Is Bitcoin suitable to become legal tender?

[Imran232]

.............

Look you are right from your point of view. And i respect your point of view. And i saw some experts are given their opinion which is also valid. But i want to say 2 things then you think bitcoin legal tender is needed or not.

1st things bitcoin is not want to be a countries native currency replace. So why we should think about that if bitcoin is legal tender then it could be unsustainable for fiat.

2nd bitcoin could be some other things for a country like Investment assest, Payment method and business. Which is a alternative of all digital things like stock market, bank. So it can't be harmful for fiat. Bitcoin could be a site currency.


Look now i say why country sould approve?
If government approved then people can easily buy sell bitcoin in their country which is less risky. What we faced in online p2p scam. This is the biggest factor. And lots of factor had.

[DarkDays]

I don't see any harm using bitcoin as a legal tender besides the fact that bitcoin might've come from illegal activities and was used so they can disposed of it immediately. Other than that, I don't think that there's nothing bad having bitcoin as a legal tender.

I agree, I also think that having BTC as legal tender is one step closer to taking the world of economy to the next level which is needed for an ever advancing technological world.

In terms, of using it to me seems like a good idea to have an option and have people choose to use crypto or not - inevitably more and more businesses start incorporating it so it's a phase enabling people to slowly transition into an inevitable financial future.

Sure, there will be plenty of opportunity for people to be scammed and so with legalisation of crypto there need to be  better awareness around this topics so people know how to stay safe.

[sheenshane]

So why is all this important? One can easily say that there is no harm if people have the option to either use crypto as currency but also the freedom to not use it if they so choose.

I tend to agree and that was exactly what I'm going to say, there's no harm upon using Bitcoin or as an alternate way in using fiat.  It brings a lot of benefits and since it's was have a legal tender there's no way to worry about the tax that can be collected by the government and turn a better economy.
As long as citizens must be aware of the nature of Bitcoin, they were just fine.  Keeping it and storing it to gain value is quite risky than using it as an alternative to fiat as a payment.

I'll say, yes, Bitcoin is suitable to become a legal tender but it depends on the country how they will threaten it.  It's been a good decision when people have an option in choosing an e-currency which is very common worldwide as an online payment option.  

[davis196]

There's no problem to use Bitcoin as a legal tender and keep fiat currency as legal tender at the same time.
The fact that many people don't have access to the internet or they lack financial and technical education is a problem that can be solved.Nobody is forcing 100% of the people in a country to use Bitcoin.Using Bitcoin is voluntary.Paper Bitcoins can be printed,for all those,who don't have computers and internet connection,but I really doubt that paper Bitcoin will be convenient,because the BTC price is volatile and constantly changing.

[yazher]

Most of the time things start from a small beginning until they became massive. I think this is also the case with bitcoins where it started to be legal tender in the small country but still, it's better than nothing. It's obvious that every eye that has something to do with the crypto industry is now pointing at how El Salvador will be after they implemented bitcoins as legal tender. It will be the start of a new era for bitcoins if they will become successful with their decisions and also those countries that are about to follow their footstep will also know where to start after looking at El Salvador's progressed.

[Kakmakr]

I think you have to look at the success of digital payment methods in other 3rd world countries, before you judge people's abilities..based on their education levels. Just Google "M-Pesa" ....a mobile digital payment method that existed before Bitcoin and see how successful it is in many African countries. (Uneducated people in rural villages are using M-Pesa on mobile phones.)

Bitcoin use gives people the opportunity to be their own Banks, so sacrifices need to be made to relinquish the hold that centralized services has over people's wealth. (Most centralized services offer a safety net, but it comes at a price... a hefty price tag of exorbitant fees for services rendered)

In 3rd world countries where many citizens are working in 1st world countries.... remittance is key to people transferring money home to their people.... and Bitcoin can help these people not to be exploited by Banks and services like WD or MoneyGram, that are taking large portions of that money in the form of fees. 

[Kasabus]

There's no problem to use Bitcoin as a legal tender and keep fiat currency as legal tender at the same time.
The fact that many people don't have access to the internet or they lack financial and technical education is a problem that can be solved.Nobody is forcing 100% of the people in a country to use Bitcoin.Using Bitcoin is voluntary.Paper Bitcoins can be printed,for all those,who don't have computers and internet connection,but I really doubt that paper Bitcoin will be convenient,because the BTC price is volatile and constantly changing.

Adopting bitcoin and use it as a legal tender is definitely a big decision that El Salvador has chosen to. And i think there's no harm in it because the president of the country has its own positive reason why he is doing that. And that for their economy to take progress and can avoid the fast surging inflation which most of the countries are experiencing too. And the good thing about this is Bukele has not eliminated fiat so the citizens have all the chances to select payment method that are most convenient to them.

However, IMO, El Salvadorians are not totally ready for a big change since the whole nation is not totally internet connected. Needless to say, the people are not inclined with crypto and everything that won't function without the internet connection. I think its one of the biggest factors why some citizens refuse to adopt bitcoin and stay loyal to fiat.

[bittraffic]

El Salvador still uses USD though but also made BTC as legal tender which means they can use both. Having the massive adoption in the country means more of the people there will learn how to trade, will have the knowledge of what money is. And they are going to be educated on how Bitcoin works.

El Salvador defied what others think they can't do. I think this is very courageous of their government to do so while all other countries are trying to regulate but are actually trying to pin down crypto investors.

[witcher_sense]

In addition to the points you've made about the clear unsuitability of bitcoin to become legal tender, I'd like to introduce one more piece of evidence bitcoin shouldn't be legal tender whatsoever. What is legal tender law serving for? It aims at preventing competition between the fiat currency government is promoting and any other (better) forms of money such as gold, silver, or bitcoin. If there were a free market for money and no legal tender laws, fiat currency wouldn't exist at all. Bitcoin simply doesn't need to be coercively imposed on people, bitcoin loves competition and thrives on it.

[michellee]

Even if bitcoin is suitable for legal tender, I still prefer to use fiat money to buy products or my daily needs and keep my bitcoin for the investment thing. Related to El Salvador, I think those people can save their bitcoin in their wallet while still working and getting paid in fiat money to use it for their daily lives. Bitcoin comes to them to give them a chance to make money from trading and investment to use those ways to make more money for their future.

Maybe before a country can use bitcoin as legal tender, they need to prepare infrastructure so that they will not have a problem when they use bitcoin. Many things need to prepare and maybe the government needs to make new regulations too.

[Shenzou]

I don't think that bitcoin is good enough to be used on its own as a main currency for a country, because there are a lot of problems concerning the microtransactions that are worth for 10 dollars or below, where you want to buy a snack you have to pay have of it as fees, and there transactions take some time to be verified, sure it seems right now fine but when the network gets crowded with transactions things start getting bad. so that is why i feel like bitcoin should be used as a secondary payment method.

[Rengga Jati]

The readiness of most aspects in that country is very important to determine that Bitcoin is suitable as a legal tender or not. Of course, it will not be all people and aspects in the country, but at least most or more than 50%.
And in this case, Bitcoin is a legal tender in that country, it is one of the currencies to be able to be used in that country right? It means that it is a choice besides the native currency right?
So, it means that we are free to use or not use it when doing such payment?
I mean, many merchants there may provide some payment methods by using Bitcoin and fiat of the country. And as long as we want to use BTC, we can use it.
It may be difficult in the early stage, but if this has been a habit, common, and also a long time, it may work well.
About how if Bitcoin suddenly drops?
I am sure that every merchant who serves Bitcoin payment has noticed and understood about this and they must have planned what to do right now and in the future.

btw, about this, there will be always pros and cons

[Dax Robinson]

Bitcoin is currently not suitable to be the legal tender of all countries. Bitcoin itself has many unstable factors. If it is the legal tender of most countries, it is very easy to cause economic crisis!

[jakdanyel]

Actually, none of the cryptocurrencies except stablecoins are suitable for being made legal tender I think. Because the volatility is the main problem. None of the developed countries would like to accept a volatile cryptocurrency as their main currency. Because the economy of the country can be affected very badly when the times that the price drops very sharply. Bitcoin is seen as a hope for only the underdeveloped and developing countries as their currencies are worthless.

[Ucy]

In regards to the first point, I guess we could blame it on lack of physical Bitcoins or the use of virtual Bitcoin alone. You could face similar issue with fiat in countries that don't have much of their population online.
The problem is really not Bitcoin. You can build a safer space for your people to use it safely. The safe space could also include the ability to reverse Bitcoin transactions... which wouldn't affect the main Bitcoin network.

I haven't seen any compelling argument why Bitcoin should be rejected by people in countries like Venezuela. Should they reject Bitcoin while they accept their own national currency as legal tender? Which is more risky in terms of price volatility, Bitcoin or the fiat? Which is safer to save money on long-term?
I wish the post is balanced to help me understand how genuine your intention is.

[carrigan]

I don't think it's suitable Adopting bitcoin as a legal tender because we know Cryptocurrencies are notoriously unstable and difficult to control or even impossible. What's also worrying is that there are so-called “whales” or “whales”, those who control wallets with large amounts of bitcoins. . There are approximately 2,000 wallets each containing over 1,000 bitcoins. It is not known who controls these wallets, but if some whales decide to sell their bitcoins, there is likely to be a tremendous price drop. Lastly, there are growing concerns about bitcoin's environmental impact that could be considered. While it is not clear how this issue will be resolved, it should be evaluated as part of the decision to make bitcoin legal.

[arwin100]

I don't think it's suitable Adopting bitcoin as a legal tender because we know Cryptocurrencies are notoriously unstable and difficult to control or even impossible. What's also worrying is that there are so-called “whales” or “whales”, those who control wallets with large amounts of bitcoins. . There are approximately 2,000 wallets each containing over 1,000 bitcoins. It is not known who controls these wallets, but if some whales decide to sell their bitcoins, there is likely to be a tremendous price drop. Lastly, there are growing concerns about bitcoin's environmental impact that could be considered. While it is not clear how this issue will be resolved, it should be evaluated as part of the decision to make bitcoin legal.

Although its quite unstable but its still good to adopt since it has a huge potential in terms of using it on transaction and also the potential to earn there is big since we know how good bitcoin is in terms of bouncing back again after dumping state happen. But for adopting countries maybe the best thing to do is not to rush all things since we know how dangerous the volatility is and they need to educate first their citizens for a year so that they will know what to do in terms of bear market seasons.

[Ryder Kudrow]

Bitcoin is not yet suitable as a legal tender. Its price is unstable and other factors do not apply to trading currencies. If a country uses Bitcoin as a legal currency, their original currency will become weaker and their payment methods will also be changed.

[Kong Hey Pakboy]

I think so, I mean what does a legal tender do? It's just a title to say that they acknowledge something can be a medium of exchange, so I don't think that we should have any qualms with bitcoin becoming a legal tender.

[blckhawk]

i think its not possible for bitcoin to become the international legal tender, because bitcoin's value is so high right now and many countries don't have enough resources to compensate for the value of bitcoin, meaning the international trade will crash because only the rich countries can buy goods and have the asset to be globally competitive in the economic aspect