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;
For Bitcoin to be illegal tender in some countries I think that Do we take much time for some countries to accept a bitcoin as a legal tender and if all the countries Now we know quite well happen to accept Bitcoin as a legal tender that we really affect the existence of bitcoin because the value will not be of potential as it is now so that is why I will not be of that opinion that every country should legalise the uses of bitcoin for good and the services transaction in that particular country, that is why many people today who is into Bitcoin continue to make a profit whenever the target well in Bitcoin, but seeing Bitcoin as a traditional currency like a Fiat currency it will depreciate the values of Bitcoin.
What do you think will be the fate of our Economy..?
Bitcoin is increasing in value. It will be better than fiat but other things has to be put in place so to make a good effect on the economy. Only bitcoin can not make the economy good.
It is obvious that since bitcoin has been introduced to the world, it has more influence and since it has been Gathering influence that is how it value continue to increase but when you emphasize on economy of any country I can sense that bitcoin can help to build up some people's economy in a process whereby the invest in Bitcoin and the monitor it for the betterment of that part of the flag country because Bitcoin add a value every year and the values continue to grow daily.
For me, it is enough for Bitcoin to be legally accepted as a payment method. It doesn't have to be a legal tender to perform its function. If countries recognize Bitcoin as a currency, that would already be enough.
For Bitcoin to become a legal tender is a long shot, and could even just be considered as an extra mile. Bitcoin doesn't have to be a legal tender for businesses and customers to accept it as payment. I think it is enough catalyst for Bitcoin's adoption rate for a government to declare it as an acceptable currency.
the objective of most of people who is into cryptocurrency especially Bitcoin always wanted bitcoin to be a legal tender and they don't know the effect of Bitcoin being a legal tender across other countries, a few countries can accept Bitcoin as a legal tender but it does not have any meaning or any effect because there is already an existing Fiat currency which is known as a traditional currency in which many people use in exchange of goods and the services so Bitcoin will still not add more value from my perspective.
I don't see Bitcoin becoming a legal tender ever in this world, unless majority of the world is destroyed by a nuke war. Central banks and governments won't allowed it to happen ever. No government would want a currency to become a legal tender which they cannot control. There is no other reason.
It is very clear and understanding that if Bitcoin happen to become a legal tender all the Central Bank across the world will make sure that bitcoin will not be valid again because they will not be support bitcoin to be a Legal tender because what they have in mind will be that bitcoin is coming to take over their market, even many politicians will willy kick against bitcoin becoming a legal tender because from the initial politicians does not like Bitcoin existence, they always have their mentality thinking that a Bitcoin will take over value of a traditional currency.