Bitcoin becoming Legal tender

[bangjoe]

El Salvador is the first country to declare Bitcoin as its legal tender. As simple as we are discussing here but for the President of this country it was not that easy at all. The decision to accept a virtual coin as a legal tender of a country is certainly more challenging and more difficult. Before the adoption of Bitcoin as a legal tender in El Salvador, there may have been a lot of debate about the fact that the digital currency they are relying on so much can disappear from the market at any time and if this digital currency disappears from the market at any time, this  But they cannot file any case or anything else. Despite all the arguments and controversies, the president of this country remained steadfast in his decision and announced Bitcoin as a legal document in his country. He may be able to stick to his decision but the President of other countries cannot take such decision so easily because if the decision goes against them they will lose their power.

It is not an easy thing to revolutionize a system, especially the financial system in a very large scope of countries, what El Salvador is doing is also still considered an experiment in implementing bitcoin as a means of payment and now it hasn't been running for long, due to the volatile nature of the price, it is quite risky in making decisions as a legal currency in a country because it will be quite complicated to convert into a stable standardized value, although it is true that if there is a bitcoin legal document that has controversy with other applicable laws it could be a mess, but if it is really serious then just revise it in my opinion.

We don't know how El Salvador will be in the next 10 years whether it will be better or vice versa, we can't be sure of that, but certainly now that they have declared, the government of El Salvador has benefited a lot from bitcoin.

[Fivestar4everMVP]

In response to the op, I would say that op is completely wrong.
First and foremost, making bitcoin a legal tender in any country by the country's government does not make bitcoin lose its decentralized nature, the bitcoin network remains decentralized, the government only can control the much bitcoins in their possession, but can't control the bitcoin network, and as we all know, any one who controls the bitcoin network is who controls bitcoin itself, and possibly the entire crypto market, and as it stands, no body controls the bitcoin network, which means, the network still remain decentralized even if every country in this world decided to make bitcoin a legal tender, the government of this countries still won't have access to the bitcoin network.

And Secondly, bitcoin becoming a legal tender does not mean people will stop using fiat currency completely, making bitcoin a legal tender only mean that, those who don't like transacting in fiat now have an option to opt to, while those who transact in fiat can actually keep transacting in fiat, bitcoin and fiat currency can co-exist as legal tenders in any country that wishes to add and accept bitcoin as a legal tender.

[legiteum]

In response to the op, I would say that op is completely wrong.
First and foremost, making bitcoin a legal tender in any country by the country's government does not make bitcoin lose its decentralized nature, the bitcoin network remains decentralized, the government only can control the much bitcoins in their possession, but can't control the bitcoin network, and as we all know, any one who controls the bitcoin network is who controls bitcoin itself, and possibly the entire crypto market, and as it stands, no body controls the bitcoin network, which means, the network still remain decentralized even if every country in this world decided to make bitcoin a legal tender, the government of this countries still won't have access to the bitcoin network.

And Secondly, bitcoin becoming a legal tender does not mean people will stop using fiat currency completely, making bitcoin a legal tender only mean that, those who don't like transacting in fiat now have an option to opt to, while those who transact in fiat can actually keep transacting in fiat, bitcoin and fiat currency can co-exist as legal tenders in any country that wishes to add and accept bitcoin as a legal tender.

The actual legal definition of "legal tender", as it's derived from the US Constitution, is that it forces those winning in a judgement in court to accept the given currency as payment whether they want to or not.

That's it. That's all "legal tender" means in actual legal terms.

What those asking for "legal tender" here seem to want is:

1. Bitcoin to be legal to hold and trade--which it already is in almost every country in the world. No new laws are necessary.

2. They want to use the power of the government to promote Bitcoin so it goes up in price (and they wish to do this while screwing over every other digital currency like Ether, Dogecoin, Haypenny currencies, and so on).

[Zanab247]

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 country are very comfortable with their legal tender they introduced to their country because they have potential government officials that have the knowledge, and they know how it can bring progress to the country and they are enjoying it all over the country today, but for the whole world to make BTC legal tender it will be difficult for many countries because there are some villages where some of our farms crops is be produced and some of them have never hear about BTC, and they are familiar with their local currency in their business.

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.

Some countries thought that BTC will not reach this stage before it will disappear from the market, but BTC has surprised many countries with this new ATH in the market, and many government are fully ready to make it legalize so that it can go round all over the country for their citizens to have the knowledge of BTC.

[Bravut]

In response to the op, I would say that op is completely wrong.
First and foremost, making bitcoin a legal tender in any country by the country's government does not make bitcoin lose its decentralized nature, the bitcoin network remains decentralized, the government only can control the much bitcoins in their possession, but can't control the bitcoin network, and as we all know, any one who controls the bitcoin network is who controls bitcoin itself, and possibly the entire crypto market, and as it stands, no body controls the bitcoin network, which means, the network still remain decentralized even if every country in this world decided to make bitcoin a legal tender, the government of this countries still won't have access to the bitcoin network.

And Secondly, bitcoin becoming a legal tender does not mean people will stop using fiat currency completely, making bitcoin a legal tender only mean that, those who don't like transacting in fiat now have an option to opt to, while those who transact in fiat can actually keep transacting in fiat, bitcoin and fiat currency can co-exist as legal tenders in any country that wishes to add and accept bitcoin as a legal tender.

Well said mate.
If you read my thread you will understand that I never said Bitcoin will lose it decentralized nature but I was pointing the fact that it won't occur because The big players won't support options of people choosing between Bitcoin or fait as that would affect them since they have total control over fait. And we know no government will want to make Bitcoin legal mainly because they can't allow the masses see possibility because they control the money supply.

If you are saying they control the possession of Bitcoin the country will have, is it not same thing as running a centralized supply of Bitcoin? To the masses,  I never talked about the Bitcoin network. As no Big player will be ready for the deal of Decentralisation of Financial Power.

We are simply discussing the fate of the Economy in respect to this.
Carefully read the thread again.

[legiteum]

And we know no government will want to make Bitcoin legal mainly because they can't allow the masses see possibility because they control the money supply.

Bitcoin is legal in almost every country in the world. What are you talking about?

[Bravut]

And we know no government will want to make Bitcoin legal mainly because they can't allow the masses see possibility because they control the money supply.

Bitcoin is legal in almost every country in the world. What are you talking about?

Legal tender I mean

[legiteum]

And we know no government will want to make Bitcoin legal mainly because they can't allow the masses see possibility because they control the money supply.

Bitcoin is legal in almost every country in the world. What are you talking about?

Legal tender I mean

What do you think the difference is? If everybody is free to buy, sell and hold Bitcoin, what more do you want?

[barto123]

Personally I think we're past the point of asking permission from the government. This whole legal tender thing means nothing to me.

Between the vaccine genocide, genocide in Gaza, money laundering & genocide in Ukraine etc, it's safe to say there is no law.

Governments all the world are clearly a front to a cabal of super rich parasites who hide in the shadows & pull the strings. Why are people still complying with criminals?

The original idea of cryptocurrencies was to have permission-less networks the government cannot control.

The other concerning thing: Bitcoin & most of crypto are turning into surveillance coins. it's getting harder to not comply - hence why a lot of hardcore freedom fighting Bitcoiners are moving to Monero.

[Oasisman]

And we know no government will want to make Bitcoin legal mainly because they can't allow the masses see possibility because they control the money supply.

Bitcoin is legal in almost every country in the world. What are you talking about?

Legal tender I mean

What do you think the difference is? If everybody is free to buy, sell and hold Bitcoin, what more do you want?

A legal tender and currency has a difference, though we maybe able to use bitcoin to buy and sell for a product or service but it is not widely accepted yet or shall we say generally accepted as a payment for debts, taxes, loans, and other financial responsibilities nor it could be used to settle a simple road violations and other damages in properties.
I understand your point, bitcoin has been now accepted by many merchants and service providers, but unlike the legal tender, it is widely accepted and has access to everything in such country. That is what the other people want for bitcoin. Just like what El Salvador did, recognizing bitcoin as a legal tender.  We all know that's not gonna be easy due to some issues in the network. The unstable transaction fees and speed will be the primary issue when bitcoin is being used just in our daily transactions like how we used our debits and credit cards.

[legiteum]

A legal tender and currency has a difference, though we maybe able to use bitcoin to buy and sell for a product or service but it is not widely accepted yet [...]

Any vendor is free to accept Bitcoin if they want. But guess what: many vendors don't want to because it can cost up to $30 and take 30 minutes for a single transaction.

So what then? You want to use the power of the government to force people to accept Bitcoin even if they don't want to?

So Bitcoin went from a libertarian ideal to... people asking their government to get the cops to shove Bitcoin down people's throats. Amazing.

This is everything the original founders of Bitcoin fought against.

And make no mistake: the minute you accept help from the government, then... the government is going to want its pound of flesh. That's how it works in the real world, folks.

[rodskee]

Lets see the way this year is going to be after the experience of the halving and the new all time high of bitcoin getting close to $200,000 then we may say that some countries may because of that make decisions on adopting bitcoin as a legal tender, just as we have it with El-Salvador and Central African Republic, there is likely we see more countries into this adoption as a legal tender before the year runs out, because bitcoin has been globally seen and recognized as a digital means of making payment.

Not  because the price of Bitcoin will grow that high means Countries will adopt as legal tender this
coin because it is not , remember that the issue about bitcoin being hinder to be adopted is the
decentralization in which government cannot stand against this and cannot be controlled.

[Zigabel]

Some countries thought that BTC will not reach this stage before it will disappear from the market, but BTC has surprised many countries with this new ATH in the market, and many government are fully ready to make it legalize so that it can go round all over the country for their citizens to have the knowledge of BTC.

Talking about legalization, except for a few countries, Bitcoin is actually legal in most countries and they aswell accept it as a means of payment for certain transactions and services but then it's not recognized as a legal tender in most countries an that's actually what the discussion has mainly been on, most countries still see Bitcoin as something they can't control and so it shouldn't be adopted as a legal tender just yet until they could probably have some kind of control around it then they can say they would look into making it a legal tender.

Been a legal tender in most countries will give Bitcoin a very different type of adoptability much more than it has gotten currently asides which it may be just used for payments but not recognized as a legal tender in such countries.

[vartivorke]

I think bitcoin will triumph big in an African country first. like big, then we may see like big currency adoption in other countries in Europe and like, not just atms, but almost a common knowledge currency like euro/dollar.

[legiteum]

Been a legal tender in most countries will give Bitcoin a very different type of adoptability much more than it has gotten currently [...]

No, it won't. A government forcing Bitcoin down the throats of its citizens won't change the fact that Bitcoin costs up to 30 US dollars per transaction and can take up to 30 minutes to complete.

No government can repeal the laws of physics, which is what it would take to make Bitcoin fast and cheap enough to be viable for everyday transactions. In almost every country, people are free to use Bitcoin however they like. They don't do it because it's impractical, not because it's illegal.

PLEASE STOP ASKING FOR BITCOIN TO BE MADE "LEGAL TENDER"

It doesn't mean what you think it means, it won't work (see: El Salvador), it's completely unfair to all of the other technologies out there e.g. Ether etc., and it's inviting the power of the government to regulate it in ways you can never imagine.

And it goes against everything Bitcoin has ever stood for.

[batang_bitcoin]

I think bitcoin will triumph big in an African country first. like big, then we may see like big currency adoption in other countries in Europe and like, not just atms, but almost a common knowledge currency like euro/dollar.

It did happen in the Central African Republic but then the government pulled down that decision so, even if there is a potential for many of the African countries to do it, it's possible that their government will also have to revert their decisions.

Been a legal tender in most countries will give Bitcoin a very different type of adoptability much more than it has gotten currently asides which it may be just used for payments but not recognized as a legal tender in such countries.

Only a few that it has became one but some may possibly think of it to be one. But even without it being a legal tender, the adoption will continue to increase.

[MusaMohamed]

PLEASE STOP ASKING FOR BITCOIN TO BE MADE "LEGAL TENDER"

It doesn't mean what you think it means, it won't work (see: El Salvador), it's completely unfair to all of the other technologies out there e.g. Ether etc., and it's inviting the power of the government to regulate it in ways you can never imagine.

And it goes against everything Bitcoin has ever stood for.

Legal tender is a thing to attract newbies because they feel cool and have more belief in Bitcoin when reading news "Bitcoin is legal tender".

When they are in a market for a while, use Bitcoin for a while, they will recognize that they can use Bitcoin any time, any where, without Bitcoin legal tender.

Have a non custodial wallet. Have its private key.
Have the Internet connection.
They are able to broadcast a Bitcoin transaction and simply, after that, wait for a confirmation from Bitcoin miners, to finish that transaction.

I don't think governments will have more or less regulations on Bitcoin because it is Legal tender or not Legal tender. When this market becomes bigger, they will have more regulations because they don't mind about Legal tender status of Bitcoin, they care more about money they can get from citizens, through tax.

They aim at taxing their citizens, taxing your Bitcoin investment, trading.

[MarjorieZimmermanGinger]

Talking about legalization, except for a few countries, Bitcoin is actually legal in most countries and they aswell accept it as a means of payment for certain transactions and services but then it's not recognized as a legal tender in most countries an that's actually what the discussion has mainly been on, most countries still see Bitcoin as something they can't control and so it shouldn't be adopted as a legal tender just yet until they could probably have some kind of control around it then they can say they would look into making it a legal tender.

Been a legal tender in most countries will give Bitcoin a very different type of adoptability much more than it has gotten currently asides which it may be just used for payments but not recognized as a legal tender in such countries.

Legal has two meanings, one of which is permitted to be used as an investment asset and the other is prohibited as a legal transaction tool. Some countries allow bitcoin only as an investment asset, as in my country which is regulated in such a way, but we are not allowed to use bitcoin as a legal transaction tool. If you answer the question why Bitcoin is not allowed to be a legal transaction tool, perhaps countries have different views even though their nature is almost the same. But what we hope is that Bitcoin can be accepted even if it is only an investment asset so that we don't need to hide it.

Some other countries are much stricter and they don't allow both bitcoins so when people do both it will be a violation and there will be fatal consequences such as being arrested or jailed. This kind of country actually has a much more extreme view of bitcoin and we should be much more grateful because bitcoin is allowed as an investment asset in our country.

[el kaka22]

Bitcoin becoming a legal tender doesn't mean that it's being forced down the throats of any citizen. However, lets assume that it is, like in a scenario where legal tender means that it's being forced to people, well the logic still stands correct, he said "it would increase adoptability" and to be fair, if the government forces everyone to use it, then how is that not adoption rate going up? That is why, if you are right and it's forced then it's still going up, if you are wrong and it's just an option to have, it still goes up.

As long as the legal tender situation happens, in more and more countries, then we have to realize that it's not going to end up being all that complicated for anyone, it's the normal life cycle to be fair.

[legiteum]

Bitcoin becoming a legal tender doesn't mean that it's being forced down the throats of any citizen. However, lets assume that it is, like in a scenario where legal tender means that it's being forced to people, well the logic still stands correct, he said "it would increase adoptability" and to be fair, if the government forces everyone to use it, then how is that not adoption rate going up? That is why, if you are right and it's forced then it's still going up, if you are wrong and it's just an option to have, it still goes up.

As long as the legal tender situation happens, in more and more countries, then we have to realize that it's not going to end up being all that complicated for anyone, it's the normal life cycle to be fair.

Great, so you want to use the power of the central government to force people to buy into the same investment you've bought into, thereby making the value of your investment going up. Nice guy .

So if Bitcoin should be forced upon citizens, why not Ether? Why not DOGE? Why not Haypenny currencies?

And while we're at it, I'm very bullish on a stock right now (MRVL). Should I advocate the US government make that stock "legal tender" so everybody will have to buy it, and make it go through the roof?

Why should Bitcoin, of all things, be given this special treatment by the government?