I knew Bitcoin as legal tender wouldn’t work long term because most people don’t know how to use it. This is similar to people paying their debt in Pennies to piss off the impound yard or ticket agencies. But they have to take it since legal tender means a debt owed.
Making bitcoin legal tender I assume was more for publicity than actually solving any issues. And I wonder how many actual debts got paid by bitcoin, probably not many.
Making bitcoin legal tender I assume was more for publicity than actually solving any issues. And I wonder how many actual debts got paid by bitcoin, probably not many.
I do not think that making a bitcoin legal tender was a failed experiment but there are other factors that didn't made it a complete success. IMF wasn't happy on that decision and there was too much pressure on the government.
Another thing is that when you make bitcoin legal tender, everything works well as long as bitcoin stays stable or increase in price. However when bitcoin is dumping and in the bear market, it's hard to see the value of the government assets in bitcoin decreasing
