I was checking out some voting options and saw that a few countries are being mentioned as next to accept crypto as legal tender. They are Paraguay, Venezuela, Anguilla, Ukraine, and the USA. Do you guys think this list is legit?
Next Countries to Embrace Crypto as Legal Tender?
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I don’t get why Bitcoin would even be convenient for payments. The transaction times are just too long. If they follow El Salvador's model, what's the point? Better to just use exchanges and crypto debit cards if you ask me.
Honestly, Bitcoin doesn’t have to be legal tender to be used in payments. In many countries, people use BTC freely without special regulations. El Salvador’s example shows they shouldn’t force it on anyone. BTC should be a choice, not a mandate.
satoshi_apeNewbie
Posts: 95 · Reputation: 20
#4Oct 24, 2019, 08:58 AM
I just want to see all countries using Bitcoin legally. If that happens, maybe people will actually start using it for small stuff like coffee. Right now, the cost of using Bitcoin for tiny purchases is just ridiculous.
its_walletMember
Posts: 55 · Reputation: 161
#5Oct 24, 2019, 02:23 PM
Until we fully adopt Lightning Network, delays and costs will always be an issue. I’ve been using Bitcoin for over a decade, and honestly, I’d rather use a debit card than deal with BTC payments. But having a good legal structure could really help.
Layer-2 solutions like LN could solve Bitcoin's scalability problems. But honestly, governments are only okay with centralized systems where they can keep an eye on everything. They seem to prefer BTC going through centralized exchanges with KYC.
People are way too stressed about BTC being legal tender. It’s not really up to us anyway. Each country has to make that call. Plus, El Salvador even backed off on their legal tender status, so... kinda moot point right now.
SilentHodlerMember
Posts: 36 · Reputation: 175
#8Oct 25, 2019, 02:31 AM
I see your point, but any of those countries could still adopt BTC, regardless of how long transactions take. It's not fair to say confirmations are too slow. The network can notify when a transaction is detected, which is a good start.
Bitcoin was meant to be a peer-to-peer cash system without middlemen. More people are joining the community, and it’s growing. Countries that want to adopt BTC as legal tender can do so on their own terms; Bitcoin doesn't need their approval.
That's not entirely right. BTC is legal in most places, but not as legal tender. People can trade and spend it where accepted, but merchants aren’t forced to take it. I doubt many will go for BTC as legal tender anytime soon.