Bitcoin becoming Legal tender

[wiss19]

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

That's the thing, governments can't accept the fact that they will lose control over the finances of their people, they can't let that happen and they know this will happen to a large extent if they make Bitcoin a legal tender because that will allow people to hold and use Bitcoin without any restrictions apart from the rules and regulations they might impose on them.

This is the reason why they don't do this, and this is also the reason why a lot of countries are against the adoption of Bitcoin and other cryptocurrencies and they are always trying to either ban or keep them out of their country in one day or another because they can't let it take over the traditional financial system and make them lose control.

[legiteum]

This is the reason why they don't do this, and this is also the reason why a lot of countries are against the adoption of Bitcoin and other cryptocurrencies and they are always trying to either ban or keep them out of their country in one day or another because they can't let it take over the traditional financial system and make them lose control.

This is just plain untrue. Bitcoin is legal in almost every country, there's no evidence there are countries "against the adoption of Bitcoin", and almost no country in the world is trying to ban Bitcoin or any other cryptocurrency.

And there's no chance that Bitcoin could, technically, "take over the financial system".

[Negotiation]

It doesn't seem like a bold move for the government to make bitcoin legal tender. Governments feel that legalizing bitcoin will take control of the financial system out of government control and people will turn to bitcoin instead of fiat currency which is why many countries have blocked legal recognition of bitcoin. In addition the central bank has warned that customers transacting through online networks may face various risks including potential financial and legal risks of the virtual currency. There are no plans on whether bitcoin will become legal in the future.

[legiteum]

It doesn't seem like a bold move for the government to make bitcoin legal tender. Governments feel that legalizing bitcoin will take control of the financial system out of government control and people will turn to bitcoin instead of fiat currency which is why many countries have blocked legal recognition of bitcoin. In addition the central bank has warned that customers transacting through online networks may face various risks including potential financial and legal risks of the virtual currency. There are no plans on whether bitcoin will become legal in the future.

What country do you live in where Bitcoin is illegal?

[Smack That Ace]

This is the reason why they don't do this, and this is also the reason why a lot of countries are against the adoption of Bitcoin and other cryptocurrencies and they are always trying to either ban or keep them out of their country in one day or another because they can't let it take over the traditional financial system and make them lose control.

This is just plain untrue. Bitcoin is legal in almost every country, there's no evidence there are countries "against the adoption of Bitcoin", and almost no country in the world is trying to ban Bitcoin or any other cryptocurrency.

And there's no chance that Bitcoin could, technically, "take over the financial system".

China, Bangladesh... are countries that still ban bitcoin and cryptocurrency, they have never had a friendly view of bitcoin.

That's right, bitcoin has never had the ability to take over the financial system, or replace any country's currency, and that was not Satoshi's goal when creating bitcoin. But there are some bitcoin fanatics who always propagate that bitcoin is better than fiat money and will completely replace fiat money...that has caused confusion and made the government have a bad view of bitcoin. I don't understand why many people still propagate that bitcoin will replace fiat, that never makes bitcoin better.

[BALIK]

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.

Perhaps you are not up to date with the bitcoin situation in these 2 countries, El Salvador has started to profit from its bitcoin investment and domestic bitcoin adoption is still limited, they need more time with bitcoin . But the Central African Republic has announced that it has failed with its plan to legalize bitcoin because of the many challenges involved. As a result, there is only one country left that accepts bitcoin as legal tender, and since the debacle of the Central African Republic, we have yet to have any more small countries accept bitcoin as legal tender.
https://bitcoinmagazine.com/culture/why-bitcoin-failed-in-car

[legiteum]

This is the reason why they don't do this, and this is also the reason why a lot of countries are against the adoption of Bitcoin and other cryptocurrencies and they are always trying to either ban or keep them out of their country in one day or another because they can't let it take over the traditional financial system and make them lose control.

This is just plain untrue. Bitcoin is legal in almost every country, there's no evidence there are countries "against the adoption of Bitcoin", and almost no country in the world is trying to ban Bitcoin or any other cryptocurrency.

And there's no chance that Bitcoin could, technically, "take over the financial system".

China, Bangladesh... are countries that still ban bitcoin and cryptocurrency, they have never had a friendly view of bitcoin.

That's right, bitcoin has never had the ability to take over the financial system, or replace any country's currency, and that was not Satoshi's goal when creating bitcoin. But there are some bitcoin fanatics who always propagate that bitcoin is better than fiat money and will completely replace fiat money...that has caused confusion and made the government have a bad view of bitcoin. I don't understand why many people still propagate that bitcoin will replace fiat, that never makes bitcoin better.

In China it's legal for individuals to hold and trade Bitcoin--they only ban their financial institutions from using Bitcoin on their balance sheets (presumably because they think it's too risky to invest in).

There are a few countries where Bitcoin is banned, but they are very few, and financially speaking very small.

I don't know of governments who have a "bad view of Bitcoin", but as a very significant financial instrument, there are going to be issues with fraud, so it's proper that they try to protect consumers from that. But they have this same "bad view" of stocks, bonds, and sovereign currency too. It's just the government being the government.

[bettercrypto]

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.

It's true, and I agree with what you say. Just for a country to recognize Bitcoin is enough to teach its subjects to adopt it in their country, and that's fine. It seems like here in our country he is recognized, but Bitcoin or cryptocurrency is not legal tender here in us.

And so far, so good for the few years that we have been here. It means that even though Bitcoin is decentralized and we know that if it is regulated by the government, people can still adopt it. And the government can also tax the crypto earners if they want to do it because they have the authority to do it.

[lizarder]

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.

For me that is a much more rational reason because countries that have an official currency will find it much more difficult to adopt bitcoin as a legal currency. Countries have regulations that regulate the issue of official currency and if we think they want to change bitcoin to legal currency then it must go through parliamentary approval. This is where they will run into problems because there will be challengers from several factions joining them.

Very few countries accept bitcoin as legal tender and if this relationship is linked generally only El Salvador may be legal in the use of bitcoin as a legal means of transaction. Most countries accept the adoption of bitcoin as an investment asset and that is also what my country does with Cryptocurrencies in general and bitcoin in particular.

[Ryu_Ar1]

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.

For me that is a much more rational reason because countries that have an official currency will find it much more difficult to adopt bitcoin as a legal currency. Countries have regulations that regulate the issue of official currency and if we think they want to change bitcoin to legal currency then it must go through parliamentary approval. This is where they will run into problems because there will be challengers from several factions joining them.

Very few countries accept bitcoin as legal tender and if this relationship is linked generally only El Salvador may be legal in the use of bitcoin as a legal means of transaction. Most countries accept the adoption of bitcoin as an investment asset and that is also what my country does with Cryptocurrencies in general and bitcoin in particular.

Well it is indeed a situation that is sometimes very difficult to accept because when a country tries to legalize bitcoin as an alternative payment then indirectly they also have to prepare some supporting facilities just like El Savador did.
But even so it does not rule out the possibility when bitcoin continues to grow then I think it is still very possible for some countries to provide leeway in terms of regulation for bitcoin and it is not impossible for this to be used as a legal means of payment in the end.

I personally actually for now do not really matter whether bitcoin will be used as a legal tender or not in my country because when now the government in my country is starting to accept and provide facilities for bitcoin to continue to grow it has become a very good thing even though currently bitcoin is still considered a commodity but still it is a good thing until now so that when the current regulations are favorable for my country and bitcoin because they still do not take banning action it is very pleasant for me.

[Questat]

It doesn't seem like a bold move for the government to make bitcoin legal tender. Governments feel that legalizing bitcoin will take control of the financial system out of government control and people will turn to bitcoin instead of fiat currency which is why many countries have blocked legal recognition of bitcoin. In addition the central bank has warned that customers transacting through online networks may face various risks including potential financial and legal risks of the virtual currency. There are no plans on whether bitcoin will become legal in the future.

The government will never go against their plan as well which makes it hard to say that Bitcoin will totally be considered as legal tender is all countries. But it was a good thing to see that some countries and their leaders are supporting Bitcoin which probably some country leaders will also reconsider it just like the others did. Like in my country where the use of Bitcoin is not officially considered legal tender and I have no complaints about it at least it was not banned which I think was good enough.

Too difficult to assume that it will become a legal tender in my country and to others for a few years but I have faith and optimism. Government leaders have different views about Bitcoin which also could affect the future of Bitcoin.

[adpinbr]

Make as a legal tender is not a bad idea to you, but it is hundred percent rejected in most of the countries because it is a digital currency, how would a government allow bitcoin to rule them? No government will ever allow that to happen. Bitcoin maybe accepted as a means of exchange or payment but it will never take over a country own currency, bitcoin has been accepted all over the world and it has a limit because some countries don’t accept
Countries can partially accept bitcoin as digital currency and the citizens must make use of it, the possibility of making bitcoin a legal tender.

[amihada]

Bitcoin is a digital currency that is not legalized in many countries. The question is, if a country does not legalize Bitcoin, can Bitcoin be used as a legal means of payment? Of course the answer is no, so for me personally Bitcoin is enough, like now, many people keep it in their wallets and don't need to get any permission from the government, we automatically regulate it ourselves.

[peter0425]

This is the reason why they don't do this, and this is also the reason why a lot of countries are against the adoption of Bitcoin and other cryptocurrencies and they are always trying to either ban or keep them out of their country in one day or another because they can't let it take over the traditional financial system and make them lose control.

This is just plain untrue. Bitcoin is legal in almost every country, there's no evidence there are countries "against the adoption of Bitcoin", and almost no country in the world is trying to ban Bitcoin or any other cryptocurrency.

wait, LEGAL IN MOST EVERY COUNTRY? when you call Legal that means it is at least adopted by the government? is that what you mean?
and there are almost no country who tries banning bitcoin? all you said is what is untrue.

And there's no chance that Bitcoin could, technically, "take over the financial system".

you have supported bitcoin all over your coin but here? no chance of taking over financial system? you sounds like contradicting lol.

[legiteum]

This is just plain untrue. Bitcoin is legal in almost every country, there's no evidence there are countries "against the adoption of Bitcoin", and almost no country in the world is trying to ban Bitcoin or any other cryptocurrency.

wait, LEGAL IN MOST EVERY COUNTRY? when you call Legal that means it is at least adopted by the government? is that what you mean?
and there are almost no country who tries banning bitcoin? all you said is what is untrue.

Here's the list on wikipedia:

https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory

As you can see, there are very few countries that make Bitcoin illegal.

Of course, as I've said here many times here, the term "Legal Tender" means something completely different, and it essentially means that it's illegal not to accept Bitcoin, in other words, a government shoving it down people's throat even if they don't want to transact in Bitcoin.

But most people assume "legal" means, "you can hold or trade Bitcoin and you will not be put in jail". That's true in almost every country in the world.

And there's no chance that Bitcoin could, technically, "take over the financial system".

you have supported bitcoin all over your coin but here? no chance of taking over financial system? you sounds like contradicting lol.

You can support Bitcoin and still believe it cannot "take over the financial system".

[lizarder]

Well it is indeed a situation that is sometimes very difficult to accept because when a country tries to legalize bitcoin as an alternative payment then indirectly they also have to prepare some supporting facilities just like El Savador did.
But even so it does not rule out the possibility when bitcoin continues to grow then I think it is still very possible for some countries to provide leeway in terms of regulation for bitcoin and it is not impossible for this to be used as a legal means of payment in the end.

For suggestions payment still has the opportunity to be applied in Bitcoin during the trip Bitcoin has found a vast adoption throughout the world, thus alternatives to payments using Bitcoin can be made by countries that have regulations regarding legal currencies. But when it comes to Bitcoin as an official currency in a country is still quite difficult to apply because of various considerations that make things much more unlikely. El Salvador can make binding rules because before they did not have official currencies in the country so that the potential of Bitcoin as an official currency became the right choice.

I personally actually for now do not really matter whether bitcoin will be used as a legal tender or not in my country because when now the government in my country is starting to accept and provide facilities for bitcoin to continue to grow it has become a very good thing even though currently bitcoin is still considered a commodity but still it is a good thing until now so that when the current regulations are favorable for my country and bitcoin because they still do not take banning action it is very pleasant for me.

Logically what is applied by the state about Bitcoin is quite satisfying as long as this asset is not prohibited. Bitcoin can be used as an investment asset that is more than enough even though there are regulations that regulate their levels. I also did not mind about my country that received Bitcoin as an investment asset because it was indeed a whole is still quite profitable for every individual in carrying out investment. With the legality of Bitcoin as an investment asset opening the way for us to achieve financial freedom and we also do not have problems with the law when running it.

[Zanab247]

Assuming the first country that made BTC legal tender are not doing well or enjoying the system in their country, that is when other countries will be afraid to make it legal tender in their countries because they have see how it has contributed to the growth of El Salvador economy that is giving them confidence to do the sama thing to make it legal tender.

The day your government will make BTC legal tender in your country, just try to create a business and introduce BTC as a payment and it will make the bitcoiners in that environment to be coming to your store to buy goods and services from you and pay with BTC and, it will make others business men and women around you to also introduce BTC in their business too.

[legiteum]

Assuming the first country that made BTC legal tender are not doing well or enjoying the system in their country, that is when other countries will be afraid to make it legal tender in their countries because they have see how it has contributed to the growth of El Salvador economy that is giving them confidence to do the sama thing to make it legal tender.

The day your government will make BTC legal tender in your country, just try to create a business and introduce BTC as a payment and it will make the bitcoiners in that environment to be coming to your store to buy goods and services from you and pay with BTC and, it will make others business men and women around you to also introduce BTC in their business too.

You can accept Bitcoin as payment in almost every country in the world already. No new laws are required.

The reason people don't do this is because you would need to wait around for up to 30 minutes, and pay up to 30 US dollars for a single transaction.

Blockchain-based cryptocurrencies are impractical for almost all mainstream transactions. This is not a government conspiracy, it's just a technical limitation.

[Bravut]

The reason people don't do this is because you would need to wait around for up to 30 minutes, and pay up to 30 US dollars for a single transaction.

Are you pointing out that this is what slows the rate or the reason behind the lack adoption of system by the people?
The simple remains that the big players will not fold hands to watch this, as this is a practical illusion.

 Decentralisation of Financial Power

You can do more research on this to get clarity and not judge from a time based transaction process as the limiting factor.

[legiteum]

The reason people don't do this is because you would need to wait around for up to 30 minutes, and pay up to 30 US dollars for a single transaction.

Are you pointing out that this is what slows the rate or the reason behind the lack adoption of system by the people?
The simple remains that the big players will not fold hands to watch this, as this is a practical illusion.

 Decentralisation of Financial Power

You can do more research on this to get clarity and not judge from a time based transaction process as the limiting factor.

So if I pay for my coffee at Starbucks with Bitcoin and I have to pay a total of $38.50 for a cup of coffee and wait 30 extra minutes for it, this is all just a "practical illusion"?

And in case you haven't noticed, Bitcoin has done nothing whatsoever to "decentralize financial power" and in fact it's centralized that power more than ever before as the market is controlled by the movements of big Bitcoin investors, most people use centralized brokers to buy and sell Bitcoin, and Bitcoin is effectively regulated just like any other investment asset is because people must pay taxes on their earnings lest they want to end up in jail.

Bitcoin works just fine as an investment instrument, but it's nothing more than that.