Is bitcoin a legal tender or not. Why? - page 3.

yudi09

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Quote from: Lida93 on June 25, 2023, 11:44:42 AM

-snip-

We still can't say Bitcoin is a legal tender as implemented in El Salvador.
Many countries of the world still do not want Bitcoin to become legal tender for various valid reasons.
Those of us who are members of a large community really want Bitcoin to become a legal means of payment because Bitcoin has been proven to be able to provide solutions from the beginning to the present.

No need to argue, if Bitcoin can still be exchanged into fiat so that transactions can be made in our country, then continue our activities by investing or trading as usual.

Coin_trader

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Quote from: Lida93 on June 25, 2023, 11:44:42 AM

Still in the course of learning.
Got into a slight debate with a friend about bitcoin. The whole argument was if bitcoin is a legal tender or not. And he was emphasizing on the premises that bitcoin is a legal tender in the sense that it is used for the exchange of goods and services around the world. And that by the virtue of people using it it's therefore a legal tender.

You can consider Bitcoin as legal tender if you can use it to pay on a local vendor without asking them if they accept Bitcoin as payment. Vendor is legally required to accept Bitcoin as mode of payment if Bitcoin is really a legal tender right now.

Some services accepts Bitcoin for payment but they are doing it voluntarily and not required by the law. That’s the importance of the word legal on Legal tender.

KingsDen

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Let's go this way;

Legal tender is not about usage but about government acceptability and endorsement
This means that what is a legal tender in your own country, will definitely not be what is a legal tender in my own country
By default, bitcoin is not a legal tender and was not created to be a legal tender, because it is not under the control of any cemtral authority
However, if any country wishes to make bitcoin a legal tender, they are at liberty to do so because the ideology of bitcoin is liberty and/or freedom. Just like what El Salvador did

Sim_card

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Quote from: Spaceman1000$ on June 25, 2023, 11:59:53 AM

The back and forth argument between you and your friend is an interesting one, however both of you are right in one way or the other.
Bitcoin as we all know is a decentralised digital currency that has monitoriy value.
So in real sense, bitcoin is a legal tender and it's a global currency.

Bitcoin is not a legal tender,it is only the government of a country that can make bitcoin a legal tender by signing it into law. People are using bitcoin universal because of it decentralized pattern that makes the users anonymous and it is also a payment method. It is because bitcoin started to increase in value as time pass on and due to the halving event,this made bitcoin became valuable and people started using it as an assets and a store of value. Another reason for using it as a store of value is because bitcoin is inflation resistance. These are the reasons why bitcoin is used for goods and services worldwide. It is only Elsavado that has accepted bitcoin as a legal tender.

Spaceman1000$

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The back and forth argument between you and your friend is an interesting one, however both of you are right in one way or the other.
Bitcoin as we all know is a decentralised digital currency that has monitoriy value.
So in real sense, bitcoin is a legal tender and it's a global currency.

paid2

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I don't think Bitcoin can be considered a legal tender from an universal point of view right now. The only exception is El Salvador, and perhaps soon in other countries ? (maybe in Africa or South America?)

Being a medium of exchange doesn't make you a legal tender, otherwise cocaine could be one too, for example.

Quote from: Lida93 on June 25, 2023, 11:44:42 AM

Using gold or diamond as obvious example of things that has value, I asked him a rhetorical question; that just because these objects has value and could be used as a means of exchange does it make them to be regarded as a legal tender?

To clear the air about the whole argument I considered I should share this in the forum to have a clear stand if bitcoin is a legal tender or not.

You answered your own question, having value, whether high or low, is not enough to make one a legal tender.

Being a legal tender is not subjective, there's no real debate about it, only laws that say whether or not it is.

Lida93

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Still in the course of learning.
Got into a slight debate with a friend about bitcoin. The whole argument was if bitcoin is a legal tender or not. And he was emphasizing on the premises that bitcoin is a legal tender in the sense that it is used for the exchange of goods and services around the world. And that by the virtue of people using it it's therefore a legal tender.

On the other side I was trying to explain to him that a legal tender is that which is accepted by the government and under the regulation of any central bank and this is not so with bitcoin. Furthermore, that one of the reasons people accept bitcoin for exchange of goods and services is because the coin it is like a digital gold that has value specially for long term storage and also with equal unit of value anywhere in the world, etc. Using gold or diamond as obvious example of things that has value, I asked him a rhetorical question; that just because these objects has value and could be used as a means of exchange does it make them to be regarded as a legal tender?

To clear the air about the whole argument I considered I should share this in the forum to have a clear stand if bitcoin is a legal tender or not.

Topic: Is bitcoin a legal tender or not. Why? - page 3. (Read 432 times)