Bitcoin becoming Legal tender

[tottong]

  We all know bitcoin runs in a decentralized system, so making it a legal tender simply means the government will also have control over it and it system which wasn't the original motive of it

Changing the previous system will be much more difficult and perhaps this is the reason why it is difficult for other countries to implement bitcoin as a legal transaction tool. Because having an official currency can conflict with regulations that will make bitcoin a transaction tool unless they make bitcoin an alternative.

  So two colliding forces, which can't be met at all.
 I know El Salvador has bitcoin as a legal tender, but can only be used as a means of payment and transaction which also works in other countries.

Even though they have established bitcoin as a legal means of payment and transactions, El Salvador still uses fiat currency as a means of transactions. But the advantage they have is that bitcoin is free to use to buy anything because bitcoin is legal as a transaction tool there.

[legiteum]

Even though they have established bitcoin as a legal means of payment and transactions, El Salvador still uses fiat currency as a means of transactions. But the advantage they have is that bitcoin is free to use to buy anything because bitcoin is legal as a transaction tool there.

Bitcoin transactions can cost up to $30 US dollars. Bitcoin is absolutely not free to use.

It's the very opposite of free, actually.

[GeorgeJohn]

I have been pondering on the motion of making bitcoin a legal tender, if bitcoin becomes legal tender, it can be used in place of fait currency to purchase goods, used  for transactions,etc.

For me, making  bitcoin will take years because that motion will never be assigned by our financial institutions and central banks. The main reason is what we call;

For Bitcoin to be illegal tender in some countries I think that Do we take much time for some countries to accept a bitcoin as a legal tender and if all the countries Now we know quite well happen to accept Bitcoin as a legal tender that we really affect the existence of bitcoin because the value will not be of potential as it is now so that is why I will not be of that opinion that every country should legalise the uses of bitcoin for good and the services transaction in that particular country, that is why many people today who is into Bitcoin continue to make a profit whenever the target well in Bitcoin, but seeing Bitcoin as a traditional currency like a Fiat currency it will depreciate the values of Bitcoin.

What do you think will be the fate of our Economy..?

Bitcoin is increasing in value. It will be better than fiat but other things has to be put in place so to make a good effect on the economy. Only bitcoin can not make the economy good.

It is obvious that since bitcoin has been introduced to the world, it has more influence and since it has been Gathering influence that is how it value continue to increase but when you emphasize on economy of any country I can sense that bitcoin can help to build up some people's economy in a process whereby the invest in Bitcoin and the monitor it for the betterment of that part of the flag country because Bitcoin add a value every year and the values continue to grow daily.

For me, it is enough for Bitcoin to be legally accepted as a payment method. It doesn't have to be a legal tender to perform its function. If countries recognize Bitcoin as a currency, that would already be enough.

For Bitcoin to become a legal tender is a long shot, and could even just be considered as an extra mile. Bitcoin doesn't have to be a legal tender for businesses and customers to accept it as payment. I think it is enough catalyst for Bitcoin's adoption rate for a government to declare it as an acceptable currency.

the objective of most of people who is into cryptocurrency especially Bitcoin always wanted bitcoin to be a legal tender and they don't know the effect of Bitcoin being a legal tender across other countries, a few countries can accept Bitcoin as a legal tender but it does not have any meaning or any effect because there is already an existing Fiat currency which is known as a traditional currency in which many people use in exchange of goods and the services so Bitcoin will still not add more value from my perspective.

I don't see Bitcoin becoming a legal tender ever in this world, unless majority of the world is destroyed by a nuke war. Central banks and governments won't allowed it to happen ever. No government would want a currency to become a legal tender which they cannot control. There is no other reason.

It is very clear and understanding that if Bitcoin happen to become a legal tender all the Central Bank across the world will make sure that bitcoin will not be valid again because they will not be support bitcoin to be a Legal tender because what they have in mind will be that bitcoin is coming to take over their market, even many politicians will willy kick against bitcoin becoming a legal tender because from the initial politicians does not like Bitcoin existence, they always have their mentality thinking that a Bitcoin will take over value of a traditional currency.

[Bravut]

.


 the objective of most of people who is into cryptocurrency especially Bitcoin always wanted bitcoin to be a legal tender and they don't know the effect of Bitcoin being a legal tender across other countries, a few countries can accept Bitcoin as a legal tender but it does not have any meaning or any effect because there is already an existing Fiat currency which is known as a traditional currency in which many people use in exchange of goods and the services so Bitcoin will still not add more value from my perspective.

True. The only game here Is just allowing Bitcoin remain how it is now, because making it a fait will likely decrease it value, and then become infringe by big players.
And we know the rising value of Bitcoin is pegged on the fact of low supply and high demand, and potential profit returns. Making it fait will have no value.

[Fiasem20]

  We all know bitcoin runs in a decentralized system, so making it a legal tender simply means the government will also have control over it and it system which wasn't the original motive of it.   

No, Bitcoin being a legal tender will still be decentralized, because the Blockchain network is decentralized.Even if bitcoin has been adopted by the governments worldwide as legal tender it will still remain decentralized because that's the nature of the currency.Bitcoin cannot be controlled by any central controlling authority like banks and government because the bitcoin blockchain network has multiple independent processing system called nodes that runs the same blockchain computer programme.Bitcoin blockchain network has been created for financial freedom in it's unique way.So it's impossible for the government to shut down all the nodes in the world,they can only stop the nodes in their country but it still remains pointless because all the nodes outside their country will still work actively for transactions,and if a government wants to stop my transaction it simply means the government will have to stop all the computing nodes worldwide which is impossible.

[Lambugini]

It will be hard to make Bitcoin a legal tender. Bitcoin have a decentralized system, at such has no control by centralized body or financial institution like CBN and others. Apart from that, Bitcoin have a high exchange rate compare to other legal tender. Take for instance, 1dollar is = 1,700 to Nigeria currency. But 1bitcoin is over 5,000 dollar, which if convert to Nigeria money is over #500,000.
Price of Bitcoin and it's high exchange rate has made it not to be assemble by common man. So it will be very difficult for Bitcoin to become a legal tender.
Even if Bitcoin is to be a centralized system where financial institutions can have control over it activities., Then my question is, what about the price of Bitcoin? Because I truly believed that many people will never want the price or the exchange rate of Bitcoin to go down because many bought it in high rate and will never want their money to be a lost. So Bitcoin becoming a legal tender is not easy.

[Shamm]

We all know bitcoin runs in a decentralized system, so making it a legal tender simply means the government will also have control over it and it system which wasn't the original motive of it

No.  This means the government will regulate it.  Regulating and controlling are not the same thing.  For instance, if a government passes a law making certain cryptocurrency mandatory as payment methods for vendors, then it does not mean they control them.

In the previous centralized system, the government issues money and controls the monetary policy.  In this new system, this power is taken away from the government and given to the public.  People now have the freedom to choose which money is the best.

if this will happen Bitcoin will be the main currencies or let say the government will allow individuals to use Bitcoin for paying some goods in the groceries store then this takes to long to implement some places in some countries don't have enough high speed Internet and we all know that to transact Bitcoin is we need to have an enough internet in order to make a smooth and fast transaction. So it will be hard to those countries who have a slow internet connection. But if we don't thing about the internet and focus on the Bitcoin this still it is a good one.

[Medusah]

Bitcoin transactions can cost up to $30 US dollars. Bitcoin is absolutely not free to use.

In El Salvador, the lightning network is utilized, offering transactions at minimal expense.  On-chain transactions can be costly, but they shouldn't be relied upon primarily.  This is not only due to their expense but also because they are not conducive to efficient point-of-sale electronic debit payments due to the nature of 0-conf.  Despite high fees, using Bitcoin can be less expensive than traditional banking charges sometimes.

-snip-

The argument doesn't seem very valid, considering that developing countries are the primary users of Bitcoin as a currency. 

[Youngkhngdiddy]

It will be hard to make Bitcoin a legal tender. Bitcoin have a decentralized system, at such has no control by centralized body or financial institution like CBN and others. Apart from that, Bitcoin have a high exchange rate compare to other legal tender. Take for instance, 1dollar is = 1,700 to Nigeria currency. But 1bitcoin is over 5,000 dollar, which if convert to Nigeria money is over #500,000.
Price of Bitcoin and it's high exchange rate has made it not to be assemble by common man. So it will be very difficult for Bitcoin to become a legal tender.
Even if Bitcoin is to be a centralized system where financial institutions can have control over it activities., Then my question is, what about the price of Bitcoin? Because I truly believed that many people will never want the price or the exchange rate of Bitcoin to go down because many bought it in high rate and will never want their money to be a lost. So Bitcoin becoming a legal tender is not easy.

  Adopting Bitcoin as a national currency—and not just as a payment instrument or a personal investment hedge yields significant advantages, both to individual citizens and especially to their governments. These advantages may not be immediately apparent and they certainly require a tectonic change of perspective, but they will gradually become evident with small steps toward adoption in some regions. It is transparent, impossible to forge, more fungible, divisible, exchangeable and transmittable than dollars, Unlike gold, it has a firmly capped and fully disclosed supply. But that’s just the beginning!
   When a national government adopts Bitcoin, it is demonstrating remarkable restraint and accountability. It is the ultimate demonstration of provable trust. The government will no longer be able to water down citizen wealth by running the printing press, nor borrow against unborn generations. Instead, they will need to collect every dollar that they spend—or convince bond holders that they can repay their debts. They will need to balance their checkbooks, spend more transparently and wear their books on their sleeves. All good things.

[legiteum]

Bitcoin transactions can cost up to $30 US dollars. Bitcoin is absolutely not free to use.

In El Salvador, the lightning network is utilized, offering transactions at minimal expense.  On-chain transactions can be costly, but they shouldn't be relied upon primarily.  This is not only due to their expense but also because they are not conducive to efficient point-of-sale electronic debit payments due to the nature of 0-conf.  Despite high fees, using Bitcoin can be less expensive than traditional banking charges sometimes.

If they aren't on-chain transactions, then they aren't decentralized, and they aren't actually Bitcoin. You might as well just use a bank.

Credit card transactions are rarely more than a dollar or two, and take no more than a few seconds.

Bitcoin is absolutely unsuitable for mainstream transactions.

The argument doesn't seem very valid, considering that developing countries are the primary users of Bitcoin as a currency. 

No country in the world uses Bitcoin as a mainstream means of transacting--because to do so would be a practical impossibility.

[spandamoto]

Bitcoin transactions are too expensive to be a viable legal tender.

Monero would be better imo and comes with additional privacy features. Satoshi expressed interested in baking in the kind of privacy features Monero has, specifically group signatures and key blinding, to name two (see: https://bitcointalk.org/index.php?topic=770.msg9074#msg9074). Nicolas Van Saberhagen (N.S.) is like Satoshi Nakamoto (S.N.). I believe there to be a connection. Maybe Satoshi went on to work with Saberhagen on Monero. I also believe Satoshi would also agree BTC is no longer the peer-to-peer currency minable on personal computers vision he envisioned and Monero is closer to that. Bitcoin is a great investment and store of wealth but as legal tender I think that ship has sailed a long time ago. I guess you could say Bitcoin Cash could be a better candidate for legal tender given the cheaper tx fees but that's a whole other argument.

[Bravut]

It will be hard to make Bitcoin a legal tender. Bitcoin have a decentralized system, at such has no control by centralized body or financial institution like CBN and others. Apart from that, Bitcoin have a high exchange rate compare to other legal tender. Take for instance, 1dollar is = 1,700 to Nigeria currency. But 1bitcoin is over 5,000 dollar, which if convert to Nigeria money is over #500,000.
Price of Bitcoin and it's high exchange rate has made it not to be assemble by common man. So it will be very difficult for Bitcoin to become a legal tender.
Even if Bitcoin is to be a centralized system where financial institutions can have control over it activities., Then my question is, what about the price of Bitcoin? Because I truly believed that many people will never want the price or the exchange rate of Bitcoin to go down because many bought it in high rate and will never want their money to be a lost. So Bitcoin becoming a legal tender is not easy.

I don't understand what you mean, are you judging from the perspective of exchange rate as the limiting factor of making bitcoin legal tender?
From your write-up are you saying because someone bought at higher price, so making bitcoin legal tender won't be possible?
You are looking from very far angle and it seems you don't understand what legal tender means?  Because if you do you would have known the difference between exchange rate and what legal tender is all about.
As far as I know $1= 1290 NGN, and is baseless to prove this will in anyway also be a  limiting  factor or  influence it.
I BTC is at $67,xxxK converting it to your fait which is NGN =80 000 000+ . Always endeavour to do proper findings before commenting and read  through thread carefully.

We all know making bitcoin legal tender is pushing it too far from it initial purpose, and would be safer we make use of it as it is now, since its not just a digital currency but also one of the most valuable asset with a promising future. We just need to accumulate, and invest wisely with a long term approach to enjoy the dividends of it for generational wealth.

[legiteum]

I guess you could say Bitcoin Cash could be a better candidate for legal tender given the cheaper tx fees but that's a whole other argument.

Bitcoin Cash is more centralized, and therefore more scalable to higher transaction loads at a cheaper price, but it's still nowhere near fast/cheap enough to seriously take on mainstream everyday transactions--no blockchain-based architecture could do this.

Satoshi never envisioned taking over the world's transactions with Bitcoin or anything using it's architecture. It's simply not a problem he was trying to solve--and it shows.

Decentralization, and thwarting government subpoenas into transactions, comes at a cost--and most people don't want to do that anyhow.

The only viable mainstream digital currencies for everyday transactions will be centralized architectures e.g. like Haypenny currencies.

[goldkingcoiner]

I have been pondering on the motion of making bitcoin a legal tender, if bitcoin becomes legal tender, it can be used in place of fait currency to purchase goods, used  for transactions,etc.
      For me, making  bitcoin will take years because that motion will never be assigned by our financial institutions and central banks. The main reason is what we call;
    
    Decentralisation of Financial Power
   Removing the power to control money and financial asset from
   centralized body like; Central banks, and other financial institutions.
   Thus our fait currency begin to operate in a decentralized system as
    bitcoin.
   And we know that our governments,elites that take the will of the
   people at stake will be at the verge of losing everything if that occurs,
   meaning the system will be open and run by anyone at all that means f  
    freedom.
   We all know bitcoin runs in a decentralized system, so making it a legal tender simply means the government will also have control over it and it system which wasn't the original motive of it
   So two colliding forces, which can't be met at all.
 I know El Salvador has bitcoin as a legal tender, but can only be used as a means of payment and transaction which also works in other countries.
    IMF,World Bank, Central Banks of countries these are the major controllers and Most powerful institutional bodies,so imagine making this system decentralized.

  What do you think will be the fate of our Economy..?
 Let share our ideas on this guys.

What the government threatens to do and what the government can realistically do are two different things. Whether the government does or does not make Bitcoin legal tender has absolutely no influence on the decentralized and free nature of the blockchain. They will not have influence or control over Bitcoin either way.

Legal tender at this point is nothing but a formal declaration of acknowledgement and support for the blockchain technology called Bitcoin. Which is a good thing for the inevitable international adoption for the new generation of money.

Hodl it. Love it.

[danadc]

Hodl it. Love it.

I love El Salvador, and I love everything Bukele has done, for that reason I would like to be in El Salvador, I would also like to work in anything but get paid in bitcoin, because in El Salvador it is the law that you can apply with btc There are people who are very against bitcoin, but I think it's because they don't Understand , they don't read, they don't do anything to understand about money that represent bitcoin, I'm one of the people who's very pro bitcoin and I always look for and talk to people , some They have many doubts, but is good when you implement the idea of Bitcoin, in fact what the government of Salvador does is Something that can happen for the Better , Because Bukele's policies are very good, economically they should give him a Nobel Prize.


HODL HODL.

[HelliumZ]

If you mean legal tender for a specific country then it is ok especially if you are talking about El Salvador but if you consider the whole world then legal tender is not ok.
Legal tender means the entire economic activity of that country equal contribution in local currency as well as Bitcoin. El Salvador's president declared bitcoin legal tender in that country, as well as commodity exchanges in that country. But as far as I know few countries in the world have legalized Bitcoin but most of the countries have issued strict legal warnings on Bitcoin. However, due to the increasing popularity of Bitcoin, there is a possibility that Bitcoin will be legalized in different countries of the world in the future.

[Bobrox]

If you mean legal tender for a specific country then it is ok especially if you are talking about El Salvador but if you consider the whole world then legal tender is not ok.
Legal tender means the entire economic activity of that country equal contribution in local currency as well as Bitcoin. El Salvador's president declared bitcoin legal tender in that country, as well as commodity exchanges in that country. But as far as I know few countries in the world have legalized Bitcoin but most of the countries have issued strict legal warnings on Bitcoin. However, due to the increasing popularity of Bitcoin, there is a possibility that Bitcoin will be legalized in different countries of the world in the future.

Bitcoin become legal tender could be using as payment transaction including all kinds of transaction such as adopt by El Savador government after allowing bitcoin acceptable as currency transaction. I think all countries have make bitcoin as legal but not for currency exchange transaction,
such in with most Asian countries bitcoin have including wit h taxes transaction but only legal for commodity assets and strict bitcoin for legal payment transaction.
El Savador have declared bitcoin become legal currency transaction since 2021 and not only active for accepting as payment currency but also El Savador government keep active accumulate and hold bitcoin until right now with bigger amount.

[TheVeteranAngel]

I have been pondering on the motion of making bitcoin a legal tender, if bitcoin becomes legal tender, it can be used in place of fait currency to purchase goods, used  for transactions,etc.
      For me, making  bitcoin will take years because that motion will never be assigned by our financial institutions and central banks. The main reason is what we call;
    
    Decentralisation of Financial Power
   Removing the power to control money and financial asset from
   centralized body like; Central banks, and other financial institutions.
   Thus our fait currency begin to operate in a decentralized system as
    bitcoin.
   And we know that our governments,elites that take the will of the
   people at stake will be at the verge of losing everything if that occurs,
   meaning the system will be open and run by anyone at all that means f 
    freedom.
   We all know bitcoin runs in a decentralized system, so making it a legal tender simply means the government will also have control over it and it system which wasn't the original motive of it
   So two colliding forces, which can't be met at all.
 I know El Salvador has bitcoin as a legal tender, but can only be used as a means of payment and transaction which also works in other countries.
    IMF,World Bank, Central Banks of countries these are the major controllers and Most powerful institutional bodies,so imagine making this system decentralized.

  What do you think will be the fate of our Economy..?
 Let share our ideas on this guys.

Read through this interview by Gracy Chen (Bitget MD) with cointelegraph and you will see it's just a matter of time as Lugano in Switzerland now accept BTC as means of payment. Workers can also pay their taxes through it. https://cointelegraph.com/news/cryptos-role-daily-payments-beyond-lugano

[kotajikikox]

Even though they have established bitcoin as a legal means of payment and transactions, El Salvador still uses fiat currency as a means of transactions. But the advantage they have is that bitcoin is free to use to buy anything because bitcoin is legal as a transaction tool there.

Bitcoin transactions can cost up to $30 US dollars. Bitcoin is absolutely not free to use.

It's the very opposite of free, actually.

I remember those days when I am still new in crypto that I see and happen to experience that bitcoin transaction fee is less than a dollar , but now never that i happen to experience this low fees and hoping that this will come to happen again in our time now specially that now bitcoin is continuously growing year after year.

[Ayers]

Even though they have established bitcoin as a legal means of payment and transactions, El Salvador still uses fiat currency as a means of transactions. But the advantage they have is that bitcoin is free to use to buy anything because bitcoin is legal as a transaction tool there.

Bitcoin transactions can cost up to $30 US dollars. Bitcoin is absolutely not free to use.

It's the very opposite of free, actually.

I remember those days when I am still new in crypto that I see and happen to experience that bitcoin transaction fee is less than a dollar , but now never that i happen to experience this low fees and hoping that this will come to happen again in our time now specially that now bitcoin is continuously growing year after year.

I don't think we'll see any solution to bitcoin's transaction fee problem anytime soon, especially as the price of bitcoin climbs higher every day, and transaction fees will continue to rise even higher.
Recently, there have also been some people who have created some threads saying that they wish bitcoin would be legal tender in their country and replace fiat currency. But are they rich enough to use bitcoin without worrying about transaction fees? Are they generous and willing to pay an extra $4-5 per transaction just to buy breakfast for under $2?