BDMD #3 - Bitcoin is illegal because it is not legal tender
3138 sats \ 16 comments \ @DarthCoin 1 Jul bitcoin_beginners
BDMD = Bitcoin deniers myths debunked This is a series of short posts about Bitcoin myths and nocoiner fallacies, debunked or explained. BDMD #1 - Bitcoin was hacked / will be hacked BDMD #2 - Govs will shut down internet, so Bitcoin is dead
First of all
You cannot force a retailer to accept legal tender or indeed any other form of tender. If, however, you buy something from them and there is no contractual barrier to use of any form of tender, and you offer legal tender in payment, and they refuse it, then they cannot enforce the debt in court.
That’s what legal tender means: it’s about discharging debts. If you incur a debt you can discharge it with legal tender, but you cannot be forced to incur the debt in the first place.
TLDR: "legal tender" is debt. Bitcoin cannot be debt because is property. Is more like credit (if we want to speak in accounting language). See more about legal tender from @Lux pill - #511157
In March 2013, the US Financial Crimes Enforcement Network issued a new set of guidelines on "decentralized virtual currency"; clearly targeting Bitcoin. Under the new guidelines, "a virtual currency user is not a money services company (MSB) under FinCEN regulations and is therefore not subject to MSB registration, reporting and record keeping regulations". Miners, when mining bitcoins for their personal use, are not required to register as an MSB or Money Transmitter.
Generally, there are several currencies that are not official government-backed currencies. After all, a currency is nothing more than a convenient unit of account. While national laws may vary from country to country, and you should certainly check the laws in your jurisdiction, generally trading any product, including digital currency such as Bitcoin, BerkShares, gaming currencies such as WoW gold or the Linden dollars, it's not illegal.
Generally speaking, if somebody wants to trade with me in pink shells, nobody as a 3rd party can force upon me to trade in black stones. I like more pink shells and are more useful for me.
Another aspect that people should understand: gov "laws" DO NOT APPLY TO BITCOIN. They apply only to fiat money. There's no proof that a gov can have any jurisdiction or authority over your own money (Bitcoin), yet they are the OWNERS of any fiat money. Please make this important distinction.
Also governments cannot use Bitcoin as money. You will never see any gov paying its employees (citizens) in sats. Govs are paying only with debt. So please stop saying "X country will adopt Bitcoin". Is a total bullshit.
BITCOIN IS FOR SOVEREIGN INDIVIDUALS
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142 sats \ 0 replies \ @Lux 1 Jul
If the buyer buys something, and the seller refuses to take offered legal tender, the debt is discharged. If the contract does not specify differently.
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21 sats \ 2 replies \ @IamSINGLE 1 Jul
When did anyone say that 'Bitcoin is illegal'. I'm not very old with Bitcoin but I've come to know that Bitcoin is beyond legal and illegal terms.
Thanks Darth! Withe these everyday posts, I learn and confirm a lot of things about Bitcoin.
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11 sats \ 1 reply \ @DarthCoin OP 1 Jul
These are questions from nocoiners / bitcoin haters (buttcoiners) that we hear over and over from the beginning of Bitcoin.
I accumulated them over all these 12 years I was in Bitcoinlandia and now I just want to post them one by one on SN, so others can share them with more nocoiners asking over and over same questions.
You can see more like these on https://endthefud.org/
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21 sats \ 0 replies \ @IamSINGLE 1 Jul
Thanks! I'm bookmarking your every post and it'll be a book very soon. Whenever I'll meet a nocoiner or buttcoiner, I'll slap them with these.
I'll have a look at the link. Thanks again.
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21 sats \ 0 replies \ @TNStacker 1 Jul
We don't need a government telling us what we can accept as payment and they don't. Great explanation here, which most do not understand.
Most excellent post, Lord @DarthCoin!
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22 sats \ 0 replies \ @0xbitcoiner 1 Jul
this question of being illegal is history, only deniers don't see it.
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10 sats \ 0 replies \ @zapsammy 1 Jul
when we start living in post-scarcity society with abundance of resources (which may even be a small hub of sane population in a sovereign citadel), i will gladly accept a hug and a good joke as payment.
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21 sats \ 0 replies \ @Coinsreporter 1 Jul
There's no proof that a gov can have any jurisdiction or authority over your own money (Bitcoin), yet they are the OWNERS of any fiat money.
They are the owners because people choose to be enslaved. If all human beings deny the debt, government can't force them to the court.
People thinking their paper notes as money are merely imitating a propoganda that was imposed long ago. Most people know it but when you ask them what is money? Their foolish reply is 'the fiat currency' which is just a medium. It can't be money.
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10 sats \ 2 replies \ @ArtHistory 1 Jul
Do you think El Salvador will be the first country to use Bitcoin, sooner or later will the world be in the embrace of decentralization, and I think El Salvador will be one of the first countries in this field, especially after adopting sustainable energy (volcanoes) in Bitcoin mining
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44 sats \ 1 reply \ @DarthCoin OP 1 Jul
For a country like El Salvador, if they really want to do it right is to start mining Bitcoin as a country (public company owned by each individual).
That means the bitcoin mined will be used to pay other private companies to maintain the national public infrastructure. In this way the gov public administration could fund itself, without taxing (robbing) people.
That is a real start of a Bitcoin circular economy. But in reality, govs will be outed slowly, because they will never do that.
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21 sats \ 0 replies \ @ArtHistory 1 Jul
I wish to establish a public company owned by each individual And expelling governments out, governments are the basis of backwardness and barbarism
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0 sats \ 0 replies \ @SatsMate 2 Jul
There are politicians as we speak trying to get Bitcoin as a money for payment in taxes.
These bureacrats want our bitcoin, and they are trying to create (legal) ramps for us to do so. Do not cave!
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0 sats \ 2 replies \ @BitcoinAbhi 1 Jul
Different laws in different places.
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43 sats \ 1 reply \ @DarthCoin OP 1 Jul
This chart is TOTALLY wrong. There's no such thing as "Bitcoin legality". You can't make Bitcoin legal or illegal. Bitcoin it just exist. It is math. Can you make math legal or illegal?
You can say that this chart represent the "legality" of exchanging BTC for fiat. That is totally another story, because it touches fiat.
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0 sats \ 0 replies \ @BitcoinAbhi 1 Jul
I also know that this chart is wrong. Bitcoin is not illegal anywhere. Anyone who operates the internet in any corner of the world can deal in Bitcoin. I have told this chart only about the law.
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0 sats \ 0 replies \ @X_SHORTSVID 1 Jul outlawed
stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.