Topic: BITCOIN AS A LEGAL TENDER - page 2. (Read 275 times)

1. You can buy fractions (decimals) of a bitcoin
2. Purchasing of bitcoin will always be available in the market. Not 100% of the bitcoin holders are solely holding, a good chunk will always be for sale on exchanges
3. The 21 million limit will be reached (not exactly 21m but yea) likely sometime around year 2140, so we're really not that 'close'

I dont think these mentioned countries will do a legal tender for bitcoin. Yes it might been a legit currency for others, but there are still plenty of reason why they wont do it and thats due to volatility and of course bitcoin can be used to such crimes.

A highly volatile currency would not be good for reserved. Some warns other the risk of it so probably if there is a chance that it would be tender probably from other countries.

My opinion is that this is very unlikely (almost impossible) in the countries you mention.

China has already clearly defined its position on Bitcoin and all other altcoins, and given its political system, it cannot accept anything that it cannot fully control. The US and England are among the world's largest economies and will not allow another currency to become equal to the national currency, with the addition that the Bank of England has a very negative attitude towards Bitcoin.

In Japan, Bitcoin has been a legal tender for years, but not in the way it is in El Salvador. The difference is that in Japan it is possible to do business easily by accepting Bitcoin as a currency, while in El Salvador Bitcoin is legally equated with the national currency and anyone who wants to pay something with Bitcoin must have that option.

Realistically, rich and developed countries are not the ones to look at when it comes to accepting Bitcoin as a legal tender in the literal sense of the word. I live in one of the EU member states where the central bank and some regulatory financial agencies have a very negative attitude towards Bitcoin, but this does not prevent adaptation in the sense that a very large network of physical crypto exchanges has developed and it is possible to buy a lot of things by paying with Bitcoin. I want to say that Bitcoin does not have to be a legal tender to be successfully integrated into society.

Yes.
First thing is that Bitcoin has 8 digits after the decimal point.
Second thing is that it can be changed to have even more digits after the decimal point, if that's needed, and also we can use a different basic unit (maybe the Satoshi).
And third, if we get there, I would be far from surprised if banks will use Bitcoin as reserve asset and the common people would use yet another fractional reserve based something, i.e. a new form of bank notes.

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