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.
I don't know why so many years now that there are still wanted to ask this same question , of Bitcoin becoming legal tender and will replace fiat because talking about this is like we will be losing Gold as well from bitcoin things that is very impossible to happen(redundant because that is what I feel now)
Exactly, almost this kind of question has seen in this section or forum, talking about bitcoin becoming the only currency in the world or in a country, I don't defy bitcoin, in fact I really like bitcoin and as much as they want, I also want bitcoin to be publicly used, but the thing about replacing fiat currency or even the banking system itself will be a very huge change and will take some time before we can adjust, added with that bitcoin or crypto currency is a complex thing so it is not easily to implement in all things, maybe we can view it that it will happen, but wanting that change to happen will be very hard as we know not all people are known to crypto currency stuff and also not all people are still open to adopt such changes especially when it comes to currency what more the government right.