Bitcoin becoming Legal tender

[Churchillvv]

The purpose of Bitcoin was never to over take fiat and become the only currency of a country but it's an alternative currency, it works Viz vice with a nation's fiat currency, if Bitcoin because the only currency in country I can't imagine how it will look, because there are goods of $0.1 and how would I pay for such goods and services in Bitcoin, so it's almost impossible to be the only currency of a nation right now, in this incubate generation maybe we can expect that in futuristic society.

El Salvador has a fiat currency that operates in there and Bitcoin as a legal tender over there means there are no restrictions in holding of Bitcoin of purchase, and it's based on the fact that the government too is Investing in Bitcoin to burst the economy of the country.

There is no way a decentralized government will ever exist in the world it can never be, not even the financial institutions, so perhaps Bitcoin becoming a legal tender only means that everyone has the absolute right to make any financial decisions, and that is the very best a country can do for its citizens.

[dzungmobile]

The purpose of Bitcoin was never to over take fiat and become the only currency of a country but it's an alternative currency, it works Viz vice with a nation's fiat currency, if Bitcoin because the only currency in country I can't imagine how it will look, because there are goods of $0.1 and how would I pay for such goods and services in Bitcoin, so it's almost impossible to be the only currency of a nation right now, in this incubate generation maybe we can expect that in futuristic society.

Bitcoin is more like an asset than a currency.

It will be better to be an asset than a currency because being a currency will create conflict with fiat currencies that are created and controlled by governments and central banks. By challenging fiat currencies or CBDCs, it potentially contains more risk than chances for Bitcoin.

People can use Bitcoin as an asset to store their wealth or as a currency for transactions, payments but it does not change a fact that Bitcoin will not become a think like Fiat-currency-killer.

[Natsuu]

Making Bitcoin a legal tender sounds like a bold move but it's a long shot given the resistance from big players like financial institutions and central banks. The idea clashes with the concept of decentralization which Bitcoin champions. If governments lose control over currency, it shakes up the power dynamics, possibly threatening the status quo

[fuguebtc]

The purpose of Bitcoin was never to over take fiat and become the only currency of a country but it's an alternative currency, it works Viz vice with a nation's fiat currency, if Bitcoin because the only currency in country I can't imagine how it will look, because there are goods of $0.1 and how would I pay for such goods and services in Bitcoin, so it's almost impossible to be the only currency of a nation right now, in this incubate generation maybe we can expect that in futuristic society.

El Salvador has a fiat currency that operates in there and Bitcoin as a legal tender over there means there are no restrictions in holding of Bitcoin of purchase, and it's based on the fact that the government too is Investing in Bitcoin to burst the economy of the country.

There is no way a decentralized government will ever exist in the world it can never be, not even the financial institutions, so perhaps Bitcoin becoming a legal tender only means that everyone has the absolute right to make any financial decisions, and that is the very best a country can do for its citizens.

Think about the crazy fees of bitcoin, would we dare spend a few extra dollars as transaction fees just to buy a loaf of bread or a banana? Not to mention if a country uses bitcoin as its sole currency, how will they sustain their economy if the value of bitcoin drops 50% against the USD? We love bitcoin, are crazy about bitcoin, but we should not blindly and foolishly harm ourselves or anyone else.

I also like the idea of bitcoin becoming a currency but as an alternative currency that exists alongside fiat currency, rather than as the only currency. But I doubt that will be possible with what's happening with bitcoin.

[Haunebu]

Bitcoin becoming legal tender is the stuff of miracles if I am being honest with you op. There are so many variables due to which the possibility of it happening is pretty much zero which is a fact.

It's best not to get too greedy. Personally, I am completely satisfied with where BTC is at the moment and I hope it stays that way for a long period.

[Marvell1]

Bitcoin becoming legal tender is the stuff of miracles if I am being honest with you op. There are so many variables due to which the possibility of it happening is pretty much zero which is a fact.

It's best not to get too greedy. Personally, I am completely satisfied with where BTC is at the moment and I hope it stays that way for a long period.

Many people always say that they want bitcoin to follow the path that Satoshi created for bitcoin, they want to pay their daily bills with bitcoin...But honestly, if bitcoin was only used as currency and didn't have any volatility or profit. How many people will use bitcoin until today? I believe that there will not be too many people who want bitcoin to become a stable currency, and the majority of people are satisfied with what bitcoin has become. Because making a lot of money and becoming rich is the common goal of today's society and bitcoin is doing it very well.

[legiteum]

Just your daily reminders:

1. "Legal Tender" is not the same as "legal". Bitcoin is already legal to hold and trade in most countries in the world. Most people here are using the term "legal tender" even though they don't actually know what that means.

2. Making Bitcoin Legal Tender will not increase the adoption of Bitcoin, and could even turn the public against it. Involving governments in the promotion of Bitcoin is both dangerous and completely unfair to all of the other digital currencies like Ether, Dogecoin, and Haypenny currencies.

3. Legal Tender is the equivalent of using the government to force Bitcoin down people's throats which is against everything Bitcoin has ever stood for.

4. El Salvador's experiment with their Bitcoin law has been a disaster wherein they essentially paid their citizens to accept Bitcoin, and yet very few have adopted it for transactions.

5. Bitcoin's lack of adoption is based on technical reasons, not political ones, chiefly because it can take 30 minutes and cost 30 dollars for one transaction, making it absolutely ridiculous for 99.9% of the world's daily transactions.

[Fullcoinese]

Making Bitcoin a legal tender sounds like a bold move but it's a long shot given the resistance from big players like financial institutions and central banks. The idea clashes with the concept of decentralization which Bitcoin champions. If governments lose control over currency, it shakes up the power dynamics, possibly threatening the status quo

as an alternative I think is possible, not as a replacement for fiat which has been used by humans for a very long time as a transaction tool.
the exchange rate remains in the applicable fiat currency. and the government can impose regulations regarding what transactions are permitted using Bitcoin. but still, it will ultimately harm the principles brought by Bitcoin when the government ends up becoming a third-party provider in the use of Bitcoin as an alternative legal means of payment.

[serjent05]

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.

No one wants to replace the fiat currencies. Moreover no one also wants Bitcoins to be treated as a currency.

I agree Bitcoin is not created to replace fiat currency but the creator Satoshi Nakamoto thinks of Bitcoin use case as a currency (a reason why he noted to call Bitcoin a cryptocurrency) or mode of payment...
Here is some part of an article stating about Satoshi's discussion of Bitcoin use case with Malmi:

Any use cases?
Satoshi and Malmi frequently discussed potential uses of Bitcoin, knowing that the network needed a killer use case or application to drive adoption. Generally speaking, Satoshi noted the timestamping features of the blockchain, which could be used to help authenticate events in the real world.
But Satoshi also thought about bitcoin’s position within the world of digital payments, and thought it could be used to create more liquid markets around existing digital currencies like Liberty Reserve (now defunct). He predicted that people wanting to improve their privacy could go from bitcoin to liberty reserve to dollars, gold or PayPal, given that at the time it was easy to generate BTC just by mining.
One avenue that Satoshi correctly predicted would be bitcoin’s viability for buying gift cards (which he referred to as “paysafecards”), which today is one of the most common uses of bitcoin.

 I am also treating bitcoin as a currency since I am using it to pay for my online purchases.  Many maybe thinks Bitcoin as a digital asset but we cannot deny the fact that Bitcoin was first created as "A purely peer-to-peer version of electronic cash that would allow online payments"[1]  So even before anyone thinks Bitcoin as digital asset, it is first treated as a currency.

When it comes Bitcoin being a legal tender, I think it won't be globally accepted, some country may experiment to make it legal tender but those who has strong belief on their currency system will never approve of a decentralized entity since it is minimizing their authority over their financial system.



[1]  https://bitcoin.org/en/bitcoin-paper (Bitcoin whitepaper)

[Die_empty]

Many people always say that they want bitcoin to follow the path that Satoshi created for bitcoin, they want to pay their daily bills with bitcoin...But honestly, if bitcoin was only used as currency and didn't have any volatility or profit. How many people will use bitcoin until today? I believe that there will not be too many people who want bitcoin to become a stable currency, and the majority of people are satisfied with what bitcoin has become. Because making a lot of money and becoming rich is the common goal of today's society and bitcoin is doing it very well.

Bitcoin has outgrown Satoshi that is it has gone beyond his control and aspirations. It will be very difficult for Bitcoin to be used as a currency because of so many factors. Unstable price is at the forefront of the reasons but there are other impediments which are peculiar to different locations. Some people believe that Bitcoin might become less volatile in the future and it has shown some signs of this fact. But until then it will remain a speculative asset that will be used as an investment platform.

Some peculiar reasons why Bitcoin might not be used as a legal tender in my location is because of the high rate of poverty, illiteracy, and lack of basic infrastructure. Many people in my area cannot even afford to buy an Android phone, some don't have basic knowledge of reading and writing and there is also a lack of electricity power and Internet facilities. People will prefer to stick to fiat because it suits the condition of some areas. Maybe as the standard of living of the people improves, Bitcoin might begin to gain its ground as a viable alternative legal tender.

[AprilioMP]

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

I will start from a different point of view even though I support if Bitcoin is used as a legal payment tool in every business of transactions.
The scope I want to start from a country that is not opposed and does not legalize as a means of payment like my country. This is about the government's readiness if this system is legalized.

Imagine all countries make Bitcoin as a valid payment tool, so we as users will not face with a long queue like in the bank and we will be a master of ownership of our own money with transparency that we have recognized. Equality may occur between others without any difference.
The economy will be balanced because we can use it as an asset for investment.

Pros and cons will occur according to interests.

[MFahad]

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

That's not how it works. A country making Bitcoin a legal tender doesn't get control over it because they don't change anything, it simply makes Bitcoin accepted and allowed within the country, The least it can do is put some regulations on its usage like taxing transactions in some way, not allowing people to have or hold more than a certain amount in it, etc., but they can't control Bitcoin and make it centralized or anything.

Do you think that a government making Bitcoin a legal tender can have control over the blockchain and the transactions being made, etc.? No, they can't control that, all they can do is track certain transactions that are available online in the blockchain for anyone to see.

[BITCOIN4X]

~Snip

It is easier for El Salvador to develop bitcoin as a legal means of payment because they do not have a national currency in their country, thus allowing bitcoin to become a legal means of transaction in that country. But if we talk about other countries, I am a bit pessimistic that what El Salvador can do smoothly, because other countries have official currencies that are regulated by regulations and rules within them. Other countries have more potential to use bitcoin as an investment asset, because this is much more likely to be implemented as is done by most countries currently because legal payments are still quite difficult to develop.

It may be true, countries that have their own currencies tend to have more difficulty adopting bitcoin as a legal currency (based on law) despite the fact that bitcoin is legally used as a means of payment in several countries that have their own currencies. El Salvador is certainly different from most other countries, but that doesn't mean other countries can't adopt bitcoin like them even though they have their own fiat currency.

I don't have valid data on how many countries where bitcoin can be used as legal tender, but it is true that bitcoin tends to be used more as an investment and trading asset than as a real use case. Indonesia is one of the countries that does not legalize bitcoin as a means of payment, but investment and trading are legal.

[Neobanks]

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.

The opinion of making Bitcoin a legal tender is a welcome development and one the best thing that can happen to the word economic system. It happen in generalization of exchange rate and financial control thereby promoting a uniform economy across the world. Bitcoin as a legal tender will also enhance centralization of means of exchange.

[thecodebear]

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.

Bitcoin doesn't need to be legal tender to buy things with it. That's just merchant adoption. Legal tender would be a govt designation that says the currency is the official currency of the nation. There can be more than one legal tender in a country, like El Salvador where both USD and BTC are legal tender.

But I wouldn't expect most nations to EVER make Bitcoin legal tender. Definitely not large countries that issue their own currency. It made sense for El Salvador because they don't issue their own currency, so they don't lose any economic control by adding Bitcoin as legal tender, and it was also a bit of a publicity stunt in order to try to make El Salvador a destination for bitcoiners around the world. But of course it also gives the citizens of El Salvador more confidence in using Bitcoin since the govt designates it as one of the nation's official currency, which is good for encouraging people to use it for remittances, savings, and of course spending, but its up to the people to adopt it over time.

I expect eventually there may be several smaller countries that adopt bitcoin as legal tender. But, generally, using bitcoin for payments will be done simply through merchant adoption. So basically don't expect to ever be paying taxes in Bitcoin in most places in the world, but do expect to eventually be able to buy most things with bitcoin.

[DaNNy001]

Bitcoin becoming legal tender is the stuff of miracles if I am being honest with you op. There are so many variables due to which the possibility of it happening is pretty much zero which is a fact.

It's best not to get too greedy. Personally, I am completely satisfied with where BTC is at the moment and I hope it stays that way for a long period.

Many people always say that they want bitcoin to follow the path that Satoshi created for bitcoin, they want to pay their daily bills with bitcoin...But honestly, if bitcoin was only used as currency and didn't have any volatility or profit. How many people will use bitcoin until today? I believe that there will not be too many people who want bitcoin to become a stable currency, and the majority of people are satisfied with what bitcoin has become. Because making a lot of money and becoming rich is the common goal of today's society and bitcoin is doing it very well.

The pure truth is that the only reason why bitcoin still out-beats the other cryptocurrency is because of the volatility and its ability to serve as a store of value for investors means and if you check the ratio of persons that are of the idea of using bitcoin as saving its definitely more than than those actually using it for day to day transactions.  Bitcoin turning to stable currency will lead to decline of its use because more people are happier saving their bitcoin rather than spending it.

[AmoreJaz]

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

That's not how it works. A country making Bitcoin a legal tender doesn't get control over it because they don't change anything, it simply makes Bitcoin accepted and allowed within the country, The least it can do is put some regulations on its usage like taxing transactions in some way, not allowing people to have or hold more than a certain amount in it, etc., but they can't control Bitcoin and make it centralized or anything.

Do you think that a government making Bitcoin a legal tender can have control over the blockchain and the transactions being made, etc.? No, they can't control that, all they can do is track certain transactions that are available online in the blockchain for anyone to see.

That is very true, the government doesn't have the full control of this currency but they can regulate the usage of it. Do remember, no government can have full control of this currency. But the companies that are using it, can be under their government protocols when it comes to cryptocurrency.

Small countries or state can implement btc as legal tender as it is easier to manage and establish protocols that can be informed to its people.

[amihada]

We have often discussed that bitcoin cannot be controlled by any party including the government, bitcoin is free and legalized which is not interesting, in my opinion the price of bitcoin is unstable, imagine if bitcoin became a legal means of payment, in a matter of seconds the price can change and all groups will experience losses or profits in a short time.

[Hamza2424]

Bitcoin becoming legal tender is the stuff of miracles if I am being honest with you op. There are so many variables due to which the possibility of it happening is pretty much zero which is a fact.

It's best not to get too greedy. Personally, I am completely satisfied with where BTC is at the moment and I hope it stays that way for a long period.

hmm, Can You please share those variables/factors that you have in your mind about the chances of Bitcoin becoming the legal tender is zero i would love to hear it from you as in my opinion Bitcoin adoption is getting popular day by day and those years are not so far when Bitcoin will be selected as a legal tender in many countries. As we can see the world big organization has involved itself in bitcoin and it is not a little thing in my view. These kinds of actions inspire other investors to get involved in that kind of asset.

On the other hand, the first country who announce Bitcoin as a legal Tender is El Salvador. Once this country achieves its goals on the basis of intentions they bought Bitcoin, many Countries will be inspired by this. Well, TBH this is the fact that many still consider Bitcoin as a threat but give it some time they will stand with it one day.

[btc78]

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.

You're right, Bitcoin is a Decentralised monetary asset and was designed in a way that it can't be influenced by the government and other centralised sectors, making it difficult for the government to have control over it's volatility, the least they could do is regulate and track down citizens or officials that use it for criminal activities.

The government is sneaky and smart in ways that you wouldn’t even realize. They can still easily implement regulations about the use of bitcoin. They have a choice to advertise or demotivate people from using bitcoin in which for sure a lot of their citizens would follow. The government has no direct control over bitcoin and will never own bitcoin as a whole but they can do a lot with bitcoin by publishing laws around it.