BITCOIN AS A LEGAL TENDER | Bitcointalksearch.org

jrrsparkles

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Quote from: DaNNy001 on May 18, 2022, 05:10:11 AM

Please I ask the forum do you think Bitcoin can be installed as a means of legal tender in advance county like CHINA, USA , ENGLAND, JAPAN etc...
Seeing it's getting close to it's mining 21million limit

Japan and other few countries accept bitcoin for payment of even taxes and others meanwhile China and India are acting against the decentralized so they are trying hard to implement the CBDC. The 21 limit is not actually a problem because bitcoin can be divided into parts and the minimum size of bitcoin can be 1 Satoshi.

But when it comes to as legal tender its still far from being accepted which mainly depends on the adoption by the people which only can force the government to accept it as legal tender when they have no choice.

Flexystar

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Quote from: Darker45 on May 18, 2022, 09:08:41 PM

Quote from: DaNNy001 on May 18, 2022, 05:10:11 AM

Please I ask the forum do you think Bitcoin can be installed as a means of legal tender in advance county like CHINA, USA , ENGLAND, JAPAN etc...

Yes, for as long as it is not the only legal tender of those countries. Otherwise, it is necessary that a complete paradigm shift in finance and economics will have to happen first. I believe that the prevailing financial and economic systems are largely incompatible with the system espoused by Bitcoin. There will have to be a complete process of restructuring.

Quote

Seeing it's getting close to it's mining 21million limit

Not really. The 21 million limit will not be reached before the year 2140. That's more than a hundred years from now.

Oh yeah the hundred year period! This is the actual reason why bitcoin's value is rising all the time considering the timeline since it's inception. I mean on a broad spectrum the prices are always rising from scratch up until now. Moreover, the demand will keep rising as more changes occurs in different countries, as they keep adding up legal tenders or at least taxed use of bitcoin in the future.

With the current rate of acceptance and world wide situation of crisis, its hardly going to be accepted by those developed countries. Definitely it will take time, but uncertain. Better live through it now, gain some stash and stay in peace.

fiulpro

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Short answer: No
The answer is more concerned with the situation right now which is: 'High Volatility' and 'Price Crash' even countries like El Salvador who adopted bitcoins at the end of the day are facing issues causing probelms with not just the 'Banks' but also causing them probelms on an international basis but then again they just had a meeting with the team from many countries making everything a bit optimistic but I do think that other countries would be more wary of doing it now since it's not running smoothly in El Salvador but in the future when they find the situation to be improving a bit, then for sure.

dataispower

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Quote from: GreatArkansas on May 18, 2022, 09:16:20 PM

There are a lot of people who don't want Bitcoin as legal tender especially when they want to use it in their daily lives, there are a lot of things to consider especially the transaction fees if you,

The people that will not like bitcoin to become legal tender is government people. Because of the hatred they have for bitcoins. But for the transaction fees that you suggested as the one of the point bitcoin will not use as a legal tender. I don't think it is current. Because both those once that is legal tender still have charge's.

Quote from: avikz on May 18, 2022, 11:19:23 PM

I don't see it happening in "advanced" countries like China ever. If you have slightest idea on how China functions, you wouldn't have listed them as an advanced country. In countries like Japan, there is still a possibility to have bitcoin listed as legal tender in future. That could happen in European countries as well. But not in dictator led countries like China or Russia. They will rather implement CBDCs over cryptocurrencies.

We are Just seeing them like that. But in the future time you will see that reverse shall be the case, many countries will not rush to accept cryptocurrency as legal tender because of the incubation they kept bitcoin for now. I they say some countries never started practicing buy ing and selling of cryptocurrency for a living

Lucius

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Quote from: Darker45 on May 18, 2022, 09:08:41 PM

Not really. The 21 million limit will not be reached before the year 2140. That's more than a hundred years from now.

The fact is that we have more than 19 million BTCs already mined, and that in less than 10 years we will reach 99%, which means that 1% (210 000) will remain for the next 100+ years. Therefore, the constant emphasis on the year 2140 is rather meaningless if we take into account that in the very near future we will have just under 21 million BTC mined.

uchegod-21

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Quote from: DaNNy001 on May 18, 2022, 05:10:11 AM

Please I ask the forum do you think Bitcoin can be installed as a means of legal tender in advance county like CHINA, USA , ENGLAND, JAPAN etc...
Seeing it's getting close to it's mining 21million limit

If bitcoin is installed in China, USA, England, Japan etc, will it add any more features to Bitcoin?
My problem is not for all these countries to adopt Bitcoin as their legal tender, my concern is for them to allow Bitcoin to exist as their fiat is also existing. Live and let's live. If countries doesn't adopt Bitcoin as their legal tender and allow Bitcoin to operate on its own, I am sure Bitcoin will live and surpass its expectations.
Those countries should not ban bitcoin, or rather unban for the ones that have previously banned Bitcoin. They should not make laws that are not friendly with bitcoin, they shouldn't tax or over tax Bitcoin and allow us to enjoy our Bitcoin. We are not praying for them to make bitcoin any legal tender.

Jating

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Quote from: DaNNy001 on May 18, 2022, 05:10:11 AM

Please I ask the forum do you think Bitcoin can be installed as a means of legal tender in advance county like CHINA, USA , ENGLAND, JAPAN etc...
Seeing it's getting close to it's mining 21million limit

I thought Japan did make it legal tender way back in 2017?

Anyhow, it could be treated as a commodity or asset and it's really up to those nations that will adopt how will they define bitcoin.

So there is already one nation which is El Salvador who treated bitcoin as legal tender so that will be a good 'experiment' and see how bitcoin as payment method or any other uses as regular fiat.

Kakmakr

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To answer your question, I will point you to this link ==> https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory

Now you will see a lot of those countries fall within the "Green" - Legal to use Bitcoin section, but that can also be grouped into the "trading" of bitcoins as a Commodity ..and not as legal tender. Roll Eyes

Can it succeed as a currency in strong first world countries? Yes it can, but those countries have a strong Fiat currency that are protected by their governments, so it is unlikely that they will allow any competition to their power. (They have power over their local Fiat currencies, because they manipulate the supply.....and artificially boost the price to create a perception that they are powerful)

worle1bm

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Quote from: DaNNy001 on May 18, 2022, 05:10:11 AM

Please I ask the forum do you think Bitcoin can be installed as a means of legal tender in advance county like CHINA, USA , ENGLAND, JAPAN etc...
Seeing it's getting close to it's mining 21million limit

Looking at the past behaviour of these countries towards bitcoin it seems that they will not adopt it soon especially China when they have banned it so many times and beside that they are developed nations who think they can survive without adopting bitcoin and see it as enemy of the state so not willing to pass laws for them.It will still take a century for bitcoin supply to be fully mined until 2140 and many things changes with time.

pooya87

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The answer depends on the time frame you have in mind.
In near future, it is not possible for countries with "big" economy (that doesn't mean "advanced" as you put it) to adopt bitcoin as legal tender. Specially if they are trying to dominate the world with their own fiat currency, since obviously they would see bitcoin as a threat. Examples are US and China.

Other countries that don't want to dominate the world on the other hand, would be more willing to adopt bitcoin as we are seeing it happen in many of them like Japan and El Salvador regardless of their economy size or strength.

In the far future, when bitcoin has reached a much bigger adoption level and has a much more stable price and also second layer solution such as LN are more solidified, we can expect more countries jump on board because they wouldn't have any other choice and have to accept the reality by then.

so98nn

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Quote from: DaNNy001 on May 18, 2022, 05:10:11 AM

Please I ask the forum do you think Bitcoin can be installed as a means of legal tender in advance county like CHINA, USA , ENGLAND, JAPAN etc...
Seeing it's getting close to it's mining 21million limit

The fact is its possible but the reality is they are not accepting it so as not to crush down the traditional banking system.
Unfortunately, those countries are accepting it as legal tender who are on the verge of bankruptcy and who has devalued their currencies against the dollar.

They are like using bitcoin as escape route to recover their economy with the help of decentralisation, free flow of money and trying to get overseas money inside the country, (through businesses, personal incomes etc).

However, it seems difficult that all the countries would accept it in the near future.

avikz

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I don't see it happening in "advanced" countries like China ever. If you have slightest idea on how China functions, you wouldn't have listed them as an advanced country. In countries like Japan, there is still a possibility to have bitcoin listed as legal tender in future. That could happen in European countries as well. But not in dictator led countries like China or Russia. They will rather implement CBDCs over cryptocurrencies.

But in case of another world war, the gameplan could be changed totally.

Poker Player

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Quote from: Tony116 on May 18, 2022, 09:35:02 PM

England is an EU country and this is the country where I see them most opposed to bitcoin, China bans all bitcoin related activities and has always considered bitcoin a thorn in their eyes for a long time. Only the US and Japan are two countries with a friendly view of bitcoin, maybe in the future they will accept it as an asset and come with regulations.

What a bunch of crap you just wrote. England i not an EU country, and the US and Japan already accept it as an asset and Bitcoin is regulated there. No wonder you have not received any merit since the merit system was introduced. What I feel bad about is that you get paid for writing garbage.

Quote from: DaNNy001 on May 18, 2022, 05:10:11 AM

Please I ask the forum do you think Bitcoin can be installed as a means of legal tender in advance county like CHINA, USA , ENGLAND, JAPAN etc...

I agree with many other fellow forum members who have responded before that I see it as extremely unlikely, let alone in the short to medium term. You never know what might happen 30 years down the road or more but in the next 10 years it's not going to happen, it will just continue to be considered an asset on which you have to pay capital gains when you sell (or pay) if you have made a profit on fiat over your base purchase price.

Tony116

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Developed countries they already have their own currency and I am pretty sure they will never accept bitcoin or any other crypto as legal tender, this will weaken their fiat currency.

England is an EU country and this is the country where I see them most opposed to bitcoin, China bans all bitcoin related activities and has always considered bitcoin a thorn in their eyes for a long time. Only the US and Japan are two countries with a friendly view of bitcoin, maybe in the future they will accept it as an asset and come with regulations.

GreatArkansas

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There are a lot of people who don't want Bitcoin as legal tender especially when they want to use it in their daily lives, there are a lot of things to consider especially the transaction fees if you, but there is already a solution for it, like the lightning network.
For me, we will reach that part in the future, we are still early these days. Bitcoin as legal tender is superb.

Darker45

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Quote from: DaNNy001 on May 18, 2022, 05:10:11 AM

Please I ask the forum do you think Bitcoin can be installed as a means of legal tender in advance county like CHINA, USA , ENGLAND, JAPAN etc...

Yes, for as long as it is not the only legal tender of those countries. Otherwise, it is necessary that a complete paradigm shift in finance and economics will have to happen first. I believe that the prevailing financial and economic systems are largely incompatible with the system espoused by Bitcoin. There will have to be a complete process of restructuring.

Quote

Seeing it's getting close to it's mining 21million limit

Not really. The 21 million limit will not be reached before the year 2140. That's more than a hundred years from now.

tranthidung

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Two sides of a coin: Legal tender first or adoption first.

Legal tender can come first but it does not make sense if adoption is small and local citizens don't see reasons to use Bitcoin
Adoption comes first and increases with time in local communities, citizens. Later legal tender comes and plays as a massive booster

In El Salvador, we are witnessing the first situation and it is not actually good. Because people can use Bitcoin even without legal tender and oppositely legal tender probably is not enough to convince them to start and maintain using Bitcoin.

jossiel

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Anything is possible but we should just think of it that it's unlikely to happen.

These are countries that will have to proclaim bitcoin as an alternative asset and not a currency since they've got their own and they're already developed.

While the developing countries, they're likely the ones to accept it as a legal tender. Still, anything is possible but don't think of too much enthusiasm from almost every country if it's about bitcoin adoption as a legal tender.

Doan9269

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Quote from: DaNNy001 on May 18, 2022, 05:10:11 AM

Please I ask the forum do you think Bitcoin can be installed as a means of legal tender in advance county like CHINA, USA , ENGLAND, JAPAN etc...

It's not because those countries were developed that is making them not to adopt bitcoin but they have an entire different approach to the administration of bitcoin as a legal tender believing it's a meams to aid the corrupt acts of fraudulency and scam and as they also consider it anonymity nature, anything that cannot be traced, control or managed by government is really going to be a threat to them, but let's expect more adoption from the developing countries before there might be a change in mind for the developed ones, but this may take a little while from now.

Despairo

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China? They're ban every use of Bitcoin e.g. hold, trade, mine etc.
USA? The biggest country wouldn't accept a risk and they would destroy their own global reserve currency e.g dollar.
England? Never heard any good news about Bitcoin on there.
Japan? Possible, in the future.

The question is, how it's really important to make Bitcoin as a legal tender? Bitcoin doesn't need to be legal tendered in every countries though it's good for the adoption, but at least make Bitcoin not getting any banned in every countries! That's make people have a freedom to choose to use Bitcoin or not. It doesn't have relation with the maximum Bitcoin's supply.

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