.

Legal tender currency is usually only issued by the central bank of the country in question. What really matters is laws and regulations relating to bitcoin use within a country. As long as there are no regulations or laws saying that bitcoin transactions are illegal, it is perfectly fine for a transaction to be conducted with bitcoin as the currency. That's why there are local/alternative currencies worldwide as well.