Bitcoin among many other cryptocurrency has become so popular in resent years and many people have decided to invest into the crypt market
In some countries Bitcoin is being use for several payment and In some country the digital currency has not been embraced but with time we all believe that cryptocurrency will take over the fiat money
Is Bitcoin a Leger tender
The fact that people are accepting dealings with Bitcoin does not mean it is a legal tender in some countries the like of Bitcoin, Ethereum,hive ,and other cryptocurrency are not acceptable for any kind of business,in country like Nigeria cryptocurrency activities has been discouraged for some reasons and the only way people are making their transactions is through the peer to peer .
So far no country has proclaimed cryptocurrency or Bitcoin as a national currency 💵💲 though as we are getting closer to the digital technology anything can happen in the future but for now it is not .
can Bitcoin be used as payment since it has not become a legal tender?
Source
So how can it be legal to use bitcoin if it is not a legal tender?
even though cryptocurrencies are not legal tender does not mean it can’t be used for payments.
Bitcoin’s use as a payment tool is completely discretionary
most countries remain crypto-friendly and strive to adopt an adequate regulatory framework that embraces innovation instead of stifling it.
The problem with banning decentralized cryptocurrency like bitcoin from a geographic region is that it is very difficult to enforce such ban.no one can stop people from accessing the internet and managing digital currency transactions,
so institutions can only work to dissuade people from using it applying fear and threats. Essentially, Bitcoins decentralized protocol makes it a truly global currency regardless of geographic restrictions and regulations.
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