Crypto as a legal tender? Cryptocurrency since its inception, particularly the father of all crypto (Bitcoin) , has been on consideration of whether to accept it as a legal tender or not. It's actually surprising that despite the critics that crypto has received from different people, organisations and countries. It has come to become a well sought initiative that people are now rapidly investing and getting acquainted with.
The first time ever Bitcoin the father of all cryptocurrency was used as a legal tender is years ago (specifically a little over 13 years ago) when someone by the name Laszlo Hanyecz bought two pizzas for a groundbreaking and whooping sum of 10,000 Bitcoins. Looking at the price of that now, well I'll leave the calculations to you. You very well know how massive the money is worth now. A fortune that's the word literally.
Looking back to that time, we would surely have the doubt of whether or maybe if crypto could sway as high as it has today. The once criticised, is now mostly the talk of the town. Bitcoin officially became a legal tender in 2021 and the first country to give that verdict is El savador. Though I'm quite sure there has been trading or more appropriately buying and selling of coins before the official verdict of making it a legs tender. Even though many countries have still yet to accept it as a legal tender or use it to make transactions, there are equally a decent number of countries who have actually given the verdict of crypto being a legal tender.
In my opinion, I see prospects in cryptocurrency and I would agree again and again and all over again about the verdict of making crypto a legal tender because it has quite some advantages to it and I believe it is also worth trading just as a normal currency. The difference between it is the fact that crypto is digital and the other is not. We could be looking at a very interesting and capable innovation at hand. Some of which are the sleekness and fastness or rapid response of how to pay when buying or selling is second to none, it's all just amazing to how easy it will be to trade while buying and selling goods.
I believe there is more possibility of interesting things expect when crypto is seen and accepted as a legal tender in the world. There are interesting possibilities of investing, staking and all different kinds of juicy aspects associated with it as well. It's no doubt a win win if crypto is completely known as a legal tender worldwide as it will also give it more visibility to the outside world who are yet to get on the train of Blockchain technology.
Kindly share your thoughts as well on this, I would love to hear your idea on how crypto being a legal tender can be of benefit and if not, share your idea as well, would love to hear your own perspective.
