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
Bitcoin is illegal because it is not legal tender
First of all
What is the definition of “legal tender”?
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