Post
Topic
Board Bitcoin Discussion
Re: Why are some government scared of Bitcoin?
by
panganib999
on 02/12/2022, 16:39:46 UTC

Making Bitcoin a legal tender means when a person goes to purchase a commodity, instead of paying with dollar or whatever currency is being used, they pay with BTC.

Given the unstable nature of cryptocurrencies, and the untraceable nature, would you suggest it wise for countries to adopt Bitcoin as a legal tender?

Recently, El Salvador and Central African Republic announced that they have adopted Bitcoin as a legal tender.
Because it is decentralized, meaning it can freely do whatever it wants without the prying eyes of the government, side effect of this is the fact that is untaxable, meaning you until you convert your bitcoins into fiat, the government will not have the means and the abilities to tax you no matter how they push for it. At the end of the day, global adoption doesn't necessarily have to involve your national government lifting any promoting bitcoin and other cryptocurrencies for that matter. Global adoption just means that cryptocurrency is so beginner-friendly, less hostile, and easily accessible that virtually everyone could have and would have it alongside their fiat if fiat is still around by that time, so the case for whether it would be wise for countries to adopt bitcoin as a legal tender is a little on the nose and irrelevant at the same time when you take these factors in consideration.