Re: Bitcoin becoming Legal tender

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.

I also think that Bitcoin don't have to be a legal tender of any country to achieve it's global currency aim, if it's accepted in any country as a payment option and it's business people will adopt it and accept it as a means of payment, then it'll still mentain it's function as a legally accepted payment method. I don't think that most governments will accept Bitcoin as a legal tender because they can't control it as a result of it being decentralized, the least they can do is regulate it. Bitcoin don't have to takeover fiat currencies, it can function perfectly well as an alternative digital currency, besides people are adopting it more as as an investment asset, because it's a store of value.

I never understood why a lot of people are trying to push the idea that BTC will replace fiat. It won't, and it doesn't need to. Perhaps it needs more adoption, but it truly a great alternative, it doesn't have to be the only available option.

Maybe because decentralization will came in future and they think bitcoin will be the best option if that happen, but they forget to realize that government will create or launch their own digital currency so its still useless for overthinking that this might happen since government still all have the final say regarding on what trajectory they are going to adopt. Also its good that fiat and Bitcoin will exist together since all of us would have option to choose whether what currency we would like to use on certain aspects especially on other scenario that bitcoin could be useful also same with fiat. I don't want in future that government will think different on bitcoin and think about it as illegal currency since for this reasons maybe a restriction will happen and they would not let their people use bitcoin that's why we should careful on what we wish for since government is the most strongest entity that can implement all of this.

Bitcoin and Fait will keep existing together. As the two will still be means of transactions, fait is currency which supercedes any other, which the Government can control, Bitcoin is entirely different and free from there control, so the government will only care about fait which they have control over and also control its supply.