Bitcoin not legal tender in Canada

[Sava]

Canada will not ban BTC because they installed ATMs in their country

[1714896869]

1714896869

[1714896869]

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[ineedit]

Legal tender simply means you can pay taxes with it.

Very nearly

Legal tender is the currency that a court will accept as a payment.


Anything can be used to pay a transaction between any two entities providing that they both agree, the taxman could accept a painting or gold or fine wines, and most tax authorities have done just that. But if you fail to pay your tax or if the two entities go to court over a payment dispute and the courts decision is that payment must go through the court then that payment must be made in the legal tender that it recognises.

[Gabi]

Bitcoin is legal tender NOWHERE. How is it a problem?

[BearKing55]

Language makes a big difference,

BTC  IS Still LEGAL TO TENDER, (tender simply means to offer)

"Legal Tender" is a designation of how Government recognizes money simply for taxes and such as mentioned where it's offer MUST BE accepted.



That said, most people aren't smart enough to understand this simple concept and will shy away from BTC some times.

[smoothrunnings]

Language makes a big difference,

BTC  IS Still LEGAL TO TENDER, (tender simply means to offer)

"Legal Tender" is a designation of how Government recognizes money simply for taxes and such as mentioned where it's offer MUST BE accepted.



That said, most people aren't smart enough to understand this simple concept and will shy away from BTC some times.

We live in a world whereby language is everything. When Government clearly states something isn't legal people automatically assume that means it's illegal. I am not saying BTC is but certainly I can see if push comes to shove the Canadian Government driving a solid wedge between the banking system and Bitcoin, like what the Chinese Government did, initially people said it won't hurt China but now if you take the time and watch fiatleak.net you'll see that the trading of bitcoin is pretty much gone from a flood to a tiny trickle.

I should also note bitcoin started at $1000 CAD at MtGox today, its so far down to $965 CAD and continues to drop. I wouldn't be surprised if it drops down to $500~$600 range or less sometime next week.

[nerdcustoms]

I think what we're seeing is governments are just saying it's not a currency and will be treating/regulating like a commodity such as gold and silver bullion.  Those aren't technically currency either. 

[BearKing55]

I think what we're seeing is governments are just saying it's not a currency and will be treating/regulating like a commodity such as gold and silver bullion.  Those aren't technically currency either. 

TRUE


They did NOT say it was "illegal" by ANY stretch of the imagination.
contrary to what some people who can't use simple English, believe.

[Gabi]

When Government clearly states something isn't legal people automatically assume that means it's illegal.

They didn't say it isn't legal.

"legal" and "legal tender" are totally different things

[smoothrunnings]

When Government clearly states something isn't legal people automatically assume that means it's illegal.

They didn't say it isn't legal.

"legal" and "legal tender" are totally different things

If something is not legal, then it's illegal. If someone tried to pass off bitcoins to you as legal tender they could be charged as the tender isn't legal (aka is illegal).

[smoothrunnings]

Canada will not ban BTC because they installed ATMs in their country

The Canadian Government didn't install the ATM, some local resident did. As cool as Bitcoin ATM's are what stops someone from pushing it over and stealing the money out of them as they aren't built like conventional ATMs are?

[BearKing55]

When Government clearly states something isn't legal people automatically assume that means it's illegal.

They didn't say it isn't legal.

"legal" and "legal tender" are totally different things

If something is not legal, then it's illegal. If someone tried to pass off bitcoins to you as legal tender they could be charged as the tender isn't legal (aka is illegal).

only in the same sense that if someone tried to pass off ROCKS to you AS Legal Tender it would be a crime of FRAUD (it would NOT be a crime of using illegal tender).

OTOH if you traded ROCKS for good or services without  the fraud/lie of claiming it was Legal Tender, it would NOT BE A CRIME.


now go back to above and substitute "BTC" for "ROCKS" and may be you're get the idea.

IOW we can trade ANY item for any other item - legally.

[Gabi]

When Government clearly states something isn't legal people automatically assume that means it's illegal.

They didn't say it isn't legal.

"legal" and "legal tender" are totally different things

If something is not legal, then it's illegal. If someone tried to pass off bitcoins to you as legal tender they could be charged as the tender isn't legal (aka is illegal).

Comparing apple and oranges, here there is a prime example. Saying that bitcoin is not "legal tender" does not mean it is "illegal tender", nor does it means it is "illegal".

[nodroids]

Canada will go the way of the US. The Canadian bitcoin industry has been very responsible and is in regular official communication through one main lawyer with the government. We are no India or China.

If the US moves against Bitcoin, Canada won't be far behind. And remember, if they move against it, it's a badge of honor for bitcoin. Bitcoin is it's own hedge, it's so superior that if it's banned it'll be an admission by the central banks that their system can't survive crypto's adoption, meaning everyone will choose to hold crypto to guard against the poor house as fiat collapses from the straw on the camel's back (the straw being crypto).

Anyways, I'm super glad for all this bearish news because I got a whack of fiat waiting for all the idiots to sell to me (why would you sell below $4000 in the next three months?!?!?). We know that btc will reach $40,000 with Zynga, Overstock.com, etc., and porn industry and the 250,000 ZipZap (or whatever) convenience stores adopting it. The major retailers are lining up to adopt it for payment.

[SirBitsalot]

Interesting.. ya know, the more I think about it, the more I believe nations will ban Bitcoins and deem them "unconstitutional" or whatever they need to.. Decentralized things never go over very well with governments

[Frost000]

Interesting.. ya know, the more I think about it, the more I believe nations will ban Bitcoins and deem them "unconstitutional" or whatever they need to.. Decentralized things never go over very well with governments

That's the power of BTC, though. Even if governments decide to "ban" it after treating it like a commodity, it definitely won't really stop people from "using" it if it's worth a lot.

[bitpop]

Canada will go the way of the US. The Canadian bitcoin industry has been very responsible and is in regular official communication through one main lawyer with the government. We are no India or China.

If the US moves against Bitcoin, Canada won't be far behind. And remember, if they move against it, it's a badge of honor for bitcoin. Bitcoin is it's own hedge, it's so superior that if it's banned it'll be an admission by the central banks that their system can't survive crypto's adoption, meaning everyone will choose to hold crypto to guard against the poor house as fiat collapses from the straw on the camel's back (the straw being crypto).

Anyways, I'm super glad for all this bearish news because I got a whack of fiat waiting for all the idiots to sell to me (why would you sell below $4000 in the next three months?!?!?). We know that btc will reach $40,000 with Zynga, Overstock.com, etc., and porn industry and the 250,000 ZipZap (or whatever) convenience stores adopting it. The major retailers are lining up to adopt it for payment.

How much cash do you have? I love hearing people buy Bitcoin. Can you keep us updated?

[Bitcoinpro]

Why have I got the feeling this is a Canada Vs US thing and got nothing to do with Crypto's 

[nodroids]

I put $6500 On the exchange. I also sold a few at 885 CAD and that is also bidding for coin in low $700s. My hypothesis is 1. That most ppl still have no idea about bitcoins massive value, b. Bills from holidays are coming in, c. Chinese New year will pull tons of cash out of btc, c. also Chinese exchange limits going into effect will also deflate trading volume...

Overall it is kind of silly to expend much energy getting coin for %20 cheaper at any given time, when with $300 million in sales transactions, all the force integration and all the other infrastructure, the fact that transaction costs with th crypto are a factor of 10 more efficient, etc, it is perfectly obvious that we will see $40,000 soon.

[cryptomining]

I think what we're seeing is governments are just saying it's not a currency and will be treating/regulating like a commodity such as gold and silver bullion.  Those aren't technically currency either. 

technically they are money, bitcoin is not.

[pening]

If something is not legal, then it's illegal. If someone tried to pass off bitcoins to you as legal tender they could be charged as the tender isn't legal

Very, very false, at least in any legal system based in English law (so the old colonials).  Nothing is illegal until explicitly made so by law, though that can include common law not necessarily a statute.  

A point this debate needs is that currency is not the same as legal tender.  Example, Scottich bank notes are widely recognised as currency in UK (with funny looks in England) but are not actually legal tender even in Scotland.  The exact definition of the term legal tender differs from country to country precisely because its the local specification of what is legally allowed to be used to settle a debt (not limited to tax).

I doubt Bitcoin is legal tender in any country unless there one has a open ended definition.  This does not mean you cant use Bitcoin, it just means its not recognised by law.  One receiving Bitcoins as payment for a trade could later say they have not been paid, they could technically say the Bitcoins have been held as security in lieu of full payment in legal tender.  

Another falsehood that the suggested FBI action to auction off their seized Bitcoins makes it legally recognised somehow.  This is no different from them selling off a car, house, boat, painting or anything else seized, they are simply selling an asset.