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.
For me, making bitcoin will take years because that motion will never be assigned by our financial institutions and central banks. The main reason is what we call;
You said about pondering on the motion of making bitcoin a legal tender. You speak as if the whole country is controlled by just one government and if eventually that government accepts bitcoin as a legal tender it becomes a universal thing. It is not done so there is no how you will get China into this business and also get US into the business Russia and every other country to eventually make Bitcoin a legal tender. What is a legal tender in one country might not be a legal tender in another country. So that is just the fate of Bitcoin. Some countries will love bitcoin and welcome it why some other countries with dislike it and fight against Bitcoin. But in whatsoever happens I am not that interested of Bitcoin being a legal tender but let every country give bitcoin a legitimate status to operate I am okay with that. Bitcoin exist and fiat exist.