What is the actual advantage of legal tender status? It is already legal to use for payments between willing parties...
Discussion
afaik it means business and industry required to accept in exchange for goods and services within that jurisdiction
that is powerful
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.
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 something different for the entire nations people so they’ll be interested to try and will want to learn because is going to be widely used and has a meaning in their country. At least that happened in El Salvador.
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 being able to instantly transfer to dollars. But in theory i dont like the idea of forcing anything on anyone
forced is never good but..
the money mostly transacted in , within a jurisdiction, is fairly necessary in terms of trade, no?
Otherwise ppl are trying to calculate foreign exchange whenever they buy a bag of chips 🤷♀️
Yes its very convenient lets say, but not forced as in illegal to not accept.
then I suppose forced tender would be a nations fiat currency..
$ in USA
pounds in UK
yen in Japan
etc etc
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 debt, not buying coffee.