Maybe it’s better if Bitcoin doesn’t become legal tender

[Kasabus]

Some people keep saying they want Bitcoin to become a legal tender, like it’s the ultimate goal for adoption. But they don’t really think about the negative side of it.

If Bitcoin becomes legal tender, that means government control, taxes, KYC everywhere, and eventually, less freedom.. the very thing Bitcoin was created to avoid. Once it’s “official,” it stops being decentralized money and starts acting like another regulated digital peso or dollar.

So before we wish for it, maybe we should ask, do we really want Bitcoin to become legal tender, if it means losing the privacy and independence that makes it special in the first place?

[Reatim]

Some people keep saying they want Bitcoin to become a legal tender, like it’s the ultimate goal for adoption. But they don’t really think about the negative side of it.

If Bitcoin becomes legal tender, that means government control, taxes, KYC everywhere, and eventually, less freedom.. the very thing Bitcoin was created to avoid. Once it’s “official,” it stops being decentralized money and starts acting like another regulated digital peso or dollar.

So before we wish for it, maybe we should ask, do we really want Bitcoin to become legal tender, if it means losing the privacy and independence that makes it special in the first place?

i believe it depend on the country if they are a real supporter of bitcoin or just riding the wave of its popularity

for me bitcoin being a legal tender may just entail that we can now use bitcoin for a lot of transactions in the country but it doesn’t mean we have to use kyc platforms ourselves. if the country isn’t that strict, they wouldn’t be checking around

[Kasabus]

Some people keep saying they want Bitcoin to become a legal tender, like it’s the ultimate goal for adoption. But they don’t really think about the negative side of it.

If Bitcoin becomes legal tender, that means government control, taxes, KYC everywhere, and eventually, less freedom.. the very thing Bitcoin was created to avoid. Once it’s “official,” it stops being decentralized money and starts acting like another regulated digital peso or dollar.

So before we wish for it, maybe we should ask, do we really want Bitcoin to become legal tender, if it means losing the privacy and independence that makes it special in the first place?

i believe it depend on the country if they are a real supporter of bitcoin or just riding the wave of its popularity

for me bitcoin being a legal tender may just entail that we can now use bitcoin for a lot of transactions in the country but it doesn’t mean we have to use kyc platforms ourselves. if the country isn’t that strict, they wouldn’t be checking around

There are standard rules that have to be followed, just like the KYC law and the Anti-Money Laundering law. So regardless of which country it is, once Bitcoin becomes a legal tender, those regulations will be implemented based on international standards. Everything I’ve been saying is bound to happen, you’ll see.

[KingsDen]

First time seeing someone aligning with my view in this matter. I had always said that bitcoin does not need to be a legal tender in any country in other to be adopted or hit massive adoption. If there was to be a referendum in my country voting bitcoin to be legal tender, I will actually go against such a vote. This is why I was happy when the United States of America instead of making Bitcoin legal tender, the used it as a strategic reserve.

Bitcoin has shifted from being a currency to an investment asset and I think that status is okay for it because we are actually seeing bitcoin as a digital gold instead of a digital currency.
In a nutshell, we do not need the government of any country to make bitcoin a legal tender. Just don't illegalize it, allow it it to coexist with the fiat and we are fine with it.

[Alpha Marine]

If Bitcoin becomes legal tender, that means government control, taxes, KYC everywhere, and eventually, less freedom.. the very thing Bitcoin was created to avoid. Once it’s “official,” it stops being decentralized money and starts acting like another regulated digital peso or dollar.

All these things are already going o right now. There is a lot of regulation and KYC everywhere right now. Being legal tender won't change that. I don't believe governments of various countries will make bitcoin legal tender, and I'm not even asking for it, but regulations are KYCs are not my reasons.
Whether the government accepts it as legal tender or not, Bitcoin will always be decentralised; it's the usage of Bitcoin that can be centralised, so as long as the government doesn't make it illegal to use decentralised systems like non-custodial wallets and P2P, those who want to use it will use it. Governments cannot control Bitcoin; they can only control how, or should I say, the means with which people use it. Bear in mind that even without being legal tender, there will be even stricter regulations on bitcoin in future.

[Vaculin]

Seeing it as a legal tender, it would be an advantage for those who never take take bitcoin as a serious investment. However for us who are really optimistic about bitcoin, it could deprive our privacy and personal interest, and we don't want it to happen. Instead, we want only to gain high privacy for bitcoin that can only be possible if bitcoin does not become a legal tender, if bitcoin won't be a pet for the government and centralized institutions that are only after for their selfish gains and interest.

[Darker45]

And if Bitcoin doesn't become a legal tender? Would there be no tax? Would the government not require companies to impose KYC to their users? Would there be freedom? I don't think so. What you're worried happening when or if Bitcoin becomes a legal tender will happen or are in fact already happening even if Bitcoin isn't a legal tender yet. The government being the government will always pursue taxes and KYC and whatnot.

I think the ultimate adoption for Bitcoin isn't becoming a legal tender; it's becoming the main E-commerce currency. That's what Bitcoin is for.

[Distinctin]

The government is starting to control bitcoin now, that's why we are seeing set of regulations and restrictions towards bitcoin, thus limiting our privacy even if we say we are the real owners of our bitcoin. So how much more if the global adoption happens and we are out of control of our hard-earned bitcoin, that could be the worst scenario then, but we should always be prepared for it.

Bitcoin's innovation and success are becoming inevitable, and so is the government policies and regulations intended for bitcoin. So the best thing we can do now is to protect our bitcoin and give the utmost security so that it won't be a new target of the government. Although the global adoption is not really as a legal tender but as a co-currency with the existing official currency, still the government's control will be very tight then.

[CryptoBuds]

Even if bitcoin doesn't become legal tender and it is just legalized as an asset, commodity like what is happening. The government will also try to find ways to control, impose taxes, KYC everywhere, and they have been implementing them for a while. Don't you see?

That is the price we have to pay for wanting to legalize bitcoin and get government support to promote its popularity globally. Whether bitcoin is used as a currency or an asset, regulation is inevitable.

I wouldn't be surprised if in the future, governments ban the use of non custodial wallets and force us to use centralized services and custodial wallets to store bitcoins.

[Yaunfitda]

Some people keep saying they want Bitcoin to become a legal tender, like it’s the ultimate goal for adoption. But they don’t really think about the negative side of it.

If Bitcoin becomes legal tender, that means government control, taxes, KYC everywhere, and eventually, less freedom.. the very thing Bitcoin was created to avoid. Once it’s “official,” it stops being decentralized money and starts acting like another regulated digital peso or dollar.

So before we wish for it, maybe we should ask, do we really want Bitcoin to become legal tender, if it means losing the privacy and independence that makes it special in the first place?

I think sooner or later it will become legal tender, and the argument that you already put up? It's been happening already, tighter regulations, taxes KYC and we have been tracked already. So there's not much of a different to be honest if it become legal tender or not. It's been like that in the last 5 years already, even banks now are accepting crypto or Bitcoin already. So as much as we hate to see it, right now it's very hard to keep your privacy and independence. I guess this is part of the bargain that when crypto goes to the mainstream, there will be something in the middle for the government to make it work for them and for us.

[SilverCryptoBullet]

Some people keep saying they want Bitcoin to become a legal tender, like it’s the ultimate goal for adoption. But they don’t really think about the negative side of it.

If Bitcoin becomes legal tender, that means government control, taxes, KYC everywhere, and eventually, less freedom.. the very thing Bitcoin was created to avoid. Once it’s “official,” it stops being decentralized money and starts acting like another regulated digital peso or dollar.

So before we wish for it, maybe we should ask, do we really want Bitcoin to become legal tender, if it means losing the privacy and independence that makes it special in the first place?

Between our wish and reality, there are big differences and we can not control what governments do so let's deal with it, accept this reality and move on towards the future with more and stricter regulations on Bitcoin.

Fortunately, Bitcoin is Bitcoin, decentralized, censorship resistant and it can give us some sort of privacy and anonymity, depends on our own practice. If we can learn, become knowledgeable about Bitcoin blockchain and Bitcoin wallets, we can choose good Bitcoin wallets, use Bitcoin addresses, UTXOs well, then we can achieve good privacy and anonymity. Governments can not prohibit us from such good practice for our own benefits.

Bitcoin privacy guide.
Bitcoin privacy resources.
Protect your privacy.

[tread93]

Some people keep saying they want Bitcoin to become a legal tender, like it’s the ultimate goal for adoption. But they don’t really think about the negative side of it.

If Bitcoin becomes legal tender, that means government control, taxes, KYC everywhere, and eventually, less freedom.. the very thing Bitcoin was created to avoid. Once it’s “official,” it stops being decentralized money and starts acting like another regulated digital peso or dollar.

So before we wish for it, maybe we should ask, do we really want Bitcoin to become legal tender, if it means losing the privacy and independence that makes it special in the first place?

Would be cool if Bitcoin was just widely accepted by any/all just as gold or silver is and has a good solid option for taking payments,
 But I feel like we have already achieved that status. Bitcoin really is a form of currency today but its not yet money and utilized in the way money is in markets yet as a medium of exchange but I do think its getting there

[GreatArkansas]

(....)
So before we wish for it, maybe we should ask, do we really want Bitcoin to become legal tender, if it means losing the privacy and independence that makes it special in the first place?

For me, this is kinda optional. There are still a lot of people who are using Bitcoin without doing these types of KYC or interacting with the government or any companies.

But yeah, day by day, these entities are always making a scene or a distraction to the "decentralization" of Bitcoin, especially the government itself, which we can't blame also as they are just doing their job to protect their people.

[Smack That Ace]

I think sooner or later it will become legal tender,...

I don't think so. Bitcoin could become an alternative payment method and will be used more in international payments. Or it could go further and become part of national reserves like gold. But expecting it to become a global legal tender, that will never happen.

Because using a decentralized currency would pose risks to the current centralized financial system. If bitcoin becomes legal tender, banks will lose control of the currency and that means they cannot regulate the economy. This would cause instability and could lead to economic collapse, among other problems.

The future of Bitcoin is as a store of value, not as an everyday currency, IMO.

[tottong]

If Bitcoin becomes legal tender, that means government control, taxes, KYC everywhere, and eventually, less freedom.. the very thing Bitcoin was created to avoid. Once it’s “official,” it stops being decentralized money and starts acting like another regulated digital peso or dollar.

So before we wish for it, maybe we should ask, do we really want Bitcoin to become legal tender, if it means losing the privacy and independence that makes it special in the first place?

Others also think the opposite, and that it would be much better if Bitcoin became legal tender, and under that condition, the government couldn't fully control it.
Unless we're talking about taxes or tightening regulations on exchanges, because that's part of what they might do.
In certain interests, people can make judgments about whether it's legal tender or limited to investment use, but if there's no chance, we'll probably accept anything.

Whether it's legal tender or not, the government also benefits from taxes, especially the involvement of exchanges as a place for people to buy and sell bitcoin.
That means this has happened and we even see many exchanges starting to be granted permits, especially those related exchanges local ones.

[Minor Miner]

Before, we were free, uncontrolled because bitcoin and cryptocurrencies were so small, the government didn't care, not because they couldn't control us. But over time, as bitcoin became more and more popular, they could no longer ignore it. Therefore, it can be said that taxes, KYC, control are inevitable whether bitcoin becomes legal tender or not.

Although bitcoin is a decentralized currency, at the end of the day it is just a small part of world, and the government is the one that controls this world. That is why whether we like it or not, there is no way to stop their interference.
Let's say even if we all oppose bitcoin becoming legal tender, is there any way we can stop them from doing so?

[Aanuoluwatofunmi]

If Bitcoin becomes legal tender, that means government control, taxes, KYC everywhere, and eventually, less freedom.. the very thing Bitcoin was created to avoid. Once it’s “official,” it stops being decentralized money and starts acting like another regulated digital peso or dollar.

All these shouldn't be a reason to why we should not see them approving Bitcoin a legal tender status, they know what they are doing, bitcoin will still remains the same decentralized network and government cannot regulate it by themselves, their fear is when it takes their power away from them and everyone becomes independent in their finances.

Tax is something that we should all be expected to pay, but does that also have to come into Bitcoin use? I will say no, because I don't have to pay tax before spending my earned fiat currency, why should I on bitcoin, maybe exchanges and other physical establishment can face something related from the government regulations, which is not bad, as they are also making business from us.

[X-ray]

Governments are already doing those things you mentioned, you have choices to choose no-KYC approach by using decentralized services and staying in bitcoin ecosystem or using CEX where government impose KYC.

If government is legalizing bitcoin and considering it as a legal tender, I doubt the situation will be different than what it is now.

[abaeze]

If Bitcoin becomes Legal Tender, it will do more harm than good and its main role - freedom and privacy will be lost. There is no point in making real development by calling it Legal Tender in the current adaptations that exist all over the world. In fact, the real beauty of Bitcoin is inherent in its blockchain and decentralization, so there will be no need to do anything new, if it continues like this, it will be fine.

Satoshi's main objective was to create Bitcoin as government-free and permissionless money, i.e. no one will be able to stop or seize anyone's money. The strength of Bitcoin is not in being legal tender, but in surviving as freedom of money. So whether the government wants to accept it or not, people should use Bitcoin as they want, that should be the real goal, i.e. mass adoption through individual choice, not government enforcement. So now Bitcoin developers and miners should protect Bitcoin from becoming another digital fiat.

[jcojci]

That will depend on the government because they have the power over whether something becomes legal tender or not. But with the nature of Bitcoin that no one can control, I don't think the government will easily decide. They need to discuss with all parties how they can benefit from it. They can control the user but not Bitcoin so that is why they impose KYC on those who use Bitcoin in exchanges. I can accept and don't mind if Bitcoin becomes legal tender or just something that we see today. You can still use decentralized system if you want as long as the government allow that. The thing is we should not break the law of our government.