Post
Topic
Board Legal
Re: Legal Tender Laws & Bitcoin
by
imfed
on 01/12/2012, 18:58:08 UTC

Thanks, that's what I thought but I wanted to make sure. In other words, contracts involving bitcoins are not enforceable in courts.

I'm wondering though, could you sue for breach of contract or something along those lines? And, in my first example, if you did accept $s but insisted on getting the going exchange rate for bitcoins (lets say 100 bitcoins at $11/each, $1100) would you expect the courts to rule in your favor in that full amount?

It depends on the contract and the jurisdiction.

Are you talking about a contract to buy or sell BTC or a contract where you buy or sell goods and services and BTC is used as unit of account?

Agreeing on a fixed exchange rate would be possible but it has to be reasonable.