Quote from: Coinseeker on May 15, 2013, 11:24:36 AM

Quote from: solex on May 15, 2013, 11:20:23 AM

Quote from: Coinseeker on May 15, 2013, 11:02:01 AM

Coinage Act of 1965, Section 102 states: All coins and currencies of the United States (including Federal Reserve notes and circulating notes of Federal Reserve banks and national banking associations), regardless of when coined or issued, shall be legal tender for all debts, public and private, public charges, taxes, duties, and dues. Only United States currencies (including Federal Reserve Notes) are currently legal tender in the US.

Keyword being LEGAL tender. Thanks for that BTW.

"An astute reader may note that legal tender only concerns the repayment of debt, taxes, duties, and dues."
Citizens are free to use any currency for an unofficial transaction.

Quote from: needmorecoins on May 15, 2013, 11:17:44 AM

Not familiar with any laws (or how to read them lawyer speak) so might a dumb question...but does the USD being legal tender in the US mean that other currencies are illegal? Or the other currencies can still be be used but just not legally obliged to be accepted?

That's your answer. Legal tender only matters where the government or judicial system is involved.
So you can't pay taxes in bitcoins. But you can pay your neighbor bitcoins for some vegetables.

You know, upon rereading that, that could be a really good legal loophole as long as transactions remained private. That still would prevent legal mass adoption by businesses I would think, as every legal business needs a business license issued by the government but that is an argument that could be made. Nice.

Actually, business transactions ARE private. Only debts to the government are public. There is nothing stopping businesses in the US from legally accepting bitcoin.