I have been pondering on the motion of making bitcoin a legal tender, if bitcoin becomes legal tender, it can be used in place of fait currency to purchase goods, used for transactions,etc.
No one wants to replace the fiat currencies. Moreover no one also wants Bitcoins to be treated as a currency. Bitcoins are limited in numbers, hence many people will treat it as a digital asset only. Yes the one benefit that it can get by becoming a legal tender is that, people won’t have to do the transactions by hiding from the government in order to pay additional taxes. Only the taxation can be improved if it’s legalised.