Bitcoin becoming Legal tender

[yhiaali3]

There is a major contradiction between the concept of decentralized Bitcoin and the concept of absolute central authority exercised by governments over current monetary and economic policies.

It is very difficult for the central government to accept a decentralized currency that it does not fully control as a monetary system for the country. At best, it can accept Bitcoin as an alternative method of payment and nothing more.

In addition to governments' refusal to adopt Bitcoin as a major legal currency due to its decentralized nature, there are other negative factors in Bitcoin that prevent this, such as known network problems such as congestion and high fees.

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[Ben Barubal]

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.

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. Other countries can do the same if they want but they will prefer not to do so but prefer just on their fiat.

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

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

     Is there any other country besides El Salvador that has made Bitcoin legal tender? All I know is that there are countries that recognize bitcoin in their countries, but not to the point that El Salvador did. I hope there are countries that follow or imitate what El Salvador did to make it a legal tender in every country.

    Although I know that it is very unlikely for this to happen in the future, That's why, in my opinion, it's so good to think that all countries will accept Bitcoin and cryptocurrencies.

[legiteum]

     Is there any other country besides El Salvador that has made Bitcoin legal tender? All I know is that there are countries that recognize bitcoin in their countries, but not to the point that El Salvador did. I hope there are countries that follow or imitate what El Salvador did to make it a legal tender in every country.

    Although I know that it is very unlikely for this to happen in the future, That's why, in my opinion, it's so good to think that all countries will accept Bitcoin and cryptocurrencies.

El Salvador's experiment has been a disaster and hardly anybody there has adopted Bitcoin as a daily form of payment there even though the government basically paid citizens to do so.

It doesn't require a government to shove Bitcoin down people's throats in order for it to be legal to hold or trade. Bitcoin is perfectly legal almost everywhere.

[Oneandpure]

     Is there any other country besides El Salvador that has made Bitcoin legal tender? All I know is that there are countries that recognize bitcoin in their countries, but not to the point that El Salvador did. I hope there are countries that follow or imitate what El Salvador did to make it a legal tender in every country.

    Although I know that it is very unlikely for this to happen in the future, That's why, in my opinion, it's so good to think that all countries will accept Bitcoin and cryptocurrencies.

Have some countries make bitcoin become legal tender for transaction but not achieved success such as El Savador because not only adopt bitcoin become legal currency transaction in all sectors in their country but El Savador government had good routine by investing in bitcoin since 2021 until right now. Some countries still scared with investing in bitcoin how much with El Savador get braveness without miss one not investing in bitcoin.
Can't acceptable some countries reason not acceptable bitcoin as legal payment tender, I think will make all transaction easily when using bitcoin as payment tender exactly with large amount of transaction just take few minutes only for sending. After El Savador success with their investing in bitcoin will there any countries follow what did by El Savador?

[Belarge]

     Is there any other country besides El Salvador that has made Bitcoin legal tender? All I know is that there are countries that recognize bitcoin in their countries, but not to the point that El Salvador did. I hope there are countries that follow or imitate what El Salvador did to make it a legal tender in every country.

    Although I know that it is very unlikely for this to happen in the future, That's why, in my opinion, it's so good to think that all countries will accept Bitcoin and cryptocurrencies.

Our opinions doesn't matter in the system. Bitcoin and other cryptocurrency have come to stay, it's been really tough time in the system. Countries do acknowledge bitcoin but definitely not to the extent of authorizing bitcoin to be a legal tender in the space. These countries have made thorough research and they're not comfortable with the high volatility of bitcoin. Legal tenders ought to be stable and easy going and not fluctuating as if it's some kind of random altcoin. El Salvador was the only country to take a bold step when it involves in bitcoin.

[uchegod-21]

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;

You said about pondering on the motion of making bitcoin a legal tender. You speak as if the whole country is controlled by just one government and if eventually that government accepts bitcoin as a legal tender it becomes a universal thing. It is not done so there is no how you will get China into this business and also get US into the business Russia and every other country to eventually make Bitcoin a legal tender. What is a legal tender in one country might not be a legal tender in another country. So that is just the fate of Bitcoin. Some countries will love bitcoin and welcome it why some other countries with dislike it and fight against Bitcoin. But in whatsoever happens I am not that interested of Bitcoin being a legal tender but let every country give bitcoin a legitimate status to operate I am okay with that. Bitcoin exist and fiat exist.

[Uhwuchukwu53]

There is a major contradiction between the concept of decentralized Bitcoin and the concept of absolute central authority exercised by governments over current monetary and economic policies.

It is very difficult for the central government to accept a decentralized currency that it does not fully control as a monetary system for the country. At best, it can accept Bitcoin as an alternative method of payment and nothing more.

In addition to governments' refusal to adopt Bitcoin as a major legal currency due to its decentralized nature, there are other negative factors in Bitcoin that prevent this, such as known network problems such as congestion and high fees.

Well government just as you have states is not willing to accept decentralized currency as legal rather take it as alternative I think it's correct, if not for more growth and spread, as Bitcoin is decentralized is one among the best that can happen to any currency because the control if government have make many fiat loss value despite it being legally accepted.

This could be one major reason while the man who introduced Bitcoin desire it to be decentralized to avoid overriding power of the government which may leads to total control which may course some fall.

[nakamura12]

I think there would be changes like some a store in your local store accept Bitcoin as one of their payment method when buying on their store and also you won't need to hide about owning BTC. I am sure you know that some people are being secretive when they bought bitcoin because it is banned in their country so if it becomes a legal tender then that won't be a problem anymore. The final decision will depends on the government if they made BTC a legal tender or not.

[legiteum]

I think there would be changes like some a store in your local store accept Bitcoin as one of their payment method when buying on their store and also you won't need to hide about owning BTC. I am sure you know that some people are being secretive when they bought bitcoin because it is banned in their country so if it becomes a legal tender then that won't be a problem anymore. The final decision will depends on the government if they made BTC a legal tender or not.

"Legal Tender" is not the same as "legal".

Also, "Legal Tender" is not the same as "legal".

In fact, "Legal Tender" is not the same as "legal".

Please stop asking for "legal tender" when you clearly don't know what that means.

Bitcoin is legal in almost every country in the world. You can buy, hold, and sell Bitcoin almost anywhere legally, even in China, where only the big banks are forbidden from using Bitcoin as one of their assets, but otherwise individuals are free to use Bitcoin.

Asking a government to solve a problem when there isn't one is dangerous...

[DanWalker]

I think there would be changes like some a store in your local store accept Bitcoin as one of their payment method when buying on their store and also you won't need to hide about owning BTC. I am sure you know that some people are being secretive when they bought bitcoin because it is banned in their country so if it becomes a legal tender then that won't be a problem anymore. The final decision will depends on the government if they made BTC a legal tender or not.

From what you said, I have a question for everyone. Would we openly declare ourselves bitcoin investors if the government accepted and legalized it? Can we use bitcoin in public without fear of someone knowing we own bitcoin? Because people say they need bitcoin because bitcoin is decentralized and protects their privacy, but if we use them in public, it will no longer be private. Not to mention many people are using bitcoin to avoid taxes, will we voluntarily pay taxes to use bitcoin legally?

[nakamura12]

"Legal Tender" is not the same as "legal".

Also, "Legal Tender" is not the same as "legal".

In fact, "Legal Tender" is not the same as "legal".

Please stop asking for "legal tender" when you clearly don't know what that means.

Bitcoin is legal in almost every country in the world. You can buy, hold, and sell Bitcoin almost anywhere legally, even in China, where only the big banks are forbidden from using Bitcoin as one of their assets, but otherwise individuals are free to use Bitcoin.

Asking a government to solve a problem when there isn't one is dangerous...

You didn't get my point mate. I didn't say that legal is the same as legal tender. I only explained the possible changes if a country decided to make Bitcoin as a legal tender which as I explained in my previous post that Bitcoin will be now accepted as another mode of payment. Try asking people from El Salvador and see if there's a shop or store in their country that accept bitcoin since Bitcoin is already a legal tender in their country.

[snowpega]

I think there would be changes like some a store in your local store accept Bitcoin as one of their payment method when buying on their store and also you won't need to hide about owning BTC. I am sure you know that some people are being secretive when they bought bitcoin because it is banned in their country so if it becomes a legal tender then that won't be a problem anymore. The final decision will depends on the government if they made BTC a legal tender or not.

hmm You may Have seen some of circulating videos on social media where kids paying their bills off using Bitcoin as a legal tender and that is obviously El Salvadorian people who can use their digital asset/Bitcoin openly without worrying about that their assets can be in danger if government come to know about it. But things are not the same in every country like this. Although we also want that our country should also announce Bitcoin as a legal tender.

Many of the government consider Bitcoin as a threat but they do not know the actual value and importance of Bitcoin which is the King of all digital currencies. From the Recent news I had read El Salvador's President has announced that the government will keep buying one Bitcoin every day until it is unaffordable with Fiat currency. This Country is highly bullish on Bitcoin because they have seen it as an strong gaining potiential for their country econmy. Well to be very honest it would be a good recomedation that keep secreat your itcoin involvvement if you are living in such contry where it is not legal tender.

[lizarder]

  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.

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.

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

Bitcoin will continue to show development and that is evident in the process of its journey until now. The economic relationship to bitcoin's journey may be interdependent where many people can achieve financial freedom from bitcoin.

[Magic-Money]

The world is gradually advising and the more technology is keep increasing on the daily basis and the more digital currency usage are keeping increasing in transaction, which Bitcoin is the one of the digital assets and it keeps spreading across the globe in time's of financial services sector. One day world we accept Bitcoin as few other countries are comfortable using Bitcoin as a means of payment.

[legiteum]

"Legal Tender" is not the same as "legal".

Also, "Legal Tender" is not the same as "legal".

In fact, "Legal Tender" is not the same as "legal".

Please stop asking for "legal tender" when you clearly don't know what that means.

Bitcoin is legal in almost every country in the world. You can buy, hold, and sell Bitcoin almost anywhere legally, even in China, where only the big banks are forbidden from using Bitcoin as one of their assets, but otherwise individuals are free to use Bitcoin.

Asking a government to solve a problem when there isn't one is dangerous...

You didn't get my point mate. I didn't say that legal is the same as legal tender. I only explained the possible changes if a country decided to make Bitcoin as a legal tender which as I explained in my previous post that Bitcoin will be now accepted as another mode of payment. Try asking people from El Salvador and see if there's a shop or store in their country that accept bitcoin since Bitcoin is already a legal tender in their country.

El Salvador used the power of the government to force Bitcoin down the throats of its citizens and… it didn’t even work.

No government legislation is going to make Bitcoin transactions not take 30 minutes and cost 30 dollars. That’s why vendors don’t accept it, even though they are free to do so because Bitcoin is perfectly legal already in almost every country.

 Begging the government to force your product on citizens is… dangerous and can easily backfire.

[someone703]

Decentralization is a powerful buzzword, but the reality is more nuanced.  Bitcoin disrupts the status quo, taking power away from big banks and institutions.  Imagine a world where individuals have more control over their finances, a world without gatekeepers.

However, is Bitcoin truly empowering the people, or simply creating a new set of rules?  Governments might lose direct control over money creation, but they'll likely find ways to regulate and tax Bitcoin transactions.  The power dynamic might shift, but complete freedom from oversight is an illusion.

El Salvador's story is still unfolding.  Will Bitcoin become a catalyst for economic growth, or a recipe for instability?  The answer remains unclear.  Emerging markets like El Salvador might benefit from the innovation, but established economies might face challenges integrating a volatile currency.

[southerngentuk]

Dismissing the idea solely because "dumb governments" won't endorse it is a bit shortsighted.  Global financial reform requires a shift in mindsets, not just at the governmental level, but also among the "elites" who control major financial institutions.

Is mass adoption a prerequisite for Bitcoin's success as legal tender?  Perhaps not.  El Salvador's experiment, while still in its early stages, demonstrates the potential for smaller economies to embrace Bitcoin first.  Imagine a domino effect, with other nations following suit as the kinks are ironed out.

The transaction speed and cost issues you mentioned are valid concerns.  Bitcoin's current infrastructure simply might not be scalable enough for everyday transactions in a large economy.  However, advancements like the Lightning Network are being developed to address these limitations.  Imagine a highway expansion project –  a necessary step to accommodate increased traffic.

[Shamm]

The world is gradually advising and the more technology is keep increasing on the daily basis and the more digital currency usage are keeping increasing in transaction, which Bitcoin is the one of the digital assets and it keeps spreading across the globe in time's of financial services sector. One day world we accept Bitcoin as few other countries are comfortable using Bitcoin as a means of payment.

We must accept that fact that everyone of us has a time that we can't leave without technology and maybe incoming decades will shock us and all our needs and wants are base on technology and maybe our currency will be digital as we all know that nowadays Many country start accepting digital currencies such as Bitcoin so maybe there's a chance that Bitcoin will take over all currencies jus my Opinion. Anyways Bitcoin now can use for payings in some countries and it will be the beginning of all things happen in the future.

[Orpichukwu]

It is not compulsory for government to make bitcoin a legal tender before the citizens of that country can benefit from bitcoin.

According to OP, he wants Bitcoin to be used for the purchase of goods just the way fiat money is used. He has failed to know that even in countries where Bitcoin is not accepted as a legal tender, there are still citizens who are doing their business transactions with Bitcoin payments.

Bitcoin is a P2P payment method, such that when two people agree to do any business and one party agrees to accept payment in Bitcoin, Bitcoin must not become a legal tender worldwide before it can be regarded as bitcoin.

In one old comment on this kind of topic, the writer said that if the government allows Bitcoin to become a legal tender all over the world, it will give the government more opportunity to know the identities of many Bitcoin users and investors, and I don't like the idea.

The different countries in the world have their own fiat currencies; what is the need to force everyone to use Bitcoin for the sake of making it legal tender?

[The Cryptovator]

I don't know if there is any other country except El Salvador that accepts Bitcoin as a legal tender. This isn't an easy process, we are thinking. As Bitcoin lovers, we often want to see Bitcoin as legal tender but have to admit its limitations as well. Legal tender means Bitcoin should be accepted everywhere if someone wants to pay for something. It's like Fiat; if you want to buy something from Fiat, they have to accept it. More legal tender means more control by the government. But still, we want it since we can use our bitcoin whenever we need it.