Joe on nostr

What is the actual advantage of legal tender status? It is already legal to use for payments between willing parties...

Thats not totally correct. Legal tender and forced tender are separate. Legal tender status woukd allow you to pay taxes or outstanding debts in bitcoin, but on the other hand there is nothing illegal about accepting coffee beans for painting someones house right now, but you arent required to accept them.

Forcing someone to accept a specific currency (that lets say they dont want) sounds like authoritarianism to me.

Roberto · 152w

Yeah, in El Salvador is legal tender but is not forced to receive. In chivo Wallet Theres an option to convert their bitcoin into usd automatically in the vendor wants. Same way if you receive usd you have the option to turn that amount into bitcoin right away. Making it legal tender I think means...

Joe · 152w

Legal tender basically means it can be used to oay taxes or private debt, like in a court of law. It doesnt mean other moneys not designated as legal tender are illegal to use. El Salvador is a little fuzzy because it is legally forced tender, but with ways out of accepting (not having tech) or bein...

orangedog · 152w

then I suppose forced tender would be a nations fiat currency.. $ in USA pounds in UK yen in Japan etc etc

Joe · 152w

No actually. you are not forced to acceot dollars in the usa, as weird as that sounds. Of course you do have to pay taxes in it, so one way or another you need dollars. Butnif you walk into a store and they say they dont acceot dollars, that is not illegal. Legal tender is about public and private d...