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this post was submitted on 25 Jun 2024
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Bitcoin is already legal tender in at least one country in America
Sole legal tender.
Edit: I dare them to pay all Government employees in Bitcoin, demand taxes be paid in Bitcoin. It would be a funny experiment if it weren't for mass unemployment and deaths that arise out of a recession.
It would be funny trade wise too. No other country is going to accept Bitcoin as payment for real goods and services. So, the country will have to convert Bitcoin to USD at market price (which can swing wildly) and also hope the market has enough liquidity to handle it.
I don't want to live in a world with only one legal tender. I should be able to pay in bitcoin or monero.
OK, two cryptocurrencies as legal tender. My point still stands. If you give people a choice between crypto and fiat they will use fiat, even if it's a foreign currency like the Dollar in El Salvador.
The solution for El Salvador or any other country using a foreign currency isn't to go with another foreign "currency" like Bitcoin but building their own currency.
El Salvador had their own currency until they gave it up because their leader back then was a US Puppet.