Bitcoin becoming Legal tender

[Marvell1]

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.

Yes, there are many reasons why bitcoin cannot become a currency as you mentioned and as I said. Even those of us, who knew how to use bitcoin early on will not be satisfied, or even don't need it, if bitcoin becomes stable and no longer profitable. How can the world accept bitcoin as a currency? To be honest, the idea of turning bitcoin into currency has failed and is very unlikely to be implemented. People are just trying to accumulate, accumulate bitcoin every day, I don't see anyone wanting to use bitcoin for payment around me.

[Alpha Marine]

I'm not really bothered about Bitcoin being legal tender. I just want it to be accepted and let me able to use it without breaking any government laws. Anybody should be allowed to accept Bitcoin in his business if he wants to. Bitcoin wasn't created to be legal tender. In this age, very few governments will openly accept Bitcoin as legal tender, it contradicts what they stand on too much. Accepting Bitcoin proves that their system is flawed.
All I just want is for the government not to fight Bitcoin even if they're against it. They shouldn't be looking for ways and propaganda against Bitcoin.

If the government allows bitcoin alone and the issue of network congestion is fixed, I believe the adoption of BTC would increase because like it or not, it is better to use bitcoin than fiat.
What matters most is the adoption, there's no point in making it legal tender if people won't use it, and people won't use it if the cost of using it is higher.

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

First of all, which government would own it? These people have gone to war for less things, imagine what would happen if it were possible for one government to own Bitcoin. I know they won't come together as one for the sake of owning Bitcoin.

That being said, governments can't have control over Bitcoin they don't own it, and nobody does. You can't control what you don't own. What they can do is make policies that affect people using bitcoin in that country thereby regulating it. Regulatory bodies would only do their jobs but that can't control it.

[Sebas.tian]

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.

Since many governments have seen what Bitcoin is doing to those that made it legally in their country so that it will reduced some financial strength which the country are enjoying the services in the country.  I know, it take a long time before any government will make Bitcoin legal tender in their countries because they have to go into research to know the benefits and to also know the effects of Bitcoin before taking a decision towards it. Well, if the government make it legal tender, it will help those that have Bitcoin in the country to use it to purchase goods and services and pay with Bitcoin and it will also make others people to have interest on Bitcoin.

[amihada]

A legal means of payment is when someone is bartering with gold, if bitcoin is not suitable to be used as a legal means of payment, basically the price of bitcoin is unstable, try to imagine that the price of the payment instrument is unstable, is it suitable to be used as a means of payment?

[peter0425]

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. Bitcoins are limited in numbers, hence many people will treat it as a digital asset only. Yes the one benefit that it can get by becoming a legal tender is that, people won’t have to do the transactions by hiding from the government in order to pay additional taxes. Only the taxation can be improved if it’s legalised.

I don't know why so many years now that there are still wanted to  ask this same question , of Bitcoin becoming legal tender and will replace fiat because talking about this is like we will be losing Gold as well from bitcoin things that is very impossible to happen(redundant because that is what I feel now)

[harapan]

· El Salvador became the first country to make bitcoin legal tender; not only must bitcoin be accepted as a means of payment for taxes and debts, ...bitcoin currently serves as means of exchange.

 El Salvador took the step of adopting Bitcoin as legal tender in 2021,without a second thought with the goal of promoting and assisting citizens livelihood.

The government does not recognise cryptocurrency as legal tender and will take all measures to eliminate the use of these cryptocurrencies in financing and economics.The government are not in full control of bitcoin so they wouldn't want to make it a legal tender.Even if they don't want bitcoin to influence and popularize over fait as a currency;that is a legal tender,they should make its usage available,accessible and acceptable.

[BALIK]

· El Salvador became the first country to make bitcoin legal tender; not only must bitcoin be accepted as a means of payment for taxes and debts, ...bitcoin currently serves as means of exchange.

 El Salvador took the step of adopting Bitcoin as legal tender in 2021,without a second thought with the goal of promoting and assisting citizens livelihood.

The government does not recognise cryptocurrency as legal tender and will take all measures to eliminate the use of these cryptocurrencies in financing and economics.The government are not in full control of bitcoin so they wouldn't want to make it a legal tender.Even if they don't want bitcoin to influence and popularize over fait as a currency;that is a legal tender,they should make its usage available,accessible and acceptable.

But bitcoin is not the only currency in El Salvador, they are still using USD along with bitcoin and we don't know which currency is most commonly used there. Bitcoin or USD? But as we can see, the president of El Salvador is using bitcoin as an investment rather than a currency. According to a recent report, their investment has brought a profit of up to 50% and they still buy bitcoin every day with investment goals.

Outside of El Salvador, I don't think any developed country will accept bitcoin as legal tender, it's almost unlikely.

[Assface16678]

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. Bitcoins are limited in numbers, hence many people will treat it as a digital asset only. Yes the one benefit that it can get by becoming a legal tender is that, people won’t have to do the transactions by hiding from the government in order to pay additional taxes. Only the taxation can be improved if it’s legalised.

I don't know why so many years now that there are still wanted to  ask this same question , of Bitcoin becoming legal tender and will replace fiat because talking about this is like we will be losing Gold as well from bitcoin things that is very impossible to happen(redundant because that is what I feel now)

Exactly, almost this kind of question has seen in this section or forum, talking about bitcoin becoming the only currency in the world or in a country, I don't defy bitcoin, in fact I really like bitcoin and as much as they want, I also want bitcoin to be publicly used, but the thing about replacing fiat currency or even the banking system itself will be a very huge change and will take some time before we can adjust, added with that bitcoin or crypto currency is a complex thing so it is not easily to implement in all things, maybe we can view it that it will happen, but wanting that change to happen will be very hard as we know not all people are known to crypto currency stuff and also not all people are still open to adopt such changes especially when it comes to currency what more the government right.

[Jawhead999]

A legal means of payment is when someone is bartering with gold, if bitcoin is not suitable to be used as a legal means of payment, basically the price of bitcoin is unstable, try to imagine that the price of the payment instrument is unstable, is it suitable to be used as a means of payment?

When Bitcoin is accepted as legal tender, it doesn't mean every products and services price need to be equivalent in Bitcoin. The price is displayed in fiat price, whenever you want to pay using Bitcoin, the price will be converted in Bitcoin using payment processor.

I don't know why so many years now that there are still wanted to  ask this same question , of Bitcoin becoming legal tender and will replace fiat because talking about this is like we will be losing Gold as well from bitcoin things that is very impossible to happen(redundant because that is what I feel now)

It's because of many newbies who is trying to replace anything with Bitcoin, probably they want to change their God to Bitcoin too.

Outside of El Salvador, I don't think any developed country will accept bitcoin as legal tender, it's almost unlikely.

El Salvador is still a developing country.

[dzungmobile]

Outside of El Salvador, I don't think any developed country will accept bitcoin as legal tender, it's almost unlikely.

El Salvador is still a developing country.

It has to go from small nations, developing ones to middle and large nations.

So far there are only two countries where Bitcoin is legal tender and they are all small nations.

Legal tender countries.
El Salvador and Central African Republic.

Small countries with small economic sizes are more flexible with their national policy changes than big countries but I am very bullish that the mass adoption trend will continue.

[Lucius]

El Salvador has USD as a legal tender. That makes bitcoin to be a legal tender in the country to be easy as they do not have their own fiat. But another country that makes bitcoin a legal tender is CAR and also an island in Honduras...

I don't know how many times I wrote to you that that country withdrew that law a long time ago and that the only country that has Bitcoin as legal tender is El Salvador. It is a shame that a "Legendary" member is sharing false information👎

In April 2022, the Central African Republic (CAR) adopted bitcoin as legal tender, becoming the second nation in history to do so. However, just a year later, the nation reversed its decision.

For everyone who, like the OP, thinks that Bitcoin should be legal tender in order to be used as a means of payment and who are obsessed with El Salvador, it would be good to finally understand that Bitcoin does not need to be legal tender in order to be successful - BTC is an alternative to existing payments methods, and all those who need a "green light" from their government to use it do not understand what Bitcoin is at all.

[_act_]

El Salvador has USD as a legal tender. That makes bitcoin to be a legal tender in the country to be easy as they do not have their own fiat. But another country that makes bitcoin a legal tender is CAR and also an island in Honduras...

I don't know how many times I wrote to you that that country withdrew that law a long time ago and that the only country that has Bitcoin as legal tender is El Salvador. It is a shame that a "Legendary" member is sharing false information

I am not a legendary yet but a hero member

I track you quote to October 2022 and I saw that you corrected me only one time and not many times but which is this https://bitcointalk.org/index.php?topic=5466649.msg62840032#msg62840032

I did not see it

I did not know that CAR no longer have bitcoin as a legal tender.

Thanks for the correction. But shame on you that you can not correct someone politely

[armanda90]

But bitcoin is not the only currency in El Salvador, they are still using USD along with bitcoin and we don't know which currency is most commonly used there. Bitcoin or USD? But as we can see, the president of El Salvador is using bitcoin as an investment rather than a currency. According to a recent report, their investment has brought a profit of up to 50% and they still buy bitcoin every day with investment goals.

Outside of El Salvador, I don't think any developed country will accept bitcoin as legal tender, it's almost unlikely.

Indeed El Savador government more priority bitcoin as investment assets but they had adopt bitcoin for legal payment currency transaction and all sectors accepted bitcoin. Bitcoin become the main investment by El Savador and giving space become legal currency transaction will make easily for their citizen accepted bitcoin for main country investment assets for the future with increasing profitable more than 50% since keep accumulate when bitcoin dropping under $20k.
I think USD dominance difficult stopping by some countries has ideas to make bitcoin as legal currency transaction, so far only El Savador and small African country adopted bitcoin as legal currency transaction and biggest country in European or Asian still not acceptable yet bitcoin will be their legal currency transaction in the future.

[dezoel]

BTC is so amazing and I also believe it take years for its founder to came up with such idea and produce it later on. If you are talking about making it as a legal tender, the answer will be the same. We can just look back on when did El Salvador declare this status in their BTC. It was on 2021 and that is almost 12 years, starting from the creation of BTC, however it didn't take long enough for other countries to follow the idea.

For some countries, maybe their governments and banks will never agree of it. For me, it's not a big deal but as long as they already allow BTC and other cryptos even as a means of asset only because I know many of us are still not fond of using our cryptos like a typical currency for regular use. Just don't worry because I believe that BTC is still decentralized despite of being a legal tender on some countries.

[kentrolla]

BTC is so amazing and I also believe it take years for its founder to came up with such idea and produce it later on. If you are talking about making it as a legal tender, the answer will be the same. We can just look back on when did El Salvador declare this status in their BTC. It was on 2021 and that is almost 12 years, starting from the creation of BTC, however it didn't take long enough for other countries to follow the idea.

For some countries, maybe their governments and banks will never agree of it. For me, it's not a big deal but as long as they already allow BTC and other cryptos even as a means of asset only because I know many of us are still not fond of using our cryptos like a typical currency for regular use. Just don't worry because I believe that BTC is still decentralized despite of being a legal tender on some countries.

I have slightly different take on it as I don't think Bitcoin can become legal tender like we have seen in El Salvador but the intention of creating Bitcoin has been decentralised P2P transfer and I would be happy if it serves the purpose and as far as bankers and government are concerned they would always try to find a reason to stop the Bitcoin domination but since it's decentralised they can't do much.

[Youngkhngdiddy]

BTC is so amazing and I also believe it take years for its founder to came up with such idea and produce it later on. If you are talking about making it as a legal tender, the answer will be the same. We can just look back on when did El Salvador declare this status in their BTC. It was on 2021 and that is almost 12 years, starting from the creation of BTC, however it didn't take long enough for other countries to follow the idea.

For some countries, maybe their governments and banks will never agree of it. For me, it's not a big deal but as long as they already allow BTC and other cryptos even as a means of asset only because I know many of us are still not fond of using our cryptos like a typical currency for regular use. Just don't worry because I believe that BTC is still decentralized despite of being a legal tender on some countries.

  No doubt, Bitcoin was first invented and the technology came into market first. Nobody, 6 years ago knew well about this technology and gradually it is proved to be digital currency when a couple try to buy pizza in exchange of Bitcoins in America. Also it was required to increase the trust and demand of Bitcoin in the global market and develop a strong strength. Gradually, it makes trust and fluctuates too to threaten people little bit. Inspired from this, a different platform of Blockchain came into existence in the name of Ethereum, similar to Bitcoin Blockchain. Now the ethereum became second cryptocurrency after the Bitcoin developed its trust in the economic world. In past 6 years more than 200 cryptocurrencies have evolved as genuine and some scams too for greed of business and popularity toward crypto market. Hence the most trusted and secured cryptocurrency is Bitcoin, as it is the father of may evolved cryptocurrencies as their prices are either in the form of Bitcoin or fiat currency (USD).
  Although Bitcoin is now almost 10 years old, many countries still do not have explicit systems that restrict, regulate, or ban the cryptocurrency. Bitcoin is not currently widely accepted transactions must often be used through an exchange it operates more like cash, exchanged person to person but without a financial intermediary and tax authorities, enforcement agencies, and regulators worldwide are still debating best practices. Some countries have indirectly assented to the legal use of Bitcoin by enacting some regulatory oversight. While Bitcoin is welcomed in many parts of the world, a few countries are wary because of its volatility, decentralized nature, perceived threat to current monetary systems, and links to illicit activities like drug trafficking and money laundering.

[lalabotax]

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;

That won't necessarily make Bitcoin a country's legal tender. It requires a process that is certainly complex and not easy. El Salvador, which has made BTC a legal tender, initially experienced many pros and cons regarding this decision. Because not everyone is ready for this mass adoption. However, as time goes by, it becomes quite amazing and works well.

So, can this be applied in other countries? of course it actually can. But the problem is, each country has its own considerations as to why they haven't legalized it until now. Or they still prohibit it as a legal means of payment. There must be quite a complex reason. However, it seems that in some countries, even though BTC is not yet legal tender, you can already use BTC as a means of payment on several platforms or merchants. It's just that it's still not that significant. The hope is that there will definitely be significant progress in the future. So Bitcoin can be increasingly known to many people and accepted in various engagements.

[Mate2237]

It is good idea to use bitcoin as the replica of the fiat currency to buy things and pay for services and and before that can achieve the country have to adopt it as the legal tender of the country but before we engage in this discussion can we first look at the out of El Salvador which have adopted bitcoin as a legal tender for two years back. If it works well there then it can use in another country as well although when more countries adopt it, it will be more effective than when only one country is using it. Our Economics are not even helping matters so if bitcoin can help us what we want then we are to use it but the government will not allow it citizens to accept bitcoin in their shops.

Dollar will not allow other countries economy to overtake it and IMF and World Bank will also not allow that to happen, if bitcoin take over the the world economy, many economic institutional workers will be jobless.

[Kelvinid]

It already happens and it will spread across the globe in the coming years. But how long? That is totally uncertain for now but at least some countries like El Salvador have shown it is strong and keeping their faith in it.

Maybe if the price of Bitcoin dropped like 10 years ago, I'm sure people are not in the focus of considering this as an investment but can be accumulated for other purposes as payment. But as the status of today, we can really see that people are investing and holding their Bitcoin for profit. This means that they solely consider this an investment, not from thinking they use it to buy things or pay bills.

[Volimack]

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.

Bitcoin is growing in use and popularity due to bitcoin being decentralized. It is only a hypothetical event becoming legal tender. Even if you are with bitcoin you will understand that bitcoin company is not affiliated with anyone. While there is some risk for price upside the number of profits is high. Bitcoin may take time to become legal tender as many organizations have not legalized it.