Post
Topic
Board Bitcoin Discussion
Re: Bitcoin As Legal Tender?
by
btc78
on 27/04/2024, 14:16:56 UTC
As there are few countries that have put BTC as legal tender?
So far the ones I have gathered it is only El salvador and Central African Republic that support bitcoin as one of their currencies.
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What does this mean for the system?
Which one? The country’s or bitcoin’s?
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Does this make BTC more centralized?
No as countries do not have direct access nor control over the entire bitcoin system even if they make bitcoin as one of their legal tender. It just means that any citizen of that country can use bitcoin as a mean of payment for any official transaction such as taxes and such.
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Is making BTC legal tender a benefit?
People have mixed opinions but I believe the general consensus says yes. It takes a step forward to bitcoin’s global adaptation but at the same time due to scalability issues it hinders a lot of people from actually using the blockchain due to it being congested.