Post
Topic
Board Bitcoin Discussion
Re: Bitcoin as a legal tender; not so far off
by
Abiky
on 07/08/2025, 18:04:13 UTC
For Bitcoin to be adopted as a legal tender, off course it must go through certain processes, but these processes are not ambiguous to say the least. Countries like El Salvador and not so recently The Central African Republic are Trail Blazers in the aforementioned. Looking at it realistically, the merits would certainly alleniate any demerits that may occur. It surely puts innovation where it should be on a pedestal, foreign cash injection becomes and the global phenomenon; inflation can be better managed. What is holding back is definitely from constituted authority, as households and individuals already accept Bitcoin in some forms as a legal ten. What is stopping it's gradual integration?

Didn't CAR (Central African Republic) rolled back its adoption of Bitcoin as legal tender? Only El Salvador remains. Yet, the country made a deal with the IMF that would take a step backwards towards the mass adoption of BTC. The use of the cryptocurrency is now optional, instead of mandatory. All in an effort to help secure a loan with the IMF. So we're back to "square one".

I think what's holding back other countries from adopting Bitcoin as legal tender is its volatile (unstable) nature. They're afraid BTC will go down all of a sudden, leaving many users "rekt" in the process. For now, countries will add BTC to their reserves as a sort of "digital Gold". It will take a long time (if any) for Bitcoin to become legal tender. Why the hurry, though? People can use Bitcoin freely in countries with pro-crypto regulations, regardless of its "legal tender" status. The US is one of those countries that hasn't officially declared Bitcoin as legal tender, but many people are allowed to use it as a medium of exchange. Once the "volatility problem" is solved, BTC's use as a digital currency will skyrocket. We'll see what happens in the long run.