Topic: Bitcoin not legal tender in Canada - page 2. (Read 2877 times)
I think what we're seeing is governments are just saying it's not a currency and will be treating/regulating like a commodity such as gold and silver bullion. Those aren't technically currency either.
Language makes a big difference,
BTC IS Still LEGAL TO TENDER, (tender simply means to offer)
"Legal Tender" is a designation of how Government recognizes money simply for taxes and such as mentioned where it's offer MUST BE accepted.
That said, most people aren't smart enough to understand this simple concept and will shy away from BTC some times.
BTC IS Still LEGAL TO TENDER, (tender simply means to offer)
"Legal Tender" is a designation of how Government recognizes money simply for taxes and such as mentioned where it's offer MUST BE accepted.
That said, most people aren't smart enough to understand this simple concept and will shy away from BTC some times.
We live in a world whereby language is everything. When Government clearly states something isn't legal people automatically assume that means it's illegal. I am not saying BTC is but certainly I can see if push comes to shove the Canadian Government driving a solid wedge between the banking system and Bitcoin, like what the Chinese Government did, initially people said it won't hurt China but now if you take the time and watch fiatleak.net you'll see that the trading of bitcoin is pretty much gone from a flood to a tiny trickle.
I should also note bitcoin started at $1000 CAD at MtGox today, its so far down to $965 CAD and continues to drop. I wouldn't be surprised if it drops down to $500~$600 range or less sometime next week.
Language makes a big difference,
BTC IS Still LEGAL TO TENDER, (tender simply means to offer)
"Legal Tender" is a designation of how Government recognizes money simply for taxes and such as mentioned where it's offer MUST BE accepted.
That said, most people aren't smart enough to understand this simple concept and will shy away from BTC some times.
BTC IS Still LEGAL TO TENDER, (tender simply means to offer)
"Legal Tender" is a designation of how Government recognizes money simply for taxes and such as mentioned where it's offer MUST BE accepted.
That said, most people aren't smart enough to understand this simple concept and will shy away from BTC some times.
Bitcoin is legal tender NOWHERE. How is it a problem?
Legal tender simply means you can pay taxes with it.
Very nearly
Legal tender is the currency that a court will accept as a payment.
Anything can be used to pay a transaction between any two entities providing that they both agree, the taxman could accept a painting or gold or fine wines, and most tax authorities have done just that. But if you fail to pay your tax or if the two entities go to court over a payment dispute and the courts decision is that payment must go through the court then that payment must be made in the legal tender that it recognises.
Canada will not ban BTC because they installed ATMs in their country 
Piper67 +1
Nah I don't think they see usd as legal tender either.
Exactly. Gold isn't legal tender either.
In fact, in the UK, paying someone with 100 x 1 pence coins isn't considered 'legal tender'.
So, what's the story?
Well, the OP indicates that this means Canada could be banning BTC, so that's something...
Yeah, but the OP is wrong, so it's nothing.
Nah I don't think they see usd as legal tender either.
Exactly. Gold isn't legal tender either.
In fact, in the UK, paying someone with 100 x 1 pence coins isn't considered 'legal tender'.
So, what's the story?
Well, the OP indicates that this means Canada could be banning BTC, so that's something...
Nah I don't think they see usd as legal tender either.
Exactly. Gold isn't legal tender either.
In fact, in the UK, paying someone with 100 x 1 pence coins isn't considered 'legal tender'.
So, what's the story?
Bitcoin is not legal tender anywhere in the world.
It's a common misconception that "legal tender" means that it's something that is legal to pay someone with (and thus that something that isn't legal tender is therefore illegal to use as payment). But in all but a tiny number of countries it is legal to pay anyone with whatever legal-to-possess things you wish. Trading/barter is generally legal.
As others have said, legal tender means that it's a form of payment that cannot be legally denied in the payment of debts denominated in the same currency. i.e. if you owe me one hundred US dollars, and you present me with a US $100 bill, I cannot say "This is no good, I need you to pay me in pre-1965 silver half dollars." I can't insist on that since a US $100 bill is legal tender.
It's a common misconception that "legal tender" means that it's something that is legal to pay someone with (and thus that something that isn't legal tender is therefore illegal to use as payment). But in all but a tiny number of countries it is legal to pay anyone with whatever legal-to-possess things you wish. Trading/barter is generally legal.
As others have said, legal tender means that it's a form of payment that cannot be legally denied in the payment of debts denominated in the same currency. i.e. if you owe me one hundred US dollars, and you present me with a US $100 bill, I cannot say "This is no good, I need you to pay me in pre-1965 silver half dollars." I can't insist on that since a US $100 bill is legal tender.
In the U.S., legal tender refers to what forms of money cannot be refused by a creditor for extinguishing a debt.
Legal tender DOES NOT dictate what can be used as money or currency. Is the use of this term different in Canada?
Legal tender DOES NOT dictate what can be used as money or currency. Is the use of this term different in Canada?
No it's just fud
In the U.S., legal tender refers to what forms of money cannot be refused by a creditor for extinguishing a debt.
Legal tender DOES NOT dictate what can be used as money or currency. Is the use of this term different in Canada?
Legal tender DOES NOT dictate what can be used as money or currency. Is the use of this term different in Canada?
Definition of Legal Tender "coins or banknotes that must be accepted if offered in payment of a debt."
By this definition Bitcoin is not legal tender anywhere in the world and probably won't be for a long time to come. This is just governments posturing and making themselves seen to be warning their citizens about Bitcoin, while they figure out what the hell it is
By this definition Bitcoin is not legal tender anywhere in the world and probably won't be for a long time to come. This is just governments posturing and making themselves seen to be warning their citizens about Bitcoin, while they figure out what the hell it is
It's also another way to implement the legal realities of BTC at a government level.
That said, the article shouldn't scare anyone off anyways.
All this means is that you can't pay your taxes with Bitcoin, and business do not have to accept Bitcoin if they don't want to.
It's the same thing as saying the greenback is not legal tender in Canada.
It definitely does NOT mean it's illegal in Canada.
It's the same thing as saying the greenback is not legal tender in Canada.
It definitely does NOT mean it's illegal in Canada.
Definition of Legal Tender "coins or banknotes that must be accepted if offered in payment of a debt."
By this definition Bitcoin is not legal tender anywhere in the world and probably won't be for a long time to come. This is just governments posturing and making themselves seen to be warning their citizens about Bitcoin, while they figure out what the hell it is
By this definition Bitcoin is not legal tender anywhere in the world and probably won't be for a long time to come. This is just governments posturing and making themselves seen to be warning their citizens about Bitcoin, while they figure out what the hell it is
They don't give a shit about businesses or debts, they only care to enforce use their own currency which they can print to pay taxes.
Definition of Legal Tender "coins or banknotes that must be accepted if offered in payment of a debt."
By this definition Bitcoin is not legal tender anywhere in the world and probably won't be for a long time to come. This is just governments posturing and making themselves seen to be warning their citizens about Bitcoin, while they figure out what the hell it is
By this definition Bitcoin is not legal tender anywhere in the world and probably won't be for a long time to come. This is just governments posturing and making themselves seen to be warning their citizens about Bitcoin, while they figure out what the hell it is
Legal tender simply means you can pay taxes with it.
It also means that retailers will be less likely to adopt bitcoin since it's not legal tender.
Nah because we're now at the point where it's a marketing stunt. Not only is it free, there's no chargebacks.
Legal tender simply means you can pay taxes with it.
It also means that retailers will be less likely to adopt bitcoin since it's not legal tender.
Legal tender simply means you can pay taxes with it.
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