Are Bitcoins Considered Legal Tender?

is bitcoin legal tender countries accepting cryptocurrency

Introduction 

The world’s first digital currency is attracting numerous people all across the world. As soon as people are knowing that bitcoins are the world’s first digital currency that has no limitations of the border and completely apolitical then automatically people care less about it being legal or not. 

Since the invention of bitcoins in 2009, the number of bitcoin users has gradually increased over the years. There are many who have become billionaires and millionaires after using bitcoins, their story has influenced a lot of new investors in the market and made them have faith in the most volatile currency of the virtual world. 

The Untold Story About Bitcoins 

You will come across a number of people who will say that you should not use bitcoins, or can’t use bitcoins. But remember that the decentralized nature of the bitcoin calls you for it. The decentralized currency invites you to make use of it independently without any intervention of anyone in any form. From a larger perspective, anyone from any part of the world is eligible to use bitcoins as long as they have access to the internet and electricity. 

Almost all the countries across the world know about the existence of bitcoin in the world and some of the governments are deadly against the use of bitcoins but again the nature of the bitcoin has given the failure to the government too. Even after some countries have banned the use of bitcoin, it has not been yet abolished or curbed from any country completely. Once a person becomes aware of the advantage of bitcoins, it is very difficult to stop the person from doing it. 

Many governments of the countries are well aware of the bitcoin-related activities but they have failed to stop it from happening. Countries like Ecuador, India, and Bolivia have declared the use of bitcoins illegal and the activities related to it as a crime. So, these countries have come up with their own idea of digital currency and have produced some similar kinds of digital currencies. Some other countries like China have changed their mind about bitcoins, they had earlier banned this currency but now they have unbanned it. But they have put certain restrictions like, they have limited the use of bitcoins just for personal purposes or transactions. China does not allow the use of bitcoins in the government or the financial circle of the government. 

Governments do not realize but enforcing the ban for such volatile items in the geographical area of the country is difficult because it has no physical existence so it is difficult to control its presence amongst the society. 

Use Is Fine But What About Bitcoin Tender? 

Bitcoin is still accepted as a legal currency in many of the countries but the bitcoin tender has not yet been accepted by the governments of the countries. Bitcoin can’t be used for a legal tender only if both the parties agree then it can be used as a mode of transaction. 

No-one accepts anything new very gladly because we believe in proofs and results. When bitcoin was out there in the market, some countries, for example, the United States, Europe, and Canada took their own time to see how does it work and what are the results of it. Then they took enough of measures and made regulations before they made bitcoin legal. 

Conclusion 

There are various thoughts and mentality regarding digital currency by various people. Every other people or organization have their own ways to use or not use bitcoins and no one is answerable to anyone regarding this.

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