"legal tender" is a hammer where the government makes it a legal requirement to accept a currency for contract settlement, or for goods and services.
Fiat requires "legal tender" designation because it is worthless paper.
Bitcoin does not need "legal tender" because it is "real money" and in a free society people should be free to accept it or not. If bitcoin is a better money, people will prefer it, or suffer.
Eventually people will only accept fiat when they are forced to because of legal tender laws. They will preferentially trade for hard assets or barter or "favors".
At some point, they will choose to not comply and refuse transacting in fiat. At that point the currency gets reset. This has happened 4 or 5 times in past 50 years in Argentina for instance.
darnzen /
npub10x…wya8k
2025-01-30 22:10:48
in reply to nevent1q…5dx3
Author Public Key
npub10x3e4kfqmkcxs46mj8qcj5eyq37a5s7jhldp8pvt39xy7et69fjsewya8kPublished at
2025-01-30 22:10:48Event JSON
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"content": "\"legal tender\" is a hammer where the government makes it a legal requirement to accept a currency for contract settlement, or for goods and services. \n\nFiat requires \"legal tender\" designation because it is worthless paper. \n\nBitcoin does not need \"legal tender\" because it is \"real money\" and in a free society people should be free to accept it or not. If bitcoin is a better money, people will prefer it, or suffer. \n\nEventually people will only accept fiat when they are forced to because of legal tender laws. They will preferentially trade for hard assets or barter or \"favors\".\n\n At some point, they will choose to not comply and refuse transacting in fiat. At that point the currency gets reset. This has happened 4 or 5 times in past 50 years in Argentina for instance.",
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