BITCOIN AS A LEGAL TENDER

[DaNNy001]

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

[1715029954]

1715029954

[1715029954]

1715029954

[NeuroticFish]

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

Yes.
First thing is that Bitcoin has 8 digits after the decimal point.
Second thing is that it can be changed to have even more digits after the decimal point, if that's needed, and also we can use a different basic unit (maybe the Satoshi).
And third, if we get there, I would be far from surprised if banks will use Bitcoin as reserve asset and the common people would use yet another fractional reserve based something, i.e. a new form of bank notes.

[Lucius]

My opinion is that this is very unlikely (almost impossible) in the countries you mention.

China has already clearly defined its position on Bitcoin and all other altcoins, and given its political system, it cannot accept anything that it cannot fully control. The US and England are among the world's largest economies and will not allow another currency to become equal to the national currency, with the addition that the Bank of England has a very negative attitude towards Bitcoin.

In Japan, Bitcoin has been a legal tender for years, but not in the way it is in El Salvador. The difference is that in Japan it is possible to do business easily by accepting Bitcoin as a currency, while in El Salvador Bitcoin is legally equated with the national currency and anyone who wants to pay something with Bitcoin must have that option.

Realistically, rich and developed countries are not the ones to look at when it comes to accepting Bitcoin as a legal tender in the literal sense of the word. I live in one of the EU member states where the central bank and some regulatory financial agencies have a very negative attitude towards Bitcoin, but this does not prevent adaptation in the sense that a very large network of physical crypto exchanges has developed and it is possible to buy a lot of things by paying with Bitcoin. I want to say that Bitcoin does not have to be a legal tender to be successfully integrated into society.

[cryptoaddictchie]

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

I dont think these mentioned countries will do a legal tender for bitcoin. Yes it might been a legit currency for others, but there are still plenty of reason why they wont do it and thats due to volatility and of course bitcoin can be used to such crimes.

A highly volatile currency would not be good for reserved. Some warns other the risk of it so probably if there is a chance that it would be tender probably from other countries.

[mk4]

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

1. You can buy fractions (decimals) of a bitcoin
2. Purchasing of bitcoin will always be available in the market. Not 100% of the bitcoin holders are solely holding, a good chunk will always be for sale on exchanges
3. The 21 million limit will be reached (not exactly 21m but yea) likely sometime around year 2140, so we're really not that 'close'

[Despairo]

China? They're ban every use of Bitcoin e.g. hold, trade, mine etc.
USA? The biggest country wouldn't accept a risk and they would destroy their own global reserve currency e.g dollar.
England? Never heard any good news about Bitcoin on there.
Japan? Possible, in the future.

The question is, how it's really important to make Bitcoin as a legal tender? Bitcoin doesn't need to be legal tendered in every countries though it's good for the adoption, but at least make Bitcoin not getting any banned in every countries! That's make people have a freedom to choose to use Bitcoin or not. It doesn't have relation with the maximum Bitcoin's supply.

[Doan9269]

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...

It's not because those countries were developed that is making them not to adopt bitcoin but they have an entire different approach to the administration of bitcoin as a legal tender believing it's a meams to aid the corrupt acts of fraudulency and scam and as they also consider it anonymity nature, anything that cannot be traced, control or managed by government is really going to be a threat to them, but let's expect more adoption from the developing countries before there might be a change in mind for the developed ones, but this may take a little while from now.

[jossiel]

Anything is possible but we should just think of it that it's unlikely to happen.

These are countries that will have to proclaim bitcoin as an alternative asset and not a currency since they've got their own and they're already developed.

While the developing countries, they're likely the ones to accept it as a legal tender. Still, anything is possible but don't think of too much enthusiasm from almost every country if it's about bitcoin adoption as a legal tender.

[tranthidung]

Two sides of a coin: Legal tender first or adoption first.

• Legal tender can come first but it does not make sense if adoption is small and local citizens don't see reasons to use Bitcoin
• Adoption comes first and increases with time in local communities, citizens. Later legal tender comes and plays as a massive booster

In El Salvador, we are witnessing the first situation and it is not actually good. Because people can use Bitcoin even without legal tender and oppositely legal tender probably is not enough to convince them to start and maintain using Bitcoin.

[Darker45]

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.

[GreatArkansas]

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, but there is already a solution for it, like the lightning network.
For me, we will reach that part in the future, we are still early these days. Bitcoin as legal tender is superb.

[Tony116]

Developed countries they already have their own currency and I am pretty sure they will never accept bitcoin or any other crypto as legal tender, this will weaken their fiat currency.

England is an EU country and this is the country where I see them most opposed to bitcoin, China bans all bitcoin related activities and has always considered bitcoin a thorn in their eyes for a long time. Only the US and Japan are two countries with a friendly view of bitcoin, maybe in the future they will accept it as an asset and come with regulations.

[Poker Player]

England is an EU country and this is the country where I see them most opposed to bitcoin, China bans all bitcoin related activities and has always considered bitcoin a thorn in their eyes for a long time. Only the US and Japan are two countries with a friendly view of bitcoin, maybe in the future they will accept it as an asset and come with regulations.

What a bunch of crap you just wrote. England i not an EU country, and the US and Japan already accept it as an asset and Bitcoin is regulated there. No wonder you have not received any merit since the merit system was introduced. What I feel bad about is that you get paid for writing garbage.

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...

I agree with many other fellow forum members who have responded before that I see it as extremely unlikely, let alone in the short to medium term. You never know what might happen 30 years down the road or more but in the next 10 years it's not going to happen, it will just continue to be considered an asset on which you have to pay capital gains when you sell (or pay) if you have made a profit on fiat over your base purchase price.

[avikz]

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.

But in case of another world war, the gameplan could be changed totally.

[so98nn]

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

The fact is its possible but the reality is they are not accepting it so as not to crush down the traditional banking system.
Unfortunately, those countries are accepting it as legal tender who are on the verge of bankruptcy and who has devalued their currencies against the dollar.

They are like using bitcoin as escape route to recover their economy with the help of decentralisation, free flow of money and trying to get overseas money inside the country, (through businesses, personal incomes etc).

However, it seems difficult that all the countries would accept it in the near future.

[pooya87]

The answer depends on the time frame you have in mind.
In near future, it is not possible for countries with "big" economy (that doesn't mean "advanced" as you put it) to adopt bitcoin as legal tender. Specially if they are trying to dominate the world with their own fiat currency, since obviously they would see bitcoin as a threat. Examples are US and China.

Other countries that don't want to dominate the world on the other hand, would be more willing to adopt bitcoin as we are seeing it happen in many of them like Japan and El Salvador regardless of their economy size or strength.

In the far future, when bitcoin has reached a much bigger adoption level and has a much more stable price and also second layer solution such as LN are more solidified, we can expect more countries jump on board because they wouldn't have any other choice and have to accept the reality by then.

[worle1bm]

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

Looking at the past behaviour of these countries towards bitcoin it seems that they will not adopt it soon especially China when they have banned it so many times and beside that they are developed nations who think they can survive without adopting bitcoin and see it as enemy of the state so not willing to pass laws for them.It will still take a century for bitcoin supply to be fully mined until 2140 and many things changes with time.

[Kakmakr]

To answer your question, I will point you to this link ==> https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory

Now you will see a lot of those countries fall within the "Green" - Legal to use Bitcoin section, but that can also be grouped into the "trading" of bitcoins as a Commodity ..and not as legal tender. 

Can it succeed as a currency in strong first world countries? Yes it can, but those countries have a strong Fiat currency that are protected by their governments, so it is unlikely that they will allow any competition to their power. (They have power over their local Fiat currencies, because they manipulate the supply.....and artificially boost the price to create a perception that they are powerful)

[Jating]

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

I thought Japan did make it legal tender way back in 2017?

Anyhow, it could be treated as a commodity or asset and it's really up to those nations that will adopt how will they define bitcoin.

So there is already one nation which is El Salvador who treated bitcoin as legal tender so that will be a good 'experiment' and see how bitcoin as payment method or any other uses as regular fiat.

[uchegod-21]

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

If bitcoin is installed in China, USA, England, Japan etc, will it add any more features to Bitcoin?
My problem is not for all these countries to adopt Bitcoin as their legal tender, my concern is for them to allow Bitcoin to exist as their fiat is also existing. Live and let's live. If countries doesn't adopt Bitcoin as their legal tender and allow Bitcoin to operate on its own, I am sure Bitcoin will live and surpass its expectations.
Those countries should not ban bitcoin, or rather unban for the ones that have previously banned Bitcoin. They should not make laws that are not friendly with bitcoin, they shouldn't tax or over tax Bitcoin and allow us to enjoy our Bitcoin. We are not praying for them to make bitcoin any legal tender.