How and why Bitcoin will plummet in price

[LMGTFY]

Probably - Scottish (and Northern Irish) notes seem to me to be, in effect, IOUs for Bank of England notes. My understanding was that "legal tender" applied to debts, so if I have a meal in a restaurant and settle up afterwards - the restaurant can't refuse my payment if I offer legal tender (obviously restaurants in Scotland are more concerned with receiving payment in any form than with the legal niceties ). I don't know at what point my Council Tax obligations become a "debt" - when I've paid in cash I've been paying in advance - but it's certainly a duty or obligation (or, at least, regarded as such by our city fathers...)

But what if it is made known to you before you take a meal that the restaurant won't accept what is "legal tender" there, will you be able to insist on paying the "debt" with it alluding to its being a legal tender?

I honestly don't know - it's never happened to me! I think businesses tend to be pragmatic - money's money, so as long as they can check it's not counterfeit then they're usually willing to accept it. The problem tends to be the other way round, using Scottish notes in England - though even that I've not found to be much of a problem recently.

[tee-rex]

Probably - Scottish (and Northern Irish) notes seem to me to be, in effect, IOUs for Bank of England notes. My understanding was that "legal tender" applied to debts, so if I have a meal in a restaurant and settle up afterwards - the restaurant can't refuse my payment if I offer legal tender (obviously restaurants in Scotland are more concerned with receiving payment in any form than with the legal niceties ). I don't know at what point my Council Tax obligations become a "debt" - when I've paid in cash I've been paying in advance - but it's certainly a duty or obligation (or, at least, regarded as such by our city fathers...)

But what if it is made known to you before you take a meal that the restaurant won't accept what is "legal tender" there, will you be able to insist on paying the "debt" with it alluding to its being a legal tender?

I honestly don't know - it's never happened to me! I think businesses tend to be pragmatic - money's money, so as long as they can check it's not counterfeit then they're usually willing to accept it. The problem tends to be the other way round, using Scottish notes in England - though even that I've not found to be much of a problem recently.

My personal take on this is that the legal obligation here refers only to a state, which is bound to accept what is declared as a legal tender in payment for taxes, debts and whatnot. Businesses are free to choose which money they are willing to accept (unless it is directly prohibited by law indeed). Thus Bitcoin is made legal in California (together with other electronic moneys), but this doesn't in the least mean that you can pay taxes with it.

[ShakyhandsBTCer]

Probably - Scottish (and Northern Irish) notes seem to me to be, in effect, IOUs for Bank of England notes. My understanding was that "legal tender" applied to debts, so if I have a meal in a restaurant and settle up afterwards - the restaurant can't refuse my payment if I offer legal tender (obviously restaurants in Scotland are more concerned with receiving payment in any form than with the legal niceties ). I don't know at what point my Council Tax obligations become a "debt" - when I've paid in cash I've been paying in advance - but it's certainly a duty or obligation (or, at least, regarded as such by our city fathers...)

But what if it is made known to you before you take a meal that the restaurant won't accept what is "legal tender" there, will you be able to insist on paying the "debt" with it alluding to its being a legal tender?

I honestly don't know - it's never happened to me! I think businesses tend to be pragmatic - money's money, so as long as they can check it's not counterfeit then they're usually willing to accept it. The problem tends to be the other way round, using Scottish notes in England - though even that I've not found to be much of a problem recently.

A restaurant, or any other business is not able to decline to accept any form of legal tender, at least in the US. Businesses may accept additional forms of payment as well, however if they are in the US then they must accept US dollars.

[odolvlobo]

31 U.S. Code § 5103 - Legal tender
United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.

This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise.

[crocko]

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http://www.dailydot.com/opinion/how-why-bitcoin-will-fail/

YAII ! (yet another Idiot Intelectual )